First NBC Bank (FNBC) Disagrees with 'Unfounded Assertions' in the Market

October 25, 2016 5:31 PM EDT
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First NBC Bank Holding Company (“First NBC” or “the company”) (Nasdaq: FNBC), the holding company for First NBC Bank, today issued the following statement:

First NBC believes it is important to set the record straight and provide accurate information to the marketplace as soon as possible. The company disagrees with the unfounded assertions in the market and believes those responsible for them may be making these claims to support a short position in FNBC’s stock and benefit from negative news. First NBC remains profitable and generated $26.7 million in net income through the first six months of 2016. In addition, First NBC’s operating subsidiary, First NBC Bank, has maintained a solid capital position, with Tier 1 leverage and common equity Tier 1 risk-based capital ratios at well-capitalized levels and Tier 1 risk-based and total risk-based capital ratios at adequately capitalized levels.

As announced earlier today, First NBC has regained compliance with all applicable Nasdaq listing standards following the filing of its Form 10-Q for the period ended June 30, 2016. Now that it is current on its financials, First NBC is focused on returning all of the bank’s regulatory capital ratios to well-capitalized levels as quickly as possible. The company has engaged Sandler O'Neill & Partners, L.P. and Piper Jaffray & Co. and is exploring all strategic options to advance the interests of the company’s shareholders. Furthermore, First NBC remains committed to serving the interests of its customers and continuing to drive the successful rebuilding of New Orleans.

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