CCPCN Capital Crossing Preferred (MM)

NEW YORK, Jan. 21 /PRNewswire-FirstCall/ -- Capital Crossing Preferred Corporation (NASDAQ:CCPCN) announced today the receipt on January 14, 2009 of a Nasdaq Staff Deficiency Letter indicating the Company is no longer in compliance with Nasdaq Marketplace Rule 4350(d)(2)(A), which requires the Company to maintain an Audit Committee comprised of at least three independent directors. As a result of the recent, separate resignations of two members of the Company's Board of Directors who each served on the Audit Committee, the Company's Audit Committee presently has only one member. The Company is actively seeking to fill the existing vacancies on the Audit Committee, but there can be no assurances that the Company will be able to satisfy the requirements of Marketplace Rule 4350(d)(2)(A) within the required time periods or at all. For additional information, please see the Company's Current Report of Form 8-K filed with the Securities and Exchange Commission on January 15, 2009. ABOUT CAPITAL CROSSING PREFERRED CORPORATION. Capital Crossing Preferred Corporation acquires and holds real estate assets consisting primarily of mortgage assets secured by commercial and multi�??family properties. Lehman Brothers Bank, FSB is the sole holder of the Company's common stock. The Company's 8.50% Non-Cumulative Exchangeable Preferred Stock, Series D, is listed on The Nasdaq Stock Market under the symbol "CCPCN". DATASOURCE: Capital Crossing Preferred Corporation CONTACT: Deborah Munies, Capital Crossing Preferred Corporation, +1-973-261-1961

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