Crescent Banking Company 8-K 2010
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 13, 2010
CRESCENT BANKING COMPANY
(Exact name of registrant as specified in its charter)
(Registrants telephone number, including area code)
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:
On January 20, 2010, Crescent Banking Company (the Company) issued a press release (the Press Release), as required by the Nasdaq Marketplace Rules, announcing that the Company received a letter from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market on January 13, 2010, notifying the Company of its failure to comply with Nasdaq Marketplace Rule 5550(a)(2) (the Bid Price Rule), which requires listed securities to maintain a minimum bid price of $1.00 per share. The Companys common stock has closed below the minimum $1.00 per share requirement for the last 30 consecutive business days. There is no change in the trading of the Companys common stock on The NASDAQ Capital Market at this time. In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, or until July 12, 2010, to regain compliance with the Bid Price Rule.
The Company intends to actively monitor the bid price for its common stock, and will consider various options to resolve the deficiency and comply with the Bid Price Rule.
Pursuant to General Instruction F to the Securities and Exchange Commissions Form 8-K (General Instruction F), a copy of the Press Release is attached to this Report on Form 8-K as Exhibit 99.1 and is incorporated into this Item 3.01 by this reference. The information contained in this Item 3.01, including the related information set forth in the Press Release attached hereto and incorporated by reference herein, is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section. The information in this Item 3.01 shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or into any document filed pursuant to the Exchange Act, except as otherwise expressly stated by the Company in any such filing.
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.
Date: January 20, 2010