The Nasdaq Stock Market has told Pocahontas Bancorp Inc. in Jonesboro, Ark., that it is in noncompliance with a listing requirement that a majority of its directors be independent.
Processing Content
The $741 million-asset company said Thursday in a press release that in response to the Nasdaq's Jan. 19 letter it had "adopted a specific plan and timetable to achieve compliance."
It said it expects to appoint an additional independent director within three months. Dwayne Powell, Pocahontas' president and chief executive, said his attorney had advised him to say no more.
