HOUSTON, June 2, 2020 /PRNewswire/ -- As part of recent company growth and in line with the company's expansion goals, Welcome Group, LLC, a Houston, Texas-based commercial real estate owner and developer, has acquired the 3004 Aldine Bender Complex. This industrial property features three (3) leased, single-tenant buildings featuring a total of 116,790 square feet on approximately 38.09 acres.
BANGALORE, India and PALO ALTO, Calif., June 2, 2020 /PRNewswire/ -- Iron Pillar, a venture growth investor specializing in mid-stage technology investments in India, announced a strategic partnership and investment by Nitya Capital, a rapidly growing investment firm in the U.S. with $2 billion of assets under management. The investment was made in Iron Pillar Holdings Limited, alongside founding partners, Anand Prasanna, Mohanjit Jolly, and Ashok Ananthakrishnan. Nitya Capital was founded by Swapnil Agarwal, who grew the firm from $300,000 in personal savings to $2 billion of assets under management in just seven years, with top tier investor returns.
VANCOUVER, June 2, 2020 /CNW/ - East Africa Metals Inc. (TSX Venture: EAM) ("East Africa" or the "Company") announces that SinoTech (Hong Kong) Corporation Limited, an insider of the Company, has agreed to provide an unsecured loan to the Company in the amount of CAD$250,000 at an interest rate of 12% per annum. The loan is repayable upon the earlier of (a) 15 business days after the Company's closing of any financing or transaction in connection with the development of the Company's Harvest project (see press Release dated February 24, 2020); or (b) 6 months from the Company's receipt of the loan proceeds. Any extension of the loan is subject to SinoTech's agreement.
Pacific Valley Bank Announces Its First Quarter 2020 Financial Results and Participation in the CARES Act Paycheck Protection Program
SALINAS, Calif., June 2, 2020 /PRNewswire/ -- Pacific Valley Bank (OTC Pink: PVBK) announced its unaudited first quarter 2020 Net Income of $599 thousand or $0.15 basic earnings per share.  Net Income for the first three months of 2019 was $548 thousand or $0.14 basic earnings per share. Prudent with the uncertainty of the future impact of COVID-19, the Bank posted a $75 thousand provision expense in the first quarter of 2020 to increase its Allowance for Loan and Lease Losses to $4.75 million or 1.78% of outstanding loans. Assets increased 8% to $334 million compared with a year ago. First Quarter 2020 Financial Highlights (annualized) Return on Average Assets (ROAA): 0.69% Net Interest Margin (NIM): 3.86% Efficiency Ratio: 72.05% "The Bank fully participated in the Small Business Administration's Paycheck Protection Program," stated Anker Fanoe, President and CEO. "Through the efforts of our exceptionally dedicated staff, we have provided over $80 million in funding to 465 small businesses.  We see this as an essential step toward facilitating the recovery of businesses in our community." He continued, "Every person in every department in varying degrees served to ensure the success of our participation in the program in order to meet the needs of our community.  I am proud of the extraordinary teamwork, time commitment, and heart of our staff who gave so much to make this happen." As of March 31, 2020, total assets were $334.1 million.  Since March 31, 2019, total assets have increased $25.7 million, or 8%.  The Bank's Total Assets declined from year end, primarily in overnight investments due to a decline in in our agriculture sector deposits of approximately $17 million. This fluctuation is typical in the seasonality of these deposits. Total gross loans outstanding were $267.2 million as of March 31, 2020. This exceeded gross loan balances at March 31, 2019, by $23.5 million, or 10%.  The Bank's asset quality in 2020 was good, with non-accruing assets accounting for less than 1% of the Bank's total assets at March 31, 2020, and no loans greater than 30 days past-due.  "Our credit team continues to evaluate the economic conditions that may impact our borrowers and, in line with regulatory guidance, are granting short-term modifications to mitigate adverse impacts," stated Anker Fanoe. As of March 31, 2020, total deposits were $296.5 million, representing growth of $23.2 million, or 8% over a year ago.  Shareholder Equity was $36.5 million at March 31, 2020, representing growth of $2.8 million over a year ago. This increase was the result of strong profitability.  The Bank is considered to be well capitalized and its Capital Ratios well exceed regulatory minimums.  