Economic growth

Bank of Botetourt posts profitable second quarter financial results

Retrieved on: 
Thursday, July 28, 2022

BUCHANAN, Va., July 28, 2022 /PRNewswire/ -- Buchanan-based Bank of Botetourt (OTCPK: BORT) announced today its unaudited financial results for the three and six months-end June 30, 2022.

Key Points: 
  • BUCHANAN, Va., July 28, 2022 /PRNewswire/ -- Buchanan-based Bank of Botetourt (OTCPK: BORT) announced today its unaudited financial results for the three and six months-end June 30, 2022.
  • The Bank produced net income amounting to $1,763,000 or $0.91 per basic share in the second quarter.
  • As a result, $730,000 thousand of PPP loans remain on the balance sheet at the end of the second quarter.
  • Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.

More Than Half of Black Employees Say the Pandemic Caused Them to Re-Evaluate What Matters Most Financially

Retrieved on: 
Tuesday, July 12, 2022

According to Lincoln Financial Groups (NYSE: LNC) 2021 Retirement Power study , Black employees are more likely than the total population to report the pandemic caused them to re-evaluate what matters most to them financially (55% vs. 44%).

Key Points: 
  • According to Lincoln Financial Groups (NYSE: LNC) 2021 Retirement Power study , Black employees are more likely than the total population to report the pandemic caused them to re-evaluate what matters most to them financially (55% vs. 44%).
  • Lincolns Retirement Power research showed that Black employees are more likely to view debt as a problem than the total population (85% vs. 73%).
  • As such, Lincoln partners with industry peers, personalizes its education and resource offerings to meet the needs of the diverse communities we serve, including Black consumers.
  • Myers recommends three tips to help Black consumers and all Americans build wealth, especially during these times of high inflation:
    Create a budget.

Every home in Prince Edward Island to get connected to high-speed Internet thanks to federal-provincial partnership

Retrieved on: 
Thursday, June 2, 2022

Prince Edward Island's plan accelerates this work, with its target of 95% of the province connected by 2023 and 100% by 2025.

Key Points: 
  • Prince Edward Island's plan accelerates this work, with its target of 95% of the province connected by 2023 and 100% by 2025.
  • In addition to today's partnership, the Government of Canada is taking immediate action by investing more than $1.5 million in funding for Island Telecom and Xplornet to bring high-speed Internet to over 1,000homes in Prince Edward Island.
  • The governments of Canada and Prince Edward Island recognize the important role that high-speed Internet access will have in the Island's economic recovery from the pandemic.
  • "We need to close the connectivity gap and ensure that every nook and cranny of Prince Edward Island has access to reliable high-speed Internet.

National Small Business Week: Biz2Credit Hosts Live Q&A with U.S. Reps. Jason Crow and Dan Meuser on May 4

Retrieved on: 
Friday, April 29, 2022

The event is in conjunction with National Small Business Week (May 2-5, 2022).

Key Points: 
  • The event is in conjunction with National Small Business Week (May 2-5, 2022).
  • The online seminar will also provide data from Biz2Credits annual Best Small Business Cities Report, which examines areas of the country where small businesses are flourishing.
  • The analysis looked at primary financial data from 82,000 companies that applied for small business financing during 2021.
  • Rep. Crow is Chair of the Innovation, Entrepreneurship & Workforce Development Subcommittee of the House Small Business Committee.

NBT Bank Names Mahoney Regional President, Promotes Krupski

Retrieved on: 
Tuesday, April 26, 2022

ALBANY, N.Y., April 26, 2022 (GLOBE NEWSWIRE) -- NBT Bank President and CEO John H. Watt, Jr. announced that NBT has named Ruth Mahoney as Regional President for the Capital District and North Country.

Key Points: 
  • ALBANY, N.Y., April 26, 2022 (GLOBE NEWSWIRE) -- NBT Bank President and CEO John H. Watt, Jr. announced that NBT has named Ruth Mahoney as Regional President for the Capital District and North Country.
  • NBT Bank Executive Vice President and President of Commercial Banking Sarah Halliday also announced that David Krupski, who has served as Regional President for NBT since 2012, is being promoted to Chief of Staff for NBTs Commercial Banking Division.
  • At NBT, we are fortunate to have three of our top executivesRuth Mahoney, Sarah Halliday and David Krupskibased in the Capital District leading our talented local team.
  • Mahoney joined NBT in August 2021 and has more than 30 years of industry experience, including wealth management, private banking, retail banking and regional leadership.

