Dearborn Bancorp in Michigan may need to restate its earnings for the quarter that ended June 30 pending the results of its latest examination by the Federal Deposit Insurance Corp.
The $867 million-asset company said in a news release Friday that it will be unable to determine its results for the quarter until the exam is completed and that the earnings it reported last month "should not be relied upon."
Dearborn announced on July 19 that it earned $183,000 in the second quarter, compared to a loss of $13.8 million for the same quarter in 2010.
The company also said Friday that it has received a letter from the Nasdaq Stock Market warning that its stock is in danger of being delisted because it has yet to file its quarterly report with the Securities and Exchange Commission. Dearborn has until Oct. 17 to submit a plan to regain compliance.
