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GBank Financial Holdings Inc. (GBFH), headquartered in Las Vegas, Nevada, is the parent company of GBank, a financial institution with approximately $963.5 million in assets as of March 31, 2024. Established in 2007, GBank operates two full-service commercial branches in Las Vegas and specializes in Small Business Administration (SBA) Lending, Gaming FinTech, and Commercial Lending.
Business Divisions:
- SBA Lending: GBank ranks in the top 10 nationally for SBA 7(a) dollar loan volume. The bank provides comprehensive support to small businesses, with a significant focus on SBA loan originations and modifications to assist clients affected by fluctuating market conditions.
- Gaming FinTech: Launched in 2016, this division offers innovative financial solutions through a partnership with BankCard Services, LLC (BCS). The key product is the Play+ Prepaid Card Program, which enables cashless transactions for gaming operators. Additionally, GBank provides Pooled Player (PPA™) and Pooled Consumer (PCA™) Accounts Powered by PIMS and CIMS, offering FDIC-insured individual accounts for digital transactions.
- Commercial Lending: GBank extends various commercial lending products, primarily focused on Nevada, California, Utah, and Arizona, supporting the financial needs of small and medium-sized businesses, high net-worth individuals, professionals, and investors.
Financial Highlights:
For the quarter ended March 31, 2024, GBank reported a net income of $3.7 million, or $0.28 per diluted share. The total gross loans increased by 14% to $776.7 million compared to the prior quarter, and total deposits grew by 8% to $806.9 million. The bank's strong performance highlights its robust growth strategy and resilience in a competitive financial market.
Recent Developments:
- GBank has initiated a strategic 'Great Pivot' by retaining more originated guaranteed loans and repurchasing previously sold SBA loans, resulting in substantial asset growth and higher net interest income.
- The company is set to restructure its proposed transaction with BCS, anticipating a nonvoting equity investment equivalent to 32.99% of BCS's equity. This restructuring aims to enhance GBank's Gaming FinTech Division further.
- GBank has introduced the GBank Visa Signature® Card, targeting gaming and sports enthusiasts, available nationwide.
GBank remains committed to providing premium service levels and maintaining financial stability while pursuing growth opportunities. For more information, visit the official GBank website at www.g.bank.
GBank Financial Holdings Inc. (OTCQX: GBFH) reported record net income of $4.7 million, or $0.35 per diluted share, for Q2 2024, up from $2.3 million in Q2 2023. Key highlights include:
- Record net revenue of $15.5 million
- Net interest margin of 4.82%
- Gross loan growth of $35.6 million, or 5% sequentially
- Total assets reached $1 billion
- Completed 32.99% investment in BankCard Services,
The company saw strong performance in its SBA Lending division, with loan sale volume increasing 14% to $77.9 million and gain on sale of loans up 52% to $3.2 million compared to Q1 2024. The Gaming FinTech segment maintained steady deposits, while the Credit Card division showed growth in balances and open credit lines.
GBank Financial Holdings has completed a restructured transaction with BankCard Services (BCS), acquiring a 32.99% non-voting equity interest in BCS. This was achieved by exchanging 231,508 shares of restricted, non-voting GBFH stock for 143,371 shares of non-voting BCS stock. The GBFH shares held by BCS are convertible to voting shares only under specific conditions set by Federal Reserve regulations. The transaction, endorsed by a Special Committee of GBFH's Board, aims to enhance their partnership, focusing on innovative cashless payment solutions for gaming and fintech sectors.
GBank Financial Holdings (OTCQX: GBFH) has announced the restructuring of its previously proposed transaction with BankCard Services (BCS). The company will now make a nonvoting equity investment in BCS amounting to 32.99% of BCS's equity, in exchange for approximately 231,509 shares of its own non-voting common stock.
The Special Committee, consisting of four independent directors, reviewed the revised terms using an independent valuation, and the Board has approved the transaction. The deal is expected to close by the end of Q2 2024.
The GBank/BCS partnership pipeline remains active, including a new agreement to implement Real Time Payment requests for gaming platforms. An investor call to discuss the transaction is scheduled for May 28, 2024, at 1:30 p.m. PST via ZOOM and telephone.
GBank Financial Holdings Inc. announced the appointment of Scot M. Levine as the Executive Vice President and Chief Risk Officer of GBank. Mr. Levine will oversee the risk management framework, ensuring identification, assessment, and mitigation of financial and operational risks. With a strong background in risk management and compliance, Scot Levine brings valuable expertise to the company.
GBank Financial Holdings Inc. announced its Q1 2024 financial results, reporting a net income of $3.7 million and diluted EPS of $0.28. The company experienced growth in gross loans, loan sales, and gain on sale of loans. Balance sheet showed strong liquidity and capital positions. The company's net interest income increased due to loan growth and rate increases. Noninterest income and expenses also saw variations. Gaming FinTech division showed positive developments. The merger with BankCard Services, was highlighted, and credit quality remained stable.
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