STOCKTON, Calif., Nov. 16 /PRNewswire-FirstCall/ -- Pacific State Bancorp,
Inc. (the "Company") (Nasdaq: PSBC), the parent company of Pacific State Bank
, Stockton, California, today announced that it received a letter from The
NASDAQ Stock Market ("NASDAQ") dated November 10, 2009, notifying the Company
that it is currently not in compliance with NASDAQ Listing Rule 5450(a)(1)
(the "Rule"), because the Company's common stock has not maintained a minimum
bid price of $1.00 during the preceding 30 consecutive trading days.
In accordance with Listing Rule 5810(c)(3)(A), the Company has 180 calendar
days, or until May 10, 2010, to regain compliance with the Rule. In order to
regain compliance with the Rule, the bid price of the Company's common stock
must remain above $1.00 for ten consecutive business days. If compliance
cannot be demonstrated by that date, NASDAQ will notify the Company that its
common stock is subject to delisting. Alternatively, the Company may be
eligible for an additional grace period if it meets the initial listing
standards, with the exception of bid price, for The Nasdaq Capital Market.
SOURCE Pacific State Bank
Rick Simas, CEO of Pacific State Bank, +1-209-870-3214
