Southern Connecticut Bancorp Inc. barely escaped delisting from the New York Stock Exchange by reconstituting the New Haven lender's board of directors to satisfy exchange requirements, a regulatory filing shows.
The parent of Bank of Southern Connecticut said NYSE warned in a June 8 letter that its inadequate board structure was a threat to its continued listing on the exchange, according to its 8-K filing with the Securities and Exchange Commission.
In response, the parent on Tuesday hastily elected Janette J. Parker, former director of the Connecticut Port Authority and a director of its bank unit for 11 years, as a Class III director on its board, the filing said. Parker filled the vacancy created by the retirement of New Haven building contractor Elmer F. Laydon from the board.
As a result, Southern Connecticut's board now consists of two directors in Class I, three directors in Class II and two directors in Class III.
On Wednesday, the parent said in the filing that NYSE notified it that the changes resolved the deficiency and that its listing on the exchange was no longer in danger.
The $158 million-asset bank has four branches in New Haven, Branford and North Haven.