Banking

Fortis Inc. Releases 2021 Sustainability Update and Announces Support for the Task Force on Climate-Related Financial Disclosures

Thursday, July 29, 2021 - 10:30am

ST. JOHN'S, Newfoundland and Labrador, July 29, 2021 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) has released its 2021 Sustainability Update.

Key Points: 
  • ST. JOHN'S, Newfoundland and Labrador, July 29, 2021 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) has released its 2021 Sustainability Update.
  • The report includes information on the Corporation's progress to reduce emissions, updated sustainability key performance indicators and an announcement that Fortis is a supporter of the Task Force on Climate-Related Financial Disclosures ("TCFD").
  • Notably, Fortis achieved a 15% reduction in Scope 1 emissions, equivalent to taking 400,000 vehicles off the road in one year.
  • Fortis disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

H.I.G. Growth Partners Leads $50 Million in Series D Funding for Suzy

Thursday, July 29, 2021 - 11:00am

Capital, is pleased to announce its growth investment in Suzy, Inc. (Suzy or the Company), a leading, rapidly growing market research software platform.

Key Points: 
  • Capital, is pleased to announce its growth investment in Suzy, Inc. (Suzy or the Company), a leading, rapidly growing market research software platform.
  • The $50 million growth financing is a Series D equity round led by H.I.G., with additional participation from existing investors, including Foundry Group, Rho Ventures, Bertelsmann Digital Media Investments and Triangle Peak Partners.
  • Suzy has raised $100 million in venture capital funding from investors that include Bertelsmann Digital Media Investments, Foundry Group, H.I.G.
  • Growth Partners, Tribeca Venture Partners, Triangle Peak Partners, and Kevin Durants 35 Ventures.

Standard Chartered and Northern Trust Announce Zodia Custody Receives FCA Registration

Thursday, July 29, 2021 - 7:00am

SC Ventures, the ventures and innovation arm of Standard Chartered, and Northern Trust, a leading asset servicing provider, announced today that Zodia Custody is now registered with the Financial Conduct Authority (FCA).

Key Points: 
  • SC Ventures, the ventures and innovation arm of Standard Chartered, and Northern Trust, a leading asset servicing provider, announced today that Zodia Custody is now registered with the Financial Conduct Authority (FCA).
  • Zodia Custody is one of nine cryptoasset businesses granted FCA registration under the UKs Money Laundering Regulations and has commenced commercial operations following a period of testing.
  • Maxime De Guillebon, Chief Executive Officer, Zodia Custody said: Zodia Custody marks an exciting development for the institutional custody market.
  • Zodia Custody further establishes Standard Chartered and Northern Trust as leaders in the development of digital asset infrastructure.

INSBANK Parent, InsCorp, Inc., Reports 2nd Quarter Earnings Growth

Thursday, July 29, 2021 - 2:10am

Net interest margin improved for the third consecutive quarter, as repricing liabilities drove a decrease in the bank's cost of funding.

Key Points: 
  • Net interest margin improved for the third consecutive quarter, as repricing liabilities drove a decrease in the bank's cost of funding.
  • "Our team made steady progress on both short and long-term goals this quarter," said Jim Rieniets, President and CEO of INSBANK.
  • "Growth, margin enhancement, and reduction in non-performing assets all contributed to a double-digit return for our shareholders."
  • Driven by a variety of on-going technology initiatives, in the second quarter INSBANK also surpassed some of its own peak performance ratios.

First Northern Community Bancorp Reports Second Quarter 2021 Net Income of $3.3 Million, Up 22.2% from One Year Ago

Thursday, July 29, 2021 - 12:09am

Net income for the quarter ended June 30, 2021, was $3.3 million, or $0.24 per diluted share, compared to net income of $2.7 million, or $0.20 per diluted share, for the quarter ended June 30, 2020.

