-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RcYUPEQStxFy3Rx7Vi/Ga2XlxhNuex0s+Zc4/jAQ+FnOryaC9zSGrnVaJJWqBDSS AkNw4cePqdmiGrpLRU0fnA== 0001171843-07-000309.txt : 20070619 0001171843-07-000309.hdr.sgml : 20070619 20070619161329 ACCESSION NUMBER: 0001171843-07-000309 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070521 ITEM INFORMATION: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070619 DATE AS OF CHANGE: 20070619 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METROCORP BANCSHARES INC CENTRAL INDEX KEY: 0001068300 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 760579161 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-25141 FILM NUMBER: 07928936 BUSINESS ADDRESS: STREET 1: 9600 BELLAIRE BLVD SUITE 152 CITY: HOUSTON STATE: TX ZIP: 77036 BUSINESS PHONE: 7137763876 8-K/A 1 f8ka_061907.htm FORM 8-K/A Unassociated Document
UNITED STATES
ECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K/A
(Amendment No. 1 to Current Report)

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported):  May 21, 2007
 

METROCORP BANCSHARES, INC.
   (Exact name of registrant as specified in its charter)
 

 
     Texas
 
0-25141
 
76-0579161
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer
Identification No.)

 
9600 Bellaire Boulevard, Suite 252
Houston, Texas
 
 
77036
(Address of principal executive offices)
(Zip Code)
   
 
Registrant's telephone number, including area code:  (713) 776-3876


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 (see General Instruction A.2. below):

 
[  ]           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 CFR240.14d-2(b))
[  ]           Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

Explanatory Note: This Amendment No. 1 on Form 8-K/A amends the Current Report on Form 8-K filed by MetroCorp Bancshares, Inc. (the "Company") on May 23, 2007 to report the receipt by the Company of a letter from the NASDAQ Stock Market, Inc. ("NASDAQ") dated June 14, 2007 regarding the Company's compliance with Marketplace Rule 4350.
 

Item 3.01                      Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On May 21, 2007, the Company received a letter from the Listing Qualifications Department of NASDAQ indicating that a majority of the Company's board of directors was no longer comprised of independent directors as defined in Rule 4200 of the Marketplace Rules and, accordingly, was no longer in compliance with Rule 4350(c)(1) of the Marketplace Rules.  Pursuant to Rule 4350(c)(1), the Company must regain compliance with the requirements by the earlier of its next annual meeting or one year from the occurrence of the event that caused the failure to comply with this requirement.  The failure to meet the majority of independent directors requirement set forth in Rule 4350(c)(1) was a result of John E. Peterson, Jr.'s decision to retire from the board of directors effective May 4, 2007 and Daniel B. Wright's decision to resign from the board of directors effective March 14, 2007.
 
After receiving notice of the retirement and resignation of Messrs. Peterson and Wright, the Company's Governance and Nominating Committee commenced a search for two independent directors to fill the vacancies.  On June 6, 2007, upon recommendation of the Governance and Nominating Committee, the board of directors of the Company voted to appoint Robert W. Hsueh as a Class I director to fill one of the vacancies existing on the Company's board of directors effective June 12, 2007.  The board also determined that Mr. Hsueh is an independent director.  A Current Report on Form 8-K was filed by the Company on June 13, 2007 announcing Mr. Hsueh's appointment.  On June 14, 2007, the Company received a letter from the Listing Qualifications Department of NASDAQ confirming that the Company has regained compliance with Marketplace Rule 4350 and that the matter is now closed.
 
The press release issued by the Company on June 18, 2007, disclosing the receipt of the June 14, 2007 NASDAQ letter and the Company's compliance with Marketplace Rule 4350, is attached hereto as Exhibit 99.1.
 
Item 9.01                      Financial Statements and Exhibits

(d)           Exhibits.

99.1                      Press Release issued by the Company dated June 18, 2007
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.
 

                                                                                     METROCORP BANCSHARES, INC.
                                                                                                       (Registrant)


Dated: June 19, 2007                                                               By: /s/ George M. Lee
       George M. Lee
       Chief Executive Officer and
       Executive Vice Chairman
EXHIBIT INDEX

 
99.1                      Press Release issued by the Company dated June 18, 2007.
 
 EX-99 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

MetroCorp Announces Receipt of Compliance Letter From NASDAQ

HOUSTON, June 18, 2007 (PRIME NEWSWIRE) -- MetroCorp Bancshares, Inc. (the "Company") (Nasdaq:MCBI) announced that it received a NASDAQ letter of staff compliance on June 14, 2007, advising the Company that it has regained compliance with Marketplace Rule 4350, as the result of the appointment of Mr. Robert W. Hsueh on June 12 as a Class I director to the board. The board also determined that Mr. Hsueh is an independent director.

MetroCorp Bancshares, Inc. provides a full range of commercial and consumer banking services through its wholly owned subsidiaries, MetroBank, N.A. and Metro United Bank. The Company has 13 full-service banking locations in the greater Houston, and Dallas, Texas metropolitan areas, and six full-service banking locations in the greater San Diego, Los Angeles and San Francisco, California metropolitan areas and one loan production office in San Francisco, California. As of March 31, 2007, the Company had consolidated assets of $1.3 billion. For more information, visit the Company's web site at http://www.metrobank-na.com.

The MetroCorp Bancshares Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2894

CONTACT: MetroCorp Bancshares, Inc.
         George M. Lee, Chief Executive Office and Executive Vice Chairman
         (713) 776-3876
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