Bank of Commerce

Infosys: Resilient performance in a seasonally weak quarter; Large deal momentum continues with 71% net new deals

Retrieved on: 
Thursday, January 11, 2024

BENGALURU, India, Jan. 11, 2024 /PRNewswire/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $4,663 million in Q3 revenues with year-on-year and sequential decline of 1.0% in constant currency. Large deal TCV for the quarter was $3.2 billion, with 71% being net new. Operating margin for the quarter was 20.5%, a sequential decline of 70 bps. Attrition declined further to 12.9%. FY24 revenue guidance revised to 1.5%-2.0% and operating margin guidance at 20%-22%.

Key Points: 
  • "Cash generation remained robust with FCF to net profit conversion for Q3 at 90.6%," he added.
  • Infosys entered into a collaboration with smart Europe GmbH for five years to bring sustainable electric mobility to customers.
  • Dirk Adelmann, Chief Executive Officer, smart Europe GmbH, said, "We are pleased to have Infosys as our partner on this journey.
  • Infosys announced a strategic long-term collaboration with TK Elevator (TKE) to help consolidate, harmonize, and modernize their digital landscape.

Infosys: Resilient performance in a seasonally weak quarter; Large deal momentum continues with 71% net new deals

Retrieved on: 
Thursday, January 11, 2024

BENGALURU, India, Jan. 11, 2024 /PRNewswire/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $4,663 million in Q3 revenues with year-on-year and sequential decline of 1.0% in constant currency. Large deal TCV for the quarter was $3.2 billion, with 71% being net new. Operating margin for the quarter was 20.5%, a sequential decline of 70 bps. Attrition declined further to 12.9%. FY24 revenue guidance revised to 1.5%-2.0% and operating margin guidance at 20%-22%.

Key Points: 
  • "Cash generation remained robust with FCF to net profit conversion for Q3 at 90.6%," he added.
  • Infosys entered into a collaboration with smart Europe GmbH for five years to bring sustainable electric mobility to customers.
  • Dirk Adelmann, Chief Executive Officer, smart Europe GmbH, said, "We are pleased to have Infosys as our partner on this journey.
  • Infosys announced a strategic long-term collaboration with TK Elevator (TKE) to help consolidate, harmonize, and modernize their digital landscape.

Heritage Bank of Commerce Achieves Top Industry Award

Retrieved on: 
Wednesday, June 8, 2022

SAN JOSE, Calif., June 08, 2022 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq: HTBK), today announced that its subsidiary, Heritage Bank of Commerce, was rated a Super Premier Performing Bank by The Findley Reports.

Key Points: 
  • SAN JOSE, Calif., June 08, 2022 (GLOBE NEWSWIRE) -- Heritage Commerce Corp (Nasdaq: HTBK), today announced that its subsidiary, Heritage Bank of Commerce, was rated a Super Premier Performing Bank by The Findley Reports.
  • Since 1967, The Findley Reports of Anaheim, California, has provided the banking industry with performance
    benchmarking through its annual review.
  • Heritage Bank of Commerce is an SBA Preferred Lender.
  • Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States.

Friendly Hills Bank Announces Changes to Its Executive Leadership Team

Retrieved on: 
Tuesday, May 17, 2022

WHITTIER, Calif., May 17, 2022 (GLOBE NEWSWIRE) -- Friendly Hills Bank announced today changes to its Executive Leadership Team to better position the company for long-term growth and success.

Key Points: 
  • WHITTIER, Calif., May 17, 2022 (GLOBE NEWSWIRE) -- Friendly Hills Bank announced today changes to its Executive Leadership Team to better position the company for long-term growth and success.
  • Led by Nathan Rogge, President and Chief Executive Officer, the new Executive Leadership Team is as follows:
    Elizabeth M. Buckingham will continue to serve as Executive Vice President and Chief Operating Officer.
  • Prior to that, she held a variety of positions in both business banking and community banking at Union Bank, Bank of Industry, Bank of Whittier, and First State Bank.
  • Friendly Hills Bank, a wholly-owned subsidiary of Friendly Hills Bancorp (OTC Pink: FHLB), is a growing community bank catering to individuals, professionals, and small-to-medium-sized businesses throughout Southern California.

Columbia Banking System Announces Completion of Acquisition of Bank of Commerce Holdings

Retrieved on: 
Friday, October 1, 2021

TACOMA, Wash.and SACRAMENTO, Calif., Oct. 1, 2021 /PRNewswire/ --Columbia Banking System, Inc. (NASDAQ: COLB), ("Columbia"), today announced the completion of its acquisition of Bank of Commerce Holdings (NASDAQ: BOCH), ("Bank of Commerce"), the holding company of Merchants Bank of Commerce.

Key Points: 
  • TACOMA, Wash.and SACRAMENTO, Calif., Oct. 1, 2021 /PRNewswire/ --Columbia Banking System, Inc. (NASDAQ: COLB), ("Columbia"), today announced the completion of its acquisition of Bank of Commerce Holdings (NASDAQ: BOCH), ("Bank of Commerce"), the holding company of Merchants Bank of Commerce.
  • Following completion of the acquisition, Merchants Bank of Commerce was merged with and into Columbia's wholly owned subsidiary, Columbia State Bank.
  • Under terms of the transaction agreement, Bank of Commerce shareholders received 0.40 of a share of Columbia common stock for each share of Bank of Commerce stock.
  • Headquartered in Tacoma, Washington, Columbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia State Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon, California and Idaho.

