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  • MIL-OSI Security: Security News: Man Pleads Guilty in Connection with $17M Medicare Hospice Fraud and Home Health Care Fraud Schemes

    Source: United States Department of Justice 2

    A California man pleaded guilty today to health care fraud, aggravated identity theft, and money laundering in connection with a years-long scheme to defraud Medicare of more than $17 million through sham hospice companies and his home health care company.

    According to court documents, Petros Fichidzhyan, 43, of Granada Hills, engaged in a scheme with others to operate a series of sham hospice companies. Fichidzhyan, along with co-schemers, impersonated the identities of foreign nationals to use as the purported owners of the hospices — including using the identities to open bank accounts and sign property leases — and submitted false and fraudulent claims to Medicare for hospice services that were not medically necessary and not provided. In submitting the false claims, Fichidzhyan and his co-schemers also misappropriated the identifying information of doctors, claiming to Medicare that the doctors had determined hospice services were necessary, when in fact the purported recipients of these hospice services were not terminally ill and had never requested nor received care from the sham hospices. As a result of the scheme, Medicare paid the sham hospices nearly $16 million. Fichidzhyan personally received nearly $7 million of the proceeds from the fraud scheme, including more than $5.3 million in transfers to his personal and business bank accounts, which were laundered through a dozen shell and third-party bank accounts. Fichidzhyan additionally admitted to wrongfully obtaining more than $1 million for his home health care agency through the fraudulent use of a doctor’s name and identifying information in certifying Medicare beneficiaries for home health care, which he attempted to cover up by paying the doctor $11,000.

    Fichidzhyan pleaded guilty to health care fraud, aggravated identity theft, and money laundering. He is scheduled to be sentenced on April 14 and faces a mandatory penalty of two years in prison on the aggravated identity theft charge, a maximum penalty of 10 years in prison on the health care fraud charge, and a maximum penalty of 20 years in prison on the money laundering charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Today’s guilty plea is the most recent conviction in the Justice Department’s ongoing effort to combat hospice fraud in the greater Los Angeles area. Last year, a doctor was convicted at trial for his role in a scheme to bill Medicare for hospice services patients did not need, and two other defendants were sentenced for their roles in a hospice fraud scheme.  

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office, and Acting Special Agent in Charge Diane N. Vu of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Los Angeles Regional Office made the announcement.

    The FBI and HHS-OIG are investigating the case.

    Trial Attorneys Eric C. Schmale and Sarah E. Edwards of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI United Nations: World News in Brief: WHO chief asks US to reconsider withdrawal, gender parity remains distant goal, call for rethink on Nordic alcohol law change

    Source: United Nations 4

    Health

    The head of the World Health Organization (WHO) said on Monday he would “welcome constructive dialogue” with the United States Government over the decision made by President Donald Trump to withdraw. 

    President Trump’s executive order of 20 January is regrettable “and we hope the US will reconsider,” said WHO Director-General Tedros Adhanom Ghebreyesus, in a speech to the organization’s executive board.

    The WHO chief said he would welcome the opportunity “to preserve and strengthen the historic relationship between WHO and the US.”

    Pushing back on the rationale laid out in the executive order, Tedros said WHO had implemented the deepest and most wide-ranging reforms in its history over the past seven years.

    The US is the biggest donor by far to the agency, accounting for around 14 per cent of its $6.9 billion budget, according to latest WHO figures. 

    Addressing the US complaint that it is paying too much compared to other countries, Tedros said reducing reliance on the US and others who pay the most was a “critical element of our long-term plan to broaden our donor base.”

    COVID record

    Third, he rejected the accusation that WHO had mishandled the COVID-19 pandemic:

    “From the moment we picked up the first signals of ‘viral pneumonia’ in Wuhan, we asked for more information, activated our emergency incident management system, alerted the world, convened global experts, and published comprehensive guidance for countries on how to protect their populations and health systems – all before the first death from this new disease was reported in China on the 11th of January 2020.”

    Tedros also addressed the allegation that WHO lacks independence from “inappropriate political influence” by some Member States: “WHO is impartial and exists to serve all countries and all people,” he said. 

    “Our Member States ask us for many things, and we always try to help as much as we can. But when what they ask is not supported by scientific evidence or is contrary to our mission to support global health, we say no, politely.”

    © UNICEF/Joshua Estey

    A government-run shelter in the Philippines is a safe haven for girls who have been physically and sexually abused and exploited, including through the sex tourism industry. (file)

    A third of women experience physical or sexual violence: Rights experts 

    Approximately one in three women is subjected to physical or sexual violence, and 800 women and girls continue to die every day from preventable causes during pregnancy and childbirth, a top independent rights panel meeting heard on Monday.

    Addressing the Committee on the Elimination of Discrimination Against Women (CEDAW) at the UN in Geneva, Andrea Ori from the UN human rights office, OHCHR, said that the world is “still far” from achieving the goal of gender parity.

    “The global landscape has changed,” she told the CEDAW session.

    Backlash against equal rights

    “We are witnessing a backlash against women’s human rights and gender equality, especially against women’s sexual and reproductive health rights – with an increase in attacks against abortion providers, shrinking civic space for women human rights defenders, and reduced funding.” 

    Mr. Ori noted that 2025 marks 30 years since the universal adoption of the Beijing Declaration and Platform for Action for ensuring women’s human rights and achieving gender equality around the world.  

    It remains the case, however, that sexual violence against women and girls continues to be used as a tactic of war in numerous conflicts, the UN human rights official said, while only 26 per cent of parliamentarians in the world are women and only around three in 10 women have managerial roles at work. 

    One less for the road: Time Europe cut down on booze intake, WHO warns

    The UN World Health Organization (WHO) urged Nordic countries on Monday to keep a lid on alcohol sales, or risk reversing the positive impact of strict regulations put in place years ago.

    For decades, governments in Finland, Iceland, Norway, Sweden and the Faroe Islands have restricted supermarkets and private retailers from selling stronger alcoholic beverages.

    This policy has resulted in some of the lowest alcohol consumption levels in the European Union – which by contrast is the booziest region globally, with drinking habits “largely unchanged” for over 10 years, WHO said.

    Free market pressures

    The Nordic model is now at risk however, from legislative initiatives in the region that signal a potential shift toward privatization of alcohol sales, warned WHO’s Dr. Carina Ferreira-Borges.

    In Sweden, for instance, a court is hearing a challenge to the Government’s exclusive rights to online sales of alcohol, while proposed laws would permit sales of alcoholic beverages in farm shops.

    Dr Ferreira-Borges explained that Nordic countries’ alcohol controls – that involve increasing taxes and raising prices, limiting availability and restricting advertising – have reduced alcohol-related harms. 

    These span from “liver disease, cancers and cardiovascular conditions, to injuries and drownings”, she insisted. 

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Syria: Special Envoy applauds ‘shared conviction’ among Syrians on political transition

    Source: United Nations 4

    By Vibhu Mishra

    Peace and Security

    The UN Special Envoy for Syria said on Monday that Syrians across the political spectrum share a deep conviction that the country’s political transition must succeed.

    Geir Pedersen stressed that protection for all Syrian minorities and a fully inclusive process is essential to shaping its future.

    The top envoy has spent several weeks in Syria, engaging with the caretaker authorities and a broad spectrum of society, following the overthrow of the Assad regime in early December.

    “[He] was deeply struck by the shared conviction among all the Syrians he met that the success of Syria’s political transition is essential, and it cannot afford to fail,” said a statement issued by his office.

    “At the cornerstone of this, as he consistently heard from all Syrians he met, is the need for all Syrians to be genuinely protected, and for all Syrians to be fully included in shaping the future,” it added.

    Diverse range of meetings

    During his visit, Mr. Pedersen held multiple meetings with caretaker Foreign Minister Asaad al-Shibani, following earlier talks with caretaker leader Ahmed al-Sharaa on 20 January. Mr. al-Sharaa, a former leader of Hayat Tahrir al-Sham (HTS), was named the country’s transitional president last week.

    The Special Envoy welcomed assurances given by the caretaker leadership – both publicly and in direct discussions – that the all Syrians will have a stake in the future State and that it will be built on inclusive and credible foundations.

    “In this regard, he sensed a genuine convergence between the expectations of Syrians, commitments of the caretaker authorities, and key principles of Security Council resolution 2254,” the statement said.

