Americasbank (MM) (NASDAQ:AMAB)
Historical Stock Chart
From Jun 2019 to Jun 2024
AmericasBank Corp. (Nasdaq:AMAB), the parent company of AmericasBank,
announced today it has notified the Nasdaq Stock Market LLC of its
intent to delist its common stock from the Nasdaq Capital Market, and
that it intends to deregister its common stock under the Securities
Exchange Act of 1934 and cease filing reports with the Securities and
Exchange Commission.
The decision to voluntarily delist and deregister the common stock is a
cost savings step that will reduce expenses associated with compliance
efforts as well as listing fees. The common stock is thinly traded and
AmericasBank Corp. does not believe the benefits of having its common
stock listed and registered outweigh the costs.
AmericasBank Corp. currently anticipates that it will file with the
Securities and Exchange Commission a Form 25 relating to the delisting
of its common stock on or about July 14, 2008, with the delisting of its
common stock to be effective approximately ten days thereafter.
Accordingly, AmericasBank Corp. anticipates that the last day of trading
of its common stock on the Nasdaq Capital Market will be on July 11,
2008.
AmericasBank Corp. also anticipates filing a Form 15 to deregister its
common stock under Section 12 of the Securities Exchange Act of 1934 on
or about July 24, 2008. Therefore, AmericasBank Corp. intends to cease
filing periodic and current reports with the Securities and Exchange
Commission on or about July 24, 2008. AmericasBank Corp. is currently
considering arranging to have its common stock quoted on the OTC
Bulletin Board or in the Pink Sheets to provide liquidity for its common
stock and is considering the alternative methods available to continue
regular periodic communication with stockholders, but no determination
has been made with respect to these matters.
Further, AmericasBank has made the decision to reposition its mortgage
lending operation by integrating the operations of the Bank’s
separate mortgage unit into its existing banking centers and closing the
separate mortgage unit. AmericasBank will continue to focus on its core
relationship banking strategy and will continue to offer mortgage
products to its customers. Customers’ mortgage
needs will be serviced from AmericasBank’s
Annapolis and Towson banking centers. As a result, AmericasBank will
scale back its mortgage lending unit over the next month. These moves
are a result of AmericasBank’s progress in
addressing changes that have occurred as a result of the real estate
market and AmericasBank’s clear focus on
profitability.
The decisions will allow AmericasBank Corp. to deploy more resources to
core business operations through its banking centers and continue its
commitment to its stockholders, customers and employees without
compromising the integrity of corporate governance and control processes.
ABOUT AMERICASBANK CORP.
AmericasBank Corp. is the parent company of AmericasBank, a
Maryland-chartered commercial bank headquartered in Towson, Maryland.
AmericasBank is dedicated to contributing to the growth and prosperity
of the communities it serves, with a special focus on serving the needs
of the business community and promoting home ownership. AmericasBank
operates its banking center in the Towson, Maryland market under the
trade name of Towson Community Bank, and the banking center in the
Annapolis, Maryland market as Annapolis Community Bank.
CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS
The statements in this press release that are not historical facts
constitute “forward-looking”
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Such forward-looking statements include, among others:
statements regarding the anticipated timing of the delisting and
deregistration of AmericasBank Corp. common stock; statements regarding
AmericasBank Corp.’s consideration of an
alternative quotation system for its common stock, and the ability of
that system to provide a meaningful trading platform or source of
liquidity for AmericasBank Corp.’s common
stock; statements regarding continued communications with stockholders
after the deregistration of the common stock; statements regarding
potential cost savings or other benefits from the delisting and/or
deregistration; and statements regarding AmericasBank’s
plans with respect to the closing of its mortgage unit.
Such statements are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied by
such forward-looking statements. Potential risks and uncertainties
include, but are not limited to: the risks that AmericasBank Corp. will
not realize the anticipated cost savings as a result of delisting and/or
deregistration; the possibility that no alternative arrangements can be
made for quotation of the Company’s common
stock, which may decrease liquidity and market value; the risk that the
acts of delisting and deregistration, while voluntary, may be negatively
perceived in the marketplace and other risks described in AmericasBank
Corp.’s Form 10-K for the year ended December
31, 2007, and as may be described by AmericasBank Corp. in other reports
filed by it with the Securities and Exchange Commission. Forward-looking
statements speak only as of the date they are made. AmericasBank Corp.
will not update forward-looking statements to reflect factual
assumptions, circumstances or events that have changed after a
forward-looking statement was made.