Columbia Banking System and Bank of Commerce Holdings Announce Shareholder and Regulatory Approvals and Anticipated Merger Closing Date

Retrieved on: 
Wednesday, September 22, 2021

TACOMA, WA and SACRAMENTO, CALIF., Sept. 22, 2021 (GLOBE NEWSWIRE) -- Columbia Banking System, Inc. (NASDAQ: COLB, Columbia), the holding company for Columbia State Bank, and Bank of Commerce Holdings (NASDAQ: BOCH, Bank of Commerce), the holding company for Merchants Bank of Commerce, today jointly announced approval by Bank of Commerce shareholders for their proposed merger, and the receipt of all required regulatory approvals.

Key Points: 
  • TACOMA, WA and SACRAMENTO, CALIF., Sept. 22, 2021 (GLOBE NEWSWIRE) -- Columbia Banking System, Inc. (NASDAQ: COLB, Columbia), the holding company for Columbia State Bank, and Bank of Commerce Holdings (NASDAQ: BOCH, Bank of Commerce), the holding company for Merchants Bank of Commerce, today jointly announced approval by Bank of Commerce shareholders for their proposed merger, and the receipt of all required regulatory approvals.
  • Ninety-eight percent of the Bank of Commerce Holdings common shares voting at Bank of Commerces special meeting voted in favor of the merger, representing more than 63% of all outstanding Bank of Commerce Holdings common shares.
  • Headquartered in Tacoma, Washington, Columbia Banking System, Inc. (NASDAQ: COLB) is the holding company of Columbia State Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho.
  • Bank of Commerce Holdings is a bank holding company headquartered in Sacramento, California and is the parent company for Merchants Bank of Commerce (the Bank).

INVESTIGATION: Halper Sadeh LLP Investigates FIVN, RPAI, MDLA, BOCH, HBMD, FVCB; Shareholders are Encouraged to Contact the Firm

Retrieved on: 
Wednesday, August 11, 2021

On a pro forma basis, following the closing of the transaction, Retail Properties shareholders are expected to own approximately 60% of the combined company's equity.

Key Points: 
  • On a pro forma basis, following the closing of the transaction, Retail Properties shareholders are expected to own approximately 60% of the combined company's equity.
  • Halper Sadeh LLP may seek increased consideration, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders.
  • Halper Sadeh LLP may seek increased consideration, additional disclosures and information concerning the proposed transaction, or other relief and benefits on behalf of shareholders.
  • Shareholders are encouraged to contact the firm free of charge to discuss their legal rights and options.

BOCH Merger Investigation: Halper Sadeh LLP Announces Investigation Into Whether the Sale of Bank of Commerce Holdings Is Fair to Shareholders; Investors Are Encouraged to Contact the Firm – BOCH

Retrieved on: 
Thursday, June 24, 2021

Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Bank of Commerce Holdings (NASDAQ: BOCH) to Columbia Banking System, Inc. is fair to Bank of Commerce shareholders.

Key Points: 
  • Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Bank of Commerce Holdings (NASDAQ: BOCH) to Columbia Banking System, Inc. is fair to Bank of Commerce shareholders.
  • Under the terms of the merger agreement, Bank of Commerce shareholders will receive 0.40 Columbia shares for each Bank of Commerce share that they own, subject to certain potential adjustments.
  • On behalf of Bank of Commerce shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.
  • Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct.

Phil Fortino Joins Heritage Bank of Commerce as Market Manager in Hollister

SAN JOSE, Calif., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Heritage Bank of Commerce (the Bank), a subsidiary of Heritage Commerce Corp (Nasdaq: HTBK), is pleased to announce that Phil Fortino has joined the Bank as Vice President, Market Manager for the Hollister area.

Key Points: 
  • SAN JOSE, Calif., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Heritage Bank of Commerce (the Bank), a subsidiary of Heritage Commerce Corp (Nasdaq: HTBK), is pleased to announce that Phil Fortino has joined the Bank as Vice President, Market Manager for the Hollister area.
  • Phils experience, breadth of knowledge and commitment to the community make him an ideal addition to Heritage Bank of Commerce, said Jeff Perkins, SVP & Central Coast Regional President.
  • Mr. Fortino brings 11 years of commercial banking experience and 31 years of dedicated business ownership in Hollister.
  • Mr. Fortino is a member of the San Benito Chamber of Commerce and the Hollister Downtown Association.

Increased Merger Consideration for Willamette Community Bank

Retrieved on: 
Saturday, January 23, 2021

Peoples Bank of Commerce (OTCBB: PBCO) (PBCO or the Company), and Willamette Community Bank (OTCBB: WMCB), announced today the Boards of Directors for both PBCO and WMCB have unanimously approved an increase to the merger consideration, which will be forthcoming in an Amendment to the Agreement and Plan of Merger between Willamette Community Bank and Peoples Bank of Commerce.

Key Points: 
  • Peoples Bank of Commerce (OTCBB: PBCO) (PBCO or the Company), and Willamette Community Bank (OTCBB: WMCB), announced today the Boards of Directors for both PBCO and WMCB have unanimously approved an increase to the merger consideration, which will be forthcoming in an Amendment to the Agreement and Plan of Merger between Willamette Community Bank and Peoples Bank of Commerce.
  • We are very pleased to announce the increased merger consideration to our shareholders and we continue to believe this merger with Peoples Bank of Commerce is in the best interests of Willamette shareholders, said Joan Reukauf, President and Chief Executive Officer of Willamette Community Bank.
  • Weve identified some additional cost savings and we believe we have more visibility into 2021 which supports the increased merger consideration, said Ken Trautman, CEO of Peoples Bank of Commerce.
  • Peoples Bank of Commerce and Willamette Community Bank will each convene their respective special meetings of shareholders on February 11, 2021.