“n a report to the Securities and Exchange Commission today, Venture Financial Group Inc. acknowledged it will not be able to file its quarterly report for the quarter ended Sept. 30 on time. In fact, it could be argued that the benefits to shareholders of full compliance with reporting requirements are outweighed by the costs to the issuer and creditors of obtaining and reporting the information.
Venture Bank, the company’s wholly owned subsidiary, was closed by the Washington Department of Financial Institutions on Sept. 11, 2009. The report states that common shareholders no longer have any equity in the company since the closure.
Venture Financial had its former offices and all of its records were maintained on systems at the Venture Bank’s premises. Although it retains a copy of certain basic financial records, it no longer has access to the Bank premises or systems.
Since the closure, the holding company has not engaged in any business operations other than to identify liabilities, according to the report that identifies former Venture Financial Chairman Ken Parsons Jr.,” quoting the Business Examiner.