NYSE Regulation has determined that the Company is no longer suitable for listing on the NYSE. On August 21, 2009, Guaranty Bank, the Company's primary operating business and bank subsidiary, was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with BBVA Compass, to assume all of the deposits of Guaranty Bank, excluding those from brokers. The Company is also late on the filing of its December 31, 2008 Form 10-K and certain of its outstanding 2009 Form 10-Qs.
The Company has a right to a review of this determination by a Committee of the Board of Directors of NYSE Regulation. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision. The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable.
See Section 802.00 of the NYSE Listed Company Manual for continued listing criteria and procedure for delisting