Federal Deposit Insurance Corporation

NYCB INVESTIGATION ALERT: Robbins Geller Rudman & Dowd LLP Announces Investigation into New York Community Bancorp, Inc. and Encourages Investors with Substantial Losses or Witnesses with Relevant Information to Contact the Firm

Retrieved on: 
Friday, February 2, 2024
NYCB, SAN, Federal Deposit Insurance Corporation, Flagstar Bank, New York Community Bank, FDIC, Signature

SAN DIEGO, Feb. 02, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving New York Community Bancorp, Inc. (NYSE: NYCB) focused on whether New York Community Bancorp and certain of its top executives made false and/or misleading statements and/or failed to disclose material information to investors.

Key Points: 
  • SAN DIEGO, Feb. 02, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving New York Community Bancorp, Inc. (NYSE: NYCB) focused on whether New York Community Bancorp and certain of its top executives made false and/or misleading statements and/or failed to disclose material information to investors.
  • THE COMPANY: New York Community Bancorp is the bank holding company for Flagstar Bank, N.A.
  • THE REVELATION: On January 31, 2024, New York Community Bancorp reported its fiscal 2023 results disclosing that it had recorded a $552 million provision for credit losses, up from the $62 million reported the prior quarter.
  • New York Community Bancorp further reported a fourth quarter of 2023 loss of $252 million, compared to net income of $207 million the prior quarter.

WaFd, Inc. Receives Regulatory Approval for Acquisition of Luther Burbank Corporation

Retrieved on: 
Tuesday, January 30, 2024
Washington Federal, Luther Burbank, LBC, Knowledge, Corporate action, Political lists, Federal Deposit Insurance Corporation, Agreement, Federal Reserve, Plan, Financial institution, Federal Bank

This merger will expand WaFd Bank’s footprint to nine western states with the addition of ten California branches of Luther Burbank.

Key Points: 
  • This merger will expand WaFd Bank’s footprint to nine western states with the addition of ten California branches of Luther Burbank.
  • “Regulatory approval of this merger with Luther Burbank affirms WaFd Bank’s position as an important financial resource for the communities we serve,” said Brent Beardall, President, and Chief Executive Officer of WaFd Bank.
  • System and brand integration efforts are expected to be completed in the first week of March 2024 so that Luther Burbank customers can quickly and efficiently access the WaFd Bank platform and service offerings.
  • As previously announced, WaFd will be welcoming two directors from Luther Burbank to join the WaFd, Inc. and WaFd Bank Boards of Directors.

Savi Financial Corporation Reports Results for the Fourth Quarter and the Year 2023

Retrieved on: 
Tuesday, January 30, 2024
USDA, SBA, OTC Markets Group, Environment, Federal Deposit Insurance Corporation, NIM, AOCI, Sale, Health, Video game

Net interest income was $4.78 million in the fourth quarter of 2023, compared to $5.03 million in the third quarter of 2023, and $5.34 million in the fourth quarter of 2022.

Key Points: 
  • Net interest income was $4.78 million in the fourth quarter of 2023, compared to $5.03 million in the third quarter of 2023, and $5.34 million in the fourth quarter of 2022.
  • Non-interest expense was $7.17 million in the fourth quarter of 2023, compared to $5.56 million in the preceding quarter, and $4.68 million in the fourth quarter a year ago.
  • Average fourth quarter 2023 total loans increased 3% to $488.7 million, compared to $473.6 million in the third quarter of 2023, and increased 16% from $420.9 million in the fourth quarter of 2022.
  • Net charge-offs were $128,000 in the fourth quarter of 2023, compared to $77,000 in the third quarter of 2023, and let loan recoveries of $39,000 in the fourth quarter a year ago.

Elmer Bancorp, Inc. Announces Special Cash Dividend

Retrieved on: 
Thursday, February 1, 2024
Banking, Professional Services, Finance, ELMER, National bank, OTC Markets Group, Federal Deposit Insurance Corporation, First National Bank, The First, FDIC

ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTC Pink: ELMA), parent company of The First National Bank of Elmer (the “Bank”), announced that the Board of Directors declared a special one-time cash dividend on February 1, 2024 in the amount of $0.10 per common share, payable on March 1, 2024 to shareholders of record as of the close of business on February 15, 2024.

