United PanAm Financial Corp. in Newport Beach, Calif., may be delisted from the Nasdaq exchange because of a delay in the filing of second-quarter earnings.
The subprime auto lender earlier had announced that it was delaying the filing because it was restating its earnings for 2002, 2003, and the first quarter of 2004. Late Friday it said it would make additional loan-loss provisions for each of those statements, because it had not adequately reserved for losses.
United has requested a hearing to stop the delisting process. It is working to file its second-quarter earnings by Friday, though it said it may not be able to do so.
The company recently sold the three branches of its thrift subsidiary, as well as its remaining deposits - certificates of deposit that were originally sold on the Internet. It expects to dissolve its thrift charter soon and will fund its lending activities by securitizing its loan portfolio.
