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Stocks Under $5 in Danger of Delisting

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Brooklyn Federal Bancorp (BFSB)

Company Profile: Brooklyn Federal operates as the holding company for Brooklyn Federal Savings Bank, which provides various banking products and services in Brooklyn, Nassau, and Suffolk, New York.

Current Share Price: 75 cents (Feb. 28)

Listing Violation: Delinquency. Brooklyn Federal failed to file its annual 10-Q report with the SEC in a timely manner. In January, Brooklyn Federal was hit with delisting warnings related to its market value of publicly held shares and delinquency in filing its 10-K for the quarter ended Sept. 30.

Received Nasdaq Notice: Feb. 15

Management's Expected Action: Brooklyn Federal said the filings of its 10-K and 10-Q have been delayed due to the resignation of the company's independent registered public accounting firm on Dec. 20. The audit committee engaged a new registered public accounting firm, but it has completed only the initial stages of the 10-K audit. Brooklyn Federal has until March 14 to submit a plan to regain compliance with respect to its delinquent periodic reports. If the plan is accepted, the company would have until June 27 to regain compliance. Meanwhile, Brooklyn Federal has until July 11 to regain compliance with the requirement for a minimum market value of publicly held stock of $5 million.

First Place Financial (FPFC)

Company Profile: First Place Financia lis the holding company of First Place Bank, based in Warren, Ohio.

Current Share Price: $3.25 (Feb. 28)

Listing Violation: Delinquency. First Place Financial failed to file its annual 10-Q report with the SEC in a timely manner. In November, First Place Financial was slapped with a separate delisting warning for failing to filing its 10-K for the quarter ended Sept. 30 in a timely manner.

Received Nasdaq Notice: Feb. 17

Management's Expected Action: First Place Financial has previously disclosed that it needs additional time to file its 10-Q as it deals with the Office of Thrift Supervision, which found issues with the bank's allowance for loan losses. First Place Financial has engaged an independent firm to conduct a detailed review of the bank's loan portfolio. The company has already said it intends to amend its annual report for the fiscal year ended June 30, as well as the company's quarterly filings for September and December 2010.

Already, First Place Financial has submitted to the Nasdaq a plan to regain compliance. However, due to the delayed filing of the quarterly report for the period ending Dec. 31, First Place Financial is required to update the plan by March 4. The company said it will request that the Nasdaq allow the company until May 16 to regain compliance with all delinquent filings.

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-- Written by Robert Holmes in Boston.

>>To see these stocks in action, visit the Stocks Under $5 in Danger of Delisting portfolio on Stockpickr.

>To contact the writer of this article, click here: Robert Holmes.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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