MIAMI LAKES, Fla., Jan. 12, 2010 (GLOBE NEWSWIRE) -- Great Florida Bank (Nasdaq:GFLB), today announced it has received an advisory letter from the Nasdaq Stock Market ("NASDAQ"). The letter indicates that based upon the closing bid price for the Bank's common stock for the last 30 consecutive business days, Great Florida Bank no longer meets the $1.00 minimum bid price requirement of listing rule 5450(a)(1) for continued listing on the NASDAQ Global Market. However, as stipulated by rule 5810(c) (3) (A), the Bank has a 180 calendar day grace period (July 6, 2010 expiration date) in which to regain compliance. If at any time during the grace period the bid price of the Bank's common stock trades above the minimum bid price requirement for a minimum of ten consecutive business days, the Bank will regain compliance.
Great Florida Bank's common stock (Nasdaq:GFLB) will continue to trade on the NASDAQ Global Market during the grace period.
ABOUT GREAT FLORIDA BANK
Great Florida Bank (Nasdaq:GFLB), headquartered in Miami Lakes, Florida was established on June 30, 2004 as a state-charted commercial bank. The Bank listed on the NASDAQ Global Market on December 5, 2007 and joined the prestigious American Bankers Association Community Bank Index in June 2008. On September 30, 2009, total assets were $1.7 billion, Tier 1 Capital was $114 million, and the Tier 1 Leverage ratio was 6.5%. The Bank operates twenty-eight (28) Solution Centers and two residential lending offices throughout Miami-Dade, Broward and Palm Beach Counties. Great Florida Bank is committed to providing ideas and solutions to its customers' financial needs by conveniently delivering personalized, state-of-the-art products and services, such as GFB Mobile Banking for individual consumers and cash management clients and GFB Remote Deposit Capture for business customers, all in a relaxed environment. For more information, visit our website at www.greatfloridabank.com or call 305-514-6900 (toll-free 866). Member FDIC.