First Regional Bancorp is not compliant with minimum market value requirement

First Regional Bancorp has reported it was contacted by the Nasdaq Stock Market, on December 23, 2009, regarding its listing status because the market value of the publicly held shares of the company’s common stock was below $5 million for 30 consecutive business days and the company was therefore not in compliance with Nasdaq Marketplace Rule5450(b)(1)(C). The notification has no effect on the listing of the company’s common stock at this time. 

If, by March 23, 2010, the market value of the publicly held shares of the company’s common stock is at least $5 million for a minimum of 10 consecutive business days, Nasdaq will provide the company written confirmation that the company’s shares will not be delisted as a result of this rule. If the company does not regain compliance by March 23, 2010, Nasdaq will provide written notification that the company’s shares are subject to delisting. At that time, the company may appeal Nasdaq’s delisting determination, and may submit a plan for regaining compliance with the rule. Alternatively, the company could apply to transfer its common stock to The Nasdaq Capital Market (formerly the Nasdaq SmallCap Market) prior to that date if it satisfies the requirements for continued listing on that market. The company is currently exploring a variety of approaches to address this matter.

First Regional Bancorp is a bank holding company headquartered in Century City, California. Its subsidiary, First Regional Bank, specializes in providing businesses and professionals with the management expertise of a major bank and the personalized service of an independent.