Hamilton Bancorp Subject to Nasdaq Delisting Pending Filing of Form 10-K; Filing Expected Prior to Delisting Hearing

Apr 26, 2001, 01:00 ET from Hamilton Bancorp Inc.

    MIAMI, April 26 /PRNewswire/ -- Hamilton Bancorp Inc. (Nasdaq:   HABK)
 (the "Company") today announced that it received a Nasdaq Staff Determination
 on April 19, 2001 indicating that the Company is subject to delisting,
 pursuant to Marketplace Rule 4310(c)(14), from the Nasdaq National Market
 until it files its Annual Report on Form 10-K for the period ended December
 31, 2000.  The trading symbol(s) for the Company's securities have been
 changed from HABK to HABKE and HABKP to HABPE. The change was effective at the
 opening of business on April 23, 2001.
     In accordance with the Nasdaq Code of Procedures, the Company is
 requesting a hearing before a Nasdaq Listing Qualifications Panel to review
 the Nasdaq Staff Determination.  The Company expects to file its Form 10-K
 with the Securities and Exchange Commission ("SEC") in the near future and
 prior to the hearing before the Nasdaq Listing Qualification Panel, thereby
 fully complying with Nasdaq rules to remain listed on the Nasdaq National
 Market. No assurance can be given regarding the expected filing date or the
 results of any review if the hearing is held.
     The Company has received comments from the SEC to its December 31, 1998
 and 1999 Annual Reports on Form 10-K, as well as its quarterly reports on Form
 10-Q in 1998, 1999 and 2000.  As a result of these comments, the Company is
 working to complete a review of these previously filed reports and the
 financial statements included therein.
     The open issues in the review primarily relate to differences between
 provisions and allowances for credit losses reported in the Company's
 financial statements for the year ended December 31, 1999 and for the interim
 periods in year 2000, and provisions and allowances reported in Hamilton
 Bank's regulatory reports.  For the years ended December 31, 1999 and December
 31, 2000, provisions for credit losses recorded in Hamilton Bank's regulatory
 reports exceeded the provisions recorded in the financial statements by
 approximately $32.7 million ($20.6 million, net of tax) and $4.2 million ($2.6
 million, net of tax), respectively. The Company is seeking to answer the SEC
 staff's remaining questions and expects that any revisions to its previously
 filed financial statements that could result from the review would be resolved
 and filed prior to the completion of the Form 10-K for the year 2000. The
 Company will be unable to file its Form 10-K for the year 2000 until this
 review is completed.
     Similarly, the Company cannot complete its analysis of the impact of the
 SEC comments on the fourth quarter of 2000 until the SEC's open issues are
 resolved. Based on information currently available, the Company expects to
 report net income for the quarter ended December 31, 2000 of approximately
 $2 - $4 million, or $.20 - $.40 per diluted share.
     Established in 1998, Hamilton Bancorp, through its subsidiary Hamilton
 Bank, N.A., is a full service commercial bank and leading global trade finance
 institution which specializes in financing global trade between domestic and
 international companies, with particular emphasis on trade with and between
 South America, the Caribbean and the United States.  In addition to offering
 commercial banking services to the area's business community, Hamilton Bank
 provides its customers with an online banking vehicle, Harmoney(R), an
 Internet-based real-time banking system tailored to the needs of businesses
 with unique features to address trade such as issuing letters of credit
 online. The company has a network of nine FDIC-insured branches. Seven of the
 branches are in Florida with locations in Miami, Sarasota, Tampa, West Palm
 Beach, Weston and Winter Haven and one branch is in San Juan, Puerto Rico.
 The Company's lending activities are funded primarily through domestic
 consumer and commercial deposits gathered through the network, as well as
 deposits received from correspondent banks, corporate customers and private
 banking customers within the region.
     For more information, contact Executive Vice President Carlos Bernace, or
 Chief Financial Officer Tim Harris at 305-717-5500.
 http://www.hamiltonbank.com
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995. Such forward-
 looking statements involve known and unknown risks, uncertainties or other
 factors, which may cause actual results, performance or achievements of the
 Company to be materially different from any future results. Reference is made
 to the Company's periodic reports on Forms 8-K, 10-K and 10-Q, as well as
 other documents filed with the Securities and Exchange Commission.
 
