First Franklin Financial Corp.

Amalgamated Financial Corp. Appoints Julieta Ross and Scott Stoll to its Board of Directors

Retrieved on: 
Thursday, November 16, 2023
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NEW YORK, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (“Amalgamated” or the “Company”) (Nasdaq: AMAL) today announced it has appointed Julieta Ross and Scott Stoll as its newest members to the Company’s Board of Directors, effective immediately.

Key Points: 
  • NEW YORK, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (“Amalgamated” or the “Company”) (Nasdaq: AMAL) today announced it has appointed Julieta Ross and Scott Stoll as its newest members to the Company’s Board of Directors, effective immediately.
  • Dr. Ross has an extensive background in the broader financial services risk management landscape, with over 20 years of global banking technology leadership and experience.
  • Lynne Fox, Board Chair, commented, “Julieta and Scott bring impressive track records in the broader financial services and banking sectors to Amalgamated’s board of directors, making them the ideal candidates for this role.
  • Prior to this, Mr. Stoll’s role focused on commercial banking risk management and asset liability management from 1994 to 2000.

Synovus announces expiration and final tender results of its previously announced tender offer

Retrieved on: 
Monday, December 4, 2023
Banking, Professional Services, Finance, First Franklin Financial Corp., NYSE, Mini-tender offer, SNV, Tender offer, Morgan Stanley, Personal Information Agent, News, Tender, Security (finance), Cryptocurrency, Synovus

Synovus Financial Corp. (NYSE: SNV) announced today the expiration and final results of its previously announced cash tender offer (the “Tender Offer”) to purchase up to $150 million in aggregate principal amount of its outstanding 5.900% Fixed-to-Fixed Rate Subordinated Notes due Feb. 7, 2029 (the “2029 notes”).

Key Points: 
  • Synovus Financial Corp. (NYSE: SNV) announced today the expiration and final results of its previously announced cash tender offer (the “Tender Offer”) to purchase up to $150 million in aggregate principal amount of its outstanding 5.900% Fixed-to-Fixed Rate Subordinated Notes due Feb. 7, 2029 (the “2029 notes”).
  • Copies of the Offer to Purchase may be obtained upon request by contacting the tender agent and information agent for the Tender Offer (the “Tender Agent” and “Information Agent”) for the Tender Offer, D.F.
  • None of Synovus, the Dealer Manager, the Tender and Information Agent or any of their respective affiliates makes any recommendation as to whether holders of the 2029 notes should tender their 2029 notes pursuant to the Tender Offer.
  • Holders must make their own decision as to whether to tender their 2029 notes and, if so, the principal amount of the 2029 notes to tender.

Bogota Financial Corp. Announces CEO Transition

Retrieved on: 
Wednesday, November 29, 2023
Banking, Professional Services, Finance, First Franklin Financial Corp., Bank, Executive, BSA, MHC, Growth, Management

Bogota Financial Corp. (the “Company”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank”), announced today that Joseph Coccaro is retiring as Director and President and Chief Executive Officer of Bogota Financial, MHC, the parent company of the Company (the “MHC”), the Company and the Bank, effective as of November 30, 2023.

Key Points: 
  • Bogota Financial Corp. (the “Company”) (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank”), announced today that Joseph Coccaro is retiring as Director and President and Chief Executive Officer of Bogota Financial, MHC, the parent company of the Company (the “MHC”), the Company and the Bank, effective as of November 30, 2023.
  • Mr. Coccaro, who is 66 years old, will continue to serve Bogota as an advisory director.
  • He will also serve as a member of the Board of Directors of the MHC and the Company.
  • I thank the Board for its cooperation and fellowship over my past 15 years as CEO,” said Mr. Coccaro.

MVB Financial Corp. Declares Fourth Quarter 2023 Dividend

Retrieved on: 
Tuesday, November 21, 2023
Banking, Professional Services, Finance, First Franklin Financial Corp., Growth, MVB, Risk management

MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB,” or the “Company”) has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of December 1, 2023, payable on December 15, 2023.

