GBank Financial Holdings Inc. Pleased to Share the Press Release of Sightline Payments Announcing Its Acquisition of Casino Mobile App Developer JOINGO

Rhea-AI Summary

GBank Financial Holdings Inc. (OTCQX: GBFH) announced that its partner, Sightline Payments, has acquired JOINGO, a leading mobile engagement platform for the casino industry. This acquisition aims to enhance digital payment solutions for casinos, leveraging the longstanding partnership between Sightline and Bank of George, which has facilitated over $1.1 billion in transactions since its inception. GBank, parent company of Bank of George, holds approximately $520 million in assets and focuses on lending across multiple states, emphasizing its FinTech Gaming Division.

Positive

• Sightline Payments' acquisition of JOINGO enhances their digital payments capabilities in casinos.
• The partnership with Bank of George has facilitated over $1.1 billion in transactions.
• GBank holds approximately $520 million in assets, indicating a solid financial base.

Negative

• Risks associated with the ongoing COVID-19 pandemic may adversely impact future operations.
• Potential inability to achieve merger-related synergies could hinder expected benefits.

LAS VEGAS, June 14, 2021 /PRNewswire/ -- GBank Financial Holdings Inc. ("GBank" or the "Company") (OTCQX: GBFH), the parent company for Bank of George (the "Bank"), is pleased to share the press release by Sightline Payments, a FinTech company specializing in digital payments solutions for the sports betting and casino markets, and our Bank of George business partner, announcing its acquisition of casino mobile app developer JOINGO, the leading mobile engagement and loyalty platform for the casino gaming industry.

"This acquisition positions Sightline to provide a more robust digital payments experience in casinos." - Joe Pappano, CEO of Sightline Payments.

"We are thrilled by this recent announcement from Sightline Payments.  Through its contract with BankCard Services, LLC, Bank of George has been providing the banking solutions for Sightline Payments since 2016," stated Edward M. Nigro, Executive Chairman of GBank Financial Holdings Inc. and Bank of George.

The full press release from Sightline Payments can be found here:

Sightline Payments Acquires Casino Mobile App Developer (globenewswire.com)

About BankCard Services, LLC 

BankCard Services, LLC entered into an agreement with Sightline Payments in 2014 to provide Bank of George as a sponsor bank to enable Sightlines Play+ cashless solutions for the gaming industry. Today, the Sightline/BankCard Services, LLC/Bank of George partnership services over 700,000 accounts at Bank of George with over $1.1 billion in transactions since the Play+ sports betting launch in Nevada.

Bank of George, a subsidiary of GBank Financial Holdings Inc (GBFH), and BankCard Services, LLC  also launched the Oregon State Lottery online sports wagering program with SB Tech, World Pay (FIS) and Sightline Payments in 2018 with the development of BankCard Services, LLC's proprietary "Player Information Management System (PIMS)".  PIMS created the Pooled Player Account structure to enable digital cashless transactions.

The Company

GBank Financial Holdings Inc. ("GBank" or the "Company") (GBFH), a bank holding company with approximately $520 million in assets as of March 31, 2021, conducts business through its wholly owned subsidiary, Bank of George (named in honor of George Washington).  Founded in 2007, the Bank operates two full-service commercial branches in Las Vegas, Nevada, with primary lending activities focused on engaging clients in Nevada, California, Utah, and Arizona.  Bank of George has key businesses in three prominent divisions: SBA Lending, FinTech Gaming Division, and Commercial Lending.  The Bank conducts business nationally through its SBA lending activities (ranked 17th in the nation by the U.S. Small Business Administration for SBA 7(a) dollar loan volume through September 30, 2020) and its BankCard Services ("BCS") partnership.  Launched in 2016, its Financial FinTech Division is powering Sightline Payments Play+ Solution (https://sightlinepayments.com/) for seamless and secure pay and play that is enabling cashless, mobile commerce solutions for gaming, lottery and sports betting ecosystems – positioning GBank as a financial leader in this new payments world. The Bank also provides general commercial banking services with an emphasis on serving the needs of small- and medium-sized businesses, high net worth individuals, professionals, and investors.  The Bank offers a full complement of consumer deposit products and is focused on delivering a premium level of service.  Bank of George has been recognized every year for each of the past five years by S&P Global Market Intelligence as a top 100 U.S. community bank under $3 billion in assets.  For more information about Bank of George, please visit its website at https://www.bankofgeorge.com. GBank's Common Stock is quoted on the US OTCQX Market under the symbol GBFH.

Forward-looking Statements

GBank has made forward-looking statements in this Press Release. These forward-looking statements are subject to risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and its subsidiaries. When words such as "believes," "expects," "anticipates," or similar expressions occur in this Press Release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in the forward-looking statements contained in this Press Release. Those factors include, but are not limited to: the recent and continuing coronavirus (COVID-19) pandemic which poses risks and may harm the Company's business and results of operations in future quarters, credit risk, changes in market interest rates, inability to achieve merger-related synergies, competition, economic downturn or recession, and government regulation and supervision. The Company undertakes no obligation to update or revise any forward-looking statements.

 

View original content:http://www.prnewswire.com/news-releases/gbank-financial-holdings-inc-pleased-to-share-the-press-release-of-sightline-payments-announcing-its-acquisition-of-casino-mobile-app-developer-joingo-301311994.html

SOURCE GBank Financial Services Inc.

FAQ

What is the significance of Sightline Payments' acquisition of JOINGO for GBank (GBFH)?

The acquisition enhances Sightline Payments' digital payment solutions, strengthening GBank's partnership with them, which is crucial for their FinTech Gaming Division.

How much has Bank of George processed in transactions since partnering with Sightline Payments?

Bank of George has processed over $1.1 billion in transactions since the partnership began.

What are the assets of GBank Financial Holdings as of March 31, 2021?

GBank Financial Holdings has approximately $520 million in assets as of March 31, 2021.

What are the potential risks mentioned in the GBank press release?

The press release mentions risks related to the COVID-19 pandemic and the potential inability to achieve merger-related synergies.