Cooperative Bankshares (COOP) Trading Halted; Ceases Operations
More News related to COOP
- After-Hours Movers 6/23: ARWR, TTGT, PETM, MGM, AVAV, JBL, SONC Higher; PQ, DRI, COOP Lower
- Cooperative Bankshares (COOP) Trading Halted; Ceases Operations
- Morning Movers 5/21: COOP, DDUP, TSRA, EMKR Higher; ZZ, RF, ESLR, HOTT, NWY, GME Lower
- Cooperative Bankshares (COOP) Reports Q1 EPS of $0.14
- Cooperative Bankshares (COOP) Delays Earnings Report; CEO Retires
More News related to Corporate News
- United Community Financial (UCFC) and United Bancshares (UBOH) To Sell Findlay, OH Branch to The Union Bank Co.
- GE receives French notice that its Areva bid wasn't chosen
- Health Management Associates (HMA) Completes Acquisition of Sparks Health System
- Wright Medical (WMGI) Reports Favorable Ruling in Stryker (SYK) Patent Infringement Case
- United Rentals (URI) Awarded Purchasing Contracts in Massachusetts and Texas
Cooperative Bankshares, Inc. (NASDAQ: COOP) received a NASDAQ Staff Determination indicating that the Company's common stock is subject to delisting from the NASDAQ Global Market pursuant to NASDAQ Marketplace Rules 5100 and 5110(b). The NASDAQ Staff Determination was a result of the fact that Cooperative Bank, the Company's wholly owned subsidiary (the "Bank"), was closed by the North Carolina Commissioner of Banks on June 19, 2009 and the Federal Deposit Insurance Corporation (the "FDIC") was appointed as the Bank's receiver. On that same date, First Bank, Troy, North Carolina, acquired substantially all banking operations, including substantially all of the deposits, of the Bank and purchased most of the Bank's assets in a transaction facilitated by the FDIC.
As a result of the Bank's receivership, the Company has ceased operations and expects to liquidate or seek bankruptcy protection. If the Company were to liquidate or seek bankruptcy protection, the Company believes that there would be no assets available to holders of the capital stock of the Company.
Pursuant to the NASDAQ Staff Determination, trading in the Company's common stock was halted by NASDAQ on June 22, 2009.
The Company does not intend to request a hearing to appeal the NASDAQ Staff Determination.
Related Categories
Corporate NewsStocks Mentioned
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