    Adopted in December 2015, resolution 2254 outlines a roadmap for a Syrian-led political transition, including constitutional reforms, and free and fair elections under UN supervision.

    He met leaders from civil society, different religious faiths, and NGOs, expressing gratitude to all those who shared their different perspectives.

    Continuing engagement

    Mr. Pedersen said he appreciated the commitment he received of close cooperation and consultation with the United Nations on all steps of a Syrian-led and Syrian-owned transition.

    According to the statement, he is looking forward to working positively with caretaker authorities and following developments on the ground. He will continue to update the Secretary-General and the Security Council.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Sudan: UN chief condemns reported executions as starvation risks rise

    Source: United Nations 4

    Peace and Security

    The UN Secretary-General expressed deep alarm on Monday over reports of summary executions of civilians in the Sudanese city of Khartoum North, allegedly carried out by fighters and militias allied with the forces of the military Government. 

    Many of the victims are believed to be from the Darfur and Kordofan regions.

    “The Secretary-General reminds all warring parties in Sudan of their obligations under international law, especially in relation to the protection of civilians and civilian infrastructure,” said his Spokesperson Stéphane Dujarric, briefing correspondents in New York.

    “Sudanese women, Sudanese children and Sudanese men are paying the price for the continued fighting by the belligerents,” he stated.

    Government troops have been battling their former allies-turned military rivals, the Rapid Support Forces (RSF), for control of Sudan since April 2023.

    The UN High Commissioner for Human Rights Volker Türk described the “senseless” war where alleged war crimes have been committed on both sides as having taken an “even more dangerous turn for civilians” – as reports mount of brutal, ethnically targeted killings.

    Mr. Türk’s office, OHCHR, is working to corroborate these reports.

    Humanitarian crisis escalates

    Attacks on civilians continue across Sudan, Mr. Dujarric said.

    On Saturday, a strike on a crowded market in Omdurman reportedly killed at least 60 people and injured more than 150, according to UN humanitarians.

    Civilian casualties have also been reported in North Kordofan, as well as North and South Darfur.

    Aid coordination office, OCHA, has warned of rising fatalities, particularly following reported attacks on the Abu Shouk displacement camp, where famine conditions were identified in December.

    UN Humanitarian and Resident Coordinator in Sudan, Clementine Nkweta-Salami, condemned the indiscriminate attacks at the weekend, stating: “The deliberate targeting of civilian areas represents a blatant disregard for human life and the most basic principles of the laws of war. Such atrocities must cease immediately.”

    Rising malnutrition and starvation

    The food crisis in Sudan is worsening, with reports confirming more than 70 hunger-related deaths – mostly among children – in Khartoum State, according to OCHA.

    In January alone, over 1,100 cases of severe malnutrition were recorded in three Omdurman neighbourhoods, underscoring the dire need for food assistance.

    Malnutrition rates are particularly high in areas where access restrictions have forced the closure of community kitchens, a critical lifeline for many families.

    “We stress once again the urgent need for increased funding and logistical support to sustain nutrition programmes and community kitchens, ensuring that the most vulnerable – especially children and older people – receive adequate food, nutrition and healthcare assistance,” Mr. Dujarric said.

    As the humanitarian catastrophe worsens, the UN reiterates its call for all parties to protect civilians and facilitate access to life-saving aid.

    “The suffering of Sudanese civilians has gone on for too long,” Ms. Nkweta-Salami said. “It’s long past time to end this war and prevent further devastation.”

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: 4 February 2025 Kāinga Ora refocusing on its core mission Kāinga Ora – Homes and Communities is refocusing on its core mission of providing and managing quality social housing for New Zealanders in need.

    Source: New Zealand Government Kainga Ora

    Simon Moutter, Board Chair

    “Our focus as a key contributor to New Zealand’s social housing eco-system is on providing safe, warm, dry homes for those in need and acting as a good, supportive landlord to tenants and communities, while ensuring the agency’s long-term financial sustainability,’’ says Board Chair Simon Moutter.

    “Kāinga Ora is the largest social housing landlord in the country, and it is important we look after our homes and tenants and serve our communities well. We are looking forward to working alongside other Community Housing Providers to ensure that New Zealanders in need get stable and supportive housing.

    “Our new plan for Kainga Ora, which the government has approved, outlines a clear path forward for the agency as a responsible social housing landlord who is fair but firm, and invests in the state housing stock in a financially sustainable way,’’ Mr Moutter says.

    Over the two years to 30 June 2026, Kāinga Ora will be adding 2,650 new homes to the state housing stock, as well as renewing almost 3,000 homes.

    “Because of New Zealand’s long history of providing social housing, many of our state homes are old and getting to their end of their life. It is important that we invest in renewing these homes so we can continue the legacy of providing good quality state housing,’’ Mr Moutter says.

    The key elements of the new plan for Kāinga Ora are:

    • A renewed focus on core mission: Over time, Kāinga Ora will narrow its focus on providing and managing social housing in a financially sustainable way.
    • Improved tenancy management: Changes are being made to tenancy management and more use is being made of the Residential Tenancies Act to ensure better outcomes for both tenants and communities. A key part of this will be ensuring tenants are in the right type of home at the right time, with the right support in place.
    • Improved housing portfolio and build management: We are changing our maintenance strategies to ensure we look after our homes, while also investing in the progressive renewal of our older homes. Build costs will be reduced so they are more in line with the market.
    • Improved organisational performance, with a focus on cost effectiveness: Changes are being made to right-size the organisation and ensure value for money.
    • Improved financial sustainability: As key cost-saving initiatives are embedded, Kāinga Ora’s financial sustainability will significantly improve.

    Find out more about the plan for Kāinga Ora.

    Page updated: 4 February 2025

    MIL OSI New Zealand News –

  • MIL-OSI USA: ICE El Paso arrests 3 Venezuelan nationals, including 2 known Tren de Aragua associates

    Source: US Immigration and Customs Enforcement

    February 3, 2025El Paso, TX, United StatesEnforcement and Removal

    El PASO, Texas — U.S. Immigration and Customs Enforcement apprehended three illegally present Venezuelan nationals Jan. 28 in El Paso, Texas.

    Javier Irazabal-Rodriguez , 27, was previously convicted of sexual assault of a child on May 13, 2024, and sentenced to 10 years of probation, while Jhonatan Johan Romero-Pineda, 34, and Uzcategui-Uzcategui, 27, have been identified as active associates of the Tren de Aragua transnational criminal organization. Irazabal-Rodriguez was released on an order of supervision and Romero-Pineda and Uzcategui-Uzcategui remain in ICE custody pending removal.

    Members of the public with information regarding child sex offenders can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ERO El Paso’s mission to increase public safety in our Dallas communities on X at @EROElPaso.

    MIL OSI USA News –

  • MIL-OSI USA: Man Pleads Guilty in Connection with $17M Medicare Hospice Fraud and Home Health Care Fraud Schemes

    Source: US State of North Dakota

    A California man pleaded guilty today to health care fraud, aggravated identity theft, and money laundering in connection with a years-long scheme to defraud Medicare of more than $17 million through sham hospice companies and his home health care company.

    According to court documents, Petros Fichidzhyan, 43, of Granada Hills, engaged in a scheme with others to operate a series of sham hospice companies. Fichidzhyan, along with co-schemers, impersonated the identities of foreign nationals to use as the purported owners of the hospices — including using the identities to open bank accounts and sign property leases — and submitted false and fraudulent claims to Medicare for hospice services that were not medically necessary and not provided. In submitting the false claims, Fichidzhyan and his co-schemers also misappropriated the identifying information of doctors, claiming to Medicare that the doctors had determined hospice services were necessary, when in fact the purported recipients of these hospice services were not terminally ill and had never requested nor received care from the sham hospices. As a result of the scheme, Medicare paid the sham hospices nearly $16 million. Fichidzhyan personally received nearly $7 million of the proceeds from the fraud scheme, including more than $5.3 million in transfers to his personal and business bank accounts, which were laundered through a dozen shell and third-party bank accounts. Fichidzhyan additionally admitted to wrongfully obtaining more than $1 million for his home health care agency through the fraudulent use of a doctor’s name and identifying information in certifying Medicare beneficiaries for home health care, which he attempted to cover up by paying the doctor $11,000.

