United Western Bancorp, a Denver-based bank-holding company, failed to file its federally required quarterly report and is out of compliance with Nasdaq Stock Market rules.
The stock exchange sent the company a noncompliance letter Nov. 16, United Western said in a statement.
The company has 60 days from the date of the letter to submit a plan to regain compliance. The notification of noncompliance has no immediate effect on the listing or trading of the company’s common stock on the Nasdaq Global Market, the company said.
The company said filing the quarterly results, or Form 10-Q, has been delayed “primarily due to the timing of a regularly scheduled examination of the Bank by its primary regulators, the Office of Thrift Supervision and the Federal Deposit Insurance Corporation.”
In June, the federal Office of Thrift Supervision issued a “cease and desist” order to the bank-holding company that among other things required United Western to increase its capital.
On Oct. 30, the company announced three outside investors would inject $103 million into United Western.
