This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

First Security Group, Inc. Announces NASDAQ Global Select Extension

First Security Group, Inc. (NASDAQ: FSGI) (the “Company”), the bank holding company for its wholly-owned subsidiary FSGBank, N.A. (“FSGBank”), announced that it received a ruling from the Hearing Panel of the NASDAQ Stock Market LLC (“NASDAQ”) indicating the approval of the Company’s requested extension of the period to regain compliance with the listing standards for the Global Select market. The Company requested a six month extension, or through March 25, 2013, to regain compliance with the listing standards.

“We appreciate the opportunity that the Hearing Panel provided for us to present our overall recapitalization plan for FSG and its direct impact on regaining compliance with the listing standards of the Global Select exchange. We continue to make progress and believe that we will be back in compliance by March 25 th,” said Michael Kramer, President and CEO of First Security. “The Global Select market has the highest listing standards of the three NASDAQ exchanges and the results of our recapitalization plan would far excess the Global Select’s minimum listing standards.”

On November 27, 2012, the Company received a notice extending the compliance period to March 25, 2013. The extension includes certain conditions, including that the Company receive approval from the U.S. Treasury, holder of the Company’s Series A Preferred Stock issued under the Capital Purchase Program of the Troubled Asset Relief Program, to restructure the Preferred Stock as part of a larger recapitalization plan.

“At this time, we believe that a restructuring plan mutually agreeable to First Security and the U.S. Treasury should be achieved by year-end,” said John Haddock, Executive Vice President and CFO of First Security.

As discussed on a Current Report on Form 8-K filed on September 28, 2012, NASDAQ previously informed the Company that it would be subject to delisting based on the Company’s non-compliance with the minimum $5 million market value of publicly held share requirement set forth in the NASDAQ listing standards for the Global Select market. At the time, the Company stated that it planned to appeal to the Hearing Panel with a request to extend the compliance period.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
TSLA $214.31 1.30%
YHOO $37.22 0.77%
AAPL $92.49 -0.80%
FB $119.18 1.20%
GOOG $710.79 1.30%


Chart of I:DJI
DOW 17,714.82 +54.11 0.31%
S&P 500 2,055.33 +4.70 0.23%
NASDAQ 4,728.7690 +11.6750 0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs