This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Community Bankers Trust Corporation Reports Receipt Of Notice Of Noncompliance With NYSE Amex Standards And Selected Results For 2009

Community Bankers Trust Corporation, the holding company for Essex Bank (the “Company”) (NYSE Amex: BTC), announced today that it has received notice from the NYSE Amex that it is not in compliance with the exchange’s continued listing standard with respect to the timely filing of its periodic reports with the Securities and Exchange Commission. Specifically, the Company is not in compliance with Sections 134 and 1101 of the NYSE Amex LLC Company Guide and its listing agreement because it failed to timely file its Annual Report on Form 10-K for the year ended December 31, 2009.

As it has previously disclosed, the Company has been revising disclosure items in its 2008 Form 10-K and the three Quarterly Reports on Form 10-Q that it filed in 2009 to include historical financial and related information with respect to each of the Company’s predecessors and enhanced disclosures relating to goodwill and intangible assets, fair value measurements, FDIC-covered assets and asset quality. The amended Form 10-Q filings will also include an expanded presentation of financial information relating to the Company’s acquisition of the operations of Suburban Federal Savings Bank in January 2009, due primarily to the post-transaction application of accounting rules with respect to the fair value of loans covered by FDIC shared-loss agreements and the FDIC indemnification asset. None of these changes required the Company to restate any of the financial information previously provided in the identified filings. The Company believes that it has addressed these matters and has provided the staff of the Securities and Exchange Commission with the proposed additional and enhanced disclosures for its amended filings. The Company understands that the staff will review these proposed disclosures when it reviews the Company’s 2009 Form 10-K.

The Company’s 2009 Form 10-K will also reflect the additional and enhanced disclosures described above. The primary item that is affecting the Company’s ability to complete and file the 2009 Form 10-K at this time is the accounting treatment and regulatory, legal and related issues with respect to significant transaction-based bonus awards that the Company approved in 2010 for its chief strategic officer, as provided in his employment agreement, in connection with his services in the Company’s acquisitions of the operations of The Community Bank in 2008 and Suburban Federal Savings Bank in January 2009. The Company currently intends to record the transaction-based bonus awards as 2009 expenses under generally accepted accounting principles, but the Company is also actively discussing with its regulators the regulatory, legal and related concerns with respect to the payment of these bonus awards. The Company is working diligently to resolve these concerns and properly address the transaction-based bonus awards in the 2009 Form 10-K. The Company cannot make any assurances at this time as to the amount of these awards, if any, that will ultimately be paid following the resolution of these concerns.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,001.22 -38.27 -0.22%
S&P 500 1,988.40 -3.97 -0.20%
NASDAQ 4,538.5510 +6.4470 0.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs