December 29, 2009 (FinancialWire) — Community Shores Bank Corp. (NASDAQ: CSHB) reported that on December 21, 2009, the company received a letter from the NASDAQ Stock Market (NASDAQ) notifying the company that it no longer meets NASDAQ’s continued listing requirement under Listing Rule 5550(a) (2) (Bid Price Rule) because the bid price for the company’s common stock has closed below $1.00 per share for 30 consecutive business days.

The notification does not result in the immediate delisting of the company’s common stock from the NASDAQ Capital Market because, pursuant to Listing Rule 5810(c) (3) (A), the company has 180 days (until June 21, 2010), to regain compliance with the Bid Price Rule. If by June 21, 2010, the bid price of the company’s common stock closes at $1.00 per share or more for at least 10 consecutive business days, NASDAQ has stated that it will notify the company that compliance has been attained and that this matter will be closed.

If compliance with the Bid Price Rule cannot be established by June 21, 2010, the company’s common stock will be subject to delisting from the NASDAQ Capital Market. The company may, however, be eligible for an additional grace period if it satisfies the initial listing standards (with the exception of the Bid Price Rule) for listing on The NASDAQ Capital Market. The company plans to continue to evaluate its options with respect to maintaining the listing of its common stock on The NASDAQ Capital Market.

Community Shores Bank Corp. is the only independent community banking organization headquartered in Muskegon.

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