Contact Information: For more information contact: Norman L. Lowery (812) 238-6487 First Financial Corporation One First Financial Plaza Terre Haute, Indiana 47807 (812) 238-6000
First Financial Corporation Receives NASDAQ Letter
| Source: First Financial Corporation
TERRE HAUTE, IN--(Marketwire - March 31, 2009) - First Financial Corporation (NASDAQ : THFF )
today announced that on March 26, 2009, it received a letter from the
NASDAQ Listing Qualifications Department ("NASDAQ") informing it that
solely as a result of a single real estate transaction with one of its
"independent" directors, that director would no longer be considered an
"independent" director as defined by the NASDAQ Marketplace Rules.
Consequently, the composition of First Financial's Board of Directors no
longer complies with the NASDAQ Marketplace Rule 4350, which requires that
a majority of the board of directors be comprised of independent directors
as defined in the NASDAQ Marketplace Rule 4200. The Board of Directors of
First Financial is now considered to be comprised of five "independent"
directors and five directors that are not considered "independent" under
the NASDAQ Marketplace Rule 4200. In the letter, NASDAQ requested that
First Financial provide a specific plan and timetable to achieve compliance
with the NASDAQ Marketplace Rules on or before April 10, 2009. First
Financial is exploring its alternatives and will comply with this request.
First Financial Corporation is the holding company for First Financial Bank
NA in Indiana and Illinois, The Morris Plan Company of Terre Haute and
Forrest Sherer Inc. in Indiana.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements. Forward-looking
statements provide current expectations or forecasts of future events and
are not guarantees of future performance, nor should they be relied upon as
representing management's views as of any subsequent date. The
forward-looking statements are based on management's expectations and are
subject to a number of risks and uncertainties. Although management
believes that the expectations reflected in such forward-looking statements
are reasonable, actual results may differ materially from those expressed
or implied in such statements. Risks and uncertainties that could cause
actual results to differ materially include, without limitation, the
Corporation's ability to effectively execute its business plans; changes in
general economic and financial market conditions; changes in interest
rates; changes in the competitive environment; continuing consolidation in
the financial services industry; new litigation or changes in existing
litigation; losses, customer bankruptcy, claims and assessments; changes in
banking regulations or other regulatory or legislative requirements
affecting the Corporation's business; and changes in accounting policies or
procedures as may be required by the Financial Accounting Standards Board
or other regulatory agencies. Additional information concerning factors
that could cause actual results to differ materially from those expressed
or implied in the forward-looking statements is available in the
Corporation's Annual Report on Form 10-K for the year ended December 31,
2008, and subsequent filings with the United States Securities and Exchange
Commission (SEC). Copies of these filings are available at no cost on the
SEC's Web site at www.sec.gov or on the Corporation's Web site at
www.first-online.com. Management may elect to update forward-looking
statements at some future point; however, it specifically disclaims any
obligation to do so.