    Fichidzhyan pleaded guilty to health care fraud, aggravated identity theft, and money laundering. He is scheduled to be sentenced on April 14 and faces a mandatory penalty of two years in prison on the aggravated identity theft charge, a maximum penalty of 10 years in prison on the health care fraud charge, and a maximum penalty of 20 years in prison on the money laundering charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Today’s guilty plea is the most recent conviction in the Justice Department’s ongoing effort to combat hospice fraud in the greater Los Angeles area. Last year, a doctor was convicted at trial for his role in a scheme to bill Medicare for hospice services patients did not need, and two other defendants were sentenced for their roles in a hospice fraud scheme.  

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office, and Acting Special Agent in Charge Diane N. Vu of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Los Angeles Regional Office made the announcement.

    The FBI and HHS-OIG are investigating the case.

    Trial Attorneys Eric C. Schmale and Sarah E. Edwards of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL OSI USA News –

  • MIL-OSI Australia: ACCC sweep uncovers concerning online shopping return policies and terms and conditions

    Source: Australian Competition and Consumer Commission

    The ACCC has conducted a sweep of more than two thousand Australian retail websites and has found some businesses using terms and conditions that may contravene the Australian Consumer Law (ACL).

    As part of this sweep, business’ return policies and website terms and conditions were reviewed, some of which raised concerns as being potentially misleading for consumers.

    “Our sweep has found numerous examples of practices that could potentially mislead or deceive consumers regarding their rights to exchange, refund or return a product,” ACCC Deputy Chair Catriona Lowe said.

    “Under the Australian Consumer Law consumers have basic rights when buying products and services, known as consumer guarantees. These rights are separate from any warranties offered by a business and cannot be taken away by anything a business says or does.”

    The sweep identified several potentially misleading statements in the terms and conditions of a number of the websites reviewed, including:

    • imposing time-limits for returning a faulty product;
    • imposing blanket ‘no refund’ conditions on sales or specialised items;
    • referring to manufacturer warranties as the only avenue for consumers to claim remedies for faulty goods, and;
    • placing restrictions on consumers’ right to a remedy, including stating that delivery fees paid for faulty items were non-refundable and charging restocking fees if customers returned faulty items.

    Problematic statements found during the sweep included:

    • “Items that have been opened and used cannot be exchanged or refunded”;
    • “Made to order products cannot be returned”;
    • “Sale items cannot be returned, exchanged or refunded” and;
    • “In the unlikely event that your item arrives damaged or faulty, please notify the store within 30 days of delivery to receive a replacement”.

    As a result of the sweep’s findings, the ACCC sent warning letters to several businesses whose returns policies or terms and conditions raised concerns under the ACL.

    “Our action led to the majority of businesses changing or removing concerning statements from their websites and improving consumer guarantee messages to consumers,” Ms Lowe said.

    “While we did identify some concerning practices during this sweep, we were pleased to find that many websites had information that advised consumers of their consumer guarantee rights under the Australian Consumer Law.”

    Under the ACL, businesses should not be making statements, written or verbally, to the following effect about faulty products:

    • No refunds are permitted under any circumstances;
    • No refunds are provided for sale or specialised items;
    • To be eligible for a refund, the consumer has a limited timeframe, from receipt of the good, to return the product;
    • Returns will be subject to a processing, restocking or repair fee;
    • No refunds are provided for opened or used items under any circumstances;
    • Delivery fees are non-refundable;
    • Customers must pay for delivery for returned items.

    “The ACCC is committed to improving business compliance with consumer guarantees and will continue to actively monitor this area, and where appropriate, take enforcement action,” Ms Lowe said.

    “We encourage all businesses to review their return policies and terms and conditions to ensure they comply with the law.”

    Consumers should report any potentially misleading or deceiving statements to the ACCC: Report a consumer issue

    Notes for editors:

    There are nine consumer guarantees that apply to products. They include guarantees that a product sold to a consumer must be of acceptable quality, fit for any stated purpose, and match its description.

    The three consumer guarantees that apply to services are that businesses must provide them using reasonable care and skill, they must be fit for any stated purpose, and they must be supplied within a reasonable time where the time is not otherwise agreed between the consumer and the business.

    Businesses may offer other warranties, but these are extra promises that a business can choose to make in addition to the consumer guarantees. A warranty cannot replace, change or take away a consumer’s basic legal rights.

    Depending on the nature of the problem, remedies can include a refund, a repair or replacement and/or compensation for reasonably foreseeable loss or damage caused by the failure to meet the consumer guarantee.

    Consumer guarantees do not apply if the consumer simply changed their mind, found the product cheaper somewhere else, or decided they no longer liked it or had no use for it. Consumer guarantees also do not apply if a consumer misused the product in a way that caused the problem.

    The ACCC has been advocating for law reform to the consumer guarantees provisions, and welcomes the Federal Government’s commitment to work with state and territory consumer affairs ministers to design proposed civil prohibitions and penalties for breaches of the consumer guarantee and supplier indemnification provisions of the ACL. This would introduce penalties for:

    • businesses which fail to provide a remedy for consumer guarantees failures, when they are legally required to do so under the consumer guarantees, and
    • manufacturers which fail to reimburse suppliers for consumer guarantees failures for which the manufacturers are responsible.

    These amendments would significantly change business incentives to comply with their consumer guarantee obligations under the ACL, as well as more effectively supporting consumers in securing their statutory consumer guarantee rights.

    Background

    The ACCC conducted a sweep of retail websites operating in Australia. The ACCC then reviewed statements to assess whether the statement sought to restrict consumers’ consumer guarantee rights, and if so whether any further action was warranted, having regard to the size of the business, additional context on the website surrounding the statement, and consumer reports about those businesses.

    As a result, numerous website statements that raised concerns under the ACL were identified. The ACCC subsequently sent warning letters to several businesses to notify them of our concerns, educate them on their obligations under the ACL, and improve compliance with the ACL.

    Improving industry compliance with consumer guarantees is one of the ACCC’s compliance and enforcement priorities and has been a priority for a number of years. In 2024/25, the ACCC is particularly focused on consumer guarantees relating to consumer electronics and targeting misconduct by retailers in connection with delivery timeframes.

    In November 2024, furniture and homewares retailer Koala & Tree Pty Ltd, trading as Koala Living, paid penalties of $56,340 after the ACCC issued it with three infringement notices for making false or misleading statements about consumers’ rights to remedies for faulty products, including for representing that a consumer’s right to seek remedies for faulty products was limited to 72 hours.

    In March 2024, the ACCC instituted Federal Court proceedings against Mosaic Brands Limited for allegedly misrepresenting consumer guarantee rights in the terms and conditions published on eight of its brands websites and making false or misleading representations to consumers about delivery times.

    In February 2024, the Federal Court ordered Mazda Australia Pty Ltd to pay $11.5 million in penalties for engaging in misleading and deceptive conduct and making false or misleading representations to nine consumers about their consumer guarantee rights.

    MIL OSI News –

  • MIL-OSI Australia: Don’t clear native vegetation if you want high crop yields

    Source: University of South Australia

    04 February 2025

    South Australian ecologists have provided irrevocable proof why native vegetation is critical for healthy crop yields and should be protected in agricultural regions.

    In the first study of its kind in South Australia, UniSA scientists evaluated the impact of native roadside (linear) vegetation and small, isolated patches of (fragment) vegetation on pollination rates and crop yields for canola and faba beans in the Yorke Peninsula.

    Canola and faba bean pods within 200 metres of native vegetation – where pollinating insects live – produced more seeds and subsequently higher yields than those unpollinated by animals.

    UniSA ecologist Associate Professor Sophie (Topa) Petit says the increase in seed set near vegetation, compared to the centre of a field, was up to 20% higher for canola and 12% higher for faba beans. The larger patches of vegetation produced the best results.

    According to first author, PhD student Bianca Amato, “the results are significant, given the study area has been extensively cleared for agriculture over time, containing less than 13% of native vegetation, and roadside vegetation is often the only habitat for pollinating insects in that region.”

    “The findings confirm that both fragment and roadside vegetation improve pollination and crop yields. Roadside vegetation plays a strong role but is often threatened by clearance,” Amato says.

    “Pollinators are essential for sustainable farming, although their habitat is often overlooked in intensive agriculture. Preserving roadside vegetation and remnant patches could provide a simple way to support both biodiversity and crop production.”

    The research, recently published in Agriculture, Ecosystems & Environment, challenges the common practice of clearing native vegetation to expand cropping areas, suggesting that such actions may inadvertently reduce long-term productivity

    In the wake of the findings, the UniSA researchers are calling on governments to offer farmers incentives to restore native vegetation, not only to boost crop yields, but also to conserve biodiversity.

