Staff Report
Published July 6, 2010

First National Bancshares Inc. of Spartanburg will be delisted from the Nasdaq Stock Market on Thursday, the Spartanburg-based company informed the Securities and Exchange Commission on Friday.

First National stock has traded below the $1 minimum since last year. Nasdaq notified the company Dec. 29 that the stock value had to improve by June 28 or First National could be delisted.

Stock in First National traded at 35 cents a share early today. The 52-week high is $3 per share, with a low of 25 cents.

First National has reported two years of losses tied largely to commercial real estate loans, particularly along the coast. The bank reported a year-end net loss of $43.7 million for 2009 and a $44.8 million loss for 2008. Operating as First National Bank of the South, the company has offices throughout the Upstate, Columbia, Charleston and Tega Cay.

Previous coverage from our affiliate publication, GSA Business:
First National must improve stock price per Nasdaq notice

In its SEC filing, First National said its stock will be traded on over-the-counter markets.

“Concurrently, a market maker in the company’s common stock has enabled the stock to be quoted on the Pink OTC Markets Inc. beginning on July 8, 2010,” the filing said. “In addition, a market maker has applied for the stock to be quoted on the OTC Bulletin Board. The company’s common stock was quoted on the OTC Bulletin Board from the company’s initial funding in 2000 through Oct. 31, 2005.”