LAS VEGAS–(BUSINESS WIRE)–Community Bancorp (NASDAQ: CBON – News), the holding company for Community Bank of Nevada and Community Bank of Arizona, today announced that it received notice from the NASDAQ Stock Market on April 17, 2009 that it is not in compliance with the filing requirements for continued listing under NASDAQ Listing Rule 5250(c)(1) because it did not timely file its Form 10-K for the fiscal year ended December 31, 2008. Under the NASDAQ rules the Company has 60 calendar days from the date of notice, or until June 17, 2009 to submit a plan to regain compliance and if accepted, NASDAQ can grant the Company an extension of up to 180 calendar days from the filing’s due date, or until October 12, 2009, to regain compliance. The company expects to complete this work and file its From 10-K within this period.
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LAS VEGAS–(BUSINESS WIRE)– Community Bancorp (NASDAQ: CBON), the holding company for Community Bank of Nevada and Community Bank of Arizona, today announced that it has stated in a Notification of Late Filing on Form 12b-25 filed with the Securities and Exchange Commission that it is in the process of completing its 2008 financial statements and audit. The Company expects to complete this work and plans to file its Form 10-K in mid May 2009.
“We believe the Board of Directors and management of the Company have implemented a very aggressive strategy to address the challenges in this economic cycle, including plans for strengthening our capital, earnings, and asset quality. As always, we remain committed to producing accurate and reliable financial statements in order to keep the public informed of our status,” said Patrick Hartman, Executive Vice President, and Chief Financial Officer.
U.S. consumer prices fell in March and recorded their first 12-month drop since 1955, as slumping demand amid a severe recession pushed down energy and food costs.
The Labor Department reported that the Consumer Price Index fell 0.1 percent, after increasing 0.4 percent in February. On a year-over-year basis, consumer prices dropped 0.4 percent, the first 12-month decline since August 1955.
The data, coming on the heels of a report on Tuesday showing prices received by U.S. producers fell 1.2 percent last month, could revive fears of deflation, a broad-based decline in prices that can undercut an economy by leading consumers to hold off purchases in the hopes of even lower prices. Producer prices slumped 3.5 percent in March compared with the same period a year earlier, the largest decline since 1950.
Energy prices dropped 3.0 percent in March after rising 3.3 percent the previous month. The food index eased 0.1 percent for a second straight month in March, the department said.
Core prices, which exclude food and energy items, rose 0.2 percent after rising by the same margin in February. That compared to analysts’ prediction for a 0.1 percent increase. Core prices have risen by 0.2 percent for three months in a row. March core prices were lifted by increased costs for tobacco, which accounted for more than 60 percent of the rise, and vehicles.
Core prices rose 1.8 percent year over year.
The Labor Department also reported that real average weekly earnings were about unchanged from February to March after seasonal adjustment, according to preliminary data. A 0.3 percent decrease in average weekly hours was offset by a 0.2 percent increase in average hourly earnings and a 0.1 percent decrease in the Consumer Price Index for Urban Wage Earners and Clerical Workers.
Business inventories in February 2009 fell 1.3% from the prior month and declined 3.5% from the prior year, to $1,421.3 billion. Sales rose 0.2% from the prior month but declined 13.0% from the prior year, to $994.9 billion.
Wholesalers cut their inventories in February by the steepest amount in more than 17 years as companies struggled to reduce stockpiles amid slowing sales.
The Commerce Department reported that wholesale inventories dropped 1.5 percent, the most on records dating to January 1992 and more than double analysts’ expectations. The report shows companies are getting inventories under control, a positive sign because once stockpiles have been adjusted amid the recession, businesses may be able to increase orders for new goods.