Bank of Granite Signs Order With FDIC and NC Commissioner of Banks
04 Septiembre 2009 - 1:00PM
Marketwired
Bank of Granite Corporation (NASDAQ: GRAN) announced today its
subsidiary Bank of Granite (Bank) has entered into a Stipulation
and Consent agreeing to the entry of an Order to Cease and Desist
(Order) with banking regulators. This Order requires changing
certain operating practices that are intended to improve the Bank's
earnings performance and capital levels. The Order requires the
Bank to report to the FDIC and the NC Commissioner of Banks at
least quarterly to address, among other things, the ongoing
management and oversight of the Bank, an increase in the Bank's
capital levels, a reduction in the Bank's classified assets, a
reduction in concentrations of credit and improvement in the Bank's
earnings. A copy of the Order is included in an 8-K filed today
with the SEC. The 8-K can be accessed through the Company's website
at www.bankofgranite.com or at the SEC website at www.sec.gov.
This Order does not affect customer deposits or loans. Deposits
in Bank of Granite will continue to be covered by FDIC Insurance up
to $250,000, and noninterest bearing transaction accounts are fully
covered by FDIC Insurance.
"We are committed to working with the FDIC and the Commissioner
to implement the actions required by the Order. We will do so while
continuing to meet the needs of our customers in the communities we
serve. Rest assured that we are committed to providing the
products, services and responsiveness our customers expect and
deserve. This Order does not affect customer deposit accounts or
loans. Deposits in Bank of Granite will continue to be covered by
FDIC Insurance up to $250,000 and noninterest bearing transaction
accounts are fully covered by FDIC Insurance. We want our customers
to be confident in knowing that Bank of Granite is committed to
customer value and to delivering the kind of superior service that
has been Bank of Granite's standard for over 100 years," said Scott
Anderson, the Bank's CEO.
Bank of Granite Corporation's common stock trades on the NASDAQ
Global Select Market(SM) under the symbol "GRAN." Bank of Granite
Corporation is the parent company of Bank of Granite. Bank of
Granite operates twenty full-service banking offices in eight North
Carolina counties -- Burke, Caldwell, Catawba, Forsyth, Iredell,
Mecklenburg, Watauga, and Wilkes.
Disclosures about Forward Looking Statements
The discussions included in this document contain statements
that may be deemed forward looking statements within the meaning of
the Private Securities Litigation Act of 1995, including Section
21E of the Securities Exchange Act of 1934 and Section 27A of the
Securities Act of 1933. Such statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results to differ materially from these statements. For the
purposes of these discussions, any statements that are not
statements of historical fact may be deemed to be forward looking
statements. Such statements are often characterized by the use of
qualifying words such as "expects," "anticipates," "believes,"
"estimates," "plans," "projects," or other statements concerning
opinions or judgments of the Company and its management about
future events. The accuracy of such forward looking statements
could be affected by certain factors, including but not limited to,
the financial success or changing conditions or strategies of the
Company's customers or vendors, fluctuations in interest rates,
actions of government regulators, the availability of capital and
personnel, failure to comply with regulatory orders, and general
economic conditions. For additional factors that could affect the
matters discussed in forward looking statements, see the "Risk
Factors" section of the Company's most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission.
Contacts for this release: Scott Anderson Chief Executive
Officer 828.345.6866 Email Contact Jerry Felts Chief Operating
Officer and Chief Financial Officer 828.322.5343 Email Contact
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