November 12, 2009 (FinancialWire) — Horizon Financial Corp. (NASDAQ: HRZB), the bank holding company for Horizon Bank, has been contacted by the NASDAQ Stock Market regarding its listing status under Marketplace Rule 5450(a) (1) because its securities have not maintained a minimum bid price of $1.00 per share for 30 consecutive business days.

On November 6, 2009, the company received a notice from the NASDAQ Stock Market stating that the company’s common stock is subject to delisting from the NASDAQ Global Select Market. Under Rule 5810(c) (3) (A), the company has a grace period of 180 days in which to regain compliance. If at any time from the date of this notification until May 5, 2010 the bid price of the company’s shares closes at $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ will provide the company written confirmation of compliance.

If the company does not regain compliance by May 5, 2010, NASDAQ will provide written notification to the company that the company’s common stock will be delisted. At that time, the company may appeal NASDAQ’s delisting determination to a NASDAQ Listing Qualifications Panel. Alternately, the company could apply to transfer its common stock to The NASDAQ Capital Market prior to that date if it satisfies all of the requirements, other than the minimum bid price requirement, for initial listing on The NASDAQ Capital Market set forth in Marketplace Rule 5505. If the company were to elect to apply for such transfer and if it satisfies the applicable requirements and its application is approved, the company would have an additional 180 days to regain compliance with the minimum bid price rule while listed on The NASDAQ Capital Market.

Horizon Financial Corp. is a $1.30 billion, bank holding company headquartered in Bellingham, Washington. Its primary subsidiary, Horizon Bank, maintains a regional banking presence that has been serving customers for 87 years, and operates 18 full-service offices, four commercial loan centers and four real estate loan centers throughout Whatcom, Skagit, Snohomish and Pierce Counties in Washington.

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