NEW ORLEANS, Sept. 23, 2016 (GLOBE NEWSWIRE) -- First NBC Bank Holding Company (“First NBC”) (NASDAQ:FNBC), the holding company for First NBC Bank, today announced that the filing of its Quarterly Reports on Form 10-Q for the periods ended March 31, 2016 and June 30, 2016 is being delayed in an abundance of caution as it works diligently with its independent public accountants to complete and finalize the review of the company’s financial statements as of and for the periods ended March 31, 2016 and June 30, 2016.
As previously reported, in June 2016, First NBC submitted a plan to regain compliance with Nasdaq’s listing rules through the filing of all of its past due SEC reports. Under the plan, First NBC agreed to file all of its past due SEC reports not later than September 26, 2016. First NBC filed its Annual Report on Form 10-K for the year ended December 31, 2015 on August 25, 2016.
As a result of its failure to comply with the terms of its compliance plan, First NBC expects to receive a written notification from Nasdaq that its common stock would be subject to delisting. Under Nasdaq rules and procedures, First NBC would be entitled to request a hearing prior to the commencement of any delisting process and, if timely made, such a request would automatically stay any delisting (and suspension of trading) for an additional 15 calendar days from the deadline to request a hearing. First NBC intends to timely request a hearing following the receipt of the Nasdaq notification.
About First NBC Bank Holding Company
First NBC, headquartered in New Orleans, Louisiana, offers a broad range of financial services through its wholly-owned banking subsidiary, First NBC Bank, a Louisiana state non-member bank. First NBC’s primary markets are the New Orleans metropolitan area and the Florida panhandle, which it serves from 39 full service banking offices located throughout its markets.
This release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements do not relate strictly to historical or current facts. Forward-looking statements reflect the current views and estimates of management of First NBC with respect to future economic circumstances, industry conditions, company performance and financial results. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond the control of First NBC - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Among other factors, actual results may differ from those described in forward-looking statements due to First NBC's ability to maintain the listing of its securities on Nasdaq, and to comply with all other listing rules applicable to it, as well as to other factors included in filings made by First NBC with the Securities and Exchange Commission, including those risk factors set forth in First NBC’s Annual Report on Form 10-K for the year ended December 31, 2015. Forward-looking statements speak only as of the date they are made. Copies of First NBC’s reports filed with the SEC are available in the Investor Relations section of First NBC’s website, www.firstnbcbank.com. First NBC undertakes no duty to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.