HOUSTON, Sept. 19, 2008 (GLOBE NEWSWIRE) -- Franklin Bank Corp. (Nasdaq:FBTX) (AMEX:FBK-P.LF) ("Franklin") on September 17, 2008 was notified by the staff of The NASDAQ Stock Market (the "Nasdaq") that the Nasdaq Hearings Panel (the "Panel") has granted Franklin's request for continued listing of Franklin's common stock provided that on or before September 30, 2008 Franklin files with the Securities and Exchange Commission Franklin's Annual Report on Form 10-K for the year ended December 31, 2007 (the "Form 10-K") and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2008 (the "March Form 10-Q") and June 30, 2008 (the "June Form 10-Q"). Pursuant to Nasdaq Marketplace Rule 4802(b), the Panel does not have discretion to extend the filing deadline for the Form 10-K beyond September 30, 2008. However, the Panel has recommended that the Nasdaq Listing and Hearing Review Council (the "Listing Council") call Franklin's case for review and allow the additional time needed for Franklin to file the Form 10-K, March Form 10-Q and June Form 10-Q. No assurances may be given that the Listing Council will grant Franklin's request for additional time.
As previously disclosed, Franklin anticipates filing the Form 10-K no later than November 28, 2008. The March Form 10-Q and June Form 10-Q 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.
If Franklin's request for additional time to make these filings is not granted by the Listing Council, Franklin's common stock would be subject to suspension of trading and delisting. Franklin intends to appeal any determination to delist its common stock and to request a stay of the suspension of trading and delisting of its common stock during the pendency of the appeal. The Nasdaq is 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.
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 its Preferred Stock that is now trading on The American Stock Exchange (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.