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SOURCE Hamilton Bancorp Inc.
    MIAMI, April 26 /PRNewswire/ -- Hamilton Bancorp Inc. (Nasdaq:   HABK)
 (the "Company") today announced that it received a Nasdaq Staff Determination
 on April 19, 2001 indicating that the Company is subject to delisting,
 pursuant to Marketplace Rule 4310(c)(14), from the Nasdaq National Market
 until it files its Annual Report on Form 10-K for the period ended December
 31, 2000.  The trading symbol(s) for the Company's securities have been
 changed from HABK to HABKE and HABKP to HABPE. The change was effective at the
 opening of business on April 23, 2001.
     In accordance with the Nasdaq Code of Procedures, the Company is
 requesting a hearing before a Nasdaq Listing Qualifications Panel to review
 the Nasdaq Staff Determination.  The Company expects to file its Form 10-K
 with the Securities and Exchange Commission ("SEC") in the near future and
 prior to the hearing before the Nasdaq Listing Qualification Panel, thereby
 fully complying with Nasdaq rules to remain listed on the Nasdaq National
 Market. No assurance can be given regarding the expected filing date or the
 results of any review if the hearing is held.
     The Company has received comments from the SEC to its December 31, 1998
 and 1999 Annual Reports on Form 10-K, as well as its quarterly reports on Form
 10-Q in 1998, 1999 and 2000.  As a result of these comments, the Company is
 working to complete a review of these previously filed reports and the
 financial statements included therein.
     The open issues in the review primarily relate to differences between
 provisions and allowances for credit losses reported in the Company's
 financial statements for the year ended December 31, 1999 and for the interim
 periods in year 2000, and provisions and allowances reported in Hamilton
 Bank's regulatory reports.  For the years ended December 31, 1999 and December
 31, 2000, provisions for credit losses recorded in Hamilton Bank's regulatory
 reports exceeded the provisions recorded in the financial statements by
 approximately $32.7 million ($20.6 million, net of tax) and $4.2 million ($2.6
 million, net of tax), respectively. The Company is seeking to answer the SEC
 staff's remaining questions and expects that any revisions to its previously
 filed financial statements that could result from the review would be resolved
 and filed prior to the completion of the Form 10-K for the year 2000. The
 Company will be unable to file its Form 10-K for the year 2000 until this
 review is completed.
     Similarly, the Company cannot complete its analysis of the impact of the
 SEC comments on the fourth quarter of 2000 until the SEC's open issues are
 resolved. Based on information currently available, the Company expects to
 report net income for the quarter ended December 31, 2000 of approximately
 $2 - $4 million, or $.20 - $.40 per diluted share.
     Established in 1998, Hamilton Bancorp, through its subsidiary Hamilton
 Bank, N.A., is a full service commercial bank and leading global trade finance
 institution which specializes in financing global trade between domestic and
 international companies, with particular emphasis on trade with and between
 South America, the Caribbean and the United States.  In addition to offering
 commercial banking services to the area's business community, Hamilton Bank
 provides its customers with an online banking vehicle, Harmoney(R), an
 Internet-based real-time banking system tailored to the needs of businesses
 with unique features to address trade such as issuing letters of credit
 online. The company has a network of nine FDIC-insured branches. Seven of the
 branches are in Florida with locations in Miami, Sarasota, Tampa, West Palm
 Beach, Weston and Winter Haven and one branch is in San Juan, Puerto Rico.
 The Company's lending activities are funded primarily through domestic
 consumer and commercial deposits gathered through the network, as well as
 deposits received from correspondent banks, corporate customers and private
 banking customers within the region.
     For more information, contact Executive Vice President Carlos Bernace, or
 Chief Financial Officer Tim Harris at 305-717-5500.
 http://www.hamiltonbank.com
     This press release contains "forward-looking statements" within the
 meaning of the Private Securities Litigation Reform Act of 1995. Such forward-
 looking statements involve known and unknown risks, uncertainties or other
 factors, which may cause actual results, performance or achievements of the
 Company to be materially different from any future results. Reference is made
 to the Company's periodic reports on Forms 8-K, 10-K and 10-Q, as well as
 other documents filed with the Securities and Exchange Commission.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X24431874
 
 SOURCE  Hamilton Bancorp Inc.

RELATED LINKS

http://www.hamiltonbank.com