To: RockyBalboa who wrote (207613 ) 6/23/2009 5:43:48 PM From: RockyBalboa Respond to WILMINGTON, N.C.--(BUSINESS WIRE)--Cooperative Bankshares, Inc. (NASDAQ: COOP - News) (the “Company”) today announced that on June 22, 2009 the Company received a NASDAQ Staff Determination indicating that the Company’s common stock is subject to delisting from the NASDAQ Global Market pursuant to NASDAQ Marketplace Rules 5100 and 5110(b). The NASDAQ Staff Determination was a result of the fact that Cooperative Bank, the Company’s wholly owned subsidiary (the “Bank”), was closed by the North Carolina Commissioner of Banks on June 19, 2009 and the Federal Deposit Insurance Corporation (the “FDIC”) was appointed as the Bank’s receiver. On that same date, First Bank, Troy, North Carolina, acquired substantially all banking operations, including substantially all of the deposits, of the Bank and purchased most of the Bank's assets in a transaction facilitated by the FDIC. As a result of the Bank’s receivership, the Company has ceased operations and expects to liquidate or seek bankruptcy protection. no assets available to holders of the capital stock of the Company.
