September 28, 2009 (FinancialWire) — Provident Community Bancshares, Inc. (NASDAQ: PCBS) announced that on September 22, 2009, it received a letter from the NASDAQ Stock Market providing notice that, for 30 consecutive trading days, the Corp.’s common stock had not maintained a minimum market value of publicly held shares (MVPHS) of $5 million as required for continued inclusion on The NASDAQ Global Market.

For NASDAQ purposes, MVPHS is the market value of the Corp.’s publicly held shares, which is calculated by subtracting all shares held by officers, directors or beneficial owners of 10% or more of the total shares outstanding. The Notification has no effect on the listing of the Corp.’s securities at this time.

NASDAQ has provided the Corp. 90 calendar days, or until December 21, 2009, to regain compliance with the rules. If, at any time before December 21, 2009, the MVPHS is at least $5 million for a minimum of 10 consecutive trading days, NASDAQ will provide written notification that the Corp. has achieved compliance with Listing Rule 5450(b) (1) (c) and the Corp.’s shares will continue to trade on The NASDAQ Global Market. If the Corp. does not regain compliance by December 21, 2009, the NASDAQ staff will provide written notification that the Corp.’s securities will be delisted. At that time, the Corp. may appeal the delisting determination to a Listings Qualifications Panel.

Dwight V. Neese, chief executive officer and president stated, “Unfortunately, the trading price of the Corp.’s common stock, along with the securities of many other financial institutions, has been at low levels recently. Should our stock price not recover to the level that would allow us to satisfy this NASDAQ market value rule in sufficient time, the Corp. has the option of applying for listing on the NASDAQ Capital Market. Alternatively, the Corp. may seek to have its common stock quoted on the Over-the-Counter Bulletin Board. We believe that the Corp. presently meets the requirements for the NASDAQ Capital Market, although there can be no assurance that we will continue to do so. We further believe that listing on the NASDAQ Capital Market or the OTC-Bulletin Board should not significantly impact the Corp. or our common stock values going forward.”

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