Currency

Mutual Savings and Loan Association Adopts Plan of Conversion

Retrieved on: 
Friday, February 2, 2024
Comptroller, Growth, Wealth, Prospectus, Michael J. Hsu, Currency, Silver, Security (finance)

METAIRIE, La., Feb. 02, 2024 (GLOBE NEWSWIRE) -- Mutual Savings and Loan Association, a federally chartered savings association headquartered in Metairie, Louisiana, today announced that its Board of Directors adopted a plan to convert Mutual Savings and Loan Association (“Mutual Savings” or the “Association”) to a stock institution (“Plan of Conversion”).

Key Points: 
  • METAIRIE, La., Feb. 02, 2024 (GLOBE NEWSWIRE) -- Mutual Savings and Loan Association, a federally chartered savings association headquartered in Metairie, Louisiana, today announced that its Board of Directors adopted a plan to convert Mutual Savings and Loan Association (“Mutual Savings” or the “Association”) to a stock institution (“Plan of Conversion”).
  • In accordance with the Plan of Conversion, Mutual Savings will become a wholly-owned subsidiary of a stock holding company and the common stock of the holding company will be offered to deposit customers of the Association and others, including members of the general public, in the manner and subject to the priorities set forth in the Plan of Conversion.
  • A proxy statement setting forth detailed information relating to the Plan of Conversion will be sent to the depositor members for their consideration prior to a special meeting called to consider the Plan of Conversion.
  • Silver, Freedman, Taff & Tiernan LLP, Washington, D.C., is special counsel to Mutual Savings and Loan Association for the conversion and stock offering.

Lake Shore Bancorp, Inc. Announces 2023 Fourth Quarter and Year End Financial Results

Retrieved on: 
Wednesday, January 31, 2024
Comptroller, CECL, FDIC, Bank, Environment, Marketing, Current Expected Credit Losses, Total, Sale, Currency, Insurance, Income tax, Cryptocurrency

2023 Full Year and Fourth Quarter Financial Highlights:

Key Points: 
  • 2023 Full Year and Fourth Quarter Financial Highlights:
    Net income decreased to $749,000 during the 2023 fourth quarter, a decrease of $443,000, or 37.2%, when compared to the 2022 fourth quarter.
  • 2023 fourth quarter net interest income decreased $990,000, or 15.1%, to $5.6 million from the 2022 fourth quarter.
  • Interest income for the 2023 fourth quarter was $8.6 million, an increase of $1.1 million, or 15.3%, compared to $7.5 million for the 2022 fourth quarter.
  • 2023 fourth quarter interest expense was $3.1 million, an increase of $2.1 million, or 231.0%, from $923,000 for the 2022 fourth quarter.

Sandhills Global Introduces Currency Equipment Financing Solution for Canadian Brands MarketBook, CraneTrader, and ForestryTrader

Retrieved on: 
Thursday, February 1, 2024
Sandhills Global, AG, Transport, Marketing, Forestry, Sale, Eastern Canada, Currency, Cryptocurrency

LINCOLN, Neb., Feb. 1, 2024 /PRNewswire/ -- Sandhills Global today announces the introduction of the Currency financing solution to buyers and sellers using Sandhills marketplaces in Canada.

Key Points: 
  • LINCOLN, Neb., Feb. 1, 2024 /PRNewswire/ -- Sandhills Global today announces the introduction of the Currency financing solution to buyers and sellers using Sandhills marketplaces in Canada.
  • Currency is the financial technology arm of Sandhills, offering secure solutions to facilitate financing for large expenditures.
  • Currency is now available to buyers in Canada through MarketBook.ca , MarketBook.qc.ca , CraneTrader.ca , and ForestryTrader.ca , the Canadian versions of Sandhills' worldwide MarketBook, CraneTrader, and ForestryTrader brands.
  • With the integration of the Currency solution, these sites will also enable equipment, truck, and trailer dealers in Canada to extend financing opportunities to their customers, thereby streamlining sales.

NexTier, Inc. and Mars Bancorp, Inc. Announce Regulatory Approvals

Retrieved on: 
Tuesday, January 30, 2024
Comptroller, Security (finance), Mergers and acquisitions, NexTier Bank, Agreement, Michael J. Hsu, Federal Reserve, Plan, Currency

BUTLER, Pa. and MARS, Pa., Jan. 30, 2024 /PRNewswire/ -- NexTier, Inc. ("NexTier"), the holding company of NexTier Bank, N.A.

