TIB Financial Corp. Announces Appeal To NASDAQ To Maintain Listing And Entry Into Consent Order With Regulators

NAPLES, Fla., July 7, 2010 (GLOBE NEWSWIRE) -- TIB Financial Corp. (Nasdaq:TIBB), parent company of TIB Bank and Naples Capital Advisors, Inc., leading financial services providers servicing the greater Naples, Bonita Springs and Fort Myers area, South Miami-Dade County, the Florida Keys and Sarasota County, today announced that as previously discussed in its Form 8-K and press release filed January 6, 2010, the Company today received a delisting notice from The NASDAQ Stock Market LLC ("NASDAQ") due to the Company's non-compliance with NASDAQ's $1.00 per share bid price requirement through July 6, 2010. The Company has appealed to the NASDAQ Listing Qualifications Hearing Panel and intends to present a plan for regaining compliance with the minimum bid price rule for its common stock. The notification letter from NASDAQ, which was anticipated, indicated that its common stock would be delisted on July 16, 2010 from the NASDAQ Global Select Market had such an appeal not been made. Pursuant to NASDAQ rules, the Company's common stock will continue to trade on the Nasdaq Global Select Market until a written decision is rendered by the Panel which may not occur for up to 12 weeks subsequent to the Company's notice of appeal. The Panel has the authority to grant an extension for up to 180 calendar days from the date of the delisting notification letter, if the Panel deems it appropriate. If the Company's appeal is not successful, the Company intends to request that a market maker continue to make a market in the stock and apply to have the Company's common stock eligible to trade on the OTC Bulletin Board.

The Company also announced that TIB Bank has signed a Consent Order with the FDIC and Florida Office of Financial Regulation under which, among other things, TIB Bank has agreed to maintain a Tier 1 Capital ratio of at least 8% of total assets and a Total Risk Based Capital ratio of at least 12% within 90 days. These regulatory requirements necessitate that the Company raise about $70 to $75 million in new capital. The previously announced North American Financial Holdings, Inc. ("NAFH") proposed investment significantly exceeds this requirement. The Consent Order governs certain aspects of TIB Bank's operations including a requirement that it reduce the balance of assets classified substandard and doubtful by at least 70% over a two-year period, and not undertake asset growth of 5% or more per year without prior approval from the regulatory agencies.