Federal Deposit Insurance Corporation

Unity Issues Statement Regarding the Events Surrounding Silicon Valley Bank

Retrieved on: 
Saturday, March 11, 2023
Consumer Electronics, Mobile, Wireless, Apps, Applications, Technology, Software, SVB, Silicon, Federal Deposit Insurance Corporation, FDIC, NYSE, S-FRAME Software Inc., 3D, Video game, Bank

Unity Software Inc. (NYSE: U), the world’s leading platform for creating and growing real-time 3D (RT3D) content, is providing the following statement regarding the events surrounding Silicon Valley Bank:

Key Points: 
  • Unity Software Inc. (NYSE: U), the world’s leading platform for creating and growing real-time 3D (RT3D) content, is providing the following statement regarding the events surrounding Silicon Valley Bank:
    “As Silicon Valley Bank (SVB) has been placed under receivership with the Federal Deposit Insurance Corp (FDIC), Unity is disclosing that less than 5% of our cash and cash equivalents are with SVB, not including any FDIC-insured amounts, and we expect minimal impact on our operations.”

Hims & Hers Health, Inc. Not Materially Impacted by Silicon Valley Bank Closure

Retrieved on: 
Saturday, March 11, 2023
Professional Services, Health, Telemedicine, Virtual Medicine, Finance, General Health, Banking, Investment, SVB, Silicon, Hims & Hers Health, Federal Deposit Insurance Corporation, NYSE, Silicon Valley Bank, Security (finance)

Hims & Hers Health, Inc. (“Hims & Hers” or the “Company”) (NYSE: HIMS), the leading health and wellness platform, is aware of the current actions taken by the Federal Deposit Insurance Corporation with respect to Silicon Valley Bank (“SVB”).

Key Points: 
  • Hims & Hers Health, Inc. (“Hims & Hers” or the “Company”) (NYSE: HIMS), the leading health and wellness platform, is aware of the current actions taken by the Federal Deposit Insurance Corporation with respect to Silicon Valley Bank (“SVB”).
  • The Company has limited cash exposure resulting from the liquidity concerns at SVB.
  • The vast majority of the Company’s cash and short-term investments are held via third-party custodians other than SVB.
  • Additionally, the Company does not have any debts or current lines of credit directly impacted by these events.

Spruce Power Offers the Following Statement Regarding the Events Surrounding Silicon Valley Bank

Retrieved on: 
Saturday, March 11, 2023
Environment, Construction & Property, Finance, Banking, Professional Services, Alternative Energy, Green Technology, Energy, Residential Building & Real Estate, SVB, Silicon, Federal Deposit Insurance Corporation, NYSE, Silviculture

Spruce Power Holding Corporation (NYSE: SPRU) (“Spruce” or the “Company”), a leading owner and operator of distributed solar energy assets across the United States, is proactively monitoring the events and possible derivatives of Silicon Valley Bank’s (“SVB”) transition into receivership by the Federal Deposit Insurance Corporation.

Key Points: 
  • Spruce Power Holding Corporation (NYSE: SPRU) (“Spruce” or the “Company”), a leading owner and operator of distributed solar energy assets across the United States, is proactively monitoring the events and possible derivatives of Silicon Valley Bank’s (“SVB”) transition into receivership by the Federal Deposit Insurance Corporation.
  • While Spruce Power will continue to evaluate this fluid situation, the Company has made an initial assessment that its exposure to SVB is immaterial.
  • Spruce Power has less than $1 million of cash deposit exposure in operating accounts held with SVB.
  • Spruce Power will continue to proactively monitor potential exposure and expects to provide more detailed analysis during the Company’s earnings conference call scheduled for March 23, 2023.

NCLA Amicus Brief Calls for Supreme Court to Review Unconstitutional FDIC ALJ Tenure Protections

Retrieved on: 
Monday, March 6, 2023
Government, NCLA, Law of the United Kingdom, Fifth Circuit Four, Calcutt, Court, United States Court of Appeals for the Sixth Circuit, Federal Deposit Insurance Corporation, FDIC, Supreme court, United States Court of Appeals for the Fifth Circuit, Fifth, Sixth, ALJ, Same-sex marriage in the Sixth Circuit, Alje Vennema, Supreme

In its brief, NCLA argues that the U.S. Court of Appeals for the Sixth Circuit declined to decide this important separation-of-powers question based on a mistaken belief that it could afford Calcutt no remedy.

