Beach First Continues to Study Options for Listing its Common Stock
Posted on December 28, 2009 at 16:24 PM EST
MYRTLE BEACH, S.C., Dec. 28, 2009 (GLOBE NEWSWIRE) -- Beach First National Bancshares, Inc., parent of Beach First National Bank (Nasdaq:BFNB), reiterated its previously announced intentions to explore other options for the listing of its common stock. As expected, on December 21, 2009, the Company received notification from the NASDAQ Stock Market that for the last 30 consecutive business days the closing bid price per share for its common stock has been below the $1.00 minimum per share required for continued inclusion on the NASDAQ Global Market.
The Company's common stock will continue to trade on The NASDAQ Global Market under the symbol BFNB, as the letter has no effect at this time on the Company's listing on The NASDAQ Global Market. The Company has a 180 calendar day grace period during which it plans to consider various options for the listing of its common stock. The Company expects to make a decision regarding this issue within 90 days.
Additional Information About Beach First
Beach First National Bancshares, Inc. is the parent of Beach First National Bank, a $646 million financial institution headquartered in Myrtle Beach, South Carolina. In addition to its multi-state mortgage lending division, Beach First operates seven banking locations in Myrtle Beach, Surfside Beach, North Myrtle Beach, Pawleys Island, and Hilton Head Island, South Carolina, and offers a full line of banking products and services including NetTeller internet banking. The Company's website is beachfirst.com.
The Beach First National Bank logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=703
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include but are not limited to (1) statements regarding potential future economic recovery, (2) statements with respect to Beach First's plans, objectives, expectations and intentions and other statements that are not historical facts, and (3) other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," and "projects," as well as similar expressions. These forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our Company or any person that the future events, plans, or expectations contemplated by our Company will be achieved.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the Company will conduct operations may be different than expected, resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company's loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in Beach First's loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in the U.S. legal and regulatory framework; (5) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on the Company; and (6) whether Beach First will be able to accomplish the directives contained in the Consent Order with the Office of the Comptroller of the Currency effective as of November 4, 2009, and continue as a going concern. Additional factors that could cause Beach First's results to differ materially from those described in the forward-looking statements can be found in Beach First's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. Beach First does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
CONTACT: Beach First National Bancshares, Inc. Walt Standish, President and Chief Executive Officer 843.916.7813 Gary Austin, Executive Vice President and Chief Financial Officer 843.916.7806
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