Key Points: 
  • ELMER BANCORP, INC. (“Elmer Bancorp” or the “Company”) (OTC Pink: ELMA), parent company of The First National Bank of Elmer (the “Bank”), announced that the Board of Directors declared a special one-time cash dividend on February 1, 2024 in the amount of $0.10 per common share, payable on March 1, 2024 to shareholders of record as of the close of business on February 15, 2024.
  • Brian W. Jones, President and CEO of the Company stated, “In recognition of our record earnings in 2023, the Board of Directors has elected to declare a special one-time dividend.
  • It gives us great pleasure to be able to reward our shareholders and thank them for their loyalty.
  • Deposits at The First National Bank of Elmer are insured up to the legal maximum amount by the Federal Deposit Insurance Corporation (FDIC).

First Trust Advisors L.P. Announces Distribution for First Trust Enhanced Short Maturity ETF

Retrieved on: 
Tuesday, January 30, 2024
Banking, Professional Services, Finance, COVID-19, FINRA, Hamas, Federal Deposit Insurance Corporation, Internal Revenue Code, Uncertainty, Prospectus, Investment, Terrorism, Loss, Federal Reserve, FTA, ETF, Credit, Index, Federal, Volatility, Risk, FTP, Adviser, Face, Infection, Judgement, ERISA, AIB (NI), Bank

First Trust Advisors L.P. ("FTA") is a federally registered investment advisor and serves as the Fund's investment advisor.

Key Points: 
  • First Trust Advisors L.P. ("FTA") is a federally registered investment advisor and serves as the Fund's investment advisor.
  • FTA and its affiliate First Trust Portfolios L.P. ("FTP"), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services.
  • Volatility is the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period.
  • Such exposures could cause the Fund's net asset value to experience significant increases or declines in value over short periods of time.

Axos Financial, Inc. Reports Record Second Quarter Fiscal 2024 Results

Retrieved on: 
Tuesday, January 30, 2024
Banking, Professional Services, Finance, EPS, Share repurchase, Sale, Commercial, Federal Deposit Insurance Corporation, Webcast, FDIC, Cryptocurrency

“Our provision for credit losses was $13.5 million this quarter to account for our strong organic loan growth and the FDIC loan purchase.

Key Points: 
  • “Our provision for credit losses was $13.5 million this quarter to account for our strong organic loan growth and the FDIC loan purchase.
  • A conference call and webcast will be held on Tuesday, January 30, 2024 at 5:00 PM Eastern / 2:00 PM Pacific.
  • The conference call will be webcast live, and both the webcast and the earnings supplement may be accessed at Axos’ website, investors.axosfinancial.com.
  • For those unable to listen to the live broadcast, a replay will be available until February 29, 2024, at Axos’ website and telephonically by dialing toll-free number 877-660-6853, passcode 13743449.

WaFd, Inc. Receives Regulatory Approval for Acquisition of Luther Burbank Corporation

Retrieved on: 
Tuesday, January 30, 2024
Banking, Professional Services, Finance, Washington Federal, Luther Burbank, LBC, Knowledge, Corporate action, Federal Deposit Insurance Corporation, Agreement, Federal Reserve, Plan, Financial institution, Federal Bank

WaFd, Inc. (NASDAQ: WaFd), the parent company of Washington Federal Bank (“WaFd Bank”), and Luther Burbank Corporation (NASDAQ: LBC, “Luther Burbank”), the parent company of Luther Burbank Savings, jointly announced today that they received the required regulatory approvals from the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions for Luther Burbank Savings to be merged with and into Washington Federal Bank, and from the Board of Governors of the Federal Reserve System for Luther Burbank to be merged with and into WaFd, Inc., on the terms and subject to the conditions of the Agreement and Plan of Reorganization, dated as of November 13, 2022, by and between Luther Burbank and WaFd (the “Merger Agreement”).

