PAB receives notice of non-compliance
Published 7:07 pm Tuesday, April 12, 2011
PAB Bankshares, Inc. announced on April 11 that it had received a letter from the NASDAQ Stock Market stating that the company was not in compliance with NASDAQ Listing Rule 5250(c)(1) because the company has not timely filed its annual report on Form 10-K for the year ended Dec. 31, 2010.
The notification has no immediate effect on the listing or trading of the company’s common stock, a news release from PAB stated.
As disclosed in the company’s form 12b-25, filed with the Securities and Exchange Commission on April 1, the company was unable to timely file its annual report on Form 10-K for the year ended Dec. 31, 2010, because it has not yet completed its audited financial statements for the year ended Dec. 31, 2010.
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The company has until June 6, 2011, to submit a plan to regain compliance. If such a plan is timely submitted by the company, the NASDAQ staff can grant the company up to 180 calendar days from the due date of the Form 10-K (or until Sept. 27, 2011) to regain compliance.
PAB is a bank holding company headquartered in Valdosta, Ga., and its sole operating subsidiary is The Park Avenue Bank.
Founded in 1956, the bank operates through 12 branch offices in seven counties in Georgia and Florida. Additional information on the bank’s locations and the products and services offered by the bank is available on the Internet at www.parkavebank.com.
The company’s common stock is listed on the NASDAQ Capital Market under the symbol PABK.