GBank Financial Holdings Inc. Pleased to Welcome Resorts World as a Bank of George Strategic Partner

Rhea-AI Summary

GBank Financial Holdings Inc. (GBFH) has partnered with Resorts World as part of the Bank of George Fintech Division. This collaboration marks a significant milestone as it supports the cashless payment system launched at the Resorts World Las Vegas. Bank of George has been backing Sightline Payments since 2016, which has facilitated over $1.1 billion in transactions. The Bank boasts approximately $520 million in assets and has been recognized as one of the top 100 U.S. community banks by S&P Global Market Intelligence.

Positive

• Strategic partnership with Resorts World enhances GBank's market position.
• Facilitated over $1.1 billion in transactions through Sightline Payments.
• Recognized as a top 100 U.S. community bank under $3 billion in assets.

Negative

• None.

LAS VEGAS, June 24, 2021 /PRNewswire/ -- GBank Financial Holdings Inc. ("GBank" or the "Company") (OTCQX: GBFH), the parent company for Bank of George (the "Bank"), is pleased to welcome Resorts World as a strategic partner of the Bank of George Fintech Division. From its website, Resorts World is "the first integrated resort to be built on the Las Vegas Strip in over a decade", and "will seamlessly blend the technology and luxury appeal of an urban contemporary resort with the traditions and time-honored details of the international Resorts World brand." 

"Bank of George is an important banking engine for the Sightline Payments cashless-system being unveiled at the Resorts World Las Vegas grand opening on June 24, 2021," stated Edward M. Nigro, Executive Chairman of GBank Financial Holdings Inc. and Bank of George. 

In a Bloomberg article, Joseph Pappano, CEO of Sightline Payments, a FinTech company specializing in digital payments solutions for the sports betting and casino markets, said "Guests who download the Resorts World app and fund their digital wallet can generate a QR code that can be scanned by dealers at the blackjack tables." 

The full Bloomberg article can be found here: 

http://a.msn.com/00/en-us/AALkoOx?ocid=se

Through its contract with BankCard Services, LLC, Bank of George has been providing the banking solutions for Sightline Payments since 2016.   "We couldn't be more pleased to be in this strategic partnership with both Sightline Payments and Resorts World," said T. Ryan Sullivan, President/CEO of GBank Financial Holdings Inc. and Bank of George. 

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-welcome-resorts-world-as-a-bank-of-george-strategic-partner-301319698.html

SOURCE GBank Financial Services Inc.

FAQ

What is GBank Financial Holdings Inc.'s recent partnership announcement?

GBank Financial Holdings Inc. has announced a strategic partnership with Resorts World as part of the Bank of George Fintech Division.

How much has Bank of George facilitated in transactions with Sightline Payments?

Bank of George has facilitated over $1.1 billion in transactions through Sightline Payments since 2016.

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

As of March 31, 2021, GBank Financial Holdings Inc. had approximately $520 million in assets.

What recognition has GBank Financial Holdings Inc. received?

GBank has been recognized as one of the top 100 U.S. community banks under $3 billion in assets by S&P Global Market Intelligence.

What role does Bank of George play in Resorts World's cashless system?

Bank of George provides banking solutions for the cashless payment system at Resorts World, which is powered by Sightline Payments.