Key Points: 
  • BUTLER, Pa. and MARS, Pa., Jan. 30, 2024 /PRNewswire/ -- NexTier, Inc. ("NexTier"), the holding company of NexTier Bank, N.A.
  • "We are pleased to have received all regulatory approvals, and this allows us to complete the merger process on-time as previously disclosed to Mars Bank customers."
  • All existing Mars Bank branches will open on Tuesday, February 20th as NexTier Bank locations.
  • Promptly following completion of the Merger, Mars shareholders will receive instructions for exchanging their common stock certificates in order to receive the merger consideration of $20 per share.

Century Next Financial Corporation Reports 2023 Year-End Results

Retrieved on: 
Friday, January 26, 2024
Family, Insurance, CECL, Federal Reserve, Advertising, Bank, Currency, Comptroller, Environment, Sale, Common equity, Michael J. Hsu, EPS, News, Growth, Cryptocurrency

RUSTON, La., Jan. 26, 2024 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $765.8 million in assets, today announced financial results for the year ended December 31, 2023.

Key Points: 
  • RUSTON, La., Jan. 26, 2024 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $765.8 million in assets, today announced financial results for the year ended December 31, 2023.
  • This growth in cash and cash equivalents provided strength to the Company’s liquidity position during the year ending December 31, 2023.
  • Return on average assets was 0.95% for the year ended December 31, 2023, an increase compared to 0.85% for the year ended December 31, 2023.
  • Century Next Financial Corporation is the holding company for Century Next Bank (the “Bank”) which conducts business from its main office in Ruston, Louisiana.

Litigator Philip Yannella Joins Blank Rome as Partner and Co-Chair of the Privacy, Security & Data Protection Practice

Retrieved on: 
Tuesday, January 23, 2024
Online, Computer fraud, Financial services, Privacy, General Data Protection Regulation, Senior counsel, Ballard Spahr, Stored Communications Act, Temple University, Currency, Law, Comptroller, Security, Blank Rome, Dispute resolution, Accountability Act, Thomson Reuters, Video Privacy Protection Act, Michael J. Hsu, Philip, Conference, Defense, Law school, Data Protection Act 1998, Growth, Cryptocurrency

He joins the firm’s Philadelphia office from Ballard Spahr where he was a partner and co-leader of the Privacy and Data Security Group.

Key Points: 
  • He joins the firm’s Philadelphia office from Ballard Spahr where he was a partner and co-leader of the Privacy and Data Security Group.
  • Phil will be a tremendous asset as we continue to grow our Privacy, Security & Data Protection practice and services.”
    Phil advises clients on regulatory compliance, privacy litigation, data breach counseling and investigations, and data governance.
  • “Phil has built a tremendous reputation as a trusted data privacy and cybersecurity advisor and litigator,” said Sharon R. Klein , partner and co-chair of the Privacy, Security & Data Protection practice.
  • “I’m delighted to join Blank Rome and support the Privacy, Security & Data Protection practice alongside Sharon, one of the top privacy and data security lawyers in the field,” noted Phil.

Sterling Bancorp Reports Fourth Quarter and Full Year 2023 Financial Results

Retrieved on: 
Wednesday, January 24, 2024
Banking, Professional Services, Finance, F.S.B, Income tax, Sterling Bancorp, Policy, Bank, Treasury, Expense, Trust, Insurance, Recovery, Currency, Comptroller, Government, SBT, Sterling, DOJ, Sterling Bank, Sale, Environment, Plea, Tax, Investment, Federal Home Loan Banks, NOW, Webcast, Cryptocurrency

(the “Bank”), today reported its financial results for the quarter and year ended December 31, 2023.

Key Points: 
  • (the “Bank”), today reported its financial results for the quarter and year ended December 31, 2023.
  • Recoveries during the fourth and third quarter of 2023 were $64 thousand and $1 thousand, respectively, with no charge offs in either quarter.
  • Net Interest Income and Net Interest Margin – Net interest income for the fourth quarter of 2023 was $15.1 million compared to $16.0 million for the prior quarter of 2023 and $18.5 million for the fourth quarter of 2022.
  • Non-Interest Income – Non-interest income for the fourth quarter of 2023 was $0.2 million compared to $0.4 million for the prior quarter and $0.2 million for the fourth quarter of 2022.

