Business Banking – Game Towne http://gametowne.com/ Thu, 23 Jun 2022 09:57:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://gametowne.com/wp-content/uploads/2021/06/icon-6-150x150.png Business Banking – Game Towne http://gametowne.com/ 32 32 Planning for a connected digital future https://gametowne.com/planning-for-a-connected-digital-future/ Thu, 23 Jun 2022 09:22:05 +0000 https://gametowne.com/planning-for-a-connected-digital-future/ According to Anaplan’s research, despite three quarters of the banks Considering digital transformation as a major challenge during this period, many institutions have succeeded in overhauling their customer experience, making it simpler and more transparent than ever. “Banks will only be able to harness the exciting potential of connected planning if they break down silos […]]]>

According to Anaplan’s research, despite three quarters of the banks Considering digital transformation as a major challenge during this period, many institutions have succeeded in overhauling their customer experience, making it simpler and more transparent than ever.

“Banks will only be able to harness the exciting potential of connected planning if they break down silos and bring data together across the organization.”

But now, with the transformation of the customer experience, banks have the opportunity to leverage data to improve operations, planning and strategy internally.

Accenture research revealed as 78 percent of banks use data extensively, few use key enablers like analytics (7%) and artificial intelligence (5%) to extract the full value from that data.

However, banks able to leverage AI and analytics over the next few years will be able to plan for uncertainties, have a clearer picture of all departments, and even better monitor things like as environmental, social and governance (ESG) commitments.

This is only possible if banks are able to truly break down silos and connect data from legacy systems to one place. At Anaplan, we would say Connected Scheduling is the solution to this problem and will usher in a new era of transformation for the banking industry.

As a broad concept, Connected Planning – sometimes known as Integrated Business Planning (IBP) – means a more coordinated approach to planning designed to achieve better alignment between the strategic, financial and operational levels within a company. ‘an organization.

This means connecting all planning capabilities across the enterprise, for example linking strategic plans with sales, operations and finance. It should balance resources and funding with the company’s financial goals.

Of course, with the number of stakeholders involved and the multitude of moving parts, it can be difficult to implement this style of planning.

Break down the silos

Banks will only be able to harness the potential of connected planning if they break down silos and bring data together across the organization. This not only includes functions such as marketing, human resources and sales, but also divisions such as corporate, personal, retail or small business banking.

In many cases, banks struggle with multiple on-premises legacy systems and outdated tools that cause problems when it comes to pulling data from across the bank. In fact, a study by S&P Global found 33 percent of financial institutions still rely primarily on legacy infrastructure and 58% use legacy infrastructure for “some” functions.

This opens the door to version control issues and leaves little room for planning error. As we move into a more connected world, it is essential that banks move from siled planning models to connected planning models.

Navigate the uncertainties

Scenario planning and forecasting in banking are essential tools for success. Connected scheduling may seem simple, but it’s surprising how many banks still rely on outdated scheduling models.

More than two thirds of bank executives find maintaining agility to respond to economic volatility a significant challenge. Moreover, when relying on tools such as spreadsheets, it is nearly impossible to provide accurate forecasts or change strategies in real time when these challenges arise.

Using AI-powered connected planning can provide banking executives with the information and insights they need to meet the challenges ahead. This new way of planning allows banks to leverage data to answer critical long-term questions about the business, such as how will rising inflation impact my finances in the next quarter? Or what would be the impact of a new government?

Adopting AI and machine learning will allow banks to quickly answer these questions and serve their retail customers more efficiently.

Plan for the future

Connected planning also enables banks to deliver on their ESG promises. This is particularly important following the recent United Nations Climate Change Conference which has made minimizing the impact on the environment a top priority for businesses. Many of the world’s largest corporations and financial institutions have voluntarily announced bold new plans to mitigate global warming.

More than 5,200 companies have pledged to achieve net zero carbon targets by 2050. Around 450 banks, insurers and investors – collectively representing $130 trillion in assets and 40% of global private capital – have pledged to make their climate-neutral portfolios over the same period.

While it’s good to set ambitious goals for waste reduction or getting to net zero, banks need to develop realistic plans to achieve those goals or we won’t see any progress. Search by Anaplan found that almost a fifth (18%) of banks found it difficult to link plans to executions and actions. In fact, it was one of the top three challenges.

Connected planning is a simple way to integrate ESG goals with financial return on investment to transform sustainability goals and practices. It empowers banks to make decisions that are good for the environment, good for business, and hold them accountable to their goals.

Even before the pandemic, it was a priority for companies to make the most of the data that exists in their organization. Search by McKinsey found that total budgets for data initiatives have increased by 50% over the last three years, from 2019 to 2021. This figure is only expected to continue to grow in the coming years, so it is essential that banks take planning to the next level.

The future of banking is connected, and banks that can leverage data will ultimately make better decisions.

