Under threat of a Nasdaq stock delisting, a Colorado banking company has dismissed three of its executives from the board's compensation and nominating committees.
The $687 million-asset Vail Banks Inc. in Avon said last week that it did so in response to a May 24 letter from Nasdaq that said the previous composition of the committees did not comply with Nasdaq rules.
Vail Banks also removed an outside director from the compensation committee, because he had collected a fee for a recent real estate transaction the banking company had made. Under Nasdaq rules, that director was not considered independent, because he had done work for the bank.
Both committees are now made up only of independent directors. Nasdaq informed Vail Banks on Friday that it is now in compliance, and its stock is not subject to delisting.
