A botched technology installation earlier this year continues to cause problems for Rurban Financial Corp.
The Defiance, Ohio, bank holding company said Monday in a filing with the Securities and Exchange Commission that it is not in compliance with listing requirements for the Nasdaq Stock Market LLC because it is late filing its most recent quarterly report. Nasdaq sent the company a letter giving Rurban until Oct. 25 to submit a plan for regaining compliance, it said.
Rurban disclosed separately in an Aug. 23 filing that it had sent a letter to the SEC notifying the agency it would be late with the report for the quarter ending June 30 because of issues that Rurban's banking subsidiary, The State Bank and Trust Co., had in March converting to a new core processing system called Single Source.
Rurban said it and its accounting firm needed more time to "perform necessary reconciliations and related reviews" of the company's financial statements because of State Bank's conversion from Single Source back to its old system.
Earlier this year Rurban said that State Bank encountered "significant challenges" in running the new system and determined the technology needed "further enhancements."
Single Source was developed by New Core Banking Systems, a vendor with which Rurban's tech subsidiary, Rurbanc Data Services Inc., was planning to merge after being spun off. Rurban scrapped that plan in July.
