PHILADELPHIA, March 8 /PRNewswire-FirstCall/ -- First Bank of Delaware
("the Company") (OTC Bulletin Board: FBOD), filed an 8-K with regard to the
FDIC guidelines on payday lending. The text of that filing is as follows:
On March 2, 2005, the Federal Deposit Insurance Corporation ("FDIC"), our
primary regulator, issued revised payday lending guidelines. The full text of
such guidelines is available on the FDIC website at http://www.fdic.gov.
Payday loans are made for amounts less than $1,500 and are short-term,
unsecured loans, generally with high interest rates, that borrowers promise to
repay out of their next paycheck. We offer such payday loans and will be
affected by the revised guidelines.
The revised guidelines impose additional restrictions on the ability of
financial institutions to provide payday loans and may require financial
institutions to reduce their payday loan volume.
The revised guidelines may have a material adverse effect on our business.
We are developing alternative loan products which are permissible under these
guidelines; however, it is not possible to predict whether the development of
such loan products will mitigate the adverse effects of the revised
guidelines.
The Company may from time to time make written or oral "forward-looking
statements," including statements contained in the Company's filings with the
Securities and Exchange Commission. These forward-looking statements include
statements with respect to the Company's beliefs, plans, objectives, goals,
expectations, anticipations, estimates, and intentions that are subject to
significant risks and uncertainties and are subject to change based on various
factors, many of which are beyond the Company's control. The words "may,"
"could," "should," "would," "believe," "anticipate," "estimate," "expect,"
"intend," "plan," predict and similar expressions are intended to identify
forward-looking statements. All such statements are made in good faith by the
Company pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. The Company does not undertake to update any
forward-looking statement, whether written or oral, that may be made from time
to time by or on behalf of the Company.
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