First Regional Bancorp (fka FRGBQ)

[javadreams]

i just take a look to last 10 k and i must say it looks very bad. don`t believe that we got out of the fork IMO.

Nine Months Ended
September 30, 2009

Net Loss $ 128,600 (September 2008 Net Loss $ 12,596)

The Bank is also subject to a regulatory order with the FDIC and the DFI that calls for the Bank to increase its Tier 1 leverage ratio to 10% by September 30, 2009 and maintain at least that level thereafter. For the quarter ended September 30, 2009 the Bank’s Tier 1 leverage ratio was 5.35%, so the Bank is not in compliance with this requirement of the regulatory order. A Capital Restoration Plan has been developed to address this deficiency, which contemplates several approaches to increasing capital to acceptable levels, including the possibilities of a rights offering to existing Company shareholders or the issuance of new Company shares to interested investors. There can be no assurance that these approaches will be successful. Should the Company or the Bank be unable to increase capital to acceptable levels, or



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should capital levels deteriorate further, the Company and/or the Bank could be subject to additional regulatory action.



To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the table below.



A table showing the minimum capital ratios required for the Company and the Bank and the Company’s and the Bank’s actual capital ratios and actual capital amounts at September 30, 2009 and December 31, 2008, is as follows (in thousands):

read page 6 and following from the last 10 k!