First National warned over NASDAQ price

Bank gets six months to raise stock to at least a dollar

JANUARY 4, 2010 8:55 a.m. (0)

First National Bank of the South, the troubled Spartanburg bank, has been warned that it has six months to raise its common stock price to at least $1 or be removed from the NASDAQ exchange.

First National Bancshares, the holding company, announced on New Year’s Eve that the NASDAQ Capital Market notified the company of the delisting notice.

The exchange said First National was in violation of the market’s requirement to maintain a bid price of $1 over 30 consecutive days. The per-share price fell below a dollar on Nov. 12 and has not risen above the minimum since.  Continue reading...

 

First National delisted

JULY 16, 2010 6:30 a.m. (0)

First National Bancshares, its problems mounting, has lost its listing on NASDAQ for failure to get its stock price above a dollar for 10 consecutive trading days over a six-month period.

The Spartanburg holding company for First National Bank of the South was delisted by the exchange as of Thursday.  Continue reading...

 

New First National owner formerly worked at Bank of America

 

JULY 17, 2010 1:24 p.m. (0)

Federal regulators Friday put First National Bank of the South into receivership and turned it over to a private equity firm that will reopen branches of the Spartanburg bank Monday.

First National, along with two unaffiliated Florida banks, was taken over by NAFH National Bank of Miami, Fla., a banking arm of a holding company created by private investors led by former Bank of America corporate officers to scoop up failed banks. The holding company is based in Charlotte.

NAFH said First National’s 13 branches will be open for business as usual on Monday.  All employees l remain in place, the company said.  Continue reading...

 

How First National Bank of the South failed

 

JULY 21, 2010 6:58 a.m. (0)

Business was booming for First National Bank of the South in 2007, just eight years into its founding with ambition to grow from one Spartanburg office into a statewide force in banking.

That ambition crashed last Friday when the FDIC put the bank into receivership, closed its doors and sold it to a private equity firm created to scoop up failed banks.

First National reopened as business as usual Monday under the new owners.  Continue reading...