PremierWest Bancorp in Medford, Ore., said Tuesday that Nasdaq gave it more time to comply with the market's listing requirements.
The $1.45 billion-asset company received a warning in March from Nasdaq that it was not in compliance with the requirements because its shares were trading below the $1 minimum bid price.
PremierWest has until March 10, 2011, to regain compliance, which requires that its stock trades above $1 for 30 consecutive days. The initial deadline was Sept. 13, 2010.
Chief Executive Jim Ford said in a press release that the extension was anticipated because the company had met all other listing requirements. PremierWest's stock has not traded above $1 since April. On Aug. 31 it hit a 52-week low of 34 cents.