SAN JUAN, Puerto Rico,
April 22 /PRNewswire-FirstCall/ --
EuroBancshares, Inc. (Nasdaq: EUBK) ("EuroBancshares" or the
"Company"), the holding company of Eurobank, today announced that
it received a letter from The Nasdaq Stock Market ("Nasdaq") on
April 20, 2010 advising
EuroBancshares that it is currently not in compliance with the
continued listing requirements set forth in Nasdaq Listing Rule
5250(c)(1) due to its failure to file its Annual Report on Form
10-K for the year ended December 31,
2009 (the "Form 10-K"), by the applicable filing deadline.
In accordance with Nasdaq Listing Rules, EuroBancshares has
60 calendar days to submit a plan to regain compliance. If
the plan is accepted by Nasdaq, EuroBancshares may be granted an
extension of up to 180 calendar days to regain compliance with
Nasdaq Listing Rule 5250(c)(1). EuroBancshares intends to
submit a plan to regain compliance to Nasdaq within the prescribed
60 day period.
EuroBancshares is working to complete the preparation and filing
of its Form 10-K as promptly as practicable. There is no
change in the trading of EuroBancshares' common stock on the NASDAQ
Stock Market at this time.
About EuroBancshares, Inc.
EuroBancshares, Inc. is a diversified bank holding company
headquartered in San Juan, Puerto
Rico, offering a broad array of financial services through
its wholly-owned banking subsidiary, Eurobank; EBS Overseas, Inc.,
an international banking entity subsidiary of Eurobank; and
EuroSeguros, a wholly-owned insurance agency subsidiary of
Eurobank.
Forward-Looking Statements:
This release contains forward-looking statements, which are
included in accordance with the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by terminology such as
"may," "will," "should," "could," "expects," "plans," "intends,"
"anticipates," "believes," "estimates," "predicts," "potential," or
"continue," or the negative of such terms and other comparable
terminology. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance or achievements to differ from those
expressed or implied by the forward-looking statement. These
factors include the following: the ability of Investor, Other
Purchasers and their affiliates to complete the proposed
investments mentioned herein; receipt of requisite regulatory
approvals of those investments; general economic and business
conditions in those areas in which we operate; deterioration in the
credit markets; availability of capital from private and government
sources; demographic changes; competition for loans and deposits;
fluctuations in interest rates; risks of natural disasters related
to our real estate portfolio; risks associated with SBA loans;
changes in governmental regulation; adequacy of our allowance for
loan losses, credit quality and the effect of credit quality on our
provision for credit losses and allowance for loan losses; the
ability of borrowers to perform under the terms of their loans and
other terms of credit agreements; our ability to successfully
integrate acquisitions we may make; the availability of capital to
fund the expansion of our business; and changes in securities
markets. In addition, we set forth certain risks in our reports
filed with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and Quarterly Reports on Form
10-Q filed thereafter, which could cause actual results to differ
from those projected. We undertake no obligation to update
such forward-looking statements except as required by law.
SOURCE EuroBancshares, Inc.