As a result of the resignation of Clay Smith as member of HopFed Bancorp Inc.'s board, the Hopkinsville, Ky.-based bank received a notification from Nasdaq that it is no longer in compliance with the exchange's listing rule.
The rule requires that the audit committee of a listed company be composed of at least three members, each of whom is an independent director.
The company has until the earlier of its next annual meeting of stockholders or May 18, 2019, to regain compliance with the listing rule.