Key Points: 
  • Net income for the quarter ended June 30, 2021, was $3.3 million, or $0.24 per diluted share, compared to net income of $2.7 million, or $0.20 per diluted share, for the quarter ended June 30, 2020.
  • Total net loans (including loans held-for-sale) as of June 30, 2021, were $874.1 million, a decrease of $107.8 million, or 11.0%, compared to June 30, 2020.
  • The Company continued to be well capitalized under regulatory definitions, exceeding the 10% total risk-based capital ratio threshold as of June 30, 2021.
  • Commenting on the Companys financial results, President & Chief Executive Officer Louise Walker stated, We are pleased to report First Northern Community Bancorp had another strong quarter.

Silvergate Announces Pricing of $200 Million Depositary Shares Offering

Wednesday, July 28, 2021 - 11:27pm

Silvergate Capital Corporation (Silvergate or the Company) announced today the pricing of a public offering of 8,000,000 depositary shares, each representing 1/40th ownership interest in a share of its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, for gross proceeds of $200 million.

Key Points: 
  • Silvergate Capital Corporation (Silvergate or the Company) announced today the pricing of a public offering of 8,000,000 depositary shares, each representing 1/40th ownership interest in a share of its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, for gross proceeds of $200 million.
  • Each share of preferred stock has a liquidation preference of $1,000 per share, equivalent to $25 per depositary share.
  • The net proceeds from the issuance and sale of the depositary shares, after deducting underwriting discount and commissions, and before the payment of estimated expenses, will be approximately $194.2 million.
  • Silvergate has applied to list the depositary shares on the New York Stock Exchange under the symbol SIPrA.

EBA consults on technical standards to identify shadow banking entities

Thursday, July 29, 2021 - 12:05am

26 July 2021

Key Points: 
  • 26 July 2021

    The European Banking Authority (EBA) launched today a public consultation on draft regulatory technical standards (RTS) setting out criteria for the identification of shadow banking entities for the purposes of reporting large exposures.

  • Entities that offer banking services and perform banking activities as defined in the draft RTS but are not regulated and are not being supervised in accordance with any of the acts that form the regulated framework are identified as shadow banking entities.
  • Finally, the draft RTS consider the situation of entities established in third countries and provide for a treatment that distinguishes between banks and other entities.
  • While developing the draft RTS, the EBA has relied as far as possible on the guidelines on limits on exposures to shadow banking (EBA/GL/2015/20), yet having due regard to international developments in shadow banking and taking into account the lack of third-country equivalence for institutions in certain jurisdictions.

EBA publishes its final Guidelines on the monitoring of the threshold for establishing an intermediate EU parent undertaking

Thursday, July 29, 2021 - 12:05am

28 July 2021

Key Points: 
  • 28 July 2021

    The European Banking Authority (EBA) published today its final Guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate EU parent undertakings (IPU) as laid down in the Capital Requirements Directive (CRD).

  • In addition, these Guidelines specify certain procedural aspects related to the monitoring of the threshold by competent authorities and the establishment of the IPU where necessary.
  • In particular, clarification is provided on the notifications, to be provided to the EBA on an annual basis.
  • During the consultation period, the EBA received feedback from stakeholders, which led to amendments being introduced to clarify some specific provisions.

National Capital Bancorp, Inc. Reports Second Quarter Earnings

Wednesday, July 28, 2021 - 10:57pm

Total loans of $465,630,000 on June 30, 2021 decreased by $13.8 million during the quarter but, have increased from $445,090,000 the year before.

Key Points: 
  • Total loans of $465,630,000 on June 30, 2021 decreased by $13.8 million during the quarter but, have increased from $445,090,000 the year before.
  • PPP loan forgiveness received during the second quarter of 2021 accounted for the overall decline in loans for the quarter.
  • The Companys net interest margin remained stable at 3.33% during the second quarter of 2021 compared to 3.33% in the first quarter of 2021 and 3.19% in second quarter of 2020.
  • National Capital Bancorp, Inc. is the holding company for The National Capital Bank of Washington which was founded in 1889 and is Washingtons Oldest Bank.