GSA Daily Staff Report
Published Jan. 4, 2009

First National Bancshares Inc. of Spartanburg must improve its stock price or face delisting by the Nasdaq Stock Market.

The company said it received notice from Nasdaq on Dec. 29 that First National stock had closed below the $1 minimum bid requirement for 30 consecutive days. In a statement, the company said it has until June 28 to improve its stock, which must trade higher than $1 per share for 10 consecutive business days.

The company’s stock currently is trading at 70 cents a share, with a 52-week high of $4.47 and low of 47 cents. In a statement, First National said improving its stock price is goal for 2010.

“The company believes that its growing strength and stability will become more apparent in 2010 and will be reflected in the bid price of its common shares,” according to a press released dated Dec. 31.

First National Bancshares is the holding company for First National Bank of the South, which has offices throughout the Upstate, Columbia, Charleston and Tega Cay.

The company has suffered losses the last two years tied largely to coastal real estate loans. Since the beginning of 2008, First National has lost $78.86 million. The company has not yet reported fourth-quarter or year-end earnings for 2009.

First National is the second bank headquartered in the Upstate to receive such a notice from Nasdaq in December. The South Financial Group of Greenville also received notice from Nasdaq that it must increase its per-share price above $1.