Omni Financial Services Announces Management Change and Restructuring

BUSINESS WIRE --Omni Financial Services, Inc. (PINK: OFSI.PK) (“OFSI”), parent company of Omni National Bank, announced today that it implemented a reduction in force (“RIF”) to reduce expenses and to maximize organizational efficiency primarily at its headquarters located in Atlanta, Georgia and in its Tampa, Florida office. In Atlanta, 19 people representing approximately 20% of the workforce were terminated, along with 2 employees representing 20% of the Tampa, Florida workforce. Two employees at other office locations were also terminated in the RIF.

Stephen M. Klein, the Bank’s chairman and chief executive officer, advised that the reduction in force included Irwin M. Berman, OFSI’s president and the Bank’s chief risk manager. Mr. Klein commented, “Irwin has been a partner and friend and has made invaluable contributions to the enterprise over the past 8 years. His breadth of experience, both in our bank and in the industry generally, has served us well. Unfortunately, though, from a cost reduction standpoint, we’ve had to make some very difficult decisions as we traverse the troubled banking landscape.” Klein added, “We wish Irwin the best and hope that he will choose to remain a member of our Board of Directors. If he does so, I am certain that his counsel would remain an integral part of our Board’s decision making over the immediate future.”

“We targeted a 20% reduction in our staff in Atlanta and Tampa, including senior level management,” said Connie Perrine, the Bank’s president. “We are reassessing all of our business units, our internal risk management, controls and policies, and we are making changes to improve operations.”

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Omni Financial Services Elects to Delist Voluntarily from Nasdaq Stock Market

BUSINESS WIRE --Omni Financial Services, Inc. (NASDAQ: OFSI) (the “Company”), the bank holding company for Omni National Bank (the “Bank”), today announced that on July 13, 2008, the Company’s Board of Directors voted to delist the Company’s common stock from the Nasdaq Stock Market (“Nasdaq”) on a voluntary basis. The Board determined that costs of maintaining the listing outweighed the benefits, given the relatively low public float and level of trading activity for the common stock and the expenses associated with continued listing, including listing fees and compliance costs relating to the issues identified below. The Company anticipates that Nasdaq will suspend trading in the common stock within 10 days after the date of this press release. The delisting will become final and effective 10 days after the Company files a Form 25 with the Securities and Exchange Commission (“SEC”), which the Company anticipates filing on or about July 25, 2008. The Company has not yet determined whether the common stock will continue to trade via the “pink sheets” after the delisting.

The Company has previously reported its receipt of notices from Nasdaq indicating that the Company is not in compliance with the following Nasdaq Global Market listing requirements: (i) Marketplace Rule 4310(c)(14), which requires timely filing of periodic reports with the SEC; (ii) Marketplace Rule 4450(a)(2), which requires a minimum market value of publicly held shares (“MVPHS”) of $5,000,000; and (iii) Marketplace Rule 4450(a)(5), which requires a minimum closing bid price of $1.00 per share. The Company has been given until July 15, 2008 to file its Annual Report on Form 10-K for the year ended December 31, 2007 (the “10-K”) and until August 15, 2008 to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, but is continuing to address the previously announced valuation issues relating to these reports and will be unable to file the 10-K within the time frame stated above. The compliance deadlines for the MVPHS and bid price requirements were October 8, 2008 and December 29, 2008.

Omni Financial Services Receives Nasdaq Notice of Non-Compliance

BUSINESS WIRE--Omni Financial Services, Inc. (NASDAQ: OFSI) (the “Company”), the bank holding company for Omni National Bank, today announced that on July 10, 2008, the Company received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market (the “Staff”) notifying the Company that it fails to comply with Nasdaq’s minimum market value of publicly held shares (the “MVPHS”) requirement for continued listing set forth in Nasdaq Marketplace Rule 4450(a)(2) (the “Rule”), which requires companies to maintain a MVPHS of $5,000,000.

In accordance with Marketplace Rule 4450(e)(1), the Company will be provided 90 calendar days, or until October 8, 2008, to regain compliance. If, at anytime before October 8, 2008, the MVPHS of the Company’s common stock is $5,000,000 or greater for a minimum of 10 consecutive trading days, the Staff will provide written notification to the Company that it has achieved compliance with the Rule. If the Company does not regain compliance with the Rule by October 8, 2008, the company’s common stock is subject to delisting. At that time, the Company may appeal the Staff’s determination to delist its securities to a Listing Qualifications Panel.

Omni Financial Services Receives Nasdaq Letter Granting Continued Listing

(BUSINESS WIRE)--Omni Financial Services, Inc. (NASDAQ: OFSI) (the “Company”), the bank holding company for Omni National Bank, today reported that on June 18, 2008, the Company received a letter from the Nasdaq Hearings Panel notifying the Company that it has determined to grant the Company’s request for continued listing on the Nasdaq Global Market subject to certain conditions. The conditions include the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007 on or before July 15, 2008, and the filing of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2008 on or before August 15, 2008. The Company must also be able to demonstrate compliance with all requirements for continued listing on the Nasdaq Global Market. In the event the Company is unable to comply with these requirements, its securities may be delisted from the Nasdaq Global Market.