Integrity Financial Corporation Announces Resignation of Chief Executive Officer; Notification By Nasdaq of Possible Delisting
20 November 2004 - 8:53AM
PR Newswire (US)
Integrity Financial Corporation Announces Resignation of Chief
Executive Officer; Notification By Nasdaq of Possible Delisting
HICKORY, N.C., Nov. 19 /PRNewswire-FirstCall/ -- Integrity
Financial Corporation (NASDAQ:IFCB) announced today that R. Steve
Aaron, President and Chief Executive Officer has resigned those
positions as well as his position as a member of the Board of
Directors of Integrity Financial Corporation and the Board of
Directors of its subsidiary, Catawba Valley Bank. The Board of
Directors accepted Mr. Aaron's resignation from all positions and
appointed W. Alex Hall, Jr., Executive Vice President and a
director of the Integrity Financial Corporation and President and
Chief Executive Officer of one of its subsidiary banks, First
Gaston Bank of North Carolina, as interim President and Chief
Executive Officer and Ronald S. Shoemaker, Executive Vice President
of Integrity Financial Corporation and Regional President of the
company's other subsidiary bank, Catawba Valley Bank, as interim
Chief Operating Officer. Mr. Aaron was one of the founders and the
first President of Catawba Valley Bank. Since its organization in
1995, Mr. Aaron oversaw Catawba Valley Bank's growth and its
reorganization into Integrity Financial Corporation, a multi-bank
holding company, and successfully completed the acquisitions of
First Gaston Bank in Gastonia and Northwestern National Bank in
Wilkesboro. Under Mr. Aaron's leadership, Catawba Valley Bank grew
from a one office de novo state bank to 17 offices in 7 counties of
North Carolina. On November 16, 2004 the Board announced that it
would not timely file its quarterly report on Form 10-Q for the
quarter ended September 30, 2004 based upon a determination that
certain loans made by its subsidiary banks may not have been
properly graded as to risk of collection. The Board of Directors
noted in its recent Form 8-K report that a yet-to-be-determined
charge to earnings may impact the third quarter ended September 30,
2004 as a result of potential additions to the Company's loan loss
reserve. On November 17, 2004 the Board received a notification
from The Nasdaq Stock Market that due to its failure to timely file
its Quarterly Report on Form 10-Q for the period ended September
30, 2004 with the Securities and Exchange Commission and The Nasdaq
Stock Market that Integrity's common stock is subject to delisting
from trading on The Nasdaq SmallCap Market at the opening of
business on November 29, 2004 unless a request for a hearing is
filed with The Nasdaq Stock Market on or before November 24, 2004.
The Board believes that it will cause the Quarterly Report to be
filed by November 23, 2004 and if it does so has been advised that
the action to effect a delisting of its common stock may be
withdrawn. If the Board does not file the Quarterly Report by
November 23, 2004, it intends to file a request for a hearing which
will postpone any action to delist the common stock from trading
until the hearing is completed and a decision is rendered by The
Nasdaq Stock Market. Integrity Financial Corporation is the bank
holding company for Catawba Valley Bank, Hickory, North Carolina
and First Gaston Bank of North Carolina, Gastonia, North Carolina.
At September 30, 2004 the Company had total assets of $675,421,371,
total deposits of $542,821,356, and stockholders' equity of
$65,389,827. This Press Release may contain, among other things,
certain forward- looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including,
without limitation, (i) statements regarding certain of the
Company's goals and expectations with respect to earnings, income
per share, revenue, expenses and the growth rate in such items, as
well as other measures of economic performance, including
statements relating to estimates of credit quality trends, and (ii)
statements preceded by, followed by or that include the words
"may", "could", "should", "would", "believe", "anticipate",
"estimate", "expect", "intend", "plan", "projects", "outlook" or
similar expressions. These statements are based upon the current
belief and expectations of the Company's management and are subject
to significant risks and uncertainties that are subject to change
based on various factors (many of which are beyond the Company's
control). DATASOURCE: Integrity Financial Corporation CONTACT: W.
Alex Hall, Jr., President and Chief Executive Officer (interim)of
Integrity Financial Corporation, +1-704-854-4739 Web site:
http://www.catawbavalleybank.com/
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