Andy Thiss is Country Manager and Regional Vice President for Anaplan Australia and New Zealand

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BancorpSouth, a division of Ca https://gametowne.com/bancorpsouth-a-division-of-ca/ Tue, 21 Jun 2022 21:39:22 +0000 https://gametowne.com/bancorpsouth-a-division-of-ca/ HOUSTON and Miss TUPELO., May 12, 2022 /PRNewswire/ — BancorpSouth Bank, a division of Cadence bank (NYSE: CADE), received the 2022 America Saves Designation of Savings Excellence award for its eighth consecutive year promoting better savings plans for customers. The annual award recognizes financial institutions that go above and beyond to encourage people to save […]]]>

HOUSTON and Miss TUPELO., May 12, 2022 /PRNewswire/ — BancorpSouth Bank, a division of Cadence bank (NYSE: CADE), received the 2022 America Saves Designation of Savings Excellence award for its eighth consecutive year promoting better savings plans for customers.

The annual award recognizes financial institutions that go above and beyond to encourage people to save money. BancorpSouth is one of six banks and seven credit unions recognized for its efforts to encourage individuals to open accounts and start building wealth during this year’s America Saves Week. The company has a comprehensive multi-channel plan in place to reach customers at different stages of their financial journey.

“We are delighted to have once again received this prestigious award,” said Dan RollinCEO of Cadence bank. “Our bankers are always proud to participate in this initiative and to continue our efforts to help customers reach their savings goals, achieve long-term security and have a better quality of life. This year’s effort was especially important given the high inflation that is affecting our communities. This award is a testament to our continued commitment to improving the financial futures of our customers and their families.”

The nearly 3,100 participating organizations reached 11.17 million people during this year’s America Saves Week, which took place February 21-25, 2022. Additionally, they reported that individuals filed more than $1 billion into new and existing savings accounts over a period of one week.

America Saves Week, coordinated by America Saves and the American Savings Education Council, is an annual opportunity for organizations, such as banks or credit unions, to support good savings behavior by encouraging people to assess their savings status. saving and setting goals. For more information on the award, visit www.americasaves.org.

About Cadence bank:
Cadence bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in the assets and on the branches in the South and Texas. Cadence offers consumers, businesses and businesses a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, corporate and business banking, money management treasury, specialty lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, plan management pensions and personal and commercial insurance. Cadence is committed to a culture of respect, diversity and inclusion both in its workplace and in communities. Cadence bank, Member FDIC. Equal Housing Lender.

View original content: https://www.prnewswire.com/news-releases/bancorpsouth-a-division-of-cadence-bank-recognized-by-national-campaign-promoting-savings-301546358.html

THE SOURCE Cadence bank

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Salisbury Bancorp, Inc. Announcement – GuruFocus.com https://gametowne.com/salisbury-bancorp-inc-announcement-gurufocus-com/ Sun, 19 Jun 2022 20:15:00 +0000 https://gametowne.com/salisbury-bancorp-inc-announcement-gurufocus-com/ LAKEVILLE, Conn., May 20, 2022 (GLOBE NEWSWIRE) — Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company of Salisbury Bank and Trust Company (the “Bank”), announced today that the shareholders of Salisbury, at their annual meeting held on May 18, 2022, approved an amendment to the certificate of incorporation of Salisbury to increase […]]]>

LAKEVILLE, Conn., May 20, 2022 (GLOBE NEWSWIRE) — Salisbury Bancorp, Inc. (“Salisbury”), (NASDAQ Capital Market: “SAL”), the holding company of Salisbury Bank and Trust Company (the “Bank”), announced today that the shareholders of Salisbury, at their annual meeting held on May 18, 2022, approved an amendment to the certificate of incorporation of Salisbury to increase the number of authorized common shares of Salisbury from 5,000,000 to 10,000,000 shares. In addition, the Board of Directors announced that it had approved and declared a two-for-one forward split of Salisbury common stock to improve the liquidity and marketability of Salisbury securities in the best interests of shareholders.

The stock split, which will result in the conversion of each (1) common share of Salisbury into two (2) common shares of Salisbury, will have no impact on the voting and other rights of shareholders and will have no impact on commercial operations of Salisbury.

The two-for-one stock split will take the form of a stock dividend to shareholders of record as of June 1, 2022 with an effective date/stock dividend payment date of June 30, 2022.

About Salisbury Bancorp, Inc.

Salisbury Bancorp, Inc. is the parent company of Salisbury Bank and Trust Company, a Connecticut chartered commercial bank that has served communities in Northwestern Connecticut and neighboring communities in New York and Massachusetts, since 1848, through a network 14 full-service branches in Litchfield County, Connecticut; Berkshire County, Massachusetts; and Dutchess, Orange and Ulster Counties, New York. The Bank offers a wide range of banking products and services to individuals and businesses, as well as trust and wealth management advisory services. For more information, please visit www.salisburybank.com.

Forward-looking statements
This press release may contain statements relating to the future results of Salisbury and the Bank that qualify as “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management as well as assumptions and estimates made by management using information currently available to it. Because these statements reflect management’s beliefs regarding future events, these statements involve risks, uncertainties and assumptions, including, but not limited to: changes in market interest rates and general and regional economic conditions ; changes in laws and regulations; changes in accounting principles; and the quality or composition of loan and investment portfolios, changes in technology and cybersecurity matters, and other factors which may be described in Salisbury’s Quarterly Reports on Form 10-Q and its Annual Report on Form 10-K, which are available at the Securities and Exchange Commission’s website (www.sec.gov) and referred to herein. Forward-looking statements made by Salisbury in this press release speak only as of the date on which they are made. Events or other facts that could cause Salisbury’s actual results to vary may occur from time to time and Salisbury cannot predict all such events and factors. Salisbury undertakes no obligation to publicly update any forward-looking statement, except as required by law.

