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Summit Bank Group Reports 2023 1st Quarter Earnings and Record Asset Size

Retrieved on: 
Wednesday, April 12, 2023
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View the full release here: https://www.businesswire.com/news/home/20230412005231/en/

Key Points: 
  • View the full release here: https://www.businesswire.com/news/home/20230412005231/en/
    1st Quarter Earnings of 2023 for Summit Bank Group, Oregon's Business Bank.
  • “We have built a solid and safe balance sheet heading into the remainder of 2023,” said Craig Wanichek, President and CEO.
  • During the first quarter of 2023, the Bank brought on a small amount of wholesale funding to add to its already strong balance sheet.
  • Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Bend and Portland and specializes in providing high-level service to professionals and medium-sized businesses and their owners.

Customers Bancorp Top Two Execs Elect Stock Bonuses in Lieu of Cash

Retrieved on: 
Thursday, April 6, 2023
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The top two executives of Customers Bancorp, Inc. (NYSE:CUBI), a high-performing bank holding company with over $20 billion in assets, will take all 2022 bonuses in stock rather than cash, the firm announced.

Key Points: 
  • The top two executives of Customers Bancorp, Inc. (NYSE:CUBI), a high-performing bank holding company with over $20 billion in assets, will take all 2022 bonuses in stock rather than cash, the firm announced.
  • We expect great times ahead,” said Chairman and CEO Jay Sidhu, adding, “and we want to demonstrate that faith to our fellow shareholders.
  • This is the 5th consecutive year that the CFO and I have taken 100% of our annual bonuses in stock with zero cash.
  • Customers Bancorp, Inc. does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Customers Bancorp, Inc. or by or on behalf of Customers Bank, except as may be required under applicable law.

Update of the Financial Strength of Columbia Financial, Inc.

Retrieved on: 
Sunday, March 12, 2023
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Cryptocurrency is extremely volatile and venture capital and early stage companies rely on new capital to fund early-stage cash burn.

Key Points: 
  • Cryptocurrency is extremely volatile and venture capital and early stage companies rely on new capital to fund early-stage cash burn.
  • Columbia Bank is a community bank with a diverse depositor base with over 210,000 accounts serviced through 64 branches with an average depositor account balance of approximately $37,000.
  • Columbia Financial does not have any significant depositor concentrations.
  • Columbia Financial does have unrealized losses on its available for sale bond portfolio, just like almost every other bank in America.

Pharming Group announces that it expects to have full access today to its cash on deposit at Silicon Valley Bank in light of US Government announcement

Retrieved on: 
Monday, March 13, 2023
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LEIDEN, Netherlands, March 13, 2023 /PRNewswire/ -- Pharming Group N.V. ("Pharming" or "the Company") (Euronext Amsterdam: PHARM) (NASDAQ: PHAR) is aware that the US Department of the Treasury, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation ("FDIC") issued a joint statement on March 12, 2023 stating that actions have been approved enabling the FDIC to complete its resolution of Silicon Valley Bank ("SVB US") in a manner that fully protects all depositors.

Key Points: 
  • LEIDEN, Netherlands, March 13, 2023 /PRNewswire/ -- Pharming Group N.V. ("Pharming" or "the Company") (Euronext Amsterdam: PHARM) (NASDAQ: PHAR) is aware that the US Department of the Treasury, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation ("FDIC") issued a joint statement on March 12, 2023 stating that actions have been approved enabling the FDIC to complete its resolution of Silicon Valley Bank ("SVB US") in a manner that fully protects all depositors.
  • The statement further noted that depositors will have access to all of their money starting today.
  • As a result of these actions, Pharming expects to have access to the US$26 million it has on deposit at SVB US, and to not bear any losses on these deposits.
  • Pharming continues to actively monitor the situation, including with respect to its US$19 million in deposits at Silicon Valley Bank UK Limited.

JPMorgan Chase Announces CME Term SOFR as Replacement Reference Rate for Outstanding U.S. Dollar LIBOR-Linked Securities and Other Instruments

Retrieved on: 
Wednesday, March 1, 2023
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JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) announced today that, after June 30, 2023, CME Term SOFR will be the replacement reference rate for certain outstanding floating rate and fixed-to-floating rate debt securities, preferred stock and certificates of deposit issued by JPMorgan Chase & Co., JPMorgan Chase Financial Company LLC and JPMorgan Chase Bank, N.A.

Key Points: 
  • JPMorgan Chase & Co. (NYSE: JPM) (“JPMorgan Chase” or the “Firm”) announced today that, after June 30, 2023, CME Term SOFR will be the replacement reference rate for certain outstanding floating rate and fixed-to-floating rate debt securities, preferred stock and certificates of deposit issued by JPMorgan Chase & Co., JPMorgan Chase Financial Company LLC and JPMorgan Chase Bank, N.A.
  • (the “Issuers”) that use U.S. dollar LIBOR as the reference rate and that are governed by New York or Delaware law.
  • fixed-to-floating rate preferred stock (represented by depositary shares) issued by JPMorgan Chase & Co.
    floating rate or fixed-to-floating rate FDIC-insured certificates of deposit issued by JPMorgan Chase Bank, N.A.
  • JPMorgan Chase had $3.7 trillion in assets and $292 billion in stockholders’ equity as of December 31, 2022.

