Chattanooga-based FSG Bank, whose parent firm is First Security Group, has received notice that it is being delisted from the NASDAQ Stock Market.
The delisting notice was received by the bank on Sept. 25.
It said the staff of NASDAQ "had determined to delist the company's securities from NASDAQ based upon the company's non-compliance with the minimum $5 million market value of publicly held shares requirement, as set forth in NASDAQ Listing Rule 5450(b)(1)(C), for continued listing on The NASDAQ Global Select Market.
Bank officials said they plan to request a hearing before the NASDAQ Listing Qualifications Panel, which will stay any action until the panel renders a decision subsequent to the hearing.
NASDAQ officials said, "While the company is diligently working to regain compliance with the applicable listing standards, there can be no assurance that the panel will grant the company's request."
John R. Haddock is the chief financial officer at FSG Bank.