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| UCBH > SEC Filings for UCBH > Form 8-K on 16-Nov-2009 | All Recent SEC Filings |
16-Nov-2009
Bankruptcy or Receivership, Notice of Delisting or Failure to Satisfy a Continu
On November 6, 2009, United Commercial Bank (the "Bank"), a wholly-owned
subsidiary of UCBH Holdings, Inc. (the "Company"), was closed by the California
Department of Financial Institutions (the "CDFI") and the Bank's banking charter
was revoked by the CDFI. Receivorship of the institution was immediately
thereafter tendered to, and accepted by, the Federal Deposit Insurance
Corporation (the "FDIC").
In connection with the closure of the Bank, the FDIC issued a press release,
dated November 6, 2009, a copy can be found at the FDIC's website at
http://www.fdic.gov/news/news/press/2009/pr09201.html. Customers who have
questions about the foregoing matters or who would like more information about
the closure of the Bank can call the FDIC toll-free at 1-800-238-8209 or visit
the FDIC's website at: http://www.fdic.gov/bank/individual/failed/ucb.html.
On November 9, 2009, the Company received a Nasdaq staff determination letter
(the "Letter") confirming that Nasdaq had halted trading in the Company's common
stock on November 9, 2009. The Letter indicated that Nasdaq was concerned about
the Company's ability to sustain compliance with all of the requirements for
continued listing on Nasdaq, as well as the residual equity interest of the
Company's common stock holders. As a result, in accordance with Listing
Rules 5101, 5110(b) and IM-5101-1, the Nasdaq staff has made a determination to
delist the Company's common stock from The Nasdaq Stock Market. The Company does
not intend to appeal the delisting decision. As a result, trading will continue
to be halted in the Company's common stock until trading is suspended on
November 18, 2009. A Form 25-NSE will then be filed with the Securities and
Exchange Commission, which will remove the Company's common stock from listing
and registration on The Nasdaq Stock Market.
The Letter advised the Company that the Company's common stock would not be
eligible to trade on the OTC bulletin board or in the "Pink Sheets" at this
time.
A copy of the Nasdaq Staff Determination Letter is filed as Exhibit 99.1.
On November 6, 2009, upon receivership of the Bank described in Item 1.03 above,
the Bank's officers and directors ceased having those roles and responsibilities
formerly associated with their respective positions.
On November 10, 2009, Tony Ka Wah Tsui, Executive Vice President and Director of
the Greater China Region, resigned from his position with the Company.
On November 11, 2009, Doreen Woo Ho informed the Company that she would resign
as the President and Chief Executive Officer of the Company, effective as of
February 11, 2010.
Following the FDIC's appointment as the receiver of the Bank, as described in Item 1.03 above, on November 10, 2009, the board of directors of the Company adopted the resolutions authorizing the filing of a voluntary petition in the United States Bankruptcy Court, seeking relief under Chapter 7 of Title 11 of the United States Bankruptcy Code. Subsequent to filing of the petition, the court will appoint a bankruptcy trustee who will be responsible for liquidating the Company in an orderly fashion. As a result of the FDIC's appointment as the receiver of the Bank and the planned Chapter 7 bankruptcy filing, the Company has ceased all business activity and operations.
(d) Exhibits
Exhibit Number Description
99.1 Nasdaq Staff Determination Letter dated November 9, 2009
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