Notification That Annual Report Will Be Submitted Late (nt 10-k)
02 Abril 2018 - 11:30AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
Commission File Number 001-35295
(Check One)
:
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x
Form
10-K
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¨
Form 20-F
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¨
Form 11-K
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¨
Form 10-Q
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¨
Form D
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¨
Form N-SAR
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¨
Form N-CSR
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For Period Ended:
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December 31, 2017
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¨
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Transition Report on Form 10-K
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¨
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Transition Report on Form 20-F
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¨
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Transition Report on Form 11-K
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¨
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Transition Report on Form 10-Q
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¨
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Transition Report on Form N-SAR
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For the Transition Period Ended:
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_______________
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Nothing in this form shall be construed to imply that the
Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification relates:
PART I – REGISTRANT INFORMATION
Poage Bankshares, Inc.
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Full Name of Registrant
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Former Name, if Applicable
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1500 Carter Avenue
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Address of Principal Executive Office (Street and Number)
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Ashland, Kentucky 41101
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City, State and Zip Code
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PART II – RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable
effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if
appropriate)
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(a) The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
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x
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(b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
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(c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
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PART III – NARRATIVE
State below in reasonable detail the reasons why Forms 10-K,
20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time
period. (Attached Extra Sheets if Needed)
In a Current Report on Form 8-K filed on September 14,
2017, the Registrant previously reported a suspected loan fraud scheme at its subsidiary bank, Town Square Bank (the
“Bank”), totaling approximately $1.4 million. At September 30, 2017, it was the Company’s conclusion, based
on the advice of outside legal counsel, that the Bank’s fidelity bond should provide indemnity for the lost principal
of $1.4 million, less a $25,000 deductible, and it was probable that the Bank would recover its loss. The Company has
received correspondence dated March 29, 2018 from counsel to the Bank’s fidelity bond insurer indicating the
insurer’s position that the claimed loss for purpose of evaluating coverage under the fidelity bond may not be $1.4
million. Even though the Registrant still believes the insurance claim is valid and collectible, based on this
correspondence, after consultation with its independent registered public accounting firm, management has determined that
collection of the insurance receivable does not meet the threshold of probable, which is a high threshold under general
accepted accounting principles.
Accordingly, this has caused a delay in filing the Form 10-K
in a timely manner and without unreasonable expense or effort.
PART IV – OTHER INFORMATION
(1)
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Name and telephone number of person to contact in regard to this notification:
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Jane Gilkerson
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(606)
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324-7196
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(Name)
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(Area Code)
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(Telephone Number)
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(2)
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Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).
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x
Yes
¨
No
(3)
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Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?
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Yes
x
No
If
so: attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
Poage Bankshares, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: April 2, 2018
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By:
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/s/ Jane Gilkerson
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Chief Financial Officer
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