Beach First National Bancshares 8-K 2010
Date of Report (Date of earliest event reported): April 12, 2010
Beach First National Bancshares, Inc.
Registrants telephone number, including area code: (843) 626-2265
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard
On April 12, 2010, Beach First National Bancshares, Inc. (the Company) received a NASDAQ Staff Determination indicating that the Companys common stock is subject to delisting from the NASDAQ Global Market, pursuant to NASDAQ Marketplace Rules 5101, 5110(b) and IM-5101-1. The NASDAQ Staff Determination was a result of the fact that Beach First National Bank, the Companys wholly-owned subsidiary (the Bank), was closed by the Office of the Comptroller of the Currency on Friday, April 9, 2010 and the Federal Deposit Insurance Corporation was appointed as the Banks receiver.
Pursuant to the NASDAQ Staff Determination, trading in the Companys common stock was halted by NASDAQ on April 12, 2010 and will remain halted. The Company was informed that the trading of its common stock will be suspended at the opening of business on April 21, 2010 if it did not appeal the NASDAQ Staff Determination, and that the Companys common stock will be subsequently removed from listing and registration on the NASDAQ Global Market. The Company does not intend to request a hearing to appeal the NASDAQ Staff Determination.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BEACH FIRST NATIONAL BANCSHARES, INC.
By: /s/ Gary S. Austin
Dated: April 16, 2010