Nasdaq has informed Sterling Financial Corp. it is subject to delisting from the stock market Friday because it has not complied with a first-quarter earnings report filing deadline of May 15, the company said Tuesday.

However, Sterling, a Lancaster-based holding company, immediately requested a hearing before the Nasdaq Listing Qualifications Panel, which automatically stays the delisting procedure.

Sterling, 101 North Pointe Blvd., said there can be no assurance the panel will grant the corporation's request for continued listing.

Best known as the parent company of Bank of Lancaster, Sterling is investigating irregularities at its affiliate, Equipment Finance LLC, which has precluded it from filing its earnings for the quarter ended March 31.

In March 2002, Sterling purchased EFI, a $76 million company that specializes in financing forestry and land-clearing equipment through equipment dealerships from Maine to Florida.

In its 2006 annual review filed April 2, the company said EFI, based on West Airport Road off Lititz Pike, is "one of Sterling's true performance success stories" that originated more than $115 million in new contracts with assets increasing to more than $300 million in 2006.

Sterling said EFI's portfolio is well diversified, and "charge-offs are insignificant, a tribute to the proactive relationship management practices of EFI."

E-mail: pburns@lnpnews.com