OptimumBank (OPHC) in Fort Lauderdale, Fla., is staying on the Nasdaq.
The stock exchange has accepted the $136 million-asset company's plan to recapitalize itself and will allow it to remain listed, OptimumBank said Friday. The bank had faced delisting after its capital levels fell below the Nasdaq's minimum requirements, but it convinced the exchange that its earnings and performance had improved and that its low capital levels were due to a one-time expense.
The bank had total equity capital of $7.9 million at June 30, according to the Federal Deposit Insurance Corp. Its Tier 1 ratio was 5.7% and its total risk-based capital ratio was 8.36%.
"We are buoyed by the decision of Nasdaq and we fully intend to operate at the level Nasdaq expects," OptimumBank Chairman Moishe Gubin said in a press release.
This is the second time this year that OptimumBank has escaped delisting. In May, it managed to raise its stock price above the Nasdaq's $1 minimum listing and remain on the exchange after raising capital and undergoing a 1-for-4 reverse stock split. Its stock closed trading Friday at $1.45 a share.