HOUSTON, Sept. 11, 2008 (GLOBE NEWSWIRE) -- Franklin Bank Corp. (Nasdaq:FBTX) (AMEX:FBK-P.LF) ("Franklin") anticipates filing its Annual Report on Form 10-K for the year ended December 31, 2007 (the "Form 10-K") and its Quarterly Report on Form 10-Q for the period ended March 31, 2008 (the "March Form 10-Q") no later than November 28, 2008. Under Franklin's previously announced plan to restore its compliance with the listing standards of The NASDAQ Stock Market (the "Nasdaq") and The American Stock Exchange (the "AMEX"), Franklin is required to file the Form 10-K and the March Form 10-Q by September 15, 2008. Franklin has submitted written requests to both the Nasdaq and AMEX seeking additional time to file the Form 10-K and March Form 10-Q. However, no assurances may be given that Franklin's requests for additional time will be granted.
If Franklin's requests for additional time to make these filings are not granted by the Nasdaq or the AMEX, the common stock and the Preferred Stock would be subject to suspension of trading and delisting. Franklin intends to appeal any determination to delist its common stock or the Preferred Stock and to seek a stay of the suspension of trading and delisting of such shares during the pendency of the appeal. The Nasdaq and the AMEX are not required to stay suspension or delisting during the appeal period, and no assurance may be given that any such request by Franklin will be granted.
Franklin is working diligently to complete and file with the Securities and Exchange Commission the Form 10-K and the March Form 10-Q. Filing the Form 10-K requires completion of the audit of Franklin's financial statements for 2007. The March Form 10-Q and Franklin's other delayed periodic reports can only be filed after the Form 10-K is filed. The timing of filing the Form 10-K remains uncertain, and no assurance may be given that the November 28, 2008 target date will be achieved.
Corporate Overview
Franklin, headquartered in Houston, Texas, was formed in April 2002. Franklin's common stock initiated trading on the Nasdaq in December 2003 under the ticker symbol FBTX. In May 2006, Franklin raised additional capital through an offering of its 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.
