Bank

TF Bank Makes Additional Provisioning for Loan Losses of SEK 30m in the First Quarter and Abandons the EPS Financial Target for 2020

Sunday, April 5, 2020 - 5:24pm

The financial target of a profit of at least SEK 14.50 per share in 2020 is also abandoned in connection with today's announcement.

Key Points: 
  • The financial target of a profit of at least SEK 14.50 per share in 2020 is also abandoned in connection with today's announcement.
  • In October 2018, the Board of Directors of TF Bank established new financial targets for the three-year period leading up to 2020.
  • The additional loan loss provision of SEK 30 million communicated today means that the financial target for earnings per share is abandoned.
  • The Board of Directors of TF Bank intends to establish new financial targets once the macroeconomic outlook has stabilised.

Rifkin Weiner Livingston LLC Files Amended Complaint Against Bank of America for Prioritizing Its Lending Clients and Denying or Restricting Access to the PPP Program

Sunday, April 5, 2020 - 1:46am

ANNAPOLIS, Md., April 4, 2020 /PRNewswire/ --Rifkin Weiner Livingston LLC filed an amended complaint against Bank of America today for prioritizing its lending clients and denying or restricting access to the PPP Program to its depository clients and other small businesses.

Key Points: 
  • ANNAPOLIS, Md., April 4, 2020 /PRNewswire/ --Rifkin Weiner Livingston LLC filed an amended complaint against Bank of America today for prioritizing its lending clients and denying or restricting access to the PPP Program to its depository clients and other small businesses.
  • Instead of seeing this program as the relief for small businesses that it is, Defendants Bank of America Corporation ("Bank of America") and Bank of America, N.A.
  • Indeed, BOA has denied access to the PPP program to small businesses that do not have a "lending" relationship with BOA.
  • For the full complaint or for more details about the lawsuit, contact Alan Rifkin, Rifkin Weiner Livingston LLC, at arifkin@rwllaw.com or (410) 960-1779.

Trepp Bank Portfolio Loan Benchmark Report: Construction Delinquencies Increase for Second Consecutive Quarter

Saturday, April 4, 2020 - 12:30am

The fourth quarter 2019 results show that delinquencies on construction loans have increased for the second consecutive quarter and are now tied for the highest level seen since the recession.

Key Points: 
  • The fourth quarter 2019 results show that delinquencies on construction loans have increased for the second consecutive quarter and are now tied for the highest level seen since the recession.
  • The Trepp bank loan performance benchmark report is derived from the Trepp Anonymized Loan Level Repository (T-ALLR) and provides risk rating, delinquency rates, and other performance metrics on a portfolio of more than 34.5K bank loans that have a current outstanding balance of $172B.
  • The full T-ALLR CRE portfolio (active and matured loans) contains more than 91K bank loans with a total outstanding balance of $485B.
  • The report, which is generated from Trepp's managed bank loan data consortium, captures portfolio CRE and commercial and industrial (C&I) loan data from participating commercial banks.

Peapack-Gladstone Bank Continues to Support Clients and the Community

Friday, April 3, 2020 - 11:00pm

Through its website www.pgbank.com the Bank has provided a basic and easy way for small business clients to find out if they are eligible for the Small Business Administration (SBA) PPP.

Key Points: 
  • Through its website www.pgbank.com the Bank has provided a basic and easy way for small business clients to find out if they are eligible for the Small Business Administration (SBA) PPP.
  • Putting clients first and supporting the community are two of the Banks most important core principles.
  • Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, commercial and retail solutions, including residential lending and online platforms, to businesses and consumers.
  • Denise M. Pace-Sanders, Senior Vice President Brand and Marketing Director, dpace@pgbank.com, 908.470.3322, Peapack-Gladstone Bank, 500 Hills Drive, Suite 300, Bedminster, NJ 07921.

Business Community and Financial Institutions Advise Patience as the Paycheck Protection Program Launches

Friday, April 3, 2020 - 9:18pm

Financial Institutions received the guidance from Treasury less than 24-hours ago and have been working to establish channels for their customers.

Key Points: 
  • Financial Institutions received the guidance from Treasury less than 24-hours ago and have been working to establish channels for their customers.
  • Michigan's financial institutions entered this pandemic from a position of strength and are well-equipped to help their communities.
  • "The Paycheck Protection Program is designed to help business owners retain their most important asset their employees through these troubled times.
  • The Community Bankers of Michigan is a 250-member trade association serving community banks, and their financial services partners, throughout Michigan.