Source: Salisbury Bancorp, Inc.

Contact in Salisbury: Richard J. Cantele, Jr., President and CEO
860-435-9801 or [email protected]

Salisbury-Bancorp-Inc-.png

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Financial Survey: Northwest Bancshares (NASDAQ:NWBI) and Old Point Financial (NASDAQ:OPOF) https://gametowne.com/financial-survey-northwest-bancshares-nasdaqnwbi-and-old-point-financial-nasdaqopof/ Sat, 18 Jun 2022 05:27:27 +0000 https://gametowne.com/financial-survey-northwest-bancshares-nasdaqnwbi-and-old-point-financial-nasdaqopof/ Northwest Bancshares (NASDAQ:NWBI – Get Rating) and Old Point Financial (NASDAQ:OPOF – Get Rating) are both small cap finance companies, but which business is superior? We will compare the two companies based on the strength of their institutional ownership, dividends, valuation, analyst recommendations, profitability, earnings and risk. Insider and Institutional Ownership 61.2% of Northwest Bancshares […]]]>

Northwest Bancshares (NASDAQ:NWBI – Get Rating) and Old Point Financial (NASDAQ:OPOF – Get Rating) are both small cap finance companies, but which business is superior? We will compare the two companies based on the strength of their institutional ownership, dividends, valuation, analyst recommendations, profitability, earnings and risk.

Insider and Institutional Ownership

61.2% of Northwest Bancshares shares are held by institutional investors. By comparison, 32.6% of shares in Old Point Financial are held by institutional investors. 1.0% of Northwest Bancshares shares are held by insiders. By comparison, 16.2% of shares in Old Point Financial are held by insiders. Strong institutional ownership indicates that large fund managers, endowments, and hedge funds believe a company will outperform the market over the long term.

Analyst Notes

This is a breakdown of the current ratings of Northwest Bancshares and Old Point Financial, as reported by MarketBeat.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
North West Bank 1 3 0 0 1.75
Old Point Financial 0 0 0 0 N / A

Northwest Bancshares currently has a consensus price target of $13.01, indicating a potential upside of 6.52%. Given Northwest Bancshares’ possible higher upside, equity research analysts clearly believe Northwest Bancshares is more favorable than Old Point Financial.

Benefits and evaluation

This chart compares revenue, earnings per share, and valuation of Northwest Bancshares and Old Point Financial.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
North West Bank $561.40 million 2.76 $154.32 million $1.11 11.00
Old Point Financial $57.14 million 2.14 $8.44 million $1.42 16.93

Northwest Bancshares has higher revenue and profits than Old Point Financial. Northwest Bancshares trades at a lower price-to-earnings ratio than Old Point Financial, indicating that it is currently the more affordable of the two stocks.

Dividends

Northwest Bancshares pays an annual dividend of $0.80 per share and has a dividend yield of 6.6%. Old Point Financial pays an annual dividend of $0.52 per share and has a dividend yield of 2.2%. Northwest Bancshares pays 72.1% of its earnings as a dividend. Old Point Financial pays 36.6% of its profits as a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings over the next few years. Northwest Bancshares has increased its dividend for 13 consecutive years and Old Point Financial has increased its dividend for 1 consecutive year. Northwest Bancshares is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.

Volatility and risk

Northwest Bancshares has a beta of 0.56, indicating that its stock price is 44% less volatile than the S&P 500. Comparatively, Old Point Financial has a beta of 0.82, indicating that its stock price stock is 18% less volatile than the S&P 500.

Profitability

This table compares the net margins, return on equity and return on assets of Northwest Bancshares and Old Point Financial.

Net margins Return on equity return on assets
North West Bank 26.19% 9.12% 0.99%
Old Point Financial 13.32% 6.35% 0.57%

Summary

Northwest Bancshares beats Old Point Financial on 10 out of 15 factors compared between the two stocks.

About Northwest Bancshares (Get a rating)

Northwest Bancshares, Inc. operates as the holding company of Northwest Bank, a state-chartered savings bank that provides personal and business banking solutions. The company accepts a variety of deposits, including checks, savings, money market deposits, term certificates, and individual retirement accounts. It also offers lending products including one to four-family residential real estate loans and loans secured by multi-family residential and commercial real estate; commercial business loans; and consumer loans, including auto loans, sales financing loans, unsecured personal loans, credit card loans and loans secured by deposit accounts. The company also provides investment management and trust services. As of December 31, 2021, it operated 170 community banking locations in Pennsylvania, Western New York, Eastern Ohio and Indiana. Northwest Bancshares, Inc. was founded in 1896 and is headquartered in Columbus, Ohio.

About Old Point Financial (Get a rating)

Old Point Financial Corporation operates as a bank holding company for The Old Point National Bank of Phoebus which provides personal, mortgage, and business banking services for individuals and businesses in Virginia. The Company offers deposit products, including interest-bearing transaction accounts, money market deposit accounts, savings accounts, term deposits and demand deposits. It also offers construction, commercial and mortgage real estate loans, such as 1-4 family residential mortgages, multi-family and second lien mortgages and equity lines of credit; and other loans, as well as cash management services. In addition, the Company provides retirement planning, estate planning, financial planning, estate and trust administration, pension plan administration, tax and investment management services; and insurance products and wealth management services. It operates 14 branches in Hampton Roads communities in Hampton, Newport News, Norfolk, Virginia Beach, Chesapeake, Williamsburg/James City County, York County, and Isle of Wight County; a loan origination office in Richmond, Virginia; and a mortgage origination office in Charlotte, North Carolina. The company was founded in 1922 and is based in Hampton, Virginia.



