NAPLES — Naples-based Bank of Florida Corp. has announced that it has received an advisory letter from Nasdaq because its stock is trading too low.
The banking holding company – with $1.5 billion in assets – is in noncompliance with Nasdaq rules because its stock has trade below $1 for 30 days in a row.
“The advisory letter was issued in accordance with standard Nasdaq procedures and has no present affect on the listing of the company’s common stock, which will continue to trade on the Nasdaq Global Market,” said Mike L. McMullan, CEO and president, in a statement.
The company has 180 days, or until July 6, to come into compliance with the Bid Price Rule. To do that, the bid price for the company’s common stock must remain at $1 or more for at least 10 consecutive business days.
“The price by which a company’s stock trades on the open market is not a direct reflection of the company’s financials,” McMullan said. “The financial sector as a whole has declined substantially, and Bank of Florida has not been immune to that trend.”
The company also announced that John B. James, a senior executive vice president, who has more than 40 years of banking experience, will put 100 percent of his focus on the special assets division.
Tracy L. Keegan, the company’s chief financial officer, will also assume the role of chief administrative officer. She will also oversee human resources, operations and information technology.
John S. Chaperon has been named chief credit policy officer. “It is important for us to continue to build upon the credit functions of our company as we work through these economic times and look to the future,” McMullan said.
The company’s internal auditor and corporate compliance officer will assume an interim role as director of corporate risk management.
“After reviewing the extreme depth and strength of our management team, we felt it was appropriate to make these changes as we head into 2010,” McMullan said. “We are confident that we are diligently focused on areas that will ensure the long-term future and growth of our company.”
Bank of Florida Corp. is the parent of Bank of Florida – Southwest in Collier and Lee counties; Bank of Florida – Southeast in Broward, Miami-Dade and Palm Beach counties; Bank of Florida – Tampa Bay in Hillsborough and Pinellas counties, and Bank of Florida Trust Co.