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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. (OTC-PINK:GBFH) reported a net income of
GBank Financial Holdings Inc. (OTCQX: GBFH) has announced its virtual annual meeting of shareholders set for May 9, 2023, at 12:00 p.m. PST. Shareholders can participate via ZOOM, with details provided for joining online or by telephone. The meeting will be led by Edward M. Nigro, Executive Chairman, and T. Ryan Sullivan, President/CEO, who encourage shareholders to review the annual meeting notice and related materials ahead of time. The Company reported approximately $678.7 million in assets as of December 31, 2022. GBank operates in Nevada and focuses on small- to medium-sized businesses, with significant SBA lending and a presence in the gaming fintech sector. The detailed annual report was made available on March 31, 2023.
GBank Financial Holdings Inc. (OTCQX: GBFH) has appointed Tara A. Campbell as its new Executive Vice President and Chief Operating Officer, effective April 3, 2023. Ms. Campbell brings 24 years of banking experience, including roles in SBA Lending and Treasury Management. She previously worked at Dallas Capital Bank, leading initiatives in operations, vendor negotiations, and payment systems. President and CEO Ryan Sullivan emphasized that Campbell's background aligns with GBank's growth in Gaming FinTech and payment solutions. With approximately $678.7 million in assets, GBank has been recognized among the Top 100 Best-Performing Community Banks by S&P Capital IQ.
GBank Financial Holdings Inc. (OTCQX: GBFH) presented an investor presentation at the Janney West Coast Bank CEO Forum on February 1-2, 2023, in Scottsdale, AZ. The bank, previously known as the Bank of George, has approximately $678.7 million in assets as of December 31, 2022, and operates two branches in Las Vegas, Nevada. GBank focuses on three divisions: SBA Lending, Gaming FinTech, and Commercial Lending, with a notable ranking as the 14th in SBA 7(a) dollar loan volume. GBank has been recognized annually in S&P Capital IQ's Top 100 Best-Performing Community Banks and continues to innovate in cashless mobile commerce solutions for the gaming sector.
GBank Financial Holdings Inc. (GBFH) reported a net income of $3.3 million ($0.25 per diluted share) for Q4 2022, up from $2.6 million in Q3 2022. Yearly net income was $10.9 million, slightly down from $11.0 million in 2021. Net revenues rose 13% to $41.7 million, driven by a 43% increase in net interest income to $25.2 million. However, noninterest income fell 15% to $16.5 million, and noninterest expenses surged 22% to $26.3 million. Total assets grew 9% to $678.7 million, with total deposits rising to $555.4 million. The bank's net interest margin improved to 4.28%. Despite challenges, GBank aims for continued growth through strategic initiatives.
GBank Financial Holdings Inc. (OTCQX: GBFH) announces the launch of Sightline Payments' 2nd generation cashless technology at Resorts World Las Vegas, enhancing the consumer journey with remote identity verification, biometric authentication, and a unified digital wallet experience. GBank has partnered with BankCard Services since 2016, supporting Sightline's digital payment solutions in the gaming industry, which is projected to exceed $150 billion. GBank reports assets of approximately $667 million as of September 30, 2022, and has served around 400,000 accounts with over $2 billion in transactions since launching Play+ in Nevada.
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