    “Strips of trees and bushes lining fields and roads are a familiar part of the Australian landscape. Some people assume this vegetation has little value apart from picturesque scenery, but our research shows just how important native vegetation is in supporting pollinators and increasing crop yields,” Amato says.

    Notes for editors

    “Influence of fragment and roadside vegetation on canola (Brassica napus) and faba bean (Vicia faba) pollination in South Australia” is published in Agriculture, Ecosystems & Environment.
     DOI: 10.1016/j.agee.2025.109481

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
    Researcher contact: Bianca Amato E: bianca.amato@mymail.unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI Security: Illegal Alien Indicted on Voter Fraud and Gun Charges

    Source: Office of United States Attorneys

    MIAMI – Carlos Jose Abreu, 45, an illegal alien living in Broward County, Florida, appeared in federal court today to face charges of impersonating a United States citizen when registering to vote and when voting in a federal election. Abreu is also charged with unlawfully possessing a firearm.

    Abreu was previously indicted for passport application fraud and aggravated identity theft (case no: 24-cr-60155). On January 8, 2025, Abreu pled guilty to the passport fraud allegations.  

    According to allegations in the charging documents and statements made during court proceedings: Abreu is a national of the Dominican Republic who entered the United States illegally about 20 years ago and has lived in the country unlawfully since then. In 2007, the state of New Jersey issued an arrest warrant for Abreu on charges of kidnapping, sexual assault, endangering a child, and criminal restraint. Abreu moved to Florida, assumed the identity of a real person (a United States citizen) and used it to obtain a Florida driver license and apply for a passport. Abreu has been living in the United States under the assumed identity of the American citizen victim for about 18 years.  

    According to the recently returned indictment (case no. 25-cr-60015), Abreu also used the assumed identity of the American citizen victim to register to vote in September 2020, and to vote in the November 2022 federal midterm elections. It is also alleged that Abreu illegally possessed a firearm. It is a federal crime for an illegal alien to possess a firearm in the United States. If convicted on the voter fraud and gun charges, Abreu faces up to 15 years in federal prison. He also is subject to deportation.

    U.S. Attorney Hayden O’Byrne for the Southern District of Florida and Acting Special Agent in Charge Michael Conklin of the U.S. Department of State’s Diplomatic Security Service (DSS) Miami Field Office made the announcement. 

    The DSS Miami Field Office investigated the case. Assistant United States Attorney Brianna Coakley is prosecuting it.

    An indictment is merely an accusation, and a defendant is presumed innocent unless and until proven guilty.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov.

    ###

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Secures Guilty Plea from Dulce Man in Domestic Violence Case

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Dulce man pleaded guilty to two counts of assault of an intimate partner by strangling and suffocating.

    According to court documents, Chalmers Dedios, 32, an enrolled member of the Jicarilla Apache Nation Indian Tribe, admitted to assaulting Jane Doe twice in February 2024, including strangling her to unconsciousness.

    At sentencing, Dedios faces up to 10 years in prison, followed by three years supervised release.

    U.S. Attorney Alexander M.M. Uballez made the announcement today.

    The Jicarilla Apache Police Department investigated this case. Assistant U.S. Attorney Jesse Pecoraro is prosecuting the case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: New Orleans Man Pleads Guilty to Federal Firearm Charges

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – U.S. Attorney Duane A. Evans announced that on January 28, 2025, CURTIS SQUIRE (“SQUIRE”), age 27, pled guilty to being a felon in possession of a firearm, in violation of 18 U.S.C. §§ 922(g)(1) and 924(a)(8). SQUIRE faces up to fifteen years of imprisonment, up to a $250,000 fine, at least 3 years of supervised release, and a mandatory special assessment fee of $100.

    On February 25, 2024, members of the New Orleans Police Department (NOPD) were executed an arrest warrant for SQUIRE.  On February 25,2024, officers located and surrounded SQUIRE’s New Orleans  residence. After SQUIRE exited the residence, NOPD officers searched the house and recovered a Glock Model 23C, .40 caliber pistol, containing a large capacity magazine, and 20 live .40 caliber rounds.

    Prior to his possession of this firearm, SQUIRE had been convicted of crimes punishable by a term of imprisonment in excess of one year.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    The case was investigated by the Federal Bureau of Investigation and the New Orleans Police Department. Assistant United States Attorney Sarah Dawkins of the Violent Crime Unit is in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI: NEXUS CAPITAL MANAGEMENT ANNOUNCES ACQUISITION OF TRICAM INDUSTRIES

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES & EDEN PRAIRIE, MN, Feb. 03, 2025 (GLOBE NEWSWIRE) — Nexus Capital Management LP (together with certain affiliates, “Nexus”), a Los Angeles-based alternative asset management firm, announced today it has partnered with the management team and existing owners, the McMunn family, to acquire Tricam Industries, LLC (the “Company” or “Tricam”).

    Tricam, based in Eden Prairie, MN, specializes in the design, development and engineering of consumer and professional home improvement equipment, including ladders and step stools, garden carts, wheelbarrows, hose reels and hand trucks, among others. The Company’s products are primarily sold through home center and retail channels across North America, Australia and New Zealand under the flagship Gorilla® brand as well as other owned and licensed brands.

    Jeff Skubic, President & CEO of Tricam, stated, “This transaction represents an exciting milestone in Tricam’s corporate journey. Over the last three decades, Tricam has built a strong reputation as a trusted supplier with high quality products consumers respond to and have come to expect from us. We’re grateful for the confidence our partners and customers place in us, and we’re looking forward to partnering with Nexus as we continue to expand our product portfolio and accelerate our growth. Our founder, Tony McMunn, established a culture built on an unwavering entrepreneurial drive that fosters and rewards hard work, creativity, and collaboration. The team is excited, and we’re pleased the McMunn family will continue along with us.”

    “My family and I are excited to partner with Nexus and feel very confident this relationship will allow for continued success and provide opportunities for our employees” said Tricam founder Tony McMunn.

    “We are thrilled to partner with Jeff, Tony and the Tricam management team,” said Michael Cohen, Partner at Nexus. “Tricam has established itself as a market leader by focusing relentlessly on innovation, quality and safety. We look forward to working closely with Tricam to continue building on the Company’s long history of success.”

    Brad Kottman, Principal at Nexus, added, “We are thoroughly impressed with the strong foundation Tricam has established. The Company is led by a highly experienced team, the product suite is differentiated, and the supply chain is diverse and resilient. This investment represents a compelling new platform that is well positioned to react to changing environments and pursue continued growth.”

    Kirkland & Ellis LLP served as legal advisor to Nexus. Jefferies LLC served as financial advisor and Fox Rothschild LLP served as legal advisor to Tricam. J.P. Morgan and Citi provided financing for the acquisition.

    About Tricam

    Tricam, founded in 1990, is a leading supplier of home improvement and hardware products sold through home center and retail outlets primarily in the US, Canada, Australia and New Zealand. Based in Eden Prairie, Minnesota, the Company employs a growing team centered around bringing innovative products to market and maintaining strong relationships with our retailer and supplier partners. The Company continues to invest in its product and brand portfolio, led by its flagship Gorilla® brand across multiple product categories, including ladders, garden carts, wheelbarrows, hose reels and hand trucks. For more information on Tricam, please visit www.gorillamade.com and www.tricamindustries.com.

    About Nexus Capital Management LP

    Nexus is an alternative asset investment management company based in Los Angeles, California that was founded in 2013. Nexus employs a flexible investment mandate that focuses on long-term value creation by partnering with leading management teams and businesses. For more information on Nexus, please visit www.nexuslp.com.

