Cascade Financial gets NASDAQ warning
Cascade Financial Corp. said Friday it received a notice from the NASDAQ stock exchange that its common stock price was below $1 for 30 consecutive business days and therefore not in compliance with NASDAQ rules.
The Everett, Wash.-based banking company (NASDAQ: CASB), parent company of Cascade Bank, said it has 180 calendar days, or until January 31, 2011, to regain compliance with the minimum closing bid price requirement. If it doesn't meet that deadline, its shares will be subject to delisting by NASDAQ.
Cascade shares ended the day Friday at 41 cents.
In July, the Federal Deposit Insurance Corp. and the Washington Department of Financial Institutions issued a consent order, ordering the bank to raise capital within three months, among other requirements.