Key Points: 
  • MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB,” or the “Company”) has declared a quarterly cash dividend of $0.17 per share, maintaining the dividend declared in the previous quarter for shareholders of record as of December 1, 2023, payable on December 15, 2023.
  • This is the fourth quarterly dividend for 2023.
  • “While market conditions remained volatile during the third quarter, Team MVB built upon our already strong foundation.
  • “Since the industry disruption in March of this year, we took additional steps to enhance our risk management and compliance infrastructure in anticipation of changing industry requirements.

Synovus announces early tender results in connection with previously announced tender offer and extends early tender payment to apply through expiration time

Retrieved on: 
Thursday, November 16, 2023
Finance, Consulting, Banking, Professional Services, Asset Management, First Franklin Financial Corp., NYSE, Information, SOFR, Mini-tender offer, SNV, Tender offer, Morgan Stanley, Personal Information Agent, Settlement, News, Tender, Swap rate, Cryptocurrency, Security (finance), Synovus

As of the Early Tender Time, $82,382,000 aggregate principal amount of the 2029 notes had been validly tendered and not validly withdrawn.

Key Points: 
  • As of the Early Tender Time, $82,382,000 aggregate principal amount of the 2029 notes had been validly tendered and not validly withdrawn.
  • Payment for all 2029 notes validly tendered after the Early Tender Time and accepted for purchase will be made promptly after the Expiration Time.
  • None of Synovus, the Dealer Manager, the Tender and Information Agent or any of their respective affiliates makes any recommendation as to whether holders of the 2029 notes should tender their 2029 notes pursuant to the Tender Offer.
  • Holders must make their own decision as to whether to tender their 2029 notes and, if so, the principal amount of the 2029 notes to tender.

Synovus to present at Goldman Sachs 2023 US Financial Services Conference

Retrieved on: 
Wednesday, November 15, 2023
Finance, Consulting, Banking, Professional Services, Asset Management, First Franklin Financial Corp., NYSE, Synovus, SNV, Goldman Sachs, Conference

Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will make an investor presentation at the Goldman Sachs 2023 U.S. Financial Services Conference on Dec. 6, 2023, at 2:20 p.m.

Key Points: 
  • Synovus Financial Corp. (NYSE: SNV) Chairman, CEO and President Kevin Blair will make an investor presentation at the Goldman Sachs 2023 U.S. Financial Services Conference on Dec. 6, 2023, at 2:20 p.m.
  • A live webcast and replay will be available at Synovus’ Investor Relations website at https://investor.synovus.com/events.
  • Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $59 billion in assets.
  • Synovus provides commercial and consumer banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking.

Siebert Reports Third Quarter 2023 Financial Results

Retrieved on: 
Monday, November 13, 2023
Professional Services, Finance, Communication, First Franklin Financial Corp., Growth, CFO, Shanghai World Financial Center, Environment, Cryptocurrency

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the third quarter ended September 30, 2023.

Key Points: 
  • Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the third quarter ended September 30, 2023.
  • We enter the fourth quarter with great momentum and a tremendous opportunity for Siebert to capture opportunities in the current market environment while creating long-term shareholder value.”
    Andrew Reich, CFO of Siebert, commented: “We delivered another quarter of strong results as our business continues to benefit from improved market conditions along with the rise in interest rates.
  • During the quarter we also delivered an improvement to both our pretax income and margins as we continue to improve profitability.
  • We continue to benefit from the growth in capital along with the interest rate environment and expect those trends to continue in the fourth quarter.

Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2023

Retrieved on: 
Wednesday, November 1, 2023
Banking, Professional Services, Finance, MHC, Nine Months, Sale, FDIC, Bank, Federal Home Loan Banks, Three Months, Advertising, AOCI, Environment, Growth, NOW, Risk management, First Franklin Financial Corp., Comparison, CECL, Lender option borrower option, Collection, Cryptocurrency, Security (finance), Rare-earth element, Life insurance

Interest income on loans increased $962,000, or 13.7%, to $8.0 million for the three months ended September 30, 2023 compared to $7.0 million for the three months ended September 30, 2022 due primarily to $40.6 million increase in the average balance to $710.7 million for the three months ended September 30, 2023 from $670.1 million for the three months ended September 30, 2022 and a 30 basis point increase in the average yield from 4.15% for the three months ended September 30, 2022 to 4.45% for the three months ended September 30, 2023.

