The Bellingham Business Journal
Horizon Financial Corp. (Nasdaq:HRZB), the bank holding company for Horizon Bank, is not currently meeting the requirements to be included in the Nasdaq Global Select Market and has been given three months to come into compliance.
Horizon reported today that on Dec. 21 the company received notification from Nasdaq of non-compliance with its continued listing standards. For 30 consecutive trading days, which ended Dec. 18, Horizon’s common stock had not maintained a minimum market value of publicly held shares (MVPHS) of $5 million as required for continued inclusion.
In accordance with Nasdaq Stock Market rules, the company has 90 calendar days to regain compliance. If Horizon cannot demonstrate compliance with the MVPHS requirement by March 22, 2010, Nasdaq will provide Horizon with written notification that its securities will be delisted. At that time, Horizon may appeal the determination.
Horizon Financial Corp. is a $1.30 billion bank holding company headquartered in Bellingham, Wash. Its primary subsidiary, Horizon Bank, maintains a regional banking presence that has been serving customers for 87 years, and operates 18 full-service offices, four commercial loan centers and four real estate loan centers throughout Whatcom, Skagit, Snohomish and Pierce counties in Washington state.