BOCA RATON, Fla., Oct. 08, 2024 (Globe Newswire) — NewtekOne, Inc. (NASDAQ: NEWT) announced today that it has $742 million in deposits with NA Newtek Bank as of September 30, 2024. We announced that we are planning to make a report. It is expected to increase 11.7% to $664 million as of June 30, 2024 and increase 43% to $519 million as of December 31, 2023. As of September 30, 2024, insured deposits are expected to represent approximately 75% of total deposits. In the very important category of business core deposits, we expect to end the third quarter of 2024 at $119 million. That’s an increase of $37 million, or 45%. Deposits received from our lending customers are expected to end at $78 million by the third quarter of 2024, continuing to increase $30 million from the prior quarter.
Barry Sloan, President, Chairman and CEO, commented: In 2023, NewtekOne must be implemented to take advantage of the tens of thousands of existing business customers who rely on NewtekOne for commercial loans, payroll processing, merchant services, IT solutions, and/or personal and commercial insurance agencies. We knew there were a lot of things going on. . As previously stated, New York City National Bank (“NBNYC”), which was acquired by NewtekOne in January 2023, is continuing to operate in the traditional way of banking, where customers go to a branch and sign in. It was a 60-year-old one-branch bank that adopted the method. Administrative procedures, such as opening a consumer or commercial bank account. Our efforts to increase Newtek Bank’s workforce from 21 to 358 employees and integrate new business processes and procedures to leverage NewtekOne’s existing relationships and business and financial solutions continue continues to be an important part of our strategy. Developed and acquired the appropriate software and established policies and procedures to enable us to open, document, monitor, and service our clients from approximately 1,400 accounts when we acquired NBNYC to approximately 10,000 accounts today. Acquiring staff to expand scale is no small task. Great feat. In addition, Newtek Bank’s hiring of experienced compliance officers, BSA officers, and risk officers ensures that account opening, proper documentation, investigative activities, and customer service are part of a successful deposit collection strategy. helped make the provision possible. . It’s important to note that deposit growth is based on our deposit collection strategy, which focuses on consumer high-value savings accounts, as well as the much lower-cost corporate checking and corporate finance markets. Masu. The sequential growth rate for total deposits from June 30, 2024 to September 30, 2024 is 11.7%, and business core deposits are expected to end at $119 million by the third quarter of 2024. That’s an increase of $37 million, or 45%. We will soon be launching and announcing our latest marketing and product initiative called Newtek Zero-Fee Banking™. To view the Newtek Zero-Fee Calculator™, please visit www.Newtekbank.com. We are excited to launch this product and offer a deposit comparison calculator. This tells our future customers that their current banking relationship is inferior to the one they have with Newtek Bank. We look forward to reporting our third quarter 2024 earnings results on November 6, 2024. ”
About NewtekOne Co., Ltd.
NewtekOne®, Your Business Solutions Company® is a financial holding company that, together with its bank and non-bank consolidated subsidiaries (collectively “NewtekOne”), provides a wide range of business and financial solutions to independent businesses under the Newtek® brand . business owner. Since 1999, NewtekOne has provided independent business owners in all 50 states with cutting-edge, cost-effective products and services and efficient business strategies to help them grow sales, control expenses, and reduce risk. Ta.
NewtekOne and its subsidiaries’ business and financial solutions include banking (Newtek Bank, NA), business lending, SBA loan solutions, electronic payment processing, technology solutions (cloud computing, data backup, storage and retrieval, IT consulting); Includes e-commerce and accounts. Accounts receivable and inventory financing, insurance solutions, web services, payroll and benefits solutions.
Newtek®, NewtekOne®, Newtek Bank®, National Association, Your Business Solutions Company®, One Solution for All Your Business Needs®, and Newtek Advantage are registered trademarks of NewtekOne, Inc.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the rules and regulations of the Private Securities Litigation and Reform Act of 1995. Information regarding the Company’s assets under supervision, capital adequacy, risk-weighted assets, additional leverage ratios and balance sheet data constitute preliminary estimates and are subject to regulatory filings and September 30, 2024. Subject to change upon filing of the Company’s Form 10-Q for the quarter ending in . These and other forward-looking statements in this document include: They are based on the current beliefs and expectations of NewtekOne management and are subject to significant risks and uncertainties. Actual results may differ from those described in the forward-looking statements. NewtekOne website (https://investor.newtekbusinessservices.com/sec-filings) and the Securities and Exchange Commission website (www.sec.gov). Forward-looking statements made by or on behalf of NewtekOne speak only as of the date on which they are made, and NewtekOne does not warrant that any forward-looking statements may be made by or on behalf of NewtekOne. We undertake no obligation to update any forward-looking statements to reflect the impact of. A statement was made.
Source: NewtekOne, Inc.
Investor Relations and Public Relations
Contact: Jane Kabuoto
Phone: (212) 273-8179 / jcavuoto@newtekone.com
