UCBH Holdings 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 6, 2009
UCBH Holdings, Inc.
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (888) 498-3899
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On November 6, 2009, United Commercial Bank (the Bank), a wholly-owned subsidiary of UCBH Holdings, Inc. (the Company), was closed by the California Department of Financial Institutions (the CDFI) and the Banks banking charter was revoked by the CDFI. Receivorship of the institution was immediately thereafter tendered to, and accepted by, the Federal Deposit Insurance Corporation (the FDIC).
In connection with the closure of the Bank, the FDIC issued a press release, dated November 6, 2009, a copy can be found at the FDICs website at http://www.fdic.gov/news/news/press/2009/pr09201.html. Customers who have questions about the foregoing matters or who would like more information about the closure of the Bank can call the FDIC toll-free at 1-800-238-8209 or visit the FDICs website at: http://www.fdic.gov/bank/individual/failed/ucb.html.
On November 9, 2009, the Company received a Nasdaq staff determination letter (the Letter) confirming that Nasdaq had halted trading in the Companys common stock on November 9, 2009. The Letter indicated that Nasdaq was concerned about the Companys ability to sustain compliance with all of the requirements for continued listing on Nasdaq, as well as the residual equity interest of the Companys common stock holders. As a result, in accordance with Listing Rules 5101, 5110(b) and IM-5101-1, the Nasdaq staff has made a determination to delist the Companys common stock from The Nasdaq Stock Market. The Company does not intend to appeal the delisting decision. As a result, trading will continue to be halted in the Companys common stock until trading is suspended on November 18, 2009. A Form 25-NSE will then be filed with the Securities and Exchange Commission, which will remove the Companys common stock from listing and registration on The Nasdaq Stock Market.
The Letter advised the Company that the Companys common stock would not be eligible to trade on the OTC bulletin board or in the Pink Sheets at this time.
A copy of the Nasdaq Staff Determination Letter is filed as Exhibit 99.1.
On November 6, 2009, upon receivership of the Bank described in Item 1.03 above, the Banks officers and directors ceased having those roles and responsibilities formerly associated with their respective positions.
On November 10, 2009, Tony Ka Wah Tsui, Executive Vice President and Director of the Greater China Region, resigned from his position with the Company.
On November 11, 2009, Doreen Woo Ho informed the Company that she would resign as the President and Chief Executive Officer of the Company, effective as of February 11, 2010.
Following the FDICs appointment as the receiver of the Bank, as described in Item 1.03 above, on November 10, 2009, the board of directors of the Company adopted the resolutions authorizing the filing of a voluntary petition in the United States Bankruptcy Court, seeking relief under Chapter 7 of Title 11 of the United States Bankruptcy Code. Subsequent to filing of the petition, the court will appoint a bankruptcy trustee who will be responsible for liquidating the Company in an orderly fashion. As a result of the FDICs appointment as the receiver of the Bank and the planned Chapter 7 bankruptcy filing, the Company has ceased all business activity and operations.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.