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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): May 4, 2009
COOPERATIVE BANKSHARES, INC.
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(Exact name of registrant as specified in charter)
NORTH CAROLINA 0-24626 56-1886527
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
201 MARKET STREET, WILMINGTON, NORTH CAROLINA 28401
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (910) 343-0181
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NOT APPLICABLE
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING
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RULE OR STANDARD; TRANSFER OF LISTING.
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Cooperative Bankshares, Inc. (the "Company") issued a press release on
May 8, 2009 announcing that that the Company is now in compliance with the
listing standards of the The Nasdaq Stock Market ("Nasdaq"). As previously
disclosed, on April 17, 2009, the Company received a letter from Nasdaq
indicating that the Company was not in compliance with the filing requirements
for continued listing under Nasdaq Marketplace Rule 5250(c)(1). The Nasdaq
letter, which the Company expected, was issued in accordance with standard
Nasdaq procedures due to the delayed filing of the Company's Annual Report on
Form 10-K for the fiscal year ended December 31, 2008 (the "Form 10-K") with the
U.S. Securities and Exchange Commission (the "Commission").
On May 1, 2009 the Company filed its Form 10-K with the Commission. As
a result of the filing of the Form 10-K, the Company received a letter dated May
4, 2009 from Nasdaq stating that the Company is now in compliance with
Marketplace Rule 5250(c)(1).
A copy of the press release, dated May 8, 2009, announcing this matter
and announcing that the report of the Company's independent registered public
accounting firm included in the Form 10-K filed on May 1, 2009 contained a going
concern qualification, is attached hereto as Exhibit 99.1
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Number Description
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99.1 Press Release dated May 8, 2009
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COOPERATIVE BANKSHARES, INC.
/s/ Todd L. Sammons
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Todd L. Sammons
Chief Financial Officer and Interim
President and Chief Executive Officer
Date: May 8, 2009