1st Constitution Bancorp (NASDAQ:FCCY) Files An 8-K Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
Item 4.02
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Non-Reliance on Previously Issued Financial Statements or a
Related Audit Report or Completed Interim Review. |
ended December 31, 2016 (the Original Filing) of 1st Constitution
Bancorp (the Company) was inadvertently filed with the Securities
and Exchange Commission (the SEC) without proper authorization
from the Companys independent registered public accounting firm
(the Auditor) for inclusion of the Auditors reports on the
consolidated financial statements of the Company contained in the
Original Filing and on the Companys internal control over
financial reporting. The Company was subsequently notified by the
Auditor that disclosure should be made or action should be taken
to prevent future reliance on such financial statements. As a
result, the financial statements contained in the Original Filing
should not be relied upon. The Company will file an amendment to
the Original Filing (the Amended Filing) with the SEC after
proper authorization has been received from the Auditor. Any
differences between the Original Filing and the Amended Filing
will be identified in the Amended Filing.
financial results of the Company reported in the Original Filing
and the Amended Filing.
Audit Committee, has concluded that there exists a material
weakness in the Companys disclosure controls and procedures and
internal control over financial reporting, as the Companys
procedures relating to communications with the Auditor were not
effective to prevent the Original Filing from being filed with
the SEC without proper authorization from the Auditor. As a
result, management has reevaluated its assessment of the Companys
disclosure controls and procedures and internal control over
financial reporting as of December 31, 2016 and has concluded
that each was not effective as of such date. The Amended Filing
will reflect managements conclusion that there was a material
weakness in the Companys disclosure controls and procedures and
internal control over financial reporting as of December 31,
2016.
address the material weakness described above, which plan
includes the adoption by the Company of an enhanced process for
confirming the receipt of authorization from the Companys
independent registered public accounting firm for inclusion of
its reports in the Companys SEC filings.
Auditor and requested that the Auditor provide it with a letter
addressed to the SEC stating whether or not the Auditor agrees
with the above disclosures. A copy of the Auditors letter, dated
March 17, 2017, confirming its agreement with the disclosures in
this Item 4.02 is attached as Exhibit 16.1 to this Form 8-K.
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Exhibit No.
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Title
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16.1
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Letter from BDO USA, LLP, dated March 17, 2017
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About 1st Constitution Bancorp (NASDAQ:FCCY)
1st Constitution Bancorp is the bank holding company for 1st Constitution Bank (the Bank). The Bank is a commercial bank, which is engaged in the business of commercial and retail banking. The Company operates through the Community Banking segment. The Community Banking segment consists of construction, commercial, retail and mortgage banking operations. As a community bank, the Bank offers a range of services (including demand, savings and time deposits and commercial and consumer/installment loans) to individuals, small businesses and not-for-profit organizations principally in the Fort Lee area of Bergen County and in Middlesex, Mercer, Somerset and Monmouth Counties of New Jersey. The Bank’s Mortgage Warehouse Funding Group offers revolving lines of credit that are available to licensed mortgage banking companies (the Warehouse Line of Credit). The Bank’s investment activities are classified as available for sale and held to maturity securities. 1st Constitution Bancorp (NASDAQ:FCCY) Recent Trading Information
1st Constitution Bancorp (NASDAQ:FCCY) closed its last trading session up +0.65 at 19.00 with 115,942 shares trading hands.