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Century Next Financial Corporation Reports Strong Results for 3rd Quarter 2023

Retrieved on:

Thursday, October 19, 2023

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RUSTON, La., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $716.5 million in assets, today announced financial results for the 3rd quarter ended September 30, 2023.

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RUSTON, La., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $716.5 million in assets, today announced financial results for the 3rd quarter ended September 30, 2023.
This growth continued to provide added strength to the Company’s liquidity position during the nine months ending September 30, 2023.
Noninterest-bearing checking increased $120.1 million and interest-bearing checking accounts increased $2.1 million for the nine months ended September 30, 2023.
Century Next Financial Corporation is the holding company for Century Next Bank (the “Bank”) which conducts business from its main office in Ruston, Louisiana.

John Pyne Joins Atlantic Bay Mortgage Group as Producing Area Manager for Northern Virginia

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Tuesday, October 24, 2023

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VIRGINIA BEACH, Va., Oct. 24, 2023 /PRNewswire/ -- Atlantic Bay Mortgage Group is pleased to announce that John Pyne has joined the company as a Producing Area Manger.

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VIRGINIA BEACH, Va., Oct. 24, 2023 /PRNewswire/ -- Atlantic Bay Mortgage Group is pleased to announce that John Pyne has joined the company as a Producing Area Manger.
Pyne's unique skill set will be critical in expanding Atlantic Bay Mortgage Group's presence in the DC Metropolitan area, developing effective technology workflows, and enhancing existing product and program mixes.
With over 20 years of experience, John comes to Atlantic Bay Mortgage Group with an engaged, dedicated, and focused mindset.
As a fourth generation Washingtonian, John brings with his professional accomplishments a keen understanding of the mortgage market and housing ecosystems in Washington, D.C., Virginia, and Maryland.

Metropolitan Commercial Bank Announces Settlements with Federal Reserve and New York State Department of Financial Services

Retrieved on:

Thursday, October 19, 2023

Metropolitan Bank Holding Corp. (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today announced that the Bank has entered into Consent Orders with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the New York State Department of Financial Services (“DFS”) to resolve Federal Reserve and DFS concerns related to the Bank’s relationship with a program manager that processed government stimulus funds and expanded unemployment insurance benefits during the COVID-19 pandemic and was a target of fraud.

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Metropolitan Bank Holding Corp. (NYSE: MCB), the holding company for Metropolitan Commercial Bank (the “Bank”), today announced that the Bank has entered into Consent Orders with the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the New York State Department of Financial Services (“DFS”) to resolve Federal Reserve and DFS concerns related to the Bank’s relationship with a program manager that processed government stimulus funds and expanded unemployment insurance benefits during the COVID-19 pandemic and was a target of fraud.
The Consent Orders relate to a unique challenge that arose for a short period at the height of the COVID-19 pandemic.
At the same time, as federal and state authorities have acknowledged, third-party fraud ballooned rapidly under these pandemic-era programs, creating oversight challenges for banks.
We appreciate that the Federal Reserve and New York Department of Financial Services have acknowledged the actions and enhancements we voluntarily undertook, including terminating the relationship with the third-party program manager at issue in August 2020, and supplementing our oversight mechanisms.

Peyto Announces Closing of Repsol Acquisition, Exchange of Subscription Receipts Into Common Shares, an Issuance of Senior Secured Notes and Appointment of New Director

Retrieved on:

Tuesday, October 17, 2023

CALGARY, Alberta, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. ("Peyto" or the "Company") (TSX: PEY) is pleased to announce that it has completed its previously announced acquisition of Repsol Canada Energy Partnership, which holds the Canadian upstream oil and gas business of Repsol Exploración, S.A.U. ("Repsol"), including all related midstream facilities and infrastructure located predominantly in the Deep Basin area of Alberta, for cash consideration of US$468 million (CDN$636 million) (the "Acquisition") prior to closing adjustments. The Acquisition increases Peyto’s current production to 123,000 boe/d (86% natural gas, 14% NGLs), adds over 800 high-impact gross drilling locations1 and includes extensive gas processing and pipeline infrastructure that complement Peyto’s legacy assets in the Edson area. Peyto has plans to begin drilling operations on the Repsol lands, immediately.

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In addition, on closing of the Acquisition, in accordance with the terms of the Subscription Receipts, each Subscription Receipt was exchanged for one common share of Peyto.
Trading in the Subscription Receipts on the Toronto Stock Exchange is expected to be halted and the Subscription Receipts delisted before trading commences on October 18, 2023.
The Company is also pleased to announce that it has priced an issuance of $160 million of senior secured notes.
Material assumptions include timing and payment of dividends on the Common Shares and the de-listing of the Subscription Receipts on the Toronto Stock Exchange.

High School Students & Educators Across America to Press for the Classes Everyone Needs to Thrive Throughout Their Lives

Retrieved on:

Thursday, September 28, 2023

Only half the states currently mandate economics classes for graduation, according to CEE’s biennial Survey of the States .

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Only half the states currently mandate economics classes for graduation, according to CEE’s biennial Survey of the States .
For many, economic education is available only to those who advance to college and elect to study it there.
Econ Ed Month honors the knowledge that economic thinking is a core skill necessary for everyone to understand the world and make better personal, family, and civic decisions.
This special month is a focus of CEE’s mission to ensure life-shaping economic information is accessible to all youth including students of color and young people in less advantaged school districts.

Judicate West Welcomes Judge Linda S. Marks in Orange County

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Wednesday, September 13, 2023

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SANTA ANA, Calif., Sept. 13, 2023 (GLOBE NEWSWIRE) -- Judicate West, one of California’s leading providers of private dispute resolution services, has added Judge Linda S. Marks, formerly with the Orange County Superior Court, to its roster of neutrals.