Key Points: 
  • WaFd, Inc. (NASDAQ: WaFd), the parent company of Washington Federal Bank (“WaFd Bank”), and Luther Burbank Corporation (NASDAQ: LBC, “Luther Burbank”), the parent company of Luther Burbank Savings, jointly announced today that they received the required regulatory approvals from the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions for Luther Burbank Savings to be merged with and into Washington Federal Bank, and from the Board of Governors of the Federal Reserve System for Luther Burbank to be merged with and into WaFd, Inc., on the terms and subject to the conditions of the Agreement and Plan of Reorganization, dated as of November 13, 2022, by and between Luther Burbank and WaFd (the “Merger Agreement”).
  • This merger will expand WaFd Bank’s footprint to nine western states with the addition of ten California branches of Luther Burbank.
  • “Regulatory approval of this merger with Luther Burbank affirms WaFd Bank’s position as an important financial resource for the communities we serve,” said Brent Beardall, President, and Chief Executive Officer of WaFd Bank.
  • As previously announced, WaFd will be welcoming two directors from Luther Burbank to join the WaFd, Inc. and WaFd Bank Boards of Directors.

Hope Bancorp Reports 2023 Fourth Quarter and Full-Year Financial Results

Retrieved on: 
Tuesday, January 30, 2024
Banking, Professional Services, Finance, Bank holding company, Growth, SBA, GAAP, HOPE, FDIC, Federal Deposit Insurance Corporation, CRA, Bank of Hope, Bank

Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company of Bank of Hope (the “Bank”), today reported unaudited financial results for its fourth quarter and full year ended December 31, 2023.

Key Points: 
  • Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company of Bank of Hope (the “Bank”), today reported unaudited financial results for its fourth quarter and full year ended December 31, 2023.
  • “The 2023 fourth quarter was an important building quarter for the Company with the announcement of our strategic reorganization in October.
  • Fourth quarter 2023 net interest margin contracted 13 basis points to 2.70%, from 2.83% in the 2023 third quarter.
  • Excluding these notable items, fourth quarter 2023 noninterest expense(2) was $84.8 million, down 2% from $86.4 million (excluding $500,000, pre-tax, of restructuring charges) in the 2023 third quarter.

R&T Deposit Solutions Names Jason Cave as Strategic Advisor for Regulatory and External Relations

Retrieved on: 
Wednesday, January 31, 2024
Freddie Mac, Growth, FDIC, Federal Deposit Insurance Corporation, FHFA, Fintech, Federal Housing Finance Agency, Regulation, Fannie Mae, Finance, Bank

NEW YORK, Jan. 31, 2024 /PRNewswire/ -- R&T Deposit Solutions ("R&T"), a leading provider of tech-enabled liquidity management, deposit funding, and securities-based lending programs, announced today the appointment of Jason Cave as a Strategic Advisor for Regulatory and External Relations.

Key Points: 
  • NEW YORK, Jan. 31, 2024 /PRNewswire/ -- R&T Deposit Solutions ("R&T"), a leading provider of tech-enabled liquidity management, deposit funding, and securities-based lending programs, announced today the appointment of Jason Cave as a Strategic Advisor for Regulatory and External Relations.
  • Mr. Cave brings over 30 years of experience in public leadership, regulatory development, and financial institution stability.
  • "Together, we are focused on creating a better future for our clients, shaping a landscape of financial institution stability and strategic innovation."
  • At the FDIC, Mr. Cave led capital markets operations and the bank risk oversight program.

Territorial Bancorp Inc. Announces Fourth Quarter 2023 Results

Retrieved on: 
Friday, January 26, 2024
Compact disc, Wildfire, FDIC, ESOP, CECL, Bank, Insurance, FHLB, Environment, Sale, Tax, Investment, Federal Home Loan Banks, Federal Deposit Insurance Corporation, Federal Reserve Bank, FRB, Cryptocurrency

The Board of Directors approved a quarterly cash dividend of $0.05 per share, representing Territorial Bancorp Inc.’s 57th consecutive quarterly dividend.

Key Points: 
  • The Board of Directors approved a quarterly cash dividend of $0.05 per share, representing Territorial Bancorp Inc.’s 57th consecutive quarterly dividend.
  • HONOLULU, Hawaii, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc. (NASDAQ: TBNK) (the “Company”), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announced net income of $334,000, or $0.04 per diluted share, for the three months ended December 31, 2023.
  • Total interest income was $17.69 million for the three months ended December 31, 2023, compared to $16.22 million for the three months ended December 31, 2022.
  • The ratio of non-performing assets to total assets was 0.10% at December 31, 2023 and 0.11% at December 31, 2022.