AMCORE Financial, Inc. Receives Nasdaq Initial Notice of Minimum Bid Price Non-Compliance
March 12 2010 - 4:30PM
AMCORE Financial, Inc. (Nasdaq:AMFI) today announced that it
received a notice from The Nasdaq Stock Market (Nasdaq) stating
that because the minimum bid price of the Company's common stock
was below $1.00 per share for 30 consecutive business days, the
Company was therefore not in compliance with Nasdaq Marketplace
Rule 5450(a)(1).
The notification letter has no effect at this time on the
listing of the Company's common stock on The Nasdaq Global Select
Market and the Company's common stock will continue to trade under
the symbol AMFI.
The letter was issued in accordance with standard Nasdaq
procedures. AMCORE is provided a grace period of 180 calendar days
in which to regain compliance with the minimum bid price
rule. If at any time before September 7, 2010, the bid price
of AMCORE's stock closes at $1.00 per share or more for a minimum
of 10 consecutive business days, Nasdaq will provide written
confirmation to AMCORE that it has regained compliance.
If AMCORE does not regain compliance with the bid price
rule by September 7, 2010, Nasdaq will notify the Company that its
common stock is subject to delisting from The Nasdaq Global Select
Market. In that event, the Company may appeal the delisting
determination to a Hearings Panel or the Company may be eligible
for an additional grace period of 180 days if it meets the initial
listing standards, with the exception of bid price, and is approved
for transfer to The Nasdaq Capital Market (formerly the Nasdaq
SmallCap Market).
AMCORE intends to actively monitor the bid price for its common
stock between now and September 7, 2010, and will consider
available options to regain compliance with the Nasdaq minimum bid
price requirements.
ABOUT AMCORE
AMCORE Financial, Inc. is headquartered in Northern Illinois
with 66 locations in Illinois and Wisconsin. AMCORE provides a full
range of consumer and commercial banking services, a variety of
mortgage lending products and wealth management services including
trust, brokerage, private banking, financial planning, investment
management, insurance and comprehensive retirement plan
services.
AMCORE common stock is listed on The Nasdaq Stock Market under
the symbol "AMFI." Further information about AMCORE Financial, Inc.
can be found at the Company's website at www.AMCORE.com.
FORWARD LOOKING STATEMENTS
This news release contains, and our periodic filings with the
Securities and Exchange Commission and written or oral statements
made by the Company's officers and directors to the press,
potential investors, securities analysts and others will contain,
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of
1934, and the Company intends that such forward-looking statements
be subject to the safe harbors created thereby with respect to,
among other things, the financial condition, results of operations,
plans, objectives, future performance and business of
AMCORE. Statements that are not historical facts, including
statements about beliefs and expectations, are forward-looking
statements. These statements are based upon beliefs and
assumptions of AMCORE's management and on information currently
available to such management. The use of the words "believe",
"expect", "anticipate", "plan", "estimate", "should", "may", "will"
or similar expressions identify forward-looking
statements. Forward-looking statements speak only as of the
date they are made, and AMCORE undertakes no obligation to update
publicly any forward-looking statements in light of new information
or future events.
Contemplated, projected, forecasted or estimated results in such
forward-looking statements involve certain inherent risks and
uncertainties. A number of factors – many of which are beyond
the ability of the Company to control or predict – could cause
actual results to differ materially from those in its
forward-looking statements. These factors include,
among others, the following possibilities: (I) heightened
competition, including specifically the intensification of price
competition, the entry of new competitors and the formation of new
products by new or existing competitors; (II) adverse state, local
and federal legislation and regulation or adverse findings or
rulings made by local, state or federal regulators or agencies
regarding AMCORE and its operations; (III) failure to obtain new
customers and retain existing customers and related deposit
relationships; (IV) inability to carry out marketing and/or
expansion plans; (V) ability to attract and retain key executives
or personnel; (VI) changes in interest rates including the effect
of prepayments; (VII) general economic and business conditions
which are less favorable than expected; (VIII) equity and fixed
income market fluctuations; (IX) unanticipated changes in industry
trends; (X) unanticipated changes in credit quality and risk
factors; (XI) success in gaining regulatory approvals when
required; (XII) changes in Federal Reserve Board monetary policies;
(XIII) unexpected outcomes on existing or new litigation in which
AMCORE, its subsidiaries, officers, directors or employees are
named defendants; (XIV) technological changes; (XV) changes in
accounting principles generally accepted in the United States of
America; (XVI) changes in assumptions or conditions affecting the
application of "critical accounting estimates"; (XVII) inability of
third-party vendors to perform critical services for the Company or
its customers; (XVIII) disruption of operations caused by the
conversion and installation of data processing systems; (XIX)
adverse economic or business conditions affecting specific loan
portfolio types in which the Company has a concentration, such as
construction and land development loans; (XX) zoning restrictions
or other limitations at the local level, which could prevent
limited branch offices from transitioning to full-service
facilities; (XXI) possible changes in the creditworthiness of
customers and value of collateral and the possible impairment of
collectibility of loans; (XXII) changes in lending terms to the
Company and the Bank by the Federal Reserve, Federal Home Loan
Bank, or any other regulatory agency or third party; (XXIII) the
recently enacted Emergency Economic Stabilization Act of 2008, and
the various programs the U.S. Treasury and the banking regulators
are implementing to address capital and liquidity issues in the
banking system, all of which may have significant effects on the
Company and the financial services industry, the exact nature and
extent of which cannot be determined at this time; and (XXIV)
failure by the company to comply with the provisions of any
regulatory order or agreement to which the Company is subject could
result in additional and material enforcement actions by the
applicable regulatory agencies.
CONTACT: AMCORE Financial, Inc.
Media Inquiries:
Katherine Taylor, Investor Relations Manager
815-961-7164
Financial Inquiries:
Judith Carre Sutfin, Executive Vice President and CFO
815-961-7081
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