Key Points: 
  • In its brief, NCLA argues that the U.S. Court of Appeals for the Sixth Circuit declined to decide this important separation-of-powers question based on a mistaken belief that it could afford Calcutt no remedy.
  • Calcutt, a former bank executive and director, petitioned the Sixth Circuit to review a final FDIC administrative order that removed him from his position, permanently barred him from the banking industry, and imposed a $125,000 penalty.
  • In his petition, Calcutt argued, among other things, that FDIC’s Board of Directors and ALJs are unconstitutionally shielded from removal by the President.
  • The Sixth Circuit’s approach disincentivizes removal-protection challenges and effectively allows ALJ tenure violations to persist indefinitely.

PCB Bancorp Announces New Advisory Board Member for PCB Bank

Retrieved on: 
Tuesday, March 7, 2023
Small Business, Banking, Professional Services, Finance, Federal Deposit Insurance Corporation, FDIC, Banking Standards Board, PCB, Growth, Corporate finance, Oregon State University, McGibbon, Policy, Bank, Advisory board, Central California

PCB Bancorp (the “Company”) (Nasdaq: PCB), the holding company of PCB Bank (the “Bank”) today announced the appointment of Robert “Bob” McGibbon as an Advisory Board Member of the Bank effective March 1, 2023.

Key Points: 
  • PCB Bancorp (the “Company”) (Nasdaq: PCB), the holding company of PCB Bank (the “Bank”) today announced the appointment of Robert “Bob” McGibbon as an Advisory Board Member of the Bank effective March 1, 2023.
  • In his role as an Advisory Board Member, Mr. McGibbon is expected to assist the Bank with Board member training, policy and procedures review, and advising on new products and services from a regulatory perspective, among other areas of advice.
  • During his career, he developed and conducted banker training throughout the FDIC’s San Francisco Region through Directors College and Community Banker Workshop Programs.
  • Additionally, he participated and led numerous Washington, DC and San Francisco Region projects that had a nationwide impact on the FDIC.

Brian Brooks Appointed to the Board of the HBAR Foundation

Retrieved on: 
Wednesday, March 1, 2023
Crypto, Marketing, Consumer Bankers Association, EVM, Crunchbase, Knowledge, Finance, Coinbase, Ecosystem, Brooks, Policy, DLT, Internet, Fannie Mae, Chambers, Partner, Partnership, Currency, Financial Stability Oversight Council, Federal Deposit Insurance Corporation, Commerce, Growth, History, Chambers and Partners, Dapp, Multimedia, Comptroller, CoinDesk, Sustainability, Female, FDIC, Cryptocurrency, Privacy, Metaverse, Fintech, Hedera

DALLAS, March 1, 2023 /PRNewswire/ -- Brian Brooks, a fintech and global policy heavyweight, has joined the board of the HBAR Foundation, the organization helping drive adoption of the Hedera network. Brooks, who has substantial experience in financial policy, banking, digital assets and Web3, brings with him a wealth of experience to his new board duties. The HBAR Foundation to date has allocated funding of more than $408m and awarded over 225 grants to ground-breaking distributed ledger technology (DLT) projects, empowering entrepreneurs to build economies on the open source, leaderless proof-of-stake Hedera network.

Key Points: 
  • DALLAS, March 1, 2023 /PRNewswire/ -- Brian Brooks , a fintech and global policy heavyweight, has joined the board of the HBAR Foundation , the organization helping drive adoption of the Hedera network.
  • Brooks, who has substantial experience in financial policy, banking, digital assets and Web3, brings with him a wealth of experience to his new board duties.
  • Brooks joins existing board members Shayne Higdon , Jason Loh , and Robert Migliorino , with additional board members likely to be appointed in 2023.
  • Whether you're building something new or migrating an existing EVM-based application and community, the HBAR Foundation is here to support you.

