First Federal Of Northern Michigan Bancorp, Inc. Announces Receipt Of NASDAQ Staff Deficiency Letter
ALPENA, Mich., Nov. 27 /PRNewswire-FirstCall/ -- First Federal of Northern Michigan Bancorp, Inc. (Nasdaq: FFNM) (the "Company"), the holding company for First Federal of Northern Michigan, a federal savings bank, announced today that on November 23, 2009 it received a letter from the Listing Qualifications Staff of the NASDAQ Stock Market (the "Staff") notifying the Company that it failed to comply with NASDAQ's minimum Market Value of Publicly Held Shares (MVPHS) requirement for continued listing on the NASDAQ Global Market set forth in NASDAQ Marketplace Rule 5450(b)(1)(C) (the "MVPHS Rule"). The MVPHS Rule requires companies with common stock listed on the NASDAQ Global Market to maintain a minimum market value of publicly held shares of $5,000,000.
SOURCE First Federal of Northern Michigan Bancorp, Inc.
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