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Narmi Raises $35M in Funding to Accelerate Digital Transformation for U.S. Financial Institutions https://gametowne.com/narmi-raises-35m-in-funding-to-accelerate-digital-transformation-for-u-s-financial-institutions/ Wed, 15 Jun 2022 14:05:11 +0000 https://gametowne.com/narmi-raises-35m-in-funding-to-accelerate-digital-transformation-for-u-s-financial-institutions/ “Enter Narmi, which enables banks and credit unions of all sizes to deliver a digital experience on par with the biggest banks and most innovative neobanks. Narmi does important work and we are proud to be a part of it,” said Will Szcerebiak, Partner at Greycroft Ventures. NEW YORK (WEB PR) June 15, 2022 […]]]>

“Enter Narmi, which enables banks and credit unions of all sizes to deliver a digital experience on par with the biggest banks and most innovative neobanks. Narmi does important work and we are proud to be a part of it,” said Will Szcerebiak, Partner at Greycroft Ventures.

Narmi, a leading provider of open digital banking technology, today announced a $35 million Series B funding co-led by Greycroft and existing investors NEA and Picus Capital. Narmi is one of the fastest growing companies serving financial institutions in the United States and plans to leverage new capital to expand its digital banking solutions more broadly, partner with new financial institutions and accelerate the digital modernization of the banking sector. The company is transforming financial institutions nationwide and counts Berkshire Bank, LendingClub, Twinstar Credit Union, First Internet Bank, University Credit Union, Freedom Credit Union and many more among its clients.

Today, financial institutions cannot ignore user demands to provide consumers and businesses with intuitive, feature-rich, and well-designed digital platforms. Narmi addresses this need through its API-driven platform that enables financial institutions to access Narmi’s many products (Consumer Digital Account Opening, Business Digital Account Opening, Consumer Digital Banking, Business Digital Banking and admin console) to drive growth, deposits and cost savings.

“Our vision is to give every financial institution in the country the full confidence that they can grow and thrive in a digital-first way. We will continue to build, innovate and stay focused on this vision until “It is realized. This investment from blue chip companies such as NEA and Greycroft will help make this vision a reality,” said Nikhil Lakhanpal, co-founder of Narmi.

Specifically and as part of its commitment to digital transformation, Narmi plans to accelerate recruitment ahead of the launch of its enterprise account opening platform and further develop a key product pillar – opening – including including full support for middleware layers, their proprietary AppXchange and developer ecosystem. Additionally, Narmi plans to accelerate the reach of its enterprise digital banking platform. Existing trading platforms are clumsy today, leaving a huge untapped market that Narmi opens up for financial institutions. With Narmi, financial institutions like Grasshopper Bank, a successfully relaunched business-focused digital bank, can fully serve SMEs with a unique digital banking experience: “The SME market hasn’t received, we don’t think not, an upper class yet digital financial services experience. That’s what Grasshopper decided to do with the help of Narmi. – Mike Butler, CEO of Grasshopper Bank.

“Much of what is missing in digital banking today is a true commitment to constant innovation. Financial institutions shouldn’t have to worry about their digital offering becoming obsolete. We know this is our responsibility and ultimately our biggest differentiator. We outline our major product changes each month on new.narmi.com and make them public to hold ourselves accountable,” said Chris Griffin, co-founder of Narmi.

“One of the biggest challenges Narmi’s customers face is delivering the kind of modern digital banking experiences users expect. And a missing digital presence makes it harder to acquire and retain customers, scaling operations, growing deposits and resonating with younger, digital native users,” said Will Szczerbiak, partner at Greycroft. “Enter Narmi, which enables banks and credit unions of all sizes to offer a digital experience at the height of the biggest banks and the most innovative neobanks. Narmi does important work and we are proud to be part of it.

“Over the past two years, digital transformation has accelerated across industries, and financial institutions have been among the hardest hit,” said Liza Landsman, general partner at NEA and former president of Jet.com. “Narmi has developed a powerful approach to delivering cloud-based digital tools to help regional financial institutions not only survive, but also thrive in a now digital world. We are thrilled to partner with Nikhil and Chris as they accomplish their ambitious mission.

For more information on Narmi’s products and services, please visit http://www.narmi.com

About Narmi

Narmi is a financial technology company that creates enterprise solutions for digital consumer banking, business banking, and digital account opening. Financial institutions work with Narmi to become leading digital organizations, get to market faster with cutting-edge features, and better compete with megabanks, challenger banks, and fintech companies. With a strong focus on openness, Narmi’s open framework allows financial institutions to build their own extensions and functionality on the core platform to suit their needs. Today, Narmi powers financial institutions with billions of dollars in assets and helps move millions of dollars between financial institutions daily.

