HOUSTON, Aug. 19, 2008 (GLOBE NEWSWIRE) -- On August 13, 2008, Franklin Bank Corp. (Nasdaq:FBTX) (AMEX:FBK-P.LF) ("Franklin") received a letter (the "Nasdaq Letter") from the staff of The NASDAQ Stock Market ("Nasdaq") regarding Franklin's failure to file its Quarterly Report on Form 10-Q for the period ended June 30, 2008 (the "June Form 10-Q") with the Securities and Exchange Commission (the "SEC") as required by Nasdaq Marketplace Rule 4310(c)(14). Franklin's common stock is listed on Nasdaq. Additionally, on August 19, 2008, Franklin received a letter (the "AMEX Letter") from the staff of The American Stock Exchange Inc. (the "AMEX") in connection with Franklin's failure to file the June Form 10-Q with the SEC as required by Sections 134 and 1101 of the AMEX Company Guide and its listing agreement. Franklin's Series A Non-Cumulative Perpetual Preferred Stock (the "Preferred Stock") trades on the AMEX. Franklin has previously disclosed receipt of similar letters from the Nasdaq staff and AMEX staff, with respect to Franklin's failure to file with the SEC its Annual Report on Form 10-K for the year ended December 31, 2007 and Quarterly Report on Form 10-Q for the period ended March 31, 2008, and that such failures constituted a basis for delisting Franklin's shares of common stock and Preferred Stock from trading on their respective exchanges. Under the rules of Nasdaq and the AMEX, the failure to file the June Form 10-Q serves as an additional basis for delisting Franklin's common stock and the Preferred Stock, respectively.
Both the Nasdaq Letter and the AMEX Letter were expected as a consequence of the failure to file the June Form 10-Q and their issuance was in accordance with standard practice of Nasdaq and the AMEX, respectively.
Corporate Overview
Franklin, headquartered in Houston, Texas, was formed in April 2002. Franklin's common stock initiated trading on Nasdaq in December 2003 under the ticker symbol FBTX. In May 2006, Franklin raised additional capital through an offering of the Preferred Stock that is now trading on the AMEX under the ticker symbol FBK-P.LF.
Through its subsidiary, Franklin Bank, S.S.B. (the "Bank"), Franklin offers a wide variety of commercial products that allows it to serve customers in communities, as well as on a national basis. The Bank focuses on providing high-quality personalized service through its "trusted financial advisors" and strives to meet all of the financial needs of its customers. In addition to various deposit and loan products, the Bank offers retail brokerage services. For more information, you can visit its website at http://www.bankfranklin.com. The Bank is FDIC insured and an equal housing lender.
The Franklin Bank logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3366
Forward-Looking Statements
This announcement includes forward-looking statements.
