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BCBP > SEC Filings for BCBP > Form 8-K on 27-Jun-2013All Recent SEC Filings

Show all filings for BCB BANCORP INC



Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; T

Item 3.01 Notice of Delisting or failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

(c ) By letter dated June 25, 2013, NASDAQ issued to the Registrant a Letter of Reprimand. The Letter of Reprimand related to the inclusion of Director James E. Collins as a member of the Registrant's audit committee. While Mr. Collins had been retired from the Registrant since 2010 he continued to receive compensation in excess of $120,000 under a consulting agreement. Consequently Mr. Collins was not independent pursuant to NASDAQ Listing Rule 5605(a)(2)(B). Once notified of the violation, Mr. Collins stepped down from the audit committee. The Registrant believes it is currently in compliance with the audit committee composition requirements.

In issuing the Letter of Reprimand NASDAQ noted that (i) the Registrant has not demonstrated a pattern of non-compliance; (ii) once the compliance issue was brought to the Registrant's attention, it was cured in a prompt and effective manner; (iii) based on discussions with the Registrant the violation was inadvertent. Consequently, the NASDAQ staff concluded that delisting of the Registrant's common stock was not an appropriate sanction.

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