Key Points: 
  • Interest income on loans increased $962,000, or 13.7%, to $8.0 million for the three months ended September 30, 2023 compared to $7.0 million for the three months ended September 30, 2022 due primarily to $40.6 million increase in the average balance to $710.7 million for the three months ended September 30, 2023 from $670.1 million for the three months ended September 30, 2022 and a 30 basis point increase in the average yield from 4.15% for the three months ended September 30, 2022 to 4.45% for the three months ended September 30, 2023.
  • Interest income on securities decreased $53,000, or 5.0%, to $1.0 million for the three months ended September 30, 2023 from $1.1 million for the three months ended September 30, 2022 primarily due to a $44.1 million decrease in the average balance to $138.5 million for the three months ended September 30, 2023 from $182.6 million for the three months ended September 30, 2022 offset by a 59 basis point increase in the average yield from 2.32% for the three months ended September 30, 2022 to 2.91% for the three months ended September 30, 2023.
  • Net interest income decreased $3.0 million, or 48.2%, to $3.2 million for the three months ended September 30, 2023 from $6.2 million for the three months ended September 30, 2022.
  • Comparison of Operating Results for the Nine Months Ended September 30, 2023 and September 30, 2022
    Net income decreased by $3.2 million, or 63.4%, to $1.8 million for the nine months ended September 30, 2023 from $5.0 million for the nine months ended September 30, 2022.

MVB Financial Corp. Announces Third Quarter 2023 Results

Retrieved on: 
Thursday, October 26, 2023
Banking, Professional Services, Finance, Insurance, Sale, Government, CRE, GAAP, Acquisition, NIB, Growth, Risk management, Risk, First Franklin Financial Corp., FHLB, Risk-weighted asset, MVB, Investment, Capital, Security (finance), Real estate, Bank, Rare-earth element, Pharmaceutical industry, Video game, Cryptocurrency

MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. ("MVB Bank"), today announced financial results for the third quarter of 2023, with reported net income of $3.9 million, or $0.30 basic and $0.29 diluted earnings per share.

Key Points: 
  • MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. ("MVB Bank"), today announced financial results for the third quarter of 2023, with reported net income of $3.9 million, or $0.30 basic and $0.29 diluted earnings per share.
  • The tax-equivalent yield on loans was 7.0% for the third quarter of 2023, compared to 6.7% for the second quarter of 2023 and 5.3% for the third quarter of 2022.
  • The cost of funds was 2.43% for the third quarter of 2023, up from 2.26% for the second quarter of 2023 and 0.59% for the third quarter of 2022.
  • The Company issued a quarterly cash dividend of $0.17 per share for the third quarter of 2023, consistent with the second quarter of 2023 and the third quarter of 2022.

Amalgamated Financial Corp. Reports Third Quarter 2023 Financial Results; Stable Net Interest Margin at 3.29%, Deposit growth excluding Brokered CDs of $172.8 million

Retrieved on: 
Thursday, October 26, 2023
Earnings call, Sale, Eastern Time Zone, Amalgamation, PACE, Share repurchase, GAAP, Trust, First Franklin Financial Corp., Risk-weighted asset, Amalgamated Bank, Common equity, CECL, PACS, Total, AMAL, Security (finance), Uranium mining, Bank, Insurance, Pharmaceutical industry, Real estate, Video game

Net interest income was $63.7 million and net interest margin was 3.29%, with each better than the guidance range provided in the second quarter.

Key Points: 
  • Net interest income was $63.7 million and net interest margin was 3.29%, with each better than the guidance range provided in the second quarter.
  • Net interest income was $63.7 million for the third quarter of 2023, compared to $63.0 million for the second quarter of 2023.
  • Provision for credit losses totaled $2.0 million for the third quarter of 2023 compared to $3.9 million in the second quarter of 2023.
  • Additionally, deposits excluding Brokered CDs increased by $172.8 million, while Brokered CDs decreased $76.6 million.