An Arkansas thrift holding company was delisted from the Nasdaq stock market because it did not file its second-quarter or third-quarter earnings report last year.
HCB Bancshares of Canton blamed the late filings on complications it experienced while switching accounting firms. The company, parent of Heartland Community Bank, decided to switch from a local to a national firm more familiar with Securities and Exchange Commission rules after converting from a mutual to a public company.
Vida H. Lampkin, president and chief executive officer of $250 million- asset HCB, said her company originally decided to go with KPMG Peat Marwick. But that deal fell through, and HCB did not sign its new accounting firm, Deloitte & Touche, until the end of August.
Public companies may not file earnings reports with the SEC without an audited financial statement. Ms. Lampkin said that Deloitte & Touche had to start from scratch to do its audits, and that she expects the filings to be ready by the end of February. At that time, the company will either appeal Nasdaq's decision or re-apply for a stock listing, she said.