UCBH Holdings, Inc. Receives Expected NASDAQ Notice Related to Late Filing of Its Form 10-Q
2009-05-22 22:48:03 -
UCBH Holdings, Inc. (NASDAQ:UCBH), the holding company of United Commercial Bank (UCB™), today announced that it received a letter from The NASDAQ Stock Market (“NASDAQ”) on May 20, 2009, notifying the Company that it is currently not in compliance with the NASDAQ Marketplace Listing Criteria Rule 5250(c)(1) “Obligation to File Periodic Financial Reports” because it had not filed its Form 10-Q for the quarter ended March 31, 2009 in a timely manner. Under NASDAQ rules, the Company has 60 calendar days to submit a plan to regain compliance, and if accepted, NASDAQ can grant the Company an exception of up to 180 calendar days from the Form 10-Q filing due date, or until November 16, 2009, to regain compliance.
As previously reported in its Form 8-K filing with the Securities and Exchange Commission on May 20, 2009, the Company is currently in the process of restating the consolidated financial statements reported in its Form 10-K for the period ended December 31, 2008, and is completing its Form 10-Q for the quarter ended March 31, 2009. The Company intends to take all appropriate actions to maintain compliance with the NASDAQ Marketplace Listing Criteria Rules.
About UCBH Holdings, Inc.
UCBH Holdings, Inc. is the holding company for United Commercial Bank, a state-chartered commercial bank, which is a leading bank in the United States serving the Chinese communities and American companies doing business in Greater China. Together, the Bank and its subsidiaries, including United Commercial Bank (China) Limited, operate 51 California branches/offices located in the San Francisco Bay Area, Sacramento, Stockton, Los Angeles and Orange counties, nine branches in New York, five branches in metropolitan Atlanta, three branches in New England, two branches in the Pacific Northwest, a branch in Houston, branches in Hong Kong, Shanghai and Shantou, China, and representative offices in Beijing, Guangzhou and Shenzhen, China, and Taipei, Taiwan. UCB, with headquarters in San Francisco, provides commercial banking services to small- and medium-sized businesses and professionals in a variety of industries, as well as consumer and private client services to individuals. The Bank offers a full range of lending activities, including commercial real estate and construction loans, commercial credit facilities, international trade finance, asset-based financing, cash management, loans guaranteed by the U.S. Small Business Administration, commercial, multifamily and residential mortgages, home equity lines of credit, and online banking services for businesses and consumers. For additional information, visit the web site for United Commercial Bank at www.ibankUNITED.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. or the web site for UCBH Holdings, Inc. at www.ucbh.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .
Forward-Looking Statements
Certain statements contained in this release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon specific assumptions that may or may not prove correct. Forward-looking statements are also subject to known and unknown risks, uncertainties and other factors relating to the Company’s and the Bank’s operations and business environment, all of which are difficult to predict, and many of which are beyond the control of the Company and the Bank. The factors include, among others: the current dislocations in global credit and capital markets; economic and business conditions in the areas and markets in which the Company and the Bank operate, particularly those affecting loans secured by real estate; deterioration or improvement in the ability of the Bank’s borrowers to pay their debts to the Bank; market fluctuations such as those affecting interest and foreign exchange rates and the value of securities in which the Bank invests; competition from other financial institutions, whether banks, investment banks, insurance companies or others; the ability of the Bank to assimilate acquisitions, enter new markets and lines of business, and open new branches, successfully; changes in business strategies; changes in tax law and governmental regulation of financial institutions; demographic changes; and other risks and uncertainties, including those discussed in the documents the Company files with the Securities and Exchange Commission (“SEC”). The foregoing may cause the actual results and performance of the Company and the Bank to be materially different from the results and performance indicated or suggested by the forward-looking statements. Further description of the risks and uncertainties are included in detail in the Company’s current, quarterly and annual reports, as filed with the SEC.
UCBH Holdings, Inc.Douglas Mitchell, 415-315-2800Senior Vice
President, Director of Investor Relations and Capital ManagementCraig
S. On, 415-315-2800Executive Vice President and Chief Financial
OfficerorEVC GroupInvestor Relations:Douglas M.
Sherk or Jenifer Kirtland, 415-896-6820Media Relations:Steve
DiMattia, 646-201-5445
