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Security Profile
- Security Type
- Common Stock
- CUSIP
- 352451108
- Market Cap
- Small Cap · $463 Million
- Previous Symbol
- FBTX (changed 11/14/2008)
- Parent Company
- Franklin Bank Corp. (FBTX)
Business: Franklin Bank Corp., headquartered in Houston, Texas, was formed in April 2002 and is now a $5.5 billion company. Franklin's common stock initiated trading on the NASDAQ in December 2003 under the ticker symbol FBTX. Franklin Bank Corp.'s common stock is currently included within the following indices: Russell 3000, Russell 2000, Russell Microcap, American Community Bankers, S&P SmallCap 600 Index, S&P Composite 1500, S&P 1000, NASDAQ Bank, NASDAQ Composite, NASDAQ NNM Composite, and NASDAQ Global Select Market Composite. In May 2006, Franklin raised additional capital through a Preferred Stock offering that is now trading on the AMEX under the ticker symbol FBK-P. Franklin's community banking philosophy focuses on a high growth commercial lending approach outside the major metropolitan cities in Texas. In addition to its corporate headquarters in Houston, there are currently 38 community banking offices in Texas, 8 regional commercial lending offices, and 37 mortgage loan production offices located throughout the United States. Through its subsidiary, Franklin Bank S.S.B., Franklin offers a wide variety of commercial products that allows it to serve customers in communities, as well as on a national basis. Franklin Bank focuses on providing high-quality personalized service through its "trusted financial advisors" and strives to meet all of the financial needs of its customers. In addition to various deposit and loan products, Franklin Bank offers retail brokerage services.
Notes: Nov. 7, 2008 -- Franklin Bank, S.S.B., the wholly-owned subsidiary of Franklin Bank Corp., was closed today by the Texas Department of Savings and Mortgage Lending and the Federal Deposit Insurance Corporation was appointed as receiver of the Bank. Franklin's principal asset was its indirect ownership of the common stock of the Bank, and, as a result of the receivership of the Bank, Franklin has very limited remaining tangible assets. As the owner of all of the capital stock of the Bank, Franklin would be entitled to the net recoveries, if any, following the liquidation or sale of the Bank or its assets by the FDIC. However, at this time, Franklin does not expect that it will realize any recovery. In addition to efforts to file Franklin's delayed securities reports, the boards of directors and officers of the Bank and Franklin have worked diligently to recapitalize the Bank at a time of unprecedented disruption in the industry. Over the last few months Franklin has presented several recapitalization proposals to the FDIC, TDSML and the Office of Thrift Supervision, including a proposal on which the boards of directors and officers of the Bank and Franklin continued to work through today, that would have strengthened the Bank's capital position and addressed other issues raised by the regulators. However, Franklin and the Bank were unable to bring such matters to conclusion prior to closure of the Bank.
Company Contact
- CEO
- Anthony J. Nocella
- CFO
- Russell McCann
- Headquarters
- 9800 Richmond Avenue, Suite 680, Houston, TX 77042
- Phone
- 713-339-8900 · Toll-Free 800-552-0784
- Fax
- 713-952-2599
- Investor Relations
- Kristina Dillon · 713-339-8999 · investorrelations@bankfranklin.com