Bank of Granite is in trouble with the NASDAQ Stock Exchange

CALDWELL COUNTY, NC (WBTV) - The Bank of Granite is in trouble with the NASDAQ Stock Exchange.

The Caldwell County-based Bank received a letter from NASDAQ last week telling it that because its stock has dipped below the $1 mark, it doesn't comply with the minimums to stay listed on the exchange.

The bank has until next May to bring the stock price up or it will be "de-listed" from the exchange.

Many of the Bank of Granite's 20 branches are in areas hardest hit by the economy. As a result, the bank has been losing money.

Two years ago, the stock was trading above $11 a share.