Tennessee Commerce Bancorp Regains Compliance With Nasdaq Listing Rule 5250(c)(1)
03 Junho 2011 - 4:34PM
Tennessee Commerce Bancorp, Inc. (Nasdaq:TNCC) (the "Company")
today reported that it received a communication from The NASDAQ
Stock Market ("Nasdaq"), dated June 2, 2011, stating that the
Company has regained compliance with Nasdaq Listing Rule 5250(c)(1)
by filing with the U.S. Securities and Exchange Commission ("SEC")
an amendment to its annual report on Form 10-K for the fiscal year
ended December 31, 2010. Rule 5250(c)(1) requires that
Nasdaq-listed companies file their required periodic financial
reports with the SEC on a timely basis. The Nasdaq had deemed the
Company's initial annual report on Form 10-K for the fiscal year
ended December 31, 2010, filed with the SEC on April 18, 2011, to
be incomplete because the Report of Independent Registered Public
Accounting Firm included in the Form 10-K contained a qualification
for uncertainties, which existed at the time the filing was made,
relating to a regulatory examination of the Company's banking
subsidiary by its regulators. Such uncertainties have since
been resolved and the Company's auditors have issued an unqualified
Report of Independent Registered Public Accounting Firm with
respect to the Company's audited financial statements for the
fiscal year ended December 31, 2010. The Company's amended
annual report on Form 10-K/A filed with the SEC contains an
unqualified Report of Independent Registered Public Accounting
Firm.
Given that the Company was able to regain compliance with Nasdaq
Listing Rule 5250(c)(1) before the deadline Nasdaq had established
for the Company to submit a plan for regaining compliance, the
Company is no longer required to submit such a plan to Nasdaq, and
the June 2nd letter from Nasdaq indicates that "this matter is now
closed."
About Tennessee Commerce Bancorp, Inc.
Tennessee Commerce Bancorp, Inc. is the parent company of
Tennessee Commerce Bank. The Bank provides a wide range of
banking services and is primarily focused on business
accounts. Its corporate and banking offices are located in
Franklin, Tennessee. Tennessee Commerce Bancorp's stock is
traded on the Nasdaq Global Market under the symbol
TNCC. Additional information concerning Tennessee Commerce
Bancorp can be accessed at www.tncommercebank.com.
CONTACT: Frank Perez
Chief Financial Officer
(615) 599-2274
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
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