Cooperative Bankshares, Inc. Appoints New Audit Committee Member; Announces Receipt of NASDAQ Letter
May 20 2008 - 5:36PM
Business Wire
Cooperative Bankshares, Inc. (NASDAQ: COOP) (the �Company�) today
announced that on May 20, 2008, the Company appointed R. Allen
Rippy to the Company�s Audit Committee. The Company�s Board of
Directors also determined that Mr. Rippy is �independent� under the
applicable rules of the Nasdaq Stock Market (�Nasdaq�) and the
Securities and Exchange Committee. As previously announced, Paul G.
Burton, who was one of the Company�s independent directors and a
member of the Company�s Audit Committee, retired from the Company�s
Board of Directors on April 25, 2008 because he reached the
mandatory retirement age set forth in the Company�s Bylaws. On May
16, 2008, the Company received a letter from Nasdaq indicating
that, as a result of the retirement of Mr. Burton from the Board,
the Company was no longer in compliance with the requirements of
Nasdaq Marketplace Rule 4350, which requires that the Company have
three independent directors serving on its Audit Committee. In a
subsequent letter to the Company, dated May 20, 2008, the Nasdaq
staff confirmed that Mr. Rippy�s appointment to the Audit Committee
rendered the Company in compliance with Nasdaq Marketplace Rule
4350. Chartered in 1898, Cooperative Bank provides a full range of
financial services through twenty three offices in Eastern North
Carolina and two offices in South Carolina. The Bank's subsidiary,
Lumina Mortgage, Inc., is a mortgage banking firm, originating and
selling residential mortgage loans through three offices in North
Carolina. Statements in this news release that are not historical
facts are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, which contain words such as "expects," "intends,"
"believes" or words of similar import, are subject to numerous
risks and uncertainties disclosed from time to time in documents
the Company files with the Securities and Exchange Commission (the
"SEC"), which could cause actual results to differ materially from
the results currently anticipated. Undue reliance should not be
placed on such forward-looking statements.
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