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

Retrieved on: 
Monday, February 27, 2023
Other Professional Services, Professional Services, Finance, FTA, Index, Terrorism, FTP, Prospectus, ETF, AIB (NI), Credit, Disease, Asset-backed security, Uncertainty, Volatility, Risk, United Kingdom, Investment, ERISA, Federal Deposit Insurance Corporation, Face, Adviser, Judgement, Internal Revenue Code section 409A, Loss, Financial Conduct Authority, Infection, LIBOR, FINRA, Internal Revenue Code, Vaccine, COVID-19, London Interbank Bid Rate, Financial adviser, Bank, Security (finance), Fund

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.

First Trust Advisors L.P. Announces Distributions for Exchange-Traded Funds

Retrieved on: 
Tuesday, February 21, 2023
Other Professional Services, Professional Services, Finance, MAKE, Indian Sugar Mills Association, Tax, United, MLP, FSMB, COVID-19, Fraud, FTA, ETF, Terrorism, Real estate investment trust, ERISA, Face, ETN, Loss, Investment, FMB, Credit, London Interbank Bid Rate, Corporation, Average revenue per user, Asset-backed security, Uncertainty, United States Department of the Treasury, FCAL, Index fund, Risk, Judgement, Infection, FINRA, Internal Revenue Code, Vaccine, Index, Internal Revenue Service, FTP, Prospectus, AIB (NI), Recession, Disease, Federal Deposit Insurance Corporation, Government, Adviser, Zorg, Internal Revenue Code section 409A, Book, LIBOR, Nasdaq, Inc., Financial adviser, Bank, Life insurance, Security (finance), Public utility, Fund

FTA has collective assets under management or supervision of approximately $200 billion as of January 31, 2023 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.

Key Points: 
  • FTA has collective assets under management or supervision of approximately $200 billion as of January 31, 2023 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.
  • A Fund's shares will change in value, and you could lose money by investing in a Fund.
  • However, unlike mutual funds, shares may only be redeemed directly from the Fund by authorized participants, in very large creation/redemption units.
  • In addition, a Fund's investment performance and risks may be related to the investment and performance of the underlying funds.

Elmer Bancorp, Inc. Announces Special Cash Dividend

Retrieved on: 
Wednesday, February 15, 2023
Banking, Professional Services, Finance, Federal Deposit Insurance Corporation, FDIC, The First, National bank, ELMA, ELMER, Bank, OTC Markets Group, First National Bank

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 15, 2023 in the amount of $0.12 per common share, payable on March 1, 2023 to shareholders of record as of the close of business on December 31, 2022.

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 15, 2023 in the amount of $0.12 per common share, payable on March 1, 2023 to shareholders of record as of the close of business on December 31, 2022.
  • In recognition of the outstanding performance that was achieved in 2022, the Board of Directors has declared a special one-time dividend to reward our shareholders.
  • We are happy to be able to declare this special dividend and look forward to another year of being the community bank of choice in Southern Jersey.”
    The First National Bank of Elmer, a nationally chartered bank headquartered in Elmer, New Jersey, has a long history of serving the community since its beginnings in 1903.
  • 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 Income Opportunities ETF

Retrieved on: 
Monday, February 13, 2023
Other Professional Services, Professional Services, Finance, Internal Revenue Service, Prospectus, Loss, Bankruptcy, Uncertainty, Rule, Vaccine, Government, Federal Deposit Insurance Corporation, Investment Company Act of 1940, MLP, Indian Sugar Mills Association, Investment, Reputational damage, Judgement, Security (finance), Average revenue per user, Maintenance, Risk, LIBOR, Internal Revenue Code section 409A, Face, Recession, FTA, AIB (NI), London Interbank Bid Rate, Fund, Index, Failure, ETF, NAV, United, Internal Revenue Code, FTP, Disease, Asset-backed security, Inventory, Environment, COVID-19, Tax, ERISA, FINRA, Financial adviser, Bank, Life insurance, Cryptocurrency, Risk management, Insurance

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.

Key Points: 
  • 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.
  • An investment in a Fund involves risks similar to those of investing in any portfolio of equity securities traded on exchanges.
  • The risks of investing in each Fund are spelled out in its prospectus, shareholder report, and other regulatory filings.
  • However, unlike mutual funds, shares may only be redeemed directly from a fund by authorized participants in very large creation/redemption units.