Aquesta Bank Funds First Payroll Protection Program Loan with Local Client

Friday, April 3, 2020 - 9:32pm

CORNELIUS, N.C., April 03, 2020 (GLOBE NEWSWIRE) -- Aquesta Bank is pleased to announce the funding of its first loan through the Payroll Protection Program (PPP).

Key Points: 
  • CORNELIUS, N.C., April 03, 2020 (GLOBE NEWSWIRE) -- Aquesta Bank is pleased to announce the funding of its first loan through the Payroll Protection Program (PPP).
  • The loan was made to a local customer, Homewatch CareGivers who employees 150 people in the town of Cornelius, home to the headquarters of Aquesta Bank.
  • Aquesta Bank was able to accept my application, process the loan and have the money in my bank in one day!!
  • Aquesta Bank was formed in 2006 in response to a need for a strong community bank.

SEACOAST BANKING CORPORATION OF FLORIDA TO ANNOUNCE FIRST QUARTER EARNINGS RESULTS APRIL 28, 2020

Friday, April 3, 2020 - 9:02pm

STUART, Fla., April 03, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF), a bank holding company whose operating entity is Seacoast Bank, today announced it will release first quarter results April 28th, after the market closes.

Key Points: 
  • STUART, Fla., April 03, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF), a bank holding company whose operating entity is Seacoast Bank, today announced it will release first quarter results April 28th, after the market closes.
  • Upon release, investors may access a copy of Seacoasts earnings results at the companys website www.SeacoastBanking.com on the home page under Press Releases.
  • Seacoast will host a conference call April 29th at 10:00 a.m. Eastern Time, to discuss the earnings results and business trends.
  • About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
    Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $7.1 billion in assets and $5.6 billion in deposits as of December 31, 2019.

MVB Bank Acquires Deposits and Certain Assets of The First State Bank

Friday, April 3, 2020 - 9:22pm

MVB Financial Corp. (NASDAQ: MVBF) (MVB Financial or MVB) and its wholly-owned subsidiary MVB Bank, Inc. (MVB Bank) announced that MVB Bank has purchased the deposits and certain assets of The First State Bank (First State) through an agreement with the Federal Deposit Insurance Corporation (FDIC).

Key Points: 
  • MVB Financial Corp. (NASDAQ: MVBF) (MVB Financial or MVB) and its wholly-owned subsidiary MVB Bank, Inc. (MVB Bank) announced that MVB Bank has purchased the deposits and certain assets of The First State Bank (First State) through an agreement with the Federal Deposit Insurance Corporation (FDIC).
  • It will be business as usual on Saturday at all of the former First State banking centers and drive-thru locations as First State becomes a part of MVB Bank," said Larry F. Mazza, President and CEO, MVB Financial.
  • All deposits are being assumed by MVB Bank resulting in no losses to any depositor.
  • MVB Financial Corp. (MVB Financial or MVB), the holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market under the ticker MVBF.

Citizens Financial Group Announces First Quarter 2020 Earnings Conference Call Details

Friday, April 3, 2020 - 9:12pm

Individuals may call in by dialing 844-767-5679, conference ID 2469575

Key Points: 
  • Individuals may call in by dialing 844-767-5679, conference ID 2469575
    The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
  • A replay of the conference call will be available beginning at 11:00 am ET on April 17 through May 17, 2020.
  • Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $165.7 billion in assets as of December 31, 2019.
  • Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings.

BBVA USA launches Paycheck Protection Program applications online

Friday, April 3, 2020 - 8:28pm

HOUSTON, April 3, 2020 /PRNewswire/ -- BBVA USA today announced it will be one of the first banks in the U.S. to begin processing customer applications for the Paycheck Protection Program, a key small business relief component of the recently passed CARES Act and administered through the Small Business Administration (SBA).

Key Points: 
  • HOUSTON, April 3, 2020 /PRNewswire/ -- BBVA USA today announced it will be one of the first banks in the U.S. to begin processing customer applications for the Paycheck Protection Program, a key small business relief component of the recently passed CARES Act and administered through the Small Business Administration (SBA).
  • "We are proud to be among the first banks prepared to process these applications, because we recognize how important this funding will be to small business customers," said BBVA USA Executive Director of Business Banking Elizabeth Dobers.
  • The bank will begin accepting applications beginning April 3, 2020, and BBVA small business customers should expect to receive an email today containing details on the application process.
  • For additional information regarding BBVA's COVID-19 response for small businesses, as well as application details for the Paycheck Protection Program, visit here .