Independence Federal Savings Bank in Washington has corrected at least one deficiency brought up by Nasdaq last month but still remains subject to delisting for not holding a shareholder meeting at least once a year.
The $161 million-asset thrift said late Wednesday that the Office of Thrift Supervision had approved its appointment of Arturo Brillembourg to its board of directors, and that the board had appointed Mr. Brillembourg and chairman Elliot S. Hall to its audit committee. Last month, after two board directors resigned, Nasdaq informed the thrift that it was subject to delisting because it did not have a minimum of three members on its audit committee.
Nasdaq had also informed the thrift that it was not meeting a requirement of holding a shareholder meeting at least once a year. Independence Federal has not held an annual meeting since October 2005. Company officials had not returned calls by press time. The thrift has also been operating under an OTS cease-and-desist order since June. The agency ordered it to hire a new Bank Secrecy Act compliance officer and conduct a thorough review of its operations.
Independence lost nearly $2.7 million last year, according to Federal Deposit Insurance Corp. data.
