United Western Bancorp, Inc. (NASDAQ: UWBK) (the "Company”), a
Denver-based holding company whose principal subsidiary, United Western
Bank® (the "Bank”), is a community bank focused on Colorado’s
Front Range market and selected mountain communities, today announced
that on November 16, 2010, it received a letter from The NASDAQ Stock
Market stating that the Company is not in compliance with NASDAQ Listing
Rule 5250(c)(1) because the Company did not timely file its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2010 (the "Form
10-Q”) with the Securities and Exchange Commission. The notification of
noncompliance has no immediate effect on the listing or trading of the
Company’s common stock on the NASDAQ Global Market.
As previously reported by the Company on November 10, 2010, filing of
the Form 10-Q has been delayed primarily due to the timing of a
regularly scheduled examination of the Bank by its primary regulators,
the Office of Thrift Supervision (the "OTS”) and the Federal Deposit
Insurance Corporation (the "FDIC”). The Company continues to be engaged
in discussions with the OTS and the FDIC regarding the Bank’s
consistently applied methodology for determining other-than-temporary
impairment ("OTTI”) on non-agency, mortgage-backed securities at
September 30, 2010. As a result of these ongoing discussions with the
OTS and the FDIC, the Company is still finalizing its unaudited
consolidated financial statements and related disclosures for the
quarter ended September 30, 2010. The Company intends to file its Form
10-Q as soon as practicable once resolution is reached with the OTS and
the FDIC.
The Company has 60 calendar days from the date of the NASDAQ Letter to
submit a plan to regain compliance, and if NASDAQ accepts the Company’s
plan, it can grant an exception of up to 180 calendar days from the Form
10-Q’s due date, or until May 16, 2011, to regain compliance.
About United Western Bancorp, Inc.
Denver-based United Western Bancorp, Inc. is focused on developing its
community-based banking network through its subsidiary, United Western
Bank, by strategically positioning branches across Colorado’s Front
Range market and certain mountain communities. In addition to
community-based banking, United Western Bancorp, Inc. and its
subsidiaries offer deposit services to processing and trust customers
and custodial, administrative, and escrow services through its wholly
owned subsidiary, United Western Trust Company. For more information,
please visit our web site at www.uwbancorp.com.
Forward-Looking Statements
Certain statements contained in this press release may be deemed to be
forward-looking under federal securities laws, and the Company intends
that such forward-looking statements be subject to the safe harbor
created thereby. Such forward-looking statements include, but are not
limited to, statements regarding the Company’s ability to file the Form
10-Q. The Company cautions that these statements are qualified by
important factors that could cause actual results to differ materially
from those reflected by the forward-looking statements contained herein.
Such factors include (a) the Company’s ability to resolve the
methodology difference in the determination of OTTI with the OTS and
FDIC and (b) other risks detailed in the Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2009, Quarterly Report on
Form 10-Q for the fiscal quarter ended June 30, 2010, and subsequent
filings with the Securities and Exchange Commission.
