FIRST NBC BANK HOLDING COMPANY (NASDAQ:FNBC) Files An 8-K Bankruptcy or Receivership
Item 1.03. Bankruptcy or Receivership.
subsidiary of First NBC Bank Holding Company (the Company), was
closed by the Louisiana Office of Financial Institutions, and the
Federal Deposit Insurance Corporation (FDIC) was appointed as
receiver of the Bank.
the Bank, and, as a result of the closure of the Bank, the
Company has no material remaining tangible assets. As the owner
of all of the capital stock of the Bank, the Company would be
entitled to the net recoveries, if any, following the liquidation
or sale of the Bank or its assets by the FDIC. However, at this
time, the Company believes that no recovery will be realized with
respect to its investment in the Bank.
Listing Rule or Standard.
letter notifying the Company that the staff of The NASDAQ Stock
Market LLC (Nasdaq) has determined that the Companys securities
will be delisted from the Nasdaq Global Select Market. Under
Nasdaq rules, the Company may request an appeal of the delisting
determination; however, it does not intend to do so. Therefore,
trading of the Companys common stock will be suspended at the
opening of business on May 10, 2017, and a Form 25-NSE will be
filed with the Securities and Exchange Commission.
respect to the closure of the Bank. A copy of the press release
is attached as Exhibit 99.1 and is incorporated herein by
receipt of the Nasdaq Determination Letter. A copy of the press
release is attached hereto as Exhibit 99.2 and is incorporated
herein by reference.
information furnished in Exhibits 99.1 and 99.2 of this Current
Report on Form 8-K will not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended
(the Exchange Act), or otherwise subject to the liabilities of
that section, and such information will not be deemed
incorporated by reference in any filing under the Securities Act
of 1933, as amended, or the Exchange Act, whether made before or
after the date hereof, regardless of any general incorporation
language in such filings.
Press release, dated April 28, 2017, announcing the
closure of the Bank
Press release, dated May 1, 2017, announcing the
receipt of the Nasdaq letter
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 potential 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 +0.363 at 0.610 with 87,479,018 shares trading hands.