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BUCKEYE STATE BANK ACQUIRES FIRST CITY BANK https://gametowne.com/buckeye-state-bank-acquires-first-city-bank/ Mon, 13 Jun 2022 21:48:00 +0000 https://gametowne.com/buckeye-state-bank-acquires-first-city-bank/ Buckeye to extend into the grandview and Upper Arlington Markets POWELL, Ohio, June 13, 2022 /PRNewswire/ — Buckeye State Bank (“Buckeye”) and First City Bank (“First City”) announced that they have entered into a definitive merger agreement under which Buckeye will acquire First City. From March 31, 2022First City had approximately $73 million of total […]]]>

Buckeye to extend into the grandview and Upper Arlington Markets

POWELL, Ohio, June 13, 2022 /PRNewswire/ — Buckeye State Bank (“Buckeye”) and First City Bank (“First City”) announced that they have entered into a definitive merger agreement under which Buckeye will acquire First City. From March 31, 2022First City had approximately $73 million of total assets and $64 million in total deposits. Thanks to First City’s location at 1885 Northwest Blvd in ColumbusBuckeye will expand its market presence from its existing DeGraff markets, Perrysburg and Powell, Ohio to Upper Arlington and grandview markets. The sale was unanimously approved by First City’s directors and shareholders.

Buckeye was chartered as Citizens Bank of DeGraff in 1885 and was acquired by a group of local investors in 2014, led by CEO Shawn Keller and former OSU quarterback, Stanley Jackson. Changing its name to Buckeye State Bank in 2014 to reflect its commitment to expanding its banking services across OhioBuckeye went from $29 million of assets at approximately $263 million active at March 31, 2022 and should be around $340 million in the assets after the acquisition. Buckeye CEO Keller said, “As an employee-owned community bank, we believe this is a rare opportunity to acquire a like-minded financial institution to benefit our communities and of our shareholders. Along with Buckeye employees, First City employees have a strong commitment to serving their community by taking local deposits and lending them to local consumers and businesses. We are very excited to merge our two teams to bring the local banking style of Buckeye State Bank to the Upper Arlington and grandview markets.”

First city president At Doug Simson’s the family acquired the bank in 1985, transferring it to Columbus in 1992. “It was a family passion and focused on making banking easier for our customers. So it was important to find the right partner, one who shared our ideals of serving the community and caring for our employees. We ‘ I’m very happy to have found this partner in the Buckeye State Bank team.” CEO of First City, Charlie Cecil commented, “We have worked on various projects with Buckeye over the past few years and have developed a good relationship with their staff. We are very excited about the future.” Keller added, “Charlie and his team are wonderful professionals who share our passion for being leaders in our communities. This is a big step forward for both organizations.

The transaction is expected to close in the fourth quarter of 2022, subject to receipt of all required regulatory approvals and satisfaction of other customary closing conditions.

Main office (614) 796-4747

9494 Wedgewood Boulevard Toll Free: (844) 225.9265

Powell, Ohio 43065 www.JoinBSB.com

Performance Trust acted as financial advisor and Dinsmore & Shohl, LLP acted as legal advisor to Buckeye. Keller and Company acted as financial advisor and Becker & Lilly acted as legal advisor to First City.

About Buckeye State Bank (@BuckeyeStateBank)

Based at Powell, Ohio in Delaware CountyBuckeye State Bank, a wholly owned subsidiary of Buckeye State Bancshares, Inc. (“BSBi”), is a locally owned and operated community bank with approximately $263 million active at March 31, 2022. Dedicated to providing local service with easy-to-use products and services, BSB has been one of the fastest growing banks in the country since its inception. January 3, 2014 through the purchase of Citizens Bank of DeGraff, which was founded and chartered in 1885. Buckeye State Bank serves the banking needs of consumers and businesses in the communities of Logan, franklin, Delaware, Wood, union and Lucas counties. BSBi is proudly owned by its employees. To learn more, visit www.joinbsb.com

About First City Bank

First City Bank is a family-run community bank with a long tradition of putting the needs of its customers first. First City Bank’s charter dates back to 1907. The family acquired First City Bank in 1985 in Christiansburg, Ohio, and moved to its current location in 1992. First City Bank is a single-location community bank located at 1885 Northwest Blvd. in Columbus, Ohio. They are proud to continue to be part of the tradition of being a local branch with personalized service and over 100 years of combined experience.

Media Contact:
Pamela Shanahan
312-521-1690
[email protected]

SOURCE Performance Trust Capital Partners, LLC

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Rate hikes will test the Buy Now Pay Later business model https://gametowne.com/rate-hikes-will-test-the-buy-now-pay-later-business-model/ Sun, 12 Jun 2022 05:27:30 +0000 https://gametowne.com/rate-hikes-will-test-the-buy-now-pay-later-business-model/ Buy Now Pay Later business model faces tests as rates rise Reduced consumer spending, rising interest rates and tougher credit conditions are creating problems for Buy Now Pay Later lenders, raising the prospect of consolidation in the industry. Buy Now Pay Later (BNPL) businesses have created one of the fastest growing segments of consumer credit, […]]]>

Buy Now Pay Later business model faces tests as rates rise

Reduced consumer spending, rising interest rates and tougher credit conditions are creating problems for Buy Now Pay Later lenders, raising the prospect of consolidation in the industry.

