Voluntary Delisting and Deregistration of Its Common Stock and Repositioning of Its Mortgage Lending Operation Announced by Amer
04 July 2008 - 3:50AM
Business Wire
AmericasBank Corp. (Nasdaq:AMAB), the parent company of
AmericasBank, announced today it has notified the Nasdaq Stock
Market LLC of its intent to delist its common stock from the Nasdaq
Capital Market, and that it intends to deregister its common stock
under the Securities Exchange Act of 1934 and cease filing reports
with the Securities and Exchange Commission. The decision to
voluntarily delist and deregister the common stock is a cost
savings step that will reduce expenses associated with compliance
efforts as well as listing fees. The common stock is thinly traded
and AmericasBank Corp. does not believe the benefits of having its
common stock listed and registered outweigh the costs. AmericasBank
Corp. currently anticipates that it will file with the Securities
and Exchange Commission a Form 25 relating to the delisting of its
common stock on or about July 14, 2008, with the delisting of its
common stock to be effective approximately ten days thereafter.
Accordingly, AmericasBank Corp. anticipates that the last day of
trading of its common stock on the Nasdaq Capital Market will be on
July 11, 2008. AmericasBank Corp. also anticipates filing a Form 15
to deregister its common stock under Section 12 of the Securities
Exchange Act of 1934 on or about July 24, 2008. Therefore,
AmericasBank Corp. intends to cease filing periodic and current
reports with the Securities and Exchange Commission on or about
July 24, 2008. AmericasBank Corp. is currently considering
arranging to have its common stock quoted on the OTC Bulletin Board
or in the Pink Sheets to provide liquidity for its common stock and
is considering the alternative methods available to continue
regular periodic communication with stockholders, but no
determination has been made with respect to these matters. Further,
AmericasBank has made the decision to reposition its mortgage
lending operation by integrating the operations of the Bank�s
separate mortgage unit into its existing banking centers and
closing the separate mortgage unit. AmericasBank will continue to
focus on its core relationship banking strategy and will continue
to offer mortgage products to its customers. Customers� mortgage
needs will be serviced from AmericasBank�s Annapolis and Towson
banking centers. As a result, AmericasBank will scale back its
mortgage lending unit over the next month. These moves are a result
of AmericasBank�s progress in addressing changes that have occurred
as a result of the real estate market and AmericasBank�s clear
focus on profitability. The decisions will allow AmericasBank Corp.
to deploy more resources to core business operations through its
banking centers and continue its commitment to its stockholders,
customers and employees without compromising the integrity of
corporate governance and control processes. ABOUT AMERICASBANK
CORP. AmericasBank Corp. is the parent company of AmericasBank, a
Maryland-chartered commercial bank headquartered in Towson,
Maryland. AmericasBank is dedicated to contributing to the growth
and prosperity of the communities it serves, with a special focus
on serving the needs of the business community and promoting home
ownership. AmericasBank operates its banking center in the Towson,
Maryland market under the trade name of Towson Community Bank, and
the banking center in the Annapolis, Maryland market as Annapolis
Community Bank. CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS The statements in this press release that are not
historical facts constitute �forward-looking� statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements include, among others: statements
regarding the anticipated timing of the delisting and
deregistration of AmericasBank Corp. common stock; statements
regarding AmericasBank Corp.�s consideration of an alternative
quotation system for its common stock, and the ability of that
system to provide a meaningful trading platform or source of
liquidity for AmericasBank Corp.�s common stock; statements
regarding continued communications with stockholders after the
deregistration of the common stock; statements regarding potential
cost savings or other benefits from the delisting and/or
deregistration; and statements regarding AmericasBank�s plans with
respect to the closing of its mortgage unit. Such statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements. Potential risks and uncertainties
include, but are not limited to: the risks that AmericasBank Corp.
will not realize the anticipated cost savings as a result of
delisting and/or deregistration; the possibility that no
alternative arrangements can be made for quotation of the Company�s
common stock, which may decrease liquidity and market value; the
risk that the acts of delisting and deregistration, while
voluntary, may be negatively perceived in the marketplace and other
risks described in AmericasBank Corp.�s Form 10-K for the year
ended December 31, 2007, and as may be described by AmericasBank
Corp. in other reports filed by it with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date
they are made. AmericasBank Corp. will not update forward-looking
statements to reflect factual assumptions, circumstances or events
that have changed after a forward-looking statement was made.
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