FIRST NBC BANK HOLDING COMPANY (NASDAQ:FNBC) Files An 8-K Bankruptcy or Receivership
Item 1.03. Bankruptcy or Receivership.
Company (Company) commenced a voluntary bankruptcy case under
Chapter 11 of Title 11 of the United States Code in the United
States Bankruptcy Court for the Eastern District of Louisiana.
The bankruptcy filing follows the appointment of the Federal
Deposit Insurance Corporation as receiver of First NBC Bank, the
Companys wholly-owned subsidiary and principal asset, on April
28, 2017, for which the Company has previously announced that it
does not expect any recovery. In its Chapter 11 petition, the
Company reported that as of May 10, 2017, the amounts of assets
and liabilities reflected on its books and records were estimated
to be $6.0 million and $65.0 million, respectively.
Triggering Events That Accelerate or Increase a Direct
Financial Obligation or an Obligation under an Off-Balance
constitutes an event of default under the terms of that certain
Indenture, dated February 18, 2015, between the Company, as
issuer, and U.S. Bank National Association, as trustee, with
respect to $60.0 million in aggregate principal amount of the
Companys 5.75% Subordinated Notes due 2025. Upon such event of
default, the entire principal and any accrued but unpaid interest
became due and payable without further action on the part of the
trustee or any other person.
the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements do not relate strictly to historical
or current facts. Forward-looking statements reflect the current
views and estimates of management of the Company with respect to
future economic circumstances, industry conditions, company
performance and financial results. They often include the words
believe, expect, anticipate, intend, plan, estimate or words of
similar meaning, or future or conditional verbs such as will,
would, should, could or may. Forward-looking statements, by their
nature, are subject to risks and uncertainties. A number of
factors – many of which are beyond the control of the Company –
could cause actual conditions, events or results to differ
significantly from those described in the forward-looking
statements. Among other factors, actual results may differ from
those described in forward-looking statements due to the result
of any bankruptcy proceeding; the actions of Nasdaq concerning
the continued listing of the Company on such exchange; the
actions of other regulatory agencies which may be taken in
response to the Banks receivership; the actions of the Companys
creditors in connection with the events disclosed in this report;
as well as other factors included in filings made by the Company
with the SEC, including those risk factors set forth in the
Companys Annual Report on Form 10-K for the year ended December
31, 2015. Forward-looking statements speak only as of the date
they are made. Copies of the Companys reports filed with the SEC
are available in the Investor Relations section of the Companys
website, http://ir.firstnbcbank.com. The Company undertakes no
duty to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made or to reflect the occurrence
of unanticipated events.
About FIRST NBC BANK HOLDING COMPANY (NASDAQ:FNBC)
First NBC Bank Holding Company is a bank holding company. The Company offers a range of financial services through its banking subsidiary, First NBC Bank. The Company operates through community banking segment. It offers financial services to businesses, institutions and individuals in southeastern Louisiana and the Florida panhandle. The Company’s primary focus is on commercial real estate and commercial lending. Its loans include construction loans, commercial real estate loans, consumer real estate loans, commercial and industrial loans, and consumer loans. Its securities portfolio consists primarily of the United States Government agency obligations, mortgage-backed securities, and municipal securities, although the Company also holds corporate bonds. The Company’s primary source of funding for its loans is deposits. Its deposits include noninterest-bearing demand, negotiable order of withdrawal (NOW) accounts, money market accounts, savings deposits and certificates of deposit. FIRST NBC BANK HOLDING COMPANY (NASDAQ:FNBC) Recent Trading Information
FIRST NBC BANK HOLDING COMPANY (NASDAQ:FNBC) closed its last trading session up +0.013 at 0.115 with 13,121,576 shares trading hands.