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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) has rebranded its subsidiary, formerly known as Bank of George, to GBank. This change is part of a broader strategy to enhance brand awareness and reflect modern technological solutions. The updated logo and website are designed to provide a more contemporary user experience and improve client communication security by transitioning to a .BANK domain. As of September 30, 2022, GBank holds approximately $667 million in assets and operates in key financial sectors, including SBA lending and Gaming FinTech.
GBank Financial Holdings Inc. (OTCQX: GBFH) announced a partnership with i2c Inc. to enhance its gaming payments ecosystem through a new virtual and physical credit product. This collaboration aims to address the needs of underserved customers in a rapidly growing $400B U.S. gaming market. Edward M. Nigro emphasized i2c's reliability and capability to support this initiative. Additionally, David J. Fersdahl has been appointed EVP/Card & Payments to oversee this credit card program, leveraging his extensive background in credit card management.
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.
GBank Financial Holdings Inc. (GBFH) reported year-to-date earnings of $5.0 million, marking a 13% increase from $4.4 million in 2021. Quarterly earnings were $1.7 million, reflecting a 47.2% decrease from Q1 2022. Key metrics include a net interest margin of 3.62% and total assets of $635.1 million, up 17% year-over-year. SBA loans increased by 35% to $124 million year-to-date. However, quarterly noninterest income declined by 30% to $4.1 million.
GBank Financial Holdings Inc. (OTCQX: GBFH) has announced that its subsidiary, Bank of George, has surpassed $1 billion in total cumulative SBA 7(a) and USDA loan originations since commencing its SBA division in June 2015. Ranked 19th nationally by the U.S. Small Business Administration for SBA 7(a) loan volume through September 30, 2021, the Bank serves clients across 40 states, focusing on small businesses. GBank, with approximately $626 million in assets as of March 31, 2022, emphasizes community banking and lending solutions for various sectors.
GBank Financial Holdings Inc. (OTCQX: GBFH) appointed Shouvik Ray as Executive Vice President and Chief Information & Technology Officer (CIO/CTO) effective March 22, 2022. Mr. Ray brings over 20 years of banking experience, focusing on technology and cybersecurity. His role will enhance the Bank's IT systems and client services, aligning with the strategic goals outlined by CEO T. Ryan Sullivan. GBank, with assets of approximately $618 million, operates the Bank of George, recognized as a top community bank.
GBank Financial Holdings Inc. (OTCQX: GBFH) has scheduled its annual meeting of shareholders for May 12, 2022, at 2:00 p.m. PST. The meeting will be conducted virtually, allowing shareholders to join via the ZOOM app or telephone, with no physical location provided. GBank, which had approximately $618 million in assets as of December 31, 2021, operates through its subsidiary, Bank of George, and focuses on sectors like SBA Lending and Gaming FinTech. Shareholders are encouraged to review related materials prior to the meeting.
GBank Financial Holdings Inc. (OTCQX: GBFH) has announced that its subsidiary, Bank of George, will partner with BankCard Services, LLC to welcome Wagr as a new client in cashless gaming. Wagr offers a social sports betting app that enhances user engagement. Bank of George has been providing banking solutions for Sightline Payments since 2016, handling over $1.1 billion in transactions. The Bank operates with approximately $618 million in assets as of December 31, 2021, focusing on SBA Lending, Gaming FinTech, and Commercial Lending, while being recognized as a top community bank.
GBank Financial Holdings Inc. (OTCQX: GBFH) announced the appointment of George D. Andreaus as the new Senior Vice President/National Sales Manager for the Bank of George. Andreaus brings extensive experience in SBA lending and leadership from Evolve Bank and Trust. Reporting to Nancy M. DeCou, he will lead the SBA National Sales Team. GBank, with approximately $618 million in assets, emphasizes its commitment to small businesses across several states, enhancing its national SBA footprint.
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