SARASOTA, Fla., May 29, 2009 (GLOBE NEWSWIRE) -- First State Financial Corporation (Nasdaq:FSTF) today announced that its restated consolidated financial statements for the fiscal year ended December 31, 2008, included an audit opinion that contained a going concern qualification from its independent registered public accounting firm. This public announcement is being made in compliance with a NASDAQ Marketplace Rule that requires separate disclosure of the receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's 2008 restated financial statements on Form 10-K/A or its annual report.
Headquartered in Sarasota, First State Financial Corporation, through its wholly owned subsidiary First Sate Bank, serves the personal and commercial banking needs of local residents and businesses in its market area. The Bank operates from nine locations, with four branches in Sarasota County and five branches in Pinellas County.
As noted in the Form 10-K/A and a subsequent press release, the Bank has embarked on a plan to explore all options available, according to John E. "Jed" Wilkinson, its president and CEO. As a result, he continued, "we currently are in serious negotiations with a local investor group that would infuse sufficient capital to return the bank to the status of well capitalized."
The information provided herein may contain forward-looking statements. Statements that are not historical facts, including statements about First State Bank's beliefs and expectations, are forward looking statements. These statements are based on beliefs and assumptions by First State Bank's management, and on information currently available to such management. The forward-looking statements are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933 and Section 21E of the Security Exchange Act of 1934. Forward-looking statements include statement preceded by, followed by or that include the words "intends, "believes," "expects," "anticipates," "plans," "estimates," or similar expressions or future conditional verse such as "will," "should," "would," and "could". Forward-looking statements peak only as of the date they are made and First State Bank undertakes no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. Management cautions that a number of important factors could cause actual results to differ materially.