BOSTON, Aug. 30, 2016 /PRNewswire/ -- Santander Holdings
USA, Inc. (the "Company"), will be
delayed in the filing of its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2016 (the
"Form 10-Q") beyond its August 22,
2016 extended filing date.
As previously disclosed by the Company in its Form 12b-25 filed
with the Securities and Exchange Commission (the "SEC") on
August 16, 2016, the Company and
Santander Consumer USA Holdings
Inc. ("SC"), a majority-owned subsidiary of the Company that is
consolidated in the Company's financial statements, are in the
pre-filing submission process with the SEC's Office of the Chief
Accountant regarding SC's accounting treatment for consideration of
net discount in estimating the allowance for credit losses. These
matters impact the Company's Form 10-Q filing as a result of the
Company's consolidation of SC. The resolution of this and other
accounting matters disclosed in the Form 12b-25 is expected to
impact prior period financial statements. The Company will file the
Form 10-Q as soon as possible.
The Company has reviewed all critical relationships and does not
foresee a material interruption in or change to normal business
activities related to the delayed filing. In addition, the
aforementioned accounting matters relate only to non-cash items in
our financial statements.
The Company informed the New York Stock Exchange ("NYSE") on
August 23, 2016, it was not in
compliance with NYSE's continued listing requirements under the
timely filing criteria outlined in Section 802.01E of the NYSE
Listed Company Manual as a result of the Company's failure to
timely file its Form 10-Q. In accordance with NYSE listing
requirements, the Company will have six months from August 22, 2016 to file its Form 10-Q with the
SEC. The Company can regain compliance with the NYSE listing
standards at any time prior to that date by filing the Form 10-Q
with the SEC. If the Company fails to file its Form 10-Q
prior to that date, the NYSE may grant, at its discretion, a
further extension of up to six additional months, depending on the
specific circumstances.
About Santander Holdings USA, Inc. (SHUSA)
Santander Holdings USA, Inc.
(SHUSA) is a wholly-owned subsidiary of Banco Santander, S.A.
(NYSE: SAN) (Santander), a global retail and commercial bank with
more than 117 million customers worldwide. As the intermediate
holding company for Santander's U.S. businesses, SHUSA includes
five financial companies with more than 17,000 employees, 5.1
million customers and assets of over $142.2
billion. These include Santander
Bank, N.A., one of the country's largest retail and
commercial banks by deposits; Santander Consumer USA Holdings Inc. (NYSE: SC), a national
vehicle finance and consumer lending company; Banco Santander
International of Miami; Banco
Santander Puerto Rico; Santander Securities LLC; and Santander
Investment Securities Inc.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any statements about our expectations, beliefs,
plans, or future events are not historical facts and may be
forward-looking. Such statements include, but are not limited to,
the Company's statements regarding the anticipated timing of filing
of its Quarterly Report on Form 10-Q. These statements are
often, but not always, made through the use of words or phrases
such as "anticipates," "believes," "can," "could," "may,"
"predicts," "potential," "should," "will," "estimates," "plans,"
"projects," "continuing," "ongoing," "expects," "intends," and
similar words or phrases. Although we believe that the expectations
reflected in these forward-looking statements are reasonable, these
statements are not guarantees of future performance and involve
risks and uncertainties that are subject to change based on various
important factors, some of which are beyond our control. For
additional discussion of these risks, refer to the section entitled
"Risk Factors" and elsewhere in our Quarterly Report on Form 10-Q
and our Quarterly Reports on Form 10-Q we file with the SEC.
Among the factors that could cause actual results to differ from
those reflected in forward-looking statements include, without
limitation, the timing and outcome of the pre-filing submission
process with the SEC described in this press release; any further
delay in the filing of our Form 10-Q; the suspension of our
eligibility to use Form S-3 registration statements until we have
timely filed our SEC periodic reports for a period of twelve
months, which may increase the time and resources we need to expend
if we choose to access the public capital markets; the impact on
any previously-reported financial statements; additional
uncertainties related to accounting issues generally; and other
risks and uncertainties described in the Company's filings with the
SEC. New risks and uncertainties emerge from time to time, and it
is not possible for the Company to predict all risks and
uncertainties that could have an impact on the forward-looking
statements contained in this press release. In light of the
significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by the Company or any
other person that the Company's expectations, objectives or plans
will be achieved in the timeframe anticipated or at all. Investors
are cautioned not to place undue reliance on the Company's
forward-looking statements, and the Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law. Any forward-looking
statements only speak as of the date of this document, and we
undertake no obligation to update any forward-looking information
or statements, whether written or oral, to reflect any change,
except as required by law. All forward-looking statements
attributable to us are expressly qualified by these cautionary
statements.
MEDIA CONTACTS:
Ann
Davis
617.757.5891
ann.davis@santander.us
Nancy Orlando
617.757.5765
Nancy.orlando@santander.us
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SOURCE Santander Holdings USA,
Inc.