Santander Holdings USA (SAN) Updates on 10-Q Delay; Doesn't See Any Material Changes to Normal Business Activity

August 30, 2016 1:59 PM EDT
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Santander Holdings USA, Inc. (NYSE: SAN), will be delayed in the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 (the "Form 10-Q") beyond its August 22, 2016 extended filing date.

As previously disclosed by the Company in its Form 12b-25 filed with the Securities and Exchange Commission (the "SEC") on August 16, 2016, the Company and Santander Consumer USA Holdings Inc. ("SC"), a majority-owned subsidiary of the Company that is consolidated in the Company's financial statements, are in the pre-filing submission process with the SEC's Office of the Chief Accountant regarding SC's accounting treatment for consideration of net discount in estimating the allowance for credit losses. These matters impact the Company's Form 10-Q filing as a result of the Company's consolidation of SC. The resolution of this and other accounting matters disclosed in the Form 12b-25 is expected to impact prior period financial statements. The Company will file the Form 10-Q as soon as possible.

The Company has reviewed all critical relationships and does not foresee a material interruption in or change to normal business activities related to the delayed filing. In addition, the aforementioned accounting matters relate only to non-cash items in our financial statements.

The Company informed the New York Stock Exchange ("NYSE") on August 23, 2016, it was not in compliance with NYSE's continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual as a result of the Company's failure to timely file its Form 10-Q. In accordance with NYSE listing requirements, the Company will have six months from August 22, 2016 to file its Form 10-Q with the SEC. The Company can regain compliance with the NYSE listing standards at any time prior to that date by filing the Form 10-Q with the SEC. If the Company fails to file its Form 10-Q prior to that date, the NYSE may grant, at its discretion, a further extension of up to six additional months, depending on the specific circumstances.

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