Southern National Bancorp of Virginia (SONA) has received a warning from the Nasdaq that the McLean company is not in compliance with listing requirements after it failed to file an annual report.
The $612 million-asset company said Friday that it has not filed its 2011 annual report because it needs to restate its previously issued financial statements from 2009 and 2010. Southern National said there was an error in the initial accounting of its 2009 acquisition of Greater Atlantic Bank.
The company must submit a plan regain compliance within 60 days of the notification letter. The company expects to file its annual report next month.