Omni Financial Services, Inc. (NASDAQ: OFSI) (the “Company”),
the bank holding company for Omni National Bank, today announced that on
July 2, 2008, the Company received a letter from the Listing
Qualifications Staff of The Nasdaq Stock Market (the “Staff”)
notifying the Company that it fails to comply with Nasdaq’s
minimum bid price requirement for continued listing set forth in Nasdaq
Marketplace Rule 4450(a)(5) (the “Rule”),
which requires companies to maintain a minimum closing bid price of
$1.00 per share.
In accordance with Marketplace Rule 4450(e)(2), the Company will be
provided 180 calendar days, or until December 29, 2008, to regain
compliance. If, at anytime before December 29, 2008, the bid price of
the Company’s common stock closes at $1.00 per
share or more for a minimum of 10 consecutive business days, the Staff
will provide written notification to the Company that it has achieved
compliance with the Rule. If the Company does not regain compliance with
the Rule by December 29, 2008, the company’s
common stock is subject to delisting. At that time, the Company may
appeal the Staff’s determination to delist
its securities to a Listing Qualifications Panel.
About Omni
Omni Financial Services, Inc. is a bank holding company headquartered in
Atlanta, Georgia. Omni Financial Services, Inc. provides a full range of
banking and related services through its wholly owned subsidiary, Omni
National Bank, a national bank headquartered in Atlanta, Georgia. Omni
has one full service banking location in Atlanta, one in Dalton,
Georgia, four in North Carolina, one in Chicago, Illinois, one in
Dallas, Texas, one in Houston, Texas and one in Tampa, Florida. In
addition, Omni has loan production offices in Charlotte, North Carolina,
Birmingham, Alabama, and Philadelphia, Pennsylvania. Omni provides
traditional lending and deposit gathering capabilities, as well as a
broad array of financial products and services, including specialized
services such as community redevelopment lending, small business lending
and equipment leasing, warehouse lending, and asset-based lending. Omni
Financial Services, Inc.'s common stock is traded on the Nasdaq Global
Market under the ticker symbol "OFSI." Additional information about Omni
National Bank is available on its website at www.onb.com.
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