Federal Trust Corporation Announces Receipt of Notice to Delist Common Stock from New York Stock Exchange
03 Noviembre 2008 - 4:30PM
PR Newswire (US)
SANFORD, Fla., Nov. 3 /PRNewswire-FirstCall/ -- Federal Trust
Corporation today announced that on October 29, 2008, the Company
received notice from the staff of the NYSE Alternext US (the
"Exchange") indicating the Exchange's intent to delist the
Company's common stock from the Exchange. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990513/FDTRLOGO ) The letter
from the Exchange indicated that the Company no longer complies
with the Exchange's continued listing standards. Specifically, the
staff of the Exchange determined that the Company is in violation
of Section 1003(a)(iv) of the NYSE Alternext US LLC Company Guide
(the "Company Guide"). The letter noted the issues raised by the
Cease and Desist Order that has previously been issued to the
Company by the Office of Thrift Supervision, as well as the
Company's inability to raise capital by the September 30, 2008
deadline previously established by the Office of Thrift
Supervision. The Exchange has also determined that the Company has
become subject to Section 1002(b) of the Company Guide, which
states that the Exchange will consider removal from listing of a
security when, in the opinion of the Exchange, "it appears that the
extent of public distribution or the aggregate market value of the
security has become so reduced as to make further dealings on the
Exchange inadvisable." The Company does not intend to appeal the
Exchange's intention to delist the Company's common stock from the
Exchange. The Company will seek to have one or more market makers
quote the Company's common stock for trading through the OTC
Bulletin Board or the "Pink Sheets." Federal Trust Corporation is a
unitary thrift holding company and is the parent company of Federal
Trust Bank, a federally-chartered savings bank whose deposits are
insured by the Federal Deposit Insurance Corporation to the fullest
extent permitted by law. Federal Trust Bank operates 11
full-service offices in Seminole, Orange, Volusia, Lake and Flagler
Counties, Florida. The Company's Executive and Administrative
Offices are located in Sanford, in Seminole County, Florida. Safe
Harbor Statement under the Private Securities Litigation Reform Act
of 1995 Certain statements in this press release may contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, which statements
generally can be identified by the use of forward- looking
terminology, such as "may," "will," "expect," "estimate,"
"anticipate," "believe," "target," "plan," "project," or "continue"
or the negatives thereof or other variations thereon or similar
terminology, and are made on the basis of management's plans and
current analyses of Federal Trust Corporation, its business and the
industry as a whole. These forward-looking statements are subject
to risks and uncertainties, including, but not limited to, economic
conditions, competition, interest rate sensitivity and exposure to
regulatory and legislative changes. The above factors, in some
cases, have affected, and in the future could affect Federal Trust
Corporation's financial performance and could cause actual results
for fiscal 2008 and beyond to differ materially from those
expressed or implied in such forward-looking statements. Federal
Trust Corporation does not undertake to publicly update or revise
its forward-looking statements even if experience or future changes
make it clear that any projected results expressed or implied
therein will not be realized. For further information regarding
Federal Trust Corporation, please read the reports Federal Trust
Corporation files with the SEC that are available at
http://www.sec.gov/. Press Releases and other information about
Federal Trust Corporation can be found on PR Newswire at
http://www.prnewswire.com/ or at Federal Trust's website at
http://www.federaltrust.com/. Contact: Dennis T. Ward President and
Chief Executive Officer (407) 323-1833
http://www.newscom.com/cgi-bin/prnh/19990513/FDTRLOGO
http://photoarchive.ap.org/ DATASOURCE: Federal Trust Corporation
CONTACT: Dennis T. Ward, President and Chief Executive Officer,
Federal Trust Corporation, +1-407-323-1833 Web site:
http://www.federaltrust.com/
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