Attached files
file | filename |
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8-K - EUROBANCSHARES INC | v181994_8k.htm |
AT THE
COMPANY
|
AT FINANCIAL
RELATIONS BOARD
|
Rafael
Arrillaga-Torréns,
Jr.
|
Marilynn
Meek
|
Chairman, President and
CEO
|
General
Inquiries
|
Yadira R.
Mercado
|
212/827-3773
|
Executive Vice-President,
CFO
|
|
787/751-7340
|
EUROBANCSHARES,
INC. RECEIVED NASDAQ NOTICE OF NON-COMPLIANCE
San Juan, Puerto
Rico, April 22, 2010 – EuroBancshares, Inc. (Nasdaq: EUBK) (“EuroBancshares” or the
“Company”), the holding company of Eurobank, today announced that it
received a letter from The Nasdaq Stock Market (“Nasdaq”) on April 20, 2010
advising EuroBancshares that it is currently not in compliance with the
continued listing requirements set forth in Nasdaq Listing Rule 5250(c)(1) due
to its failure to file its Annual Report on Form 10-K for the year ended
December 31, 2009 (the “Form 10-K”), by the applicable filing
deadline. In accordance with Nasdaq Listing Rules, EuroBancshares has
60 calendar days to submit a plan to regain compliance. If the plan
is accepted by Nasdaq, EuroBancshares may be granted an extension of up to 180
calendar days to regain compliance with Nasdaq Listing Rule
5250(c)(1). EuroBancshares intends to submit a plan to regain
compliance to Nasdaq within the prescribed 60 day period.
EuroBancshares
is working to complete the preparation and filing of its Form 10-K as promptly
as practicable. There is no change in the trading of EuroBancshares’
common stock on the NASDAQ Stock Market at this time.
About EuroBancshares,
Inc.
EuroBancshares, Inc. is a diversified
bank holding company headquartered in San Juan, Puerto Rico, offering a broad
array of financial services through its wholly-owned banking subsidiary,
Eurobank; EBS Overseas, Inc., an international banking entity subsidiary of
Eurobank; and EuroSeguros, a wholly-owned insurance agency subsidiary of
Eurobank.
Forward-Looking
Statements:
This
release contains forward-looking statements, which are included in accordance
with the “safe harbor” provisions of the Private Securities Litigation Reform
Act of 1995. In some cases, you can identify forward-looking statements by
terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,”
“intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or
“continue,” or the negative of such terms and other comparable terminology.
Although we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results, levels of
activity, performance or achievements. These statements involve known and
unknown risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance or achievements to differ from those
expressed or implied by the forward-looking statement. These factors
include the following: the ability of Investor, Other Purchasers and their
affiliates to complete the proposed investments mentioned herein; receipt of
requisite regulatory approvals of those investments; general economic and
business conditions in those areas in which we operate; deterioration in the
credit markets; availability of capital from private and government sources;
demographic changes; competition for loans and deposits; fluctuations in
interest rates; risks of natural disasters related to our real estate portfolio;
risks associated with SBA loans; changes in governmental regulation; adequacy of
our allowance for loan losses, credit quality and the effect of credit quality
on our provision for credit losses and allowance for loan losses; the ability of
borrowers to perform under the terms of their loans and other terms of credit
agreements; our ability to successfully integrate acquisitions we may make; the
availability of capital to fund the expansion of our business; and changes in
securities markets. In addition, we set forth certain risks in our reports filed
with the Securities and Exchange Commission, including our Annual Report on Form
10-K for the fiscal year ended December 31, 2008 and Quarterly Reports on Form
10-Q filed thereafter, which could cause actual results to differ from those
projected. We undertake no obligation to update such forward-looking
statements except as required by law.