Shares of Anchor BanCorp Wisconsin Inc. have been removed from the Nasdaq exchange and are now trading over the counter.
The Nasdaq had previously notified Anchor that the company's stock would be delisted for failing to maintain a minimum bid price of $1. Chris Bauer, Anchor’s president and chief executive, said Friday that the company initially intended to appeal the decision but decided against to focus its efforts on raising fresh capital.
"While we feel very positive about our current plan to raise capital, due to the uncertainty of when the plan will be complete, we feel strongly that our time and resources would be better spent on our capital raising efforts," Bauer said in a news release.
Earlier this month, the $3.2 billion-asset Anchor said it was negotiating with U.S. Bancorp on an extension for a $116.3 million line of credit.
The company has been unable to raise additional capital but has managed to keep its thrift capitalized through branch sales and a reduction in assets. At Sept. 30, the thrift unit’s total risk-based capital was 8.15%. The company reported a loss of $19.6 million for the quarter that ended Sept. 30.
Anchor's shares have traded at under $1 for much of the year. At midday Monday they were trading at 39 cents, up more than 75% from Friday's closing price.
Meanwhile, Suffolk Bancorp in Riverhead, N.Y., said Friday that the Nasdaq has warned that its stock could be delisted for failing to file its third-quarter financial statements with the Securities and Exchange Commission.
The Nasdaq had previously sent the $1.6 billion-asset Suffolk Bancorp a de-listing determination for failing to file financial statements for the first two quarters of the year. The company is appealing this decision and a hearing is schedule for mid-January.
Financial results have been delayed by inconsistencies in its method for accounting for its allowance for loan losses. It also has to restate earnings for the quarters that ended Sept. 30, 2010 and Dec. 31, 2010.
Suffolk's shares were trading at $8.46 midday Monday, down 5% from Friday's closing price.