SOURCE: Bank of Granite Corporation

February 28, 2008 08:51 ET

Bank of Granite Corporation Files Form 10-Q

GRANITE FALLS, NC--(Marketwire - February 28, 2008) - Bank of Granite Corporation (NASDAQ: GRAN) ("the Company") announced today that it has filed its Form 10-Q for the quarterly period ended September 30, 2007 with the Securities and Exchange Commission. The form may be obtained from the Company's Internet site at www.bankofgranite.com by following the "Shareholder Reports" link.

As previously announced, the Company postponed filing its Form 10-Q because of delays related to the assessment of its loan portfolio and loan loss provisions and its assessment of internal control issues surrounding its lending and loan review functions to determine whether a material weakness in such controls exists.

Bank of Granite Corporation's common stock trades on the NASDAQ Global Select Market(SM) under the symbol "GRAN." The Company is the parent of Bank of Granite and Granite Mortgage, Inc. Bank of Granite operates twenty-two full-service banking offices in eight North Carolina Counties -- Burke, Caldwell, Catawba, Forsyth, Iredell, Mecklenburg, Watauga, and Wilkes. Granite Mortgage, a mortgage banking company headquartered in Winston-Salem, originates home mortgages in these counties as well as in Cumberland, Guilford, and Rowan counties.

For further information, please contact Karen Clark-Caruso, Public Relations Director, at Voice (828) 345-6863, Fax (828) 345-0809 or Internet: kcaruso@bankofgranite.com or Kirby Tyndall, Chief Financial Officer, at Voice (828) 496-2026, Fax (828) 496-2010 or Internet: ktyndall@bankofgranite.com.

Disclosures About Forward Looking Statements

The discussions included in this document contain statements that may be deemed forward looking statements within the meaning of the Private Securities Litigation Act of 1995, including Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from these statements. For the purposes of these discussions, any statements that are not statements of historical fact may be deemed to be forward looking statements. Such statements are often characterized by the use of qualifying words such as "expects," "anticipates," "believes," "estimates," "plans," "projects," or other statements concerning opinions or judgments of our Company and our management about future events. The accuracy of such forward looking statements could be affected by certain factors, including but not limited to, the financial success or changing conditions or strategies of our customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel, and general economic conditions. For additional factors that could affect the matters discussed in forward looking statements, see the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Karen Clark-Caruso
    Public Relations Director
    Voice (828) 345-6863
    Fax (828) 345-0809
    Internet: Email Contact

    Kirby Tyndall
    Chief Financial Officer
    Voice (828) 496-2026
    Fax (828) 496-2010
    Internet: Email Contact.