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SANTA ANA, Calif., Sept. 13, 2023 (GLOBE NEWSWIRE) -- Judicate West, one of California’s leading providers of private dispute resolution services, has added Judge Linda S. Marks, formerly with the Orange County Superior Court, to its roster of neutrals.
Judge Marks is based out of the Orange County office and available statewide as a mediator, arbitrator and private judge.
We are thrilled to welcome Judge Marks back home to our Judicate West family.”
Appointed in 2003 by then-Gov.
Prior to her appointment and in addition to serving as a neutral with Judicate West, Judge Marks was a Judge Pro Tem for the Orange County Superior Court and led a civil litigation practice at her own firm Marks & Yocum, where she focused on insurance defense matters.

72% of Banks and Credit Unions Prioritize Compliance When Evaluating Fintechs, According to Ncontracts Survey

Retrieved on:

Tuesday, September 12, 2023

As banks and credit unions evaluate fintech partnerships, cybersecurity (62%) is also a critical factor, followed by return on investment (46.3%) and reputation (44.4%).

Key Points:

As banks and credit unions evaluate fintech partnerships, cybersecurity (62%) is also a critical factor, followed by return on investment (46.3%) and reputation (44.4%).
This data is based on a recent survey conducted in partnership with CBANC of 147 bank and credit union professionals.
Third-party data breaches and cybersecurity continue to be a concern, and banks and credit unions are making note.
Who needs it?”
For fintechs, this means that a strong compliance management program is key to securing partnerships with banks and credit unions.

Community West Bancshares Authorizes Extension to Stock Repurchase Plan

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Wednesday, August 30, 2023

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GOLETA, Calif., Aug. 30, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today announced that its Board of Directors has extended the Company’s stock repurchase plan until August 31, 2025.

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GOLETA, Calif., Aug. 30, 2023 (GLOBE NEWSWIRE) -- Community West Bancshares (Community West or the Company), (NASDAQ: CWBC), parent company of Community West Bank (the “Bank”), today announced that its Board of Directors has extended the Company’s stock repurchase plan until August 31, 2025.
Stock repurchases may be made from time to time through open market purchases, block trades or privately negotiated transactions.
Community West Bancshares is a financial services company with headquarters in Goleta, California.
The Company is the holding company for Community West Bank, the largest publicly traded community bank (by assets) serving California’s Central Coast area of Ventura, Santa Barbara and San Luis Obispo counties.

PennyMac Mortgage Investment Trust Announces LIBOR Replacement Rate for its Series A and Series B Preferred Shares

Retrieved on:

Friday, August 25, 2023

In March 2021, the U.K.'s Financial Conduct Authority announced that after June 30, 2023, the USD LIBOR for a three-month tenor would cease publication or no longer be representative.

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In March 2021, the U.K.'s Financial Conduct Authority announced that after June 30, 2023, the USD LIBOR for a three-month tenor would cease publication or no longer be representative.
In connection with the cessation of representative USD LIBOR, in March 2022, the U.S. Congress enacted the Adjustable Interest Rate (LIBOR) Act (the "LIBOR Act”), and in December 2022 the Board of Governors of the Federal Reserve System (the "Federal Reserve") issued a final rule thereunder (the "LIBOR Rule”).
In accordance with the Articles Supplementary for each of the Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series A Preferred Shares”) and the Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest (the “Series B Preferred Shares”), and disregarding the Polling Provisions contained therein, the applicable dividend rate for dividend periods from and after March 15, 2024, in the case of the Series A Preferred Shares, or June 15, 2024, in the case of the Series B Preferred Shares, shall be calculated at the dividend rate in effect for the immediately preceding dividend period.
As a result, the Series A Preferred Shares and Series B Preferred Shares will continue to accumulate dividends from and after March 15, 2024, in the case of the Series A Preferred Shares, or June 15, 2024, in the case of the Series B Preferred Shares, at their current annual fixed rate and will not transition to a floating reference rate.

Eureka Homestead Bancorp, Inc. Reaches Definitive Agreement to Be Acquired by Investor Group

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Friday, August 4, 2023

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METAIRIE, La., Aug. 4, 2023 /PRNewswire/ -- Eureka Homestead Bancorp, Inc. ("the "Company") (OTC Pink Marketplace: "ERKH"), the holding company of Eureka Homestead, a federal savings association headquartered in Metairie, Louisiana, and Eureka Investor Group, Inc. have reached an agreement for the Company and Eureka Homestead to be acquired by Eureka Investor Group, Inc, a newly formed corporation headed by experienced bank investors.

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METAIRIE, La., Aug. 4, 2023 /PRNewswire/ -- Eureka Homestead Bancorp, Inc. ("the "Company") (OTC Pink Marketplace: "ERKH"), the holding company of Eureka Homestead, a federal savings association headquartered in Metairie, Louisiana, and Eureka Investor Group, Inc. have reached an agreement for the Company and Eureka Homestead to be acquired by Eureka Investor Group, Inc, a newly formed corporation headed by experienced bank investors.
The Merger Agreement, which has been unanimously adopted by the boards of the Company and Eureka Investor Group, provides for cash merger consideration equal to $13.0 million.
Upon consummation of the proposed transaction, Eureka Investor Group will own 100% of the outstanding shares of the Company and its banking subsidiary, Eureka Homestead.
Eureka Homestead Bancorp and Eureka Homestead are being advised by Performance Trust Capital Partners as financial advisor and Luse Gorman, PC as legal counsel.