Net Interest Income, before the Provision for Loan Losses, was $3.2 million for the three months ending March 31, 2020. This exceeds the same period last year by $242 thousand or 8%. The increase is primarily due to an increase in earning assets resulting in an increase of $127 thousand, offset by a significant reduction in interest expense associated with a lower cost of funds on the Bank's deposits. The Provision for Loan Losses was $75,000 during the first quarter of 2020; there was no provision expense during the same period of 2019. The net interest margin in the first quarter or 2020 equated to 3.86% compared with 3.92% last quarter. Market rates, primarily Federal Funds Sold and the Prime rate dropped 1.50% in March 2020. Management expects the Bank's net interest margin will be negatively impacted the remainder of the year as a result of the lower rate environment.   For the three months ended March 31, 2020, Non-Interest Income of $157 thousand increased 20% compared with the same period of 2019. Operating expenses were $2.4 million for the first quarter 2020, an increase of 5% compared with the same period of 2020. Pacific Valley Bank Selected Financial Data – Unaudited $ in 000s, Except Share Data Assets 3/31/2020 3/31/2019 Y-O-YChange Cash and Due From Banks $11,785 $6,989 $4,796 Interest Bearing Deposits At Other Banks 50,372 52,557 -2,185 Investment Securities 0 0 0 Loans Outstanding 267,256 243,762 23,494 Allowance for Loan Losses (4,750) (4,582) (168) Other Assets 9,474 9,675 (201) Total Assets $334,137 $308,401 $25,736 Liabilities and Capital 3/31/2020 3/31/2019 Y-O-YChange Non-Interest Bearing Deposits $105,392 $89,340 $16,052 Interest Bearing Deposits 191,098 183,953 7,145 Borrowings 0 0 0 Other Liabilities 1,191 1,476 (285) Equity 36,456 33,632 2,824 Total Liabilities and Capital $334,137 $308,401 $25,736 Three Months Ended Income Statement 3/31/2020 3/31/2019 Q-O-QChange Interest Income $3,538 $3,411 $127 Interest Expense 382 497 (115) Net Interest Income 3,156 2,914 242 Provision (Benefit) for Loan Losses 75 0 75 Non-Interest Income 157 131 26 Non-Interest Expense 2,387 2,275 112 Income Tax 252 222 30 Net Income $599 $548 $51 Ratios - YTD (Annualized) 3/31/2020 3/31/2019 Leverage Ratio 10.50% 11.10% Return on Average Assets 0.69% 0.72% Return on Average Equity 6.62% 6.57% Earnings Per Share (Basic) $0.10 $0.55 Book Value Per Share $9.13 $8.50 Efficiency Ratio 72.05% 74.71% ABOUT PACIFIC VALLEY BANK: Pacific Valley Bank is a full service business bank that commenced operations in September 2004 to provide exceptional service to customers in Monterey County.   Pacific Valley Bank operates business at three locations; administrative headquarters and branch offices in Salinas, King City and Monterey, California.  The Bank offers a broad range of banking products and services, including credit and deposit services to small and medium sized businesses, agriculture related businesses, non-profit organizations, professional service providers and individuals. For more information, visit www.pacificvalleybank.com. This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. Accordingly, readers should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions in all areas in which the Bank conducts business, including the competitive environment for attracting loans and deposits; supply and demand for real estate and periodic deterioration in real estate prices and/or values in California or other states where we lend; changes in the financial performance and/or condition of our borrowers, depositors, key vendors or counterparties; changes in our levels of delinquent loans, nonperforming assets, allowance for loan losses and charge-offs; the effect of changes in laws and regulations, including accounting practices; changes in estimates of future reserve requirements and minimum capital requirements based upon periodic review thereof under relevant regulatory and accounting requirements; fluctuations in the interest rate and market environment; cyber-security threats, including the loss of system functionality, theft, loss of customer data or money; technological changes and the expanding use of technology in banking; the costs and effects of legal, compliance and regulatory actions; acts of war or terrorism, or natural disasters; and other factors beyond the Bank's control. These forward-looking statements, which reflect management's views, are as of the date of this release.  Pacific Valley Bank has no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. ContactAnker Fanoe, Chief Executive Officer (831) 771-4384 View original content to download multimedia:http://www.prnewswire.com/news-releases/pacific-valley-bank-announces-its-first-quarter-2020-financial-results-and-participation-in-the-cares-act-paycheck-protection-program-301069742.html SOURCE Pacific Valley Bank
BAINBRIDGE, Ga., June 2, 2020 /PRNewswire/ -- First Port City Bank (FPCB), Bainbridge, Georgia, is pleased to announce its hiring of Mathis Coxon as Senior Credit Analyst. In his position, Coxon will be responsible for performing credit analysis functions, including analyzing financial statements, conducting credit investigations, and assisting in the preparation of financial/credit information reports for loan officers and committees.