Momnt and Saluda Grade Joint Venture Closes $200 Million Warehouse Facility from Macquarie Group

Retrieved on: 
Thursday, January 11, 2024
Technology, Construction & Property, Finance, Fintech, Banking, Professional Services, Software, Asset Management, Other Construction & Property, Ageing, Senior, Saluda Grade, Currency, International finance, Partnership, Housing, Macquarie Group, Growth, Sale, Cryptocurrency

The facility provides the Momnt / Saluda Grade joint venture with the additional capacity to purchase Momnt-facilitated home improvement loans, allowing the joint venture to provide U.S. homeowners with improved access to home renovation financing and to continue its success in broadening institutional support of the asset class via securitization.

Key Points: 
  • The facility provides the Momnt / Saluda Grade joint venture with the additional capacity to purchase Momnt-facilitated home improvement loans, allowing the joint venture to provide U.S. homeowners with improved access to home renovation financing and to continue its success in broadening institutional support of the asset class via securitization.
  • “Momnt is thrilled to expand our partnership with Saluda Grade with the addition of new warehouse financing from Macquarie,” said Chris Bracken, the Chief Revenue Officer of Momnt.
  • "We are pleased to support the Momnt / Saluda Grade joint venture with this warehouse facility, demonstrating our expertise in financing a range of assets to support our clients’ growth," said Eli Nafisi, Senior Managing Director in Macquarie Group’s Commodities & Global Markets business.
  • With this warehouse facility, we look forward to supporting the joint venture as it continues to scale."

DREAMSPRING AND WOODFOREST NATIONAL BANK COLLABORATE TO STRENGTHEN SMALL BUSINESS LENDING AND ENTREPRENEURSHIP ACROSS THE U.S.

Retrieved on: 
Tuesday, January 9, 2024
Dream, Senior, Family, Learning, Beauty, CDFI, LMI, Small Business Administration, Community development financial institution, Knowledge, Currency, Comptroller, Ecosystem, Woodforest National Bank, Entrepreneurship, Community development, SBA, OCC, Organization, Small business, Management

"Our collaboration with Woodforest widens the path for entrepreneurs to access much-needed capital and business resources," said Anne Haines, President and CEO of DreamSpring.

Key Points: 
  • "Our collaboration with Woodforest widens the path for entrepreneurs to access much-needed capital and business resources," said Anne Haines, President and CEO of DreamSpring.
  • "With Woodforest at our side, DreamSpring continues to expand our capacity to help small business owners realize their dreams and build stronger, more resilient communities through entrepreneurship."
  • The agreement between DreamSpring and Woodforest also strengthens the teams' vision to expand peer networks across their shared footprint to provide more resources for small business owners.
  • For 30 years, DreamSpring has developed small business training and a range of loan products to meet the needs of entrepreneurs like Taylor.

Policy options to address window dressing in the G-SIB framework

Retrieved on: 
Wednesday, January 3, 2024
Financial Stability Board, Failure, Bank, Motivation, GFC, Risk, Federal Deposit Insurance Corporation, G-SIB, Section 2, Sale, Common equity, Board of directors, Literature, Comptroller, BIS, Bank statement, Efficiency, Insurance, Knowledge, BCBS, Jaʽfar, Press release, Bank for International Settlements, Board, Face, Time, Finance, Comment, Risk management, OTC, Journal, Canadian International Council, Currency, EBU, Exercise, ECB, Federal Reserve, Cryptocurrency

This article summarises the existing evidence of window dressing and seasonality of data at year-end reporting time for global systemically important banks (G-SIBs).

Key Points: 
  • This article summarises the existing evidence of window dressing and seasonality of data at year-end reporting time for global systemically important banks (G-SIBs).
  • Window dressing and seasonality of data distort the outcome of a point-in-time reporting framework, resulting in misleading bank disclosures, mismeasurement of bank risk, inappropriate capital requirements and misallocation of capital.