Buy Now Pay Later (BNPL) businesses have created one of the fastest growing segments of consumer credit, with transaction volumes reaching $120 billion in 2021, up from just $33 billion in 2019. according to GlobalData.

BNPL’s business model grew out of a very low interest rate environment that allowed BNPL’s businesses to raise funds at relatively low cost and offer point-of-sale loans to customers on online shopping sites.

Consumers pay for their purchases in installments over a period of weeks or months, usually without interest, and BNPL companies charge online retailers a fee for each transaction.

The model proved popular among younger consumers during the COVID-19 pandemic as e-commerce volumes soared, with Buy Now Pay Later transactions accounting for $2 out of every $100 spent on e-commerce last year , according to GlobalData.

But the sector faces a toll as the circumstances that fueled its explosive growth come to an end, with consumers cutting back on spending and rising interest rates driving up BNPL companies’ funding costs, squeezing their margins.

There are more than 100 BNPL companies worldwide, according to S&P Global Market Intelligence’s 451 Research.

Apple’s announcement this week of the launch of its own deferred payments service will further intensify competition and briefly depress the share price of publicly traded players such as Affirm Holdings, the largest BNPL company in the United States, and Australia’s Zip Co and Sezzle Inc.

Their stock price was already under pressure, with Affirm down around 75% this year.

Shares of Jack Dorsey’s payments firm Block Inc, which bought Australian provider BNPL Afterpay in a January deal, are down around 48% in 2022.

“Right now there is more caution and less interest (for BNPL businesses from investors) due to the financial risks that could become apparent here if we are in an economic downturn or potential recession,” said Bryan Keane, principal payments analyst at Deutsche Bank.

Chart: Stocks Buy now, pay later

BNPL’s main company, Klarna, which was valued at $46 billion following a financing round a year ago, recently laid off 700 employees, or 10% of its workforce.

The Sweden-based company cited changing consumer sentiment, inflation and the war in Ukraine as reasons, and said it was in talks with investors to raise more money.

For smaller players, many of which are young start-ups, accessing finance to lend to buyers will become more difficult.

“Most buy-it-now-pay-later providers don’t have access to deposits, they’re generally not financial institutions,” said Jordan McKee, principal research analyst at 451 Research. “There are certainly some exceptions to that. But typically they need to borrow those funds to lend them out and as the interest rates associated with borrowing those funds go up…it costs them more. money to give money to consumers and that puts pressure on their margins.

The most isolated companies include Klarna and Block which have banking charters and could fund with deposits, analysts said.

The sector also faces increasing scrutiny from regulators as consumers grapple with rising costs. UK charity Citizens Advice said on Tuesday that half of 18-34 year olds in Britain had borrowed money to make their BNPL payments.

The UK Department of Finance has launched a consultation on how BNPL companies should be regulated. Australia’s financial services minister said on Tuesday the government would push to regulate BNPL lenders under credit laws.

Affordability checks

New entrants aren’t deterred by the downturn: British banking startup Zopa, which hit a $1 billion valuation in a funding round in October, said on Tuesday it would launch BNPL products in part of its offer.

Tim Waterman, chief commercial officer of Zopa, expects upcoming regulations will include tighter checks on what customers can afford to make payments, and reliance on services will need to be reported to agencies credit reference.

“Accessibility controls are going to create more friction in the customer experience and potentially tip the balance for merchants,” he said. “At the moment BNPL is very effective in terms of driving sales and conversion rates and that could change slightly.”

Deutsche Bank’s Keane said merchants could incur higher fees if BNPL firms attract more customers to their websites, but that would favor big players.

“I think some of the smaller players will probably go out of business or they’ll try to plug into other tech players or consolidate with the bigger players,” Keane said. Some large financial institutions may also be interested in M&A opportunities in the sector, analysts said.

Rob Galtman, senior director at Fitch Ratings, said that while any loan product has higher default rate risks during a downturn in the business cycle, BNPL firms can be protected by their ability to control the type line of credit they offer depending on the users. behavior, as well as the fact that they generally offer shorter-term loans.

Apple’s entry “signals a validation of these offerings in the marketplace,” he said.

Deutsche Bank estimates the market could grow to $482 billion by 2025 and account for 5.6% of e-commerce spending, including payments for travel and events.

“What Apple’s move telegraphs to me is that Buy Now Pay Later is increasingly seen as a feature, not a standalone business,” McKee said.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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M&T Bank (NYSE:MTB) Upgraded by StockNews.com to “Hold” https://gametowne.com/mt-bank-nysemtb-upgraded-by-stocknews-com-to-hold/ Fri, 10 Jun 2022 05:22:00 +0000 https://gametowne.com/mt-bank-nysemtb-upgraded-by-stocknews-com-to-hold/ M&T Bank (NYSE: MTB – Get Valuation) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report on Friday. The ATV has been the subject of several other reports. Morgan Stanley upgraded M&T Bank shares from an ‘underweight’ to an ‘overweight’ rating and raised its target price for the stock […]]]>

M&T Bank (NYSE: MTB – Get Valuation) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report on Friday.