    Contact Information:

    Mike Gabbert

    Tricam Director of Marketing

    Mgabbert@tricam.com

    The MIL Network –

  • MIL-OSI: Guggenheim Investments Announces February 2025 Closed-End Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

    The following dates apply to the distributions:

    Record Date February 14, 2025
    Ex-Dividend Date February 14, 2025
    Payable Date February 28, 2025
     
    Distribution Schedule
    NYSE
    Ticker    		 Closed-End Fund Name Distribution
    Per Share    		 Change from Previous
    Distribution    		 Frequency
    AVK Advent Convertible and Income
    Fund    		 $0.1172†   Monthly
    GBAB Guggenheim Taxable Municipal
    Bond & Investment Grade Debt
    Trust    		 $0.12573†   Monthly
    GOF Guggenheim Strategic
    Opportunities Fund    		 $0.1821†   Monthly
    GUG Guggenheim Active Allocation
    Fund    		 $0.11875†   Monthly
     

    † A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

    You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

    Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $243 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 235+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

    *Assets under management are as of 12.31.2024 and include leverage of $14.8bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

    This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

    Analyst Inquiries

    William T. Korver
    cefs@guggenheiminvestments.com

    Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
    Member FINRA/SIPC (02/25) 63728

    The MIL Network –

  • MIL-OSI USA: Murphy At USAID: Trump And Musk Are Shuttering Agencies To Turn Government Over To Billionaires

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 03, 2025

    WASHINGTON— U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Monday joined a press conference in front of the shuttered United States Agency for International Development (USAID) to raise the alarm about how President Trump’s decision – at the behest of Elon Musk – to illegally shut down the agency will have disastrous impacts on national security while strengthening China and Russia.

    Murphy highlighted USAID’s crucial role in global security and support for democracy: “USAID fights terrorist groups all across this world making sure that we address the underlying causes that lead to terrorism. USAID chases China all around the world, making sure China doesn’t monopolize contracts for critical minerals and port infrastructure all around the world. It supports freedom fighters everywhere in this world, up until yesterday, delivering firewood, for instance, to the brave Ukrainian defenders on the eastern front.”

    Murphy called out Trump’s closure of USAID as a play by Elon Musk and the billionaire class to hijack U.S. foreign policy for profit: “Elon Musk makes billions of dollars based off of his business with China. And China is cheering at this action today. There is no question that the billionaire class trying to take over our government right now is doing it based on self-interest–their belief that if they can make us weaker in the world, if they can elevate their business partners all around the world, that they will gain the benefit.”

    Murphy continued: “They are shuttering agencies and sending employees home in order to create the illusion that they are saving money in order to do what? Pass a giant tax cut for billionaires and corporations, right? This is all a smokescreen, a shell game, in order to turn this government over to a handful of unelected billionaires and corporate interests, and we are not going to let them do that.”

    Murphy concluded: “So we will use every power that we have in our disposal in the United States Senate. My colleagues will do the same thing in the House. This is a constitutional crisis that we are in today.  Let’s call it what it is. The people get to decide how we defend the United States of America. The people get to decide how their taxpayer money is spent. Elon Musk does not get to decide. We are weaker today than we were yesterday. China sees that, Russia sees that, and they will take advantage. Our job, and your job together, is to raise our voices, raise the alarm, so that this crisis, this emboldening of our enemies, doesn’t last a second longer than it has to.”

    A full transcript of his remarks can be found below:

    MURPHY: “So, Elon Musk has been floating all sorts of awful, terrible conspiracy theories about what happens at USAID. Let’s make it very clear that every single day America is safer because of what happens at USAID. 

    “USAID fights terrorist groups all across this world making sure that we address the underlying causes that lead to terrorism. USAID chases China all around the world, making sure China doesn’t monopolize contracts for critical minerals and port infrastructure all around the world. It supports freedom fighters everywhere in this world, up until yesterday, delivering firewood, for instance, to the brave Ukrainian defenders on the eastern front. 

    “But let’s not pull any punches about why this is happening. Elon Musk makes billions of dollars based off of his business with China. And China is cheering at this action today. There is no question that the billionaire class trying to take over our government right now is doing it based on self-interest–their belief that if they can make us weaker in the world, if they can elevate their business partners all around the world, that they will gain the benefit. 

    “But there is another reason this is happening. They are shuttering agencies and sending employees home in order to create the illusion that they are saving money in order to do what? Pass a giant tax cut for billionaires and corporations, right? This is all a smokescreen, a shell game, in order to turn this government over to a handful of unelected billionaires and corporate interests, and we are not going to let them do that. 

    “So we will use every power that we have in our disposal in the United States Senate. My colleagues will do the same thing in the House. This is a constitutional crisis that we are in today.  Let’s call it what it is. The people get to decide how we defend the United States of America. The people get to decide how their taxpayer money is spent. Elon Musk does not get to decide. 

    “We are weaker today than we were yesterday. China sees that, Russia sees that, and they will take advantage. Our job, and your job together, is to raise our voices, raise the alarm, so that this crisis, this emboldening of our enemies, doesn’t last a second longer than it has to. Thank you everybody for being here today. Really, really important.”

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Blumenthal Reintroduce WEATHER Act To Protect Connecticut’s Farmers Against Extreme Weather

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 03, 2025

    WASHINGTON–U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) joined U.S. Senators Peter Welch (D-Vt.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), and Chris Van Hollen (D-Md.) in reintroducing the Withstanding Extreme Agricultural Threats by Harvesting Economic Resilience (WEATHER) Act, legislation that calls for the development of an index-based insurance policy more responsive to crop and income losses faced by farmers as a result of extreme weather. This would be especially beneficial to small farmers in Connecticut following unprecedented floods in July 2023 and July 2024.

    “Farmers in Connecticut are increasingly dealing with more extreme weather, and we need to make sure they don’t face extra burdens when the next disaster strikes,” said Murphy. “The WEATHER Act would simplify the recovery process by using weather data to trigger automatic insurance payouts, helping farmers get back on their feet quickly with less red tape.” 

    “A new normal of thousand-year storms every year has caused chaos for farmers across the country—ruining crops and destroying land—and in recent years, Connecticut farms have been devastated by extreme weather events, including severe flooding and unprecedented droughts. With this essential legislation, we work to improve our farm safety nets for producers in order to make sure they receive the support they need to weather the storm and keep their farms thriving,” said Blumenthal. 

    Unpredictable weather events exacerbate risks associated with farming, necessitating responsive crop insurance policies. However, producers often opt out of crop insurance due to administrative burdens, high premiums, and low payouts. The WEATHER Act works to better support farmers facing income losses after extreme weather events by reducing administrative hurdles and ensuring that insurance payouts are based on agricultural income losses. The legislation would direct the U.S. Department of Agriculture (USDA) to use its insurance research and development authority to research the possibility of developing an index-based insurance program that: 

    • Creates a multi-peril index insurance product for farmers based on weather indices correlated to agricultural income losses using data from National Oceanic and Atmospheric Administration (NOAA), satellites, climate models, and other data sources. 
    • Pays out within 30 days in the event of indices exceeding any of the pre-determined county-level thresholds for the following events: High winds, excessive moisture and flooding, extreme heat, abnormal freeze conditions, hail, wildfires, drought, and other perils the Secretary determines appropriate. 

    A one-pager is available HERE. Full text of the bill is available HERE. 

    MIL OSI USA News –

  • MIL-OSI USA: After Weeks Of Paying For Knicks Games And Episodes Of Judy Justice Without Being Able To Watch, Murphy, Ryan Introduce The “Stop Sports Blackouts Act” To Force Cable Companies To Refund Customers For TV Blackouts

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 03, 2025

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) and U.S. Representative Pat Ryan (D-N.Y.) introduced the Stop Sports Blackouts Act, legislation that would make cable companies refund customers who aren’t able to watch the channels they already pay for during television blackouts. For over four weeks, due to a dispute between Optimum and MSG Network, over a million customers in the Tri-State area have been unable to watch the Knicks, Rangers, Islanders, and Devils, while a separate blackout left Optimum customers unable to watch Judy Justice and local news for over 10 days. Tens of millions of Americans per year are victim to blackouts – with no requirement that they receive compensation.

    “Blackouts are a slap in the face to every customer paying their hard-earned money for TV shows they can’t even watch,” said Murphy. “It’s ridiculous the rest of us get stuck in the crossfire of negotiations between cable and broadcast companies. Our bill is simple: if cable companies can’t provide the service you’re paying for, they owe you a refund.”

    “It’s outrageous that millions of folks couldn’t watch the Knicks, Judy Justice, or dozens of other programs for weeks because of blackouts. And it’s even more ridiculous that we’re all still paying for the right to stare at black screens! I don’t see why this is even a debate – cable companies simply should not be able to advertise and charge for services they are not providing,” said Ryan. “On behalf of fans across the country, we’re putting down a marker: everyone will get their money back when a blackout stops them from watching TV, no questions asked. That means dollars back in your pockets, and, equally importantly, it provides a hell of an incentive to these billion dollar corporations to make sure these blackouts don’t happen in the future. They have teams of lobbyists looking out for them – I’m introducing this legislation because I fight for YOU.”

