Bank of Florida Corp. Announces Realignment of Executive Officer Duties and Receipt of an Advisory Letter from Nasdaq
12 Janvier 2010 - 11:00PM
Business Wire
Bank of Florida Corporation (NASDAQ:BOFL) announced today a
realignment of executive officer duties to continue to leverage the
Company’s resources and talents.
Senior Executive Vice President John B. James, who has more than
40 years of banking experience, has spent the majority of his time
over the past 18 months working with troubled borrowers and
managing credits. “John’s skill set and substantial experience in
this area has been the driver of the successes we are having in
working out problem loans. As a result, I have asked him to
formally move 100 percent of his focus and responsibilities to our
Special Assets Division,” said Mike L McMullan, Chief Executive
Officer and President. In addition to his position within the
company, James will continue to provide a leadership role as a
member of the Board of Directors of the Company.
Tracy L. Keegan, the company’s Chief Financial Officer, will
also assume the role of Chief Administrative Officer. In addition
to finance, she will also oversee human resources, operations, and
information technology.
The company has named John S. Chaperon as Chief Credit Policy
Officer. Chaperon has previously carried the credit
responsibilities as part of his Director of Corporate Risk
Management position. “It is important for us to continue to build
upon the credit functions of our Company as we work through these
economic times and look to the future,” stated McMullan. Chaperon
will continue to oversee credit administration, credit monitoring,
loan operations and loan review. The Company’s Internal Auditor and
Corporate Compliance Officer will assume the interim role of
Director of Corporate Risk Management.
“After reviewing the extreme depth and strength of our
management team, we felt it was appropriate to make these changes
as we head into 2010. We are confident that we are diligently
focused on areas that will ensure the long-term future and growth
of our Company,” McMullan went on to say.
In addition to management changes, the Company announced that it
received an advisory letter from The Nasdaq Stock Market (“Nasdaq”)
on January 6, 2010, indicating that the Company is not in
compliance with Marketplace Rule 5450(a)(1) (the “Bid Price Rule”)
since the closing bid price per share of its common stock has been
below $1.00 per share for 30 consecutive business days. “The
advisory letter was issued in accordance with standard Nasdaq
procedures and has no present affect on the listing of the
Company’s common stock, which will continue to trade on the Nasdaq
Global Market,” stated McMullan. In accordance with Marketplace
Rule 5810(c)(3)(A), the Company has been provided with a 180
calendar day grace period, or until July 6, 2010, to regain
compliance with the Bid Price Rule. To regain compliance with the
Bid Price Rule, the closing bid price of the Company’s common stock
must remain at $1.00 per share or more for a minimum of ten
consecutive business days.
“The price by which a company’s stock trades on the open market
is not a direct reflection of the company’s financials. The
financial sector as a whole has declined substantially, and Bank of
Florida has not been immune to that trend,” said McMullan. “In
reviewing the trading of our Company’s stock, we believe that we
have been negatively impacted by several factors, including light
trading volumes which seem to intensify the effects of short
selling of our stock. We do not believe that the current market
price is reflective of our true enterprise value.
“Our registration statement remains on file with the Securities
and Exchange Commission, and we are looking to re-launch our
offering in late-first quarter. We believe recent actions taken,
including our management realignment, have put us in a better
position to focus on our business strategy of strengthening our
core deposit market share in each of the regions we operate,
effectively managing non-performing assets, continuing to reduce
commercial real estate concentrations and leveraging our operating
efficiencies as we systematically work through the challenges of
2010.”
Bank of Florida Corporation
Bank of Florida Corporation. (Nasdaq:BOFL) is a $1.5
billion-asset multi-bank holding Company located in Naples,
Florida. Bank of Florida Corporation is the parent company for Bank
of Florida - Southwest in Collier and Lee Counties; Bank of Florida
– Southeast in Broward, Miami-Dade and Palm Beach Counties; Bank of
Florida – Tampa Bay in Hillsborough and Pinellas Counties; and Bank
of Florida Trust Company, collectively referred to as the
“Company”. Investor information may be found on the Company’s web
site, http://www.bankofflorida.com, by clicking on "Investor
Relations." To receive an email alert of all company press
releases, SEC filings, and events, select the “Email Notification”
section.
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 Bank of Florida 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 Bank
of Florida Corporation financial performance and could cause actual
results for fiscal 2010 and beyond to differ materially from those
expressed or implied in such forward-looking statements. Bank of
Florida 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.
Bank of Florida Corporation has filed a registration statement
(including a prospectus) (SEC File Number 333-161252) with the SEC
for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for
more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov. Alternatively, the issuer will arrange to send
you the prospectus if you request it by calling (239) 254-2100.
Bancshares OF Florida (NASDAQ:BOFL)
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