The ATV has been the subject of several other reports. Morgan Stanley upgraded M&T Bank shares from an ‘underweight’ to an ‘overweight’ rating and raised its target price for the stock from $179.00 to $238.00 in a research report Thursday, April 21. Wedbush raised its price target on M&T Bank shares from $187.00 to $212.00 in a Thursday, April 21 research report. Piper Sandler raised her target price on M&T Bank shares from $200.00 to $210.00 in a Wednesday, April 20 research report. Citigroup launched coverage on M&T Bank shares in a research report on Thursday, March 24. They set a “buy” rating for the company. Finally, Goldman Sachs Group raised its price target on M&T Bank shares from $183.00 to $210.00 and gave the stock a “neutral” rating in a Monday, April 4 research report. Eight equity research analysts gave the stock a hold rating and seven gave the stock a buy rating. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus target price of $191.91.

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NYSE MTB shares opened at $171.36 on Friday. The company’s 50-day moving average price is $169.44 and its 200-day moving average price is $169.13. M&T Bank has a 1-year low of $128.46 and a 1-year high of $186.95. The company has a market capitalization of $30.74 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.08 and a beta of 0.86. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt ratio of 0.21.

M&T Bank (NYSE:MTB – Get Rating) last released its results on Wednesday, April 20. The financial services provider reported EPS of $2.62 for the quarter, beating the consensus estimate of $2.38 by $0.24. M&T Bank posted a net margin of 29.31% and a return on equity of 11.45%. In the same quarter a year earlier, the company had earned earnings per share of $3.41. Equity research analysts expect M&T Bank to post EPS of 13.66 for the current year.

M&T Bank said its board authorized a stock repurchase plan on Tuesday, Feb. 22 that allows the company to repurchase $800.00 million of stock. This repurchase authorization authorizes the financial services provider to repurchase up to 3.4% of its shares through purchases on the open market. Stock buyback plans are often a sign that a company’s management believes its stock is undervalued.

In related news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company in a trade that took place on Tuesday, May 17. The shares were sold at an average price of $169.71, for a total transaction of $848,550.00. Following the sale, the insider now directly owns 39,008 shares of the company, valued at approximately $6,620,047.68. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. Additionally, Executive Vice President Christopher E. Kay sold 2,200 shares of the company in a transaction that took place on Friday, June 3. The shares were sold at an average price of $178.83, for a total transaction of $393,426.00. Following the sale, the executive vice president now owns 5,350 shares of the company, valued at $956,740.50. The disclosure of this sale can be found here. Insiders sold a total of 7,725 shares of the company valued at $1,335,332 over the past three months. Insiders own 0.73% of the shares of the company.

Several hedge funds have recently changed their positions in the MTB. Richwood Investment Advisors LLC acquired a new stake in M&T Bank in Q4 worth approximately $25,000. Riverview Trust Co bought a new stake in M&T Bank in Q1 worth around $27,000. CVA Family Office LLC acquired a new stake in M&T Bank in Q4 for a value of approximately $31,000. Bank of New Hampshire bought a new stake in M&T Bank in Q1 for about $34,000. Finally, Cordasco Financial Network acquired a new stake in M&T Bank in Q1 worth approximately $34,000. Institutional investors hold 87.61% of the company’s shares.

About M&T Bank (Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

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Bunker Labs and JPMorgan Chase Commercial Banking Open Applications for 2022-2023 CEOcircle Program, Expand Eligibility https://gametowne.com/bunker-labs-and-jpmorgan-chase-commercial-banking-open-applications-for-2022-2023-ceocircle-program-expand-eligibility/ Wed, 08 Jun 2022 13:03:00 +0000 https://gametowne.com/bunker-labs-and-jpmorgan-chase-commercial-banking-open-applications-for-2022-2023-ceocircle-program-expand-eligibility/ NEW YORK–(BUSINESS WIRE)–Today, Bunker Labs and JPMorgan Chase Commercial Banking announced that applications are now open for the 2022-2023 CEOcircle program for military-related businesses. The 13-month program, which begins in November, offers executives the opportunity to advance their business through quarterly in-person sessions, monthly peer-to-peer networking meetings and a ten-week mentorship program with JPMorgan Chase. […]]]>

NEW YORK–(BUSINESS WIRE)–Today, Bunker Labs and JPMorgan Chase Commercial Banking announced that applications are now open for the 2022-2023 CEOcircle program for military-related businesses.

The 13-month program, which begins in November, offers executives the opportunity to advance their business through quarterly in-person sessions, monthly peer-to-peer networking meetings and a ten-week mentorship program with JPMorgan Chase.

“Veter-owned businesses employ more than four million workers across the country. We are excited to accelerate their success by helping them access essential financial coaching and the strong networks they need to take their business to the next level,” said Terry Hill, Managing Director of JPMorgan Chase Commercial Banking and former US Army captain. “Building on the success of last year’s program, we are excited to continue supporting military-related businesses as they meet today’s demands, prepare for tomorrow’s opportunities, and create an impact that will last for generations.”

Bunker Labs and JPMorgan Chase are also expanding eligibility criteria and doubling down on program capacity to pursue the goal of empowering military-related businesses. Companies with annual revenues over $1 million are now invited to apply for one of the 80 spots available in this year’s cohort.