    This type of TV blackout occurs when distributors, including cable and satellite TV companies, are unable to reach an agreement with broadcasters over the rights to distribute their content. Until an agreement is reached, subscribers are unable to view the content they had paid for as part of their cable or satellite package.

    On January 1, 2025, Optimum and MSG Network announced that they were unable to renew their distribution agreement, leaving subscribers unable to watch NBA and NHL games in the middle of the season. On January 10, Optimum subscribers were subjected to an additional blackout when the company announced it had failed to come to an agreement with Nexstar Media, which owns WTNH, the syndication rights to popular show “Judy Justice,” starring Judge Judy Sheindlin, and the NewsNation network.

    The Stop Sports Blackouts Act would direct the Federal Communications Commission to require television distributors to provide rebates to subscribers for television blackouts that occur as a result of carriage disputes.

    Full text of the legislation is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: January 29th, 2025 Heinrich, Leger Fernández Demand Answers from Trump Administration on ICE Harassment of Native American Citizens

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Teresa Leger Fernández sent a letter to President Trump demanding immediate action to address reports of U.S. Immigration and Customs Enforcement (ICE) agents harassing, detaining, and questioning Native American Tribal members about their citizenship. The lawmakers condemned these actions as unconstitutional and a violation of Tribal sovereignty, calling for swift action to end racial profiling and protect Native communities. 

    In their letter, the lawmakers highlighted a confirmed incident in New Mexico where an ICE agent harassed a Tribal citizen at a convenience store, questioning their citizenship.

    “Native American Tribal members are United States citizens. Stopping people because of what they look like – with dark skin, Asian, Latino or Native American characteristics is never acceptable,” the lawmakers wrote. “ICE’s dangerous behavior of harassing American citizens, seemingly only due to the way they look, is unconstitutional and un-American.”

    The lawmakers also raised alarm about additional reports of ICE agents targeting Native Americans in multiple states, saying, “Your Administration’s actions and policies are quickly spreading fear in communities that have existed since time immemorial. It is unconscionable to question their citizenship and cause them to live in fear.”

    The lawmakers emphasized the historical and legal context, reminding the Administration that the Indian Citizenship Act of 1924 granted citizenship to all Native Americans. “Native communities are quintessentially American communities.”

    The lawmakers called on the Trump Administration to take immediate action to:

    The lawmakers also condemned President Trump’s recent statement suggesting that immigration enforcement should target people based on their appearance. “Your recent statement that you can tell an immigrant who is ‘trouble’ by the way they ‘look’ suggests that sending ICE agents after our communities is about the color of a person’s skin, not their immigration status,” the lawmakers stated in their letter.

    “It is unconscionable to question [Native Communities’] citizenship and cause them to live in fear,” the lawmakers wrote. “You must put a stop to ICE agents targeting Native Americans.”

    The letter was led by U.S. Representative Teresa Leger Fernández. Alongside Heinrich the letter was signed by U.S. Senator Ben Ray Luján (D-N.M.), and U.S. Representatives Melanie Stansbury (D-N.M.), Gabe Vasquez (D-N.M.), Jared Huffman (D-Calif.), Raúl Grijalva (D-Ariz.), and Yassamin Ansari (D-Ariz.). 

    The text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen Speaks with New Hampshire Nonprofits to Hear Concerns about Impact of Trump’s Federal Funding Cuts to Services They Provide Granite Staters

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), a top member of the U.S. Senate Appropriations Committee, spoke with representatives from New Hampshire nonprofits about the impacts the Trump administration’s order to stop federal grants and loans have on the key services they provide to children, students, seniors, veterans, people with disabilities and small businesses across the Granite State. Representatives from Easterseals New Hampshire, Families in Transition, the New Hampshire Community Development Finance Authority (CDFA), Waypoint, the NH Center for Nonprofits, Granite United Way and other organizations attended the meeting. 

    “Because of the White House’s confusing, far-reaching order to stop federal grants and loans, New Hampshire nonprofits and community organizations are concerned that they won’t be able to provide their vital, often life-saving services to Granite Staters,” said Shaheen. “As we work to get answers about who and what will be affected, I was thankful to hear from many of our great partners on the ground.” 

    On Wednesday night, Shaheen spoke on the Senate floor to condemn the Trump administration’s order to take away federal grants and loans that families, seniors and small businesses in all 50 states rely on for critical, often life-saving services. Shaheen illustrated the chaos caused by the extreme order by sharing the stories of many Granite Staters she has heard from in the past two days. 

    On Monday, the Trump administration’s Office of Management and Budget (OMB) announced a sweeping executive order pausing almost all forms of federal assistance to states, nonprofits, non-governmental organizations and more. Senator Shaheen immediately condemned the move and emphasized the impact it will have on communities. The full list that agencies were directed to review encompasses over 2,600 assistance programs, including Supplemental Nutrition Assistance (SNAP), Women, Infants and Children (WIC), community health centers, the Community Development Block Grant (CDBG), transportation and highway funding, energy assistance programs, water infrastructure funding, State Opioid Targeted Response grants, GI Bill, veteran compensation for service connected disabilities, Section 8 vouchers, school breakfast and lunch, Title I education grants, Temporary Assistance for Needy Families (TANF) and Head Start. 

    MIL OSI USA News –

  • MIL-OSI USA: Senate Passes Grassley-Klobuchar National Stalking Awareness Month Resolution

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Sen. Amy Klobuchar (D-Minn.) applauded the Senate’s unanimous passage of their resolution designating January as “National Stalking Awareness Month.” The bipartisan and bicameral effort aims to drive awareness of the dangers of stalking and encourage victims to seek help by reporting the crime. Reps. Brian Fitzpatrick (R-Pa.) and Debbie Dingell (D-Mich.) will introduce companion resolution in the House of Representatives. 

    “Far too many Americans have suffered physical and psychological trauma as a result of stalking. I’m glad to join my colleagues in raising awareness of this terrible crime and highlighting the essential work of advocates, law enforcement and service workers who support victims and survivors,” Grassley said. 

    “As a former prosecutor, I have seen firsthand the serious emotional and physical toll stalking can take on victims,” Klobuchar said. “Our bipartisan resolution raises awareness about the dangers of stalking, the need to protect victims, and the resources available to help survivors.” 

    “The severity of stalking cannot be understated – this dangerous and repugnant crime has resulted in severe physiological and physical trauma and it is imperative that we provide the necessary resources to protect victims from these heinous acts,” Fitzpatrick said. “Our bipartisan National Stalking Awareness Month resolution promotes awareness about stalking and recognizes the need to prevent this crime while continuing efforts to safeguard our communities from such threats.” 

    “Stalking is a serious crime that imparts unimaginable physical and psychological distress on its victims. No one should have to fear for their safety or for the safety of their loved ones, but it’s estimated over 13 million people are stalked in the United States every year. On top of this, we know stalking is a significant risk factor for intimate partner homicide,” Dingell said. “We recognize National Stalking Awareness Month to educate the public about the dangers of stalking, reaffirm our commitment to survivors, and continue working to identify new ways to keep communities safe.” 

    Read the resolution HERE. 

    Background:

    Approximately one in three women and one in six men in the U.S. have experienced stalking at some point in their lives. Iowans who suspect they may be victims of stalking should contact the?Crime Victims Assistance Division?of the Office of the Iowa Attorney General for resources and further assistance. 

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Castro Introduce Bill To Curb Firearms Trafficking From The United States To Mexican Drug Cartels

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    February 03, 2025

    The Stop Arming Cartels Act would stem the “iron river” of firearms trafficking enabled by weak American gun laws

    WASHINGTON – Today, U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, and U.S. Representative Joaquin Castro (D-TX-20), Ranking Member of the House Foreign Affairs Subcommittee on the Western Hemisphere, led the bicameral introduction of the Stop Arming Cartels Act.  The legislation is introduced as an estimated 200,000 to 500,000 American-made guns are trafficked into Mexico annually, largely attributable to unlicensed gun dealers, straw purchasers, and thefts from federal firearms licensees (FFLs).