Pinnacle Bankshares Corporation Announces Increase to Quarterly Cash Dividend

Retrieved on: 
Wednesday, February 15, 2023
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ALTAVISTA, Va., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (“Pinnacle” or the “Company”) (OTCQX: PPBN), the one-bank holding company for First National Bank (the “Bank”), announced today that its Board of Directors declared a cash dividend of $0.20 per share on February 14, 2023, payable March 10, 2023, to shareholders of record as of February 24, 2023.

Key Points: 
  • ALTAVISTA, Va., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (“Pinnacle” or the “Company”) (OTCQX: PPBN), the one-bank holding company for First National Bank (the “Bank”), announced today that its Board of Directors declared a cash dividend of $0.20 per share on February 14, 2023, payable March 10, 2023, to shareholders of record as of February 24, 2023.
  • The $0.20 per share cash dividend is $0.02, or 11%, higher than the $0.18 dividend paid last quarter and marks the forty-second consecutive quarter that a dividend has been declared.
  • “Pinnacle is pleased to increase its quarterly cash dividend to $0.20 per share as a result of record high earnings generated during 2022,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.
  • This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties.

Pinnacle Bankshares Corporation Announces Record High Fourth Quarter and 2022 Earnings

Retrieved on: 
Tuesday, February 7, 2023
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ALTAVISTA, Va., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (OTCQX:PPBN), the one-bank holding company (“Pinnacle” or the “Company”) for First National Bank (“First National” or the “Bank”), produced record high net income for the fourth quarter and full year 2022.

Key Points: 
  • ALTAVISTA, Va., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (OTCQX:PPBN), the one-bank holding company (“Pinnacle” or the “Company”) for First National Bank (“First National” or the “Bank”), produced record high net income for the fourth quarter and full year 2022.
  • Net income generated during the fourth quarter of 2022 was $2,089,000, or 442%, higher than the fourth quarter of 2021, while for 2022, net income was $3,867,000, or 88%, higher than 2021.
  • Pinnacle produced $1,639,000 in noninterest income for the fourth quarter of 2022, which was approximately 1% lower than the fourth quarter of 2021.
  • Noninterest expense for the fourth quarter of 2022 was $7,495,000, which was only a $6,000 increase compared to the fourth quarter of 2021.

Century Next Financial Corporation Reports Year-End 2022 Results

Retrieved on: 
Friday, January 27, 2023
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RUSTON, La., Jan. 27, 2023 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $643.3 million in assets, today announced financial results for the year ended December 31, 2022.

Key Points: 
  • RUSTON, La., Jan. 27, 2023 (GLOBE NEWSWIRE) -- Century Next Financial Corporation (the “Company”) (OTCQX: CTUY), the holding company of Century Next Bank, with $643.3 million in assets, today announced financial results for the year ended December 31, 2022.
  • Total net loans at December 31, 2022 were $537.9 million compared to $437.3 million at December 31, 2021.
  • Total deposits at December 31, 2022 increased $85.9 million or 18.11% to $560.4 million compared to $474.5 million at December 31, 2021.
  • Century Next Financial Corporation is the holding company for Century Next Bank (the “Bank”) which conducts business from its main office in Ruston, Louisiana.

Southern Missouri Bancorp, Inc. Announces Completion of Merger With Citizens Bancshares Co.

Retrieved on: 
Friday, January 20, 2023
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Southern Missouri Bancorp, Inc. (“Southern Missouri” or the “Company,” NASDAQ: SMBC), parent company of Southern Bank, Poplar Bluff, Missouri, announced that its merger with Citizens Bancshares Co. (“Citizens”), Kansas City, Missouri, was completed today.

Key Points: 
  • Southern Missouri Bancorp, Inc. (“Southern Missouri” or the “Company,” NASDAQ: SMBC), parent company of Southern Bank, Poplar Bluff, Missouri, announced that its merger with Citizens Bancshares Co. (“Citizens”), Kansas City, Missouri, was completed today.
  • Citizens was the parent company of Citizens Bank & Trust Company, which has become a subsidiary of Southern Missouri effective with the closing of the merger.
  • Following the completion of the merger, Southern Missouri now operates 65 banking facilities in Missouri, Kansas, Illinois, and Arkansas.
  • I am excited about joining the Board of Directors of Southern Missouri Bancorp and Southern Bank,” said Mr. Young.

Family Law Attorney Chantelle Porter Named First Black Circuit Court Judge in DuPage County

Retrieved on: 
Wednesday, December 21, 2022
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LOMBARD, Ill., Dec. 21, 2022 /PRNewswire-PRWeb/ -- Effective December 12th, the Illinois Supreme Court has appointed Chantelle A. Porter as a Circuit Court Judge of the 18th Judicial Circuit. A partner at the Lombard family law firm A. Traub & Associates, Ms. Porter has dedicated her career to advocating for families and children, and she is excited for this new step in her journey as a public servant in the legal profession.

Key Points: 
  • LOMBARD, Ill., Dec. 21, 2022 /PRNewswire-PRWeb/ -- Effective December 12th, the Illinois Supreme Court has appointed Chantelle A. Porter as a Circuit Court Judge of the 18th Judicial Circuit.
  • As a family law attorney with A. Traub & Associates, Chantelle has worked with families who are facing significant disruption and complex changes in their lives.
  • She will continue to share this compassion for families and treat each individual with respect and fairness as Circuit Court Judge.
  • As the first Black circuit court judge in DuPage County, Chantelle looks forward to serving as a reflection of the vibrant and diverse population in the area.