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JAXB > SEC Filings for JAXB > Form 8-K on 1-Aug-2014All Recent SEC Filings

Show all filings for JACKSONVILLE BANCORP INC /FL/

Form 8-K for JACKSONVILLE BANCORP INC /FL/


1-Aug-2014

Notice of Delisting or Failure to Satisfy a Continued Listing Rule


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

On July 31, 2014, Jacksonville Bancorp, Inc. (the "Company") received written notice (the "Notice") from the Listing Qualifications staff of The Nasdaq Stock Market stating that the Company had not been in compliance with Nasdaq Listing Rule 5605(d)(2), which requires that the Company maintain a compensation committee comprised solely of independent directors. The Notice was prompted by the service of the Company's director, Price W. Schwenck, on the Company's Organization and Compensation Committee (the "Compensation Committee") since September 2013. When the Company became aware of the noncompliance, it took action immediately, and Mr. Schwenck resigned from the Compensation Committee on July 31, 2014. In the same Notice, the Nasdaq Listing Qualifications staff confirmed that the Company regained compliance with the Nasdaq Listing Rule 5605(d)(2) as a result of Mr. Schwenck's resignation, and advised that the matter is now closed. The Company is currently compliant with Nasdaq's compensation committee composition requirements.

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