NM bank has 180 days to retain Nasdaq compliance

AP News
Posted: Dec 18, 2009 11:29 AM

First State Bancorporation of Albuquerque has been warned that it no longer meets the minimum $1 per share requirement to be listed on the Nasdaq Global Select Market.

A Dec. 14 letter from the U.S. Securities and Exchange Commission gives the bank 180 days to regain compliance. The bank has until June 14.

If the bid price of First State's common stock closes at $1 per share or more for at least 10 consecutive business days, First State could return to compliance. Its stock closed at 40 cents per share Thursday.

First State's executive vice president and chief operating officer H. Patrick Dee says improved financial performance that results in a higher stock price would be the best potential solution to retain the Nasdaq listing.

First State has 40 branches in New Mexico and Arizona.