Eligible companies must:

  • Be led by a military veteran and/or military spouse (CEO, senior executive and/or majority shareholder)

  • Have achieved annual revenue of more than $1 million or raised $5 million in capital

  • Show high growth potential via market size, industry, market saturation and significant traction

“JPMorgan Chase is an important partner and we are beyond grateful for their alignment in our mission,” said Blake Hogan, CEO of Bunker Labs. “Veterans and military spouses are a minority at this level of corporate leadership, but their impact is immense. That’s why it’s so important to bring them together to learn, grow and rely on each other. others as they shared experiences from the military and we look forward to working with this new group of business leaders and JPMorgan Chase.”

Last year, Bunker Labs and JPMorgan Chase worked with 41 companies with projected annual revenues for 2021 ranging from $1.5 million to $105 million. The companies, which generated an average of $13.9 million in annual revenue, represented a wide range of industries, including healthcare, marketing, data and information technology, staffing and recruitment, and restaurants.

The free app is open until August 3. To learn more and apply for the program, please visit https://bunkerlabs.org/ceo-circle/.

About Bunker Labs

Bunker Labs is a national 501(c)3 nonprofit organization whose mission is to ensure the military community has the network, tools, and opportunities it needs to start successful businesses. We accomplish our mission by inspiring members of the military community to see their entrepreneurial potential. We equip our program participants with practical tools, ideas, experts and resources to accelerate their success, and we connect entrepreneurs to a strong community and to diverse and relevant networks.

About JPMorgan Chase Commercial Banking

JPMorgan Chase Commercial Banking is a business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services company with $4 trillion in assets and operations worldwide. Through its Middle Market Banking and Specialty Industries, Corporate Banking and Specialty Industries, and Commercial Real Estate businesses, Commercial Banking serves emerging startups, mid-market and large corporations as well as government entities, organizations with non-profit and commercial real estate investors. , developers and owners. Clients are supported at every stage of their growth with specialized sector expertise and tailored financial solutions, including credit and financing, treasury and payment services, international banking services, advisory services, etc. . Information about JPMorgan Chase Commercial Banking is available at www.jpmorganchase.com/commercial

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Wells Fargo announces ‘pause’ from politics that led to fake job interviews https://gametowne.com/wells-fargo-announces-pause-from-politics-that-led-to-fake-job-interviews/ Mon, 06 Jun 2022 21:00:09 +0000 https://gametowne.com/wells-fargo-announces-pause-from-politics-that-led-to-fake-job-interviews/ Wells Fargo is temporarily suspending a hiring policy that led some officials to conduct mock interviews with non-white and female candidates, following a New York Times report highlighting the practice, the bank’s chief executive said , Charles W. Scharf, to employees in a letter on Monday. Instituted in 2020, the bank’s “diverse roster” policy stipulated […]]]>

Wells Fargo is temporarily suspending a hiring policy that led some officials to conduct mock interviews with non-white and female candidates, following a New York Times report highlighting the practice, the bank’s chief executive said , Charles W. Scharf, to employees in a letter on Monday.

Instituted in 2020, the bank’s “diverse roster” policy stipulated that at least half of applicants interviewed for vacancies paying $100,000 or more in annual salaries must be “diverse” — a catch-all term for racial minorities, women and members of other disadvantaged groups.

Although a version of the policy has been in place for years, Wells Fargo executives clarified it in writing in mid-2020 as part of a broader campaign to increase diversity within the bank. . On Monday, Mr. Scharf told employees the policy would be suspended for several weeks to give bank executives time to study its use and make changes.

The pause would allow the bank to ensure that “the guidelines deliver what they promise” and that “hiring managers, senior managers and recruiters fully understand how the guidelines should work,” Scharf said in the letter.

The Times reported on May 19 that a former employee of the bank’s wealth management business complained that he was forced by his bosses to interview people for jobs that had already been promised to d ‘others, just to meet the requirement of ‘diversification of the list’.

The man, Joe Bruno, was among a dozen current and former Wells Fargo employees who said they witnessed or participated in fake interviews. Some of the employees said mock interviews were also conducted for jobs paying less than $100,000. The purpose was to record the fact that “diverse” candidates were interviewed in case banking regulators checked whether Wells Fargo was giving minorities a fair chance at jobs, they said.

After the publication of the Times report, lawmakers, including Senator Sherrod Brown, an Ohio Democrat who heads the Senate Banking Committee, criticized the practice. Mr. Brown wrote to Mr. Scharf asking him to settle his problems “once and for all”. Senator Elizabeth Warren of Massachusetts, also a Democrat, cited the report in a May 20 tweet in which she called for Wells Fargo to be dissolved.

Mr Bruno was fired last August after complaining to his bosses. Bank officials said in messages to employees following the Times report that while the fake interviews took place, they represented isolated incidents that did not comply with bank policy.

In his letter, Mr Scharf said the bank had reason to believe the “diverse slate” policy was working. In 2021, for example, 42% of people hired for jobs paying $100,000 or more were members of a racial or ethnic minority, an increase of five percentage points from two years earlier, before the implementation. implementation of the “diversity of lists” policy.

But Mr Scharf said in Monday’s letter that members of the bank’s operating committee – which includes its most senior executives – concluded there was “an opportunity to improve our implementation around certain of our activities”.

Mr Scharf said the “diverse roster” policy would be put on hold for several weeks to give leaders a chance to “review our guidelines and processes and make improvements”. Once the review is complete, he added, Wells Fargo “will make adjustments to our diverse slate program as appropriate and relaunch it during the month of July.”

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