NDC Partnership provides developing countries with enhanced financing tools to ramp up implementation of climate measures

Retrieved on: 
Monday, April 25, 2022

MONTEGO BAY, Jamaica, April 25, 2022 /PRNewswire/ -- Developing countries will access new climate funding and finance tools to address climate change, thanks to a Finance Strategy launched by the NDC Partnership in Montego Bay, Jamaica.

Key Points: 
  • MONTEGO BAY, Jamaica, April 25, 2022 /PRNewswire/ -- Developing countries will access new climate funding and finance tools to address climate change, thanks to a Finance Strategy launched by the NDC Partnership in Montego Bay, Jamaica.
  • The Finance Strategy targets money and support for developing countries, harnessing a unique cooperation model to drive sustainable national, regional and international transformation.
  • The new Finance Strategy builds upon the Partnership's recent work, which has seen USD1 billion mobilized to support developing countries' climate action.
  • Following COP26, countries have shifted their focus to implementation of climate commitments, but climate action requires unprecedented speed and scale.

NDC Partnership provides developing countries with enhanced financing tools to ramp up implementation of climate measures

Retrieved on: 
Monday, April 25, 2022

MONTEGO BAY, Jamaica, April 25, 2022 /PRNewswire/ -- Developing countries will access new climate funding and finance tools to address climate change, thanks to a Finance Strategy launched by the NDC Partnership in Montego Bay, Jamaica.

Key Points: 
  • MONTEGO BAY, Jamaica, April 25, 2022 /PRNewswire/ -- Developing countries will access new climate funding and finance tools to address climate change, thanks to a Finance Strategy launched by the NDC Partnership in Montego Bay, Jamaica.
  • The Finance Strategy targets money and support for developing countries, harnessing a unique cooperation model to drive sustainable national, regional and international transformation.
  • The new Finance Strategy builds upon the Partnership's recent work, which has seen USD1 billion mobilized to support developing countries' climate action.
  • Following COP26, countries have shifted their focus to implementation of climate commitments, but climate action requires unprecedented speed and scale.

Examining the Future of Women-Owned Businesses: Biz2Credit to Host Online Panel with Rep. Carolyn Bourdeaux on March 23

Retrieved on: 
Monday, March 21, 2022

Carolyn Bourdeaux represents the 7th Congressional District of Georgia and has been a strong advocate for small businesses for decades.

Key Points: 
  • Carolyn Bourdeaux represents the 7th Congressional District of Georgia and has been a strong advocate for small businesses for decades.
  • She is a member of the House Small Business Committee and the Committee on Transportation and Infrastructure.
  • Rep. Bourdeaux has also advocated for financial inclusion for mom-and-pop companies through her involvement on the Subcommittee on Economic Growth, Tax, and Capital Access.
  • To register for the event on Wednesday, March 23, at 11:00 a.m. (EDT) / 8:00 a.m. (PDT), click here .

Mid-Southern Bancorp, Inc. Reports Results of Operations for the Fourth Quarter and Year Ended December 31, 2021

Retrieved on: 
Tuesday, February 22, 2022

As of December 31, 2021, 40 loans with a principal balance of $757,000 had received full forgiveness from the SBA.

Key Points: 
  • As of December 31, 2021, 40 loans with a principal balance of $757,000 had received full forgiveness from the SBA.
  • Net interest income after provision for loan losses increased $263,000, or 16.0%, for the quarter ended December 31, 2021 to $1.9million as compared to the quarter ended December 31, 2020.
  • The average cost of interest-bearing liabilities decreased to 0.33% for the quarter ended December 31, 2021 from 0.52% for the same period in 2020.
  • Noninterest expense increased $148,000, or 8.7%, for the quarter ended December 31, 2021 as compared to the same period in 2020.

Bank of Botetourt posts exceptional 2021 results; Board votes to increase the cash dividend following last month's stock dividend

Retrieved on: 
Monday, January 31, 2022

In 2021, the Bank participated in the next round of the SBA's PPP Program, generating $18,000,00 in new PPP loans.

Key Points: 
  • In 2021, the Bank participated in the next round of the SBA's PPP Program, generating $18,000,00 in new PPP loans.
  • President & CEO, G. Lyn Hayth, III stated "Bank of Botetourt posted exceptional financial results for 2021, exceeding budget expectations.
  • With the decline in requests for assistance, Bank of Botetourt ended its COVID relief program during the second quarter of 2021.
  • Bank of Botetourt also operates a mortgage division, Virginia Mountain Mortgage and a financial services division, Botetourt Wealth Management.