SANTA MONICA, Calif., June 2, 2020 /PRNewswire/ -- Interest rates for new vehicles in May dropped to the lowest level seen by the industry in nearly seven years, according to the car shopping experts at Edmunds. The annual percentage rate (APR) on new financed vehicles averaged 4% in May, compared to 4.3% in April and 6.1% a year ago. This is the lowest average interest rate since August 2013, and the third lowest Edmunds has on record dating back to 2002.
PHOENIX, June 1, 2020 /PRNewswire/ -- Following an announcement earlier this month to support Arizona small businesses with $5 million in SBA backed loans, $10 million in accelerated payments to Arizona healthcare providers, and a prepayment program to assist Arizona primary care providers (PCPs), Blue Cross Blue Shield of Arizona (BCBSAZ) is now launching a loan program for healthcare providers, including qualifying hospitals and physicians across Arizona who have been impacted by COVID-19. The Claim Payment Advance program will allow certain providers to receive a three-month loan to help ease the strain on cash flow so they can continue to provide medical care to Arizonans.
Statement by Donnell Williams President, National Association of Real Estate Brokers on the Current State of Unrest within the United States
WASHINGTON, June 2, 2020 /PRNewswire/ -- Once again, we, the National Association of Real Estate Brokers are called upon to witness history, to be the conscience of America and to be the trusted advisors of our communities. While we are grieved at the passing of yet another Black man, George Floyd at the hands of a few bad actors on the Minneapolis police force, we also recognize we are at war with a novel virus – COVID-19. Black Americans are simultaneously battling COVID-19, as well as the virus of racial injustice, the virus of discrimination, the virus of prejudice and the virus of inequality. This is a historic time. A new birth is taking place. In the future, you will be asked "What'd you do?"  What'd you do at this critical time as Black Americas were waging battles, both physically and economically, on multiple fronts? What'd you do when the homeownership gap between Blacks and Whites hovered around 30 percentage points? What'd you do when Black men were shot and killed for jogging in Georgia or physically restrained to death in Minneapolis?  The National Association of Real Estate Brokers (N.A.R.E.B.) chooses to respond to the civil unrest within our borders from an economic perspective. The Realtist Nation firmly believes "HE WHO OWNS THE LAND MAKES THE LAW." And to that end we encourage voting. We encourage completing the census and we encourage the amendment of HUD Section 184 that provides low interest mortgage loans to other minority groups but currently does not include Black Americans. It's a new day.  If nothing else, the year 2020 has shown us that business as usual is over and some rules were made to be broken. Sam Cooke told us "…a change is gonna come," and the National Association of Real Estate Brokers pivots to embrace these changes as we continue to work to have a positive impact upon  Black lives across the country. NAREB is issuing a Call to Action to eliminate obstructive systemic barriers that obstruct or preclude the increase of Black homeownership. These systemic barriers include, but are not limited to: Lending discrimination and the despair fueled by racial discrimination that obstructs Black homeownership Call for passage of the Heroes Act Call for all 50 states to pass and update fair housing laws Call for cities to reform foreclosure prevention laws Call to eliminate zip code based insurance rates Call to eliminate credit-based auto, life and property insurance rates Call for Federal Housing Finance Administration (FHFA) to eliminate Loan Level Price Adjustments (LLPA) Call for more investment in Black-owned banks, CDFIs, and credit unions Call to increase Renaissance neighborhood initiatives Call for more technical assistance to increase commercial real estate, property management and real estate investment.For more information visit: www.nareb.com. Media contact: Joanne Williams 202-364-0024 jlwilliams@barrington-associates.com     View original content to download multimedia:http://www.prnewswire.com/news-releases/statement-by-donnell-williams-president-national-association-of-real-estate-brokers-on-the-current-state-of-unrest-within-the-united-states-301069756.html SOURCE National Association of Real Estate Brokers (NAREB)