June 30th, 2012 10-Q?

The following is from the late filing notice filed on August 14th 2012:

The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and

If the 10-Q for the June 30 period was due the 15th of August, and the notice of late filing allows an extra five days, where is the 10-Q? August 20th was the due date and the date the amended “Call Report” was filed.

8 comments on “June 30th, 2012 10-Q?

  1. Have they dropped registration from the SEC? If so they don’t have to file much to be listed OTC Pink with the “Limited” designation. Maybe a little more than the guy selling cotton candy at the fair.

  2. I searched and searched, and found no 2nd quarter 10-Q nor a second extension of time. I have a feeling that the bank is just delinquent. If so, what is the SEC going to do or threaten that would be any more than the onus that the bank is already under? Stop trading in the stock? (Might not be a bad idea, given that up-to-date finanical info is unavailable and the unknowns involved.)

    The first delay, which allowed five extra days, was supposedy a result of the regulatory examination of August 14 which necessitated that the bank conduct a “comprehensive review” of its financial condition. (We’ve since heard no informantion or reports on that “comprehensive review”.)

    Then on August 22, the OCC dropped the “critically undercapitalized” bomb (which Ogaard acknowledged in his interview with the BCR, and in which he said the bank was working “feverishly” to raise additional capital). So, clearly, the bank is staggering from pillar to post, and maybe is just blowing off the 10-Q deadline in favor of more urgent issues? As a minimum, I would have expected them to have phoned the SEC and tell them the 10-Q would be further delayed, perhaps indefinitely, until the bank sorts things out.

      • That is what bugs me. Shouldn’t either the bank or the SEC be required to post some second quarter information? (The third quarter ends in just four weeks.)

        Aren’t the regulations there to protect the investing public and taxpayers? Depositors, too, but they are protected by FDIC insurance. But, who pays the bank’s FDIC insurance premiums?

        • The definition of the “Pink Limited” designation is, “Designed for companies with financial reporting problems, economic distress, or in bankruptcy to make the limited information they have publicly available.” They obviously have financial reporting problems. That is just one of the things that make them so attractive to investors.

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