GBank Financial Holdings Inc. Pleased to Share the Press Release of BankCard Services, LLC Welcoming LoopGolf as a New Cashless Gaming Client

Rhea-AI Summary

GBank Financial Holdings Inc. (OTCQX: GBFH) announced that BankCard Services, LLC has welcomed LoopGolf as a new cashless gaming client. This partnership enhances Bank of George's Gaming FinTech Division, which has been providing banking solutions for Sightline Payments since 2016. LoopGolf offers a mobile application for on-course coordination, scoring, and real money wagers. GBank had approximately $635 million in assets as of June 30, 2022, and emphasizes SBA Lending and Commercial Lending in its operations.

Positive

• Partnership with LoopGolf enhances cashless gaming solutions for customers.
• Bank of George has a history of successful banking solutions since 2016.
• Robust asset base with approximately $635 million as of June 30, 2022.

Negative

• None.

LAS VEGAS, Sept. 21, 2022 /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 BankCard Services, LLC ("BCS"), a Technology Company that enables Financial Institutions to participate in cashless gaming, welcoming LoopGolf as a new cashless gaming client of BCS and the Bank of George Gaming FinTech Division.

The full press release from BankCard Services, LLC can be found here:

BankCard Services, LLC Pleased to Welcome LoopGolf as a New Cashless Gaming Client

Through its contract with BankCard Services, LLC, Bank of George has been providing the banking solutions for Sightline Payments since 2016.

About LoopGolf

LoopGolf is golf's digital wallet at the intersection of fintech, sports, and culture. The first iteration of the LoopGolf mobile application provides on-course coordinating, scoring, and settling of real money wagers. LoopGolf is now live in the Apple App Store. Download now! 

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 $2 billion in transactions since the Play+ sports betting launch in Nevada.

BankCard Services, LLC developed its proprietary "Pooled Player Account Powered by PIMS_TM," which expanded the Pooled Player Account structure with FDIC Insured individual player ledger accounts that enable digital cashless transactions.

The Company

GBank Financial Holdings Inc. ("GBank"), a bank holding company with approximately $635 million in assets at June 30, 2002, 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, Gaming FinTech, and Commercial Lending. The Bank conducts business nationally through its SBA lending activities (ranked 14^th in the nation by the U.S. Small Business Administration for SBA 7(a) dollar loan volume through August 31, 2022) and its BankCard Services, LLC ("BCS") partnership. Launched in 2016, its Gaming FinTech Division, through its contract with BankCard Services, LLC ("BCS") is empowering Sightline Payments Play+ Solution (Sightline Payments) for seamless and secure pay-and-play that is enabling cashless, mobile commerce solutions for gaming, lottery, and sports betting ecosystems – positioning the Bank 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 six years by S&P Capital IQ in its Top 100 Best-Performing Community Banks. 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:https://www.prnewswire.com/news-releases/gbank-financial-holdings-inc-pleased-to-share-the-press-release-of-bankcard-services-llc-welcoming-loopgolf-as-a-new-cashless-gaming-client-301630277.html

SOURCE GBank Financial Holdings Inc.

FAQ

What recent partnership did GBank announce on September 21, 2022?

GBank announced a partnership between BankCard Services, LLC and LoopGolf, enhancing cashless gaming solutions.

What is the significance of LoopGolf for GBank's financial services?

LoopGolf enables cashless gaming through its mobile application, improving GBank's offerings in the Gaming FinTech sector.

What was GBank's asset size as of June 30, 2022?

GBank had approximately $635 million in assets as of June 30, 2022.

What company operates under GBank Financial Holdings Inc.?

The Bank of George operates as a subsidiary under GBank Financial Holdings Inc.

What role does Bank of George play in the cashless gaming sector?

Bank of George provides banking solutions for cashless gaming through partnerships like that with BankCard Services, LLC.