Newco Bancorp Restates Previously Reported First Quarter Financial Results

TORONTO, ONTARIO--(Marketwired - Jan. 14, 2016) - Newco Bancorp Inc. ("Newco" or the "Company) announced today that it has filed a restatement of its previously reported financial results for the quarter ended September 30, 2015 together with its management discussion and analysis ("MD&A") in respect of such quarter. The restated financial statements and MD&A are available on SEDAR at www.sedar.com.

Following the initial filing of the Company's financial statements for such period, various errors in such statements came to the attention of management of the Company. These errors resulted from a transition of accounting duties within the Company following the departure in 2015 of the Company's Chief Financial Officer. Upon discovering these errors, the Company commenced a complete review of these financial statements by its internal accounting professionals. The Company has completed such review and advises shareholders that its previously reported results for the three months ended September 30, 2015 are withdrawn in their entirety and that shareholders should rely only upon the restated results filed today.

As a result of the restatement, Newco Bancorp reports that its net income for the three months ended September 30, 2015 was $5,867 (rather than $116,885 as previously reported); its total assets as at September 30, 2015 were $2,104,904 (rather than $2,244,177 as previously reported); and its total liabilities as at September 30, 2015 were $188,656 (rather than $86,072 as previously reported).

As previously advised, the Company's board of directors has been considering several alternatives for the Company's future course of action. These alternatives could include the liquidation of the Company's assets and distribution of the Company's net assets to its shareholders, or a going-private transaction that has the same effect.