    The bill would seek to stem this “iron river” of firearms trafficking from the United States to Mexico, enabled by weak American gun laws and dangerous gun industry practices. The deadly stream of firearms trafficking exacerbates violence, enables cartels who smuggle migrants to our southern border, and facilitates the illicit trade of narcotics, including fentanyl, across the border back into the United States.  According to a 2021 study from the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), 70 percent of crime guns recovered in Mexico from 2014-2018 and submitted for tracing were U.S.-sourced.

    “Our country’s lax gun laws have created a deadly, vicious cycle of firearms trafficking that’s riddled with violence and chaos, resulting in a consistent transfer of fentanyl across our border.  Our gun laws and gun industry practices fuel an iron river of firearms trafficking that supplies Mexican drug cartels and other criminal elements in the region, and it’s time to cut off the iron river at its source.  With the Stop Arming Cartels Act, we can disarm cartels and help prevent the violence, drug trafficking, and irregular migration associated with cartel power and violence at home and abroad,” said Durbin.

    “For years, Republicans have taken an increasingly brutal approach to immigration while refusing to address the role that U.S. guns play in fueling the violence and instability that force families to flee from their homes.  When I meet with leaders in Latin America and the Caribbean, their number one request is for the United States to stop the gun trafficking that originates within our borders.  In Mexico, in particular, high-caliber weapons smuggled from the United States have allowed cartels to shoot down police helicopters, attack military convoys, and undercut public faith in law and order.  The Stop Arming Cartels Act will make important progress to stem the deadly flow of guns from the United States and build stability across the globe.  I appreciate Senator Durbin’s leadership on this issue in the Senate, and I hope that our Republican colleagues will join us as we work to pass this lifesaving bill into law,” said Castro.

    Specifically, the Stop Arming Cartels Act would:

    • Prohibit future nongovernmental manufacture, importation, sale, transfer, or possession of .50 caliber rifles;
    • Regulate existing .50 caliber rifles under the National Firearms Act, with a fee waiver and 12-month grace period for registration on the National Firearms Registration and Transfer Record for those who lawfully possess them under current law;
    • Create an exception to the Protection of Lawful Commerce in Arms Act (PLCAA), allowing victims of gun violence to sue manufacturers and dealers who engage in firearm transactions prohibited under the Foreign Narcotics Kingpin Designation Act (the “Kingpin Act”);
    • Prohibit the sale or transfer of firearms to individuals sanctioned under the Kingpin Act and add Kingpin Act designations to the National Instant Criminal Background Check System (NICS); and
    • Require firearms dealers to report multiple sales of rifles to state and local law enforcement agencies, as they must currently do for handguns.

    The bill is co-sponsored by U.S. Senators Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Cory Booker (D-NJ), Mark Kelly (D-AZ), Tim Kaine (D-VA), Andy Kim (D-NJ), Ruben Gallego (D-AZ), Chris Murphy (D-CT), Jack Reed (D-RI), and Ron Wyden (D-OR).

    The bill is endorsed by Brady United Against Gun Violence, Everytown for Gun Safety, GIFFORDS, March for Our Lives, Global Exchange, Global Action on Gun Violence, Amnesty International, and People’s Movement for Peace and Justice.

    The introduction of the Stop Arming Cartels Act continues Durbin’s efforts to strengthen American gun laws and combat firearms trafficking from the United States abroad.  In June 2022, the Senate passed and President Biden signed into law the Bipartisan Safer Communities Act, the most significant gun violence prevention reform in nearly three decades.  Among its many provisions, the law creates federal firearm straw purchasing and trafficking criminal offenses.

    In March 2022, the Senate passed the government funding bill that reauthorized the Violence Against Women Act, including provisions from the NICS Denial Notification Act.  These provisions require federal law enforcement to promptly notify state law enforcement within hours when a person fails a gun background check.

    In 2019, Durbin urged the Government Accountability Office (GAO) to update its reports on efforts to combat firearms trafficking from the United States to Mexico, Belize, and Guatemala and expand the report to include El Salvador and Honduras.  The report revealed that 40 percent of firearms recovered in those countries and submitted for tracing from 2015-2019 came from the United States.  Based on the immense value of that report, Durbinjoined colleagues in 2023 to successfully press GAO to expand the study further to include the Caribbean.

    Bill text is available here. A one-page summary of the bill is available here.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Simpson Cosponsors Bill to Prohibit Taxpayer-Funded Discrimination Against the Firearm Industry

    Source: US State of Idaho

    Rep. Simpson Cosponsors Bill to Prohibit Taxpayer-Funded Discrimination Against the Firearm Industry

    Washington, February 3, 2025

    WASHINGTON—Idaho Congressman Mike Simpson cosponsored H.R. 45, the Firearm Industry Non-Discrimination (FIND) Act, a bill prohibiting corporations from securing federal contracts while discriminating against firearm trade associations or businesses that deal in firearms. This legislation is led by Congressman Jack Bergman (R-MI).
    “Americans’ taxpayer dollars should never go into the pockets of corporations that undermine the Second Amendment,” said Rep. Simpson. “However, in recent years, we’ve seen large companies that benefit from federal funding adopt policies designed to harm and discriminate against the American firearm industry. I am proud to support this effort and responsibly spend taxpayer dollars while protecting the rights of law-abiding citizens.”
    The full bill text is available here.

    MIL OSI USA News –

  • MIL-OSI Security: Man Pleads Guilty in Connection with $17M Medicare Hospice Fraud and Home Health Care Fraud Schemes

    Source: United States Attorneys General 1

    A California man pleaded guilty today to health care fraud, aggravated identity theft, and money laundering in connection with a years-long scheme to defraud Medicare of more than $17 million through sham hospice companies and his home health care company.

    According to court documents, Petros Fichidzhyan, 43, of Granada Hills, engaged in a scheme with others to operate a series of sham hospice companies. Fichidzhyan, along with co-schemers, impersonated the identities of foreign nationals to use as the purported owners of the hospices — including using the identities to open bank accounts and sign property leases — and submitted false and fraudulent claims to Medicare for hospice services that were not medically necessary and not provided. In submitting the false claims, Fichidzhyan and his co-schemers also misappropriated the identifying information of doctors, claiming to Medicare that the doctors had determined hospice services were necessary, when in fact the purported recipients of these hospice services were not terminally ill and had never requested nor received care from the sham hospices. As a result of the scheme, Medicare paid the sham hospices nearly $16 million. Fichidzhyan personally received nearly $7 million of the proceeds from the fraud scheme, including more than $5.3 million in transfers to his personal and business bank accounts, which were laundered through a dozen shell and third-party bank accounts. Fichidzhyan additionally admitted to wrongfully obtaining more than $1 million for his home health care agency through the fraudulent use of a doctor’s name and identifying information in certifying Medicare beneficiaries for home health care, which he attempted to cover up by paying the doctor $11,000.

    Fichidzhyan pleaded guilty to health care fraud, aggravated identity theft, and money laundering. He is scheduled to be sentenced on April 14 and faces a mandatory penalty of two years in prison on the aggravated identity theft charge, a maximum penalty of 10 years in prison on the health care fraud charge, and a maximum penalty of 20 years in prison on the money laundering charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Today’s guilty plea is the most recent conviction in the Justice Department’s ongoing effort to combat hospice fraud in the greater Los Angeles area. Last year, a doctor was convicted at trial for his role in a scheme to bill Medicare for hospice services patients did not need, and two other defendants were sentenced for their roles in a hospice fraud scheme.  

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office, and Acting Special Agent in Charge Diane N. Vu of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Los Angeles Regional Office made the announcement.

    The FBI and HHS-OIG are investigating the case.

    Trial Attorneys Eric C. Schmale and Sarah E. Edwards of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI: RBB Bancorp Reports Fourth Quarter and Fiscal Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 03, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter and fiscal year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Net income totaled $4.4 million, or $0.25 diluted earnings per share
    • Return on average assets of 0.44%, compared to 0.72% for the quarter ended September 30, 2024
    • Net interest margin of 2.76% compared to 2.68% for the quarter ended September 30, 2024
    • Book value and tangible book value per share(1) of $28.66 and $24.51 at December 31, 2024, compared to $28.81 and $24.64 at September 30, 2024

    The Company reported net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024, compared to net income of $7.0 million, or $0.39 diluted earnings per share, for the quarter ended September 30, 2024. Net income for the year ended December 31, 2024 totaled $26.7 million, or $1.47 diluted earnings per share, compared to net income of $42.5 million, or $2.24 diluted earnings per share, for the year ended December 31, 2023.

    “Declining funding costs and stable interest income drove net interest income and net interest margin higher in the fourth quarter,” said Johnny Lee, President of the Company and President and Chief Executive Officer of the Bank. “We continue to make good progress on our growth initiatives and expect we will resume loan growth in the first quarter and for the remainder of the year.  We did see an increase in nonperforming loans mainly due to one credit relationship that was downgraded late in the fourth quarter.  We are actively working to resolve our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital.”

    “We are saddened by the devastation caused by the recent fires in Los Angeles,” said David Morris, Chief Executive Officer of the Company. “We stand ready to support our community and neighbors as they begin the process of rebuilding.”

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
       

    Net Interest Income and Net Interest Margin

    Net interest income was $26.0 million for the fourth quarter of 2024, compared to $24.5 million for the third quarter of 2024. The $1.4 million increase was due to a $130,000 increase in interest income and a $1.3 million decrease in interest expense. The increase in interest income was mostly due to higher interest income on cash and investment securities of $1.1 million offset by lower interest income on total loans of $952,000. The decrease in loan interest income was mostly due to lower average loans of $9.8 million and a 10 basis point decrease in the average loan yield due to decreases in market rates and a change in the loan mix. The increase in cash and investment interest income was attributed to higher average balances and a higher investment portfolio yield, offset by a lower yield on cash. The decrease in interest expense was mostly due to a 33 basis point decrease in total average interest-bearing deposit rates offset by higher average interest-bearing deposits of $33.8 million in the fourth quarter of 2024.

    Net interest margin (“NIM”) was 2.76% for the fourth quarter of 2024, an increase of 8 basis points from 2.68% for the third quarter of 2024. The increase was due to a 25 basis point decrease in the overall cost of funds, partially offset by a 15 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.79% for the fourth quarter of 2024 from 5.94% for the third quarter of 2024 due mainly to a 55 basis point decrease in the yield on average cash and cash equivalents to 5.02%, a decrease in the loan yield of 10 basis points and the impact of a change in the mix of average-earnings assets. Average loans represented 82% of average interest-earning assets in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024. The decrease in the loan yield was attributed mostly to a decrease in market rates and a change in the loan mix. 

    The overall cost of funds decreased to 3.32% in the fourth quarter of 2024 from 3.57% in the third quarter of 2024 due to a lower average cost of interest-bearing deposits. The overall funding mix for the fourth quarter of 2024 remained relatively unchanged from the third quarter of 2024 with the ratio of average noninterest-bearing deposits to average total funding sources of 16%. The all-in average spot rate for total deposits was 3.15% at December 31, 2024.

    Net interest income was $99.4 million for the year ended December 31, 2024, compared to $119.3 million for the year ended December 31, 2023. The $19.9 million decrease was due to a $15.4 million increase in interest expense and a $4.5 million decrease in interest income. The decrease in interest income was mostly due to lower interest income on total loans of $9.7 million offset by higher interest income on interest-earning deposits of $4.7 million. The decrease in loan interest income was mostly due to lower average loans of $164.3 million. The increase in cash and investment interest income was attributed to higher average cash balances and a higher investment portfolio yield, offset by a lower average of investment securities. The increase in interest expense was mostly due to a 72 basis point increase in total average interest-bearing deposit rates and higher average interest-bearing deposits of $30.1 million in the year ended December 31, 2024.

    NIM was 2.70% for the year ended December 31, 2024, a decrease of 46 basis points from 3.16% for the year ended December 31, 2023. The decrease was due to a 55 basis point increase in the overall cost of funds, partially offset by a 2 basis point increase in the yield on average interest-earning assets. The yield on average interest-earning assets increased to 5.88% for the year ended December 31, 2024 compared to the prior year due mainly to a 12 basis point increase in the yield on average cash and cash equivalents to 5.53%, an 18 basis point increase in the investment portfolio yield, offset by the impact of lower average loan balances. Average loans represented 83% of average interest-earning assets during 2024, and 85% during 2023.

    The overall cost of funds increased to 3.49% in the year ended December 31, 2024 from 2.94% in the year ended December 31, 2023 due to a higher average cost of interest-bearing deposits in response to higher average market interest rates. The overall funding mix for December 31, 2024 remained relatively unchanged from the prior year with a ratio of average noninterest-bearing deposits to average total funding sources of 16%.

    Provision for Credit Losses

    The provision for credit losses was $6.0 million for the fourth quarter of 2024 compared to $3.3 million for the third quarter of 2024. The fourth quarter of 2024 provision for credit losses was due to an increase in specific reserves of $4.3 million and net charge-offs of $2.0 million, partially offset by lower general reserves. The fourth quarter increase in specific reserves included $4.5 million for a construction loan secured by a partially completed mixed-use commercial project. Fourth quarter net charge-offs included $1.8 million for nonaccrual loans that were moved to held for sale (“HFS”). Net charge-offs on an annualized basis represented 0.26% of average loans for the fourth quarter of 2024 compared to 0.16% for the third quarter of 2024. The fourth quarter provision also took into consideration factors such as changes in loan balances, the loan portfolio mix, the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including higher nonperforming loans, and changes in special mention and substandard loans during the period.

    The provision for credit losses was $9.9 million for the year ended December 31, 2024 compared to $3.4 million for the year ended December 31, 2023. The 2024 provision included the impact from an increase in specific reserves of $6.1 million and net charge-offs of $3.9 million. Net charge-offs totaled $3.9 million for the year ended December 31, 2024, compared to $3.1 million for the year ended December 31, 2023. Net charge-offs represented 0.13% of average loans for the fiscal year 2024 compared to 0.10% for the fiscal year 2023.

    Noninterest Income

    Noninterest income for the fourth quarter of 2024 was $2.7 million, a decrease of $3.0 million from $5.7 million for the third quarter of 2024. This decrease was mostly due to the third quarter of 2024 including a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

    Noninterest income for the year ended December 31, 2024 was $15.3 million, an increase of $317,000 from $15.0 million for the year ended December 31, 2023. This increase was mostly due to a $2.9 million increase in recoveries on purchased loans, a $1.2 million increase in gain on sale of loans and an $883,000 increase in gain on OREO, offset by income from a $5.0 million Community Development Financial Institution Equitable Recovery Program award that was recognized during 2023.

    Noninterest Expense

    Noninterest expense for the fourth quarter of 2024 was $17.6 million, an increase of $228,000 from $17.4 million for the third quarter of 2024. This increase was mostly due to higher legal and professional expenses of $397,000, partially offset by lower occupancy and equipment expenses of $115,000. The annualized noninterest expenses to average assets ratio was 1.76% for the fourth quarter of 2024, down from 1.78% for the third quarter of 2024. The efficiency ratio was 61.5% for the fourth quarter of 2024, up from 57.5% for the third quarter of 2024 due mostly to lower noninterest income as the third quarter included a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

    Noninterest expense for the year ended December 31, 2024 was $69.2 million, a decrease of $1.5 million from $70.7 million for the year ended December 31, 2023. This decrease was mostly due to lower legal and professional expenses of $3.7 million, partially offset by higher salaries and employee benefits of $1.6 million. The noninterest expenses to average assets ratio was 1.76% for the fiscal year 2024 and 2023. The efficiency ratio was 60.3% for the year ended December 31, 2024, up from 52.6% for the year ended December 31, 2023 due mostly to lower net interest income for 2024.

    Income Taxes

    The effective tax rate was 13.3% for the fourth quarter of 2024 and 26.9% for the third quarter of 2024. The decrease in the effective tax rate for the fourth quarter was due primarily to higher tax credits relative to pre-tax net income as compared to the prior quarter.

    The effective tax rate was 25.3% for the year ended December 31, 2024 and 29.5% for the year ended December 31, 2023. The decrease in the effective tax rate for 2024 was due primarily to higher tax credits as compared to the prior year.

    Balance Sheet

    At December 31, 2024, total assets were $4.0 billion, a $2.0 million increase compared to September 30, 2024, and a $33.5 million decrease compared to December 31, 2023.

    Loan and Securities Portfolio

    Loans held for investment (“HFI”) totaled $3.1 billion as of December 31, 2024, a decrease of $38.7 million compared to September 30, 2024 and a $21.4 million increase compared to December 31, 2023. The decrease from September 30, 2024 was primarily due to a $51.3 million decrease in commercial real estate (“CRE”) loans, a $6.9 million decrease in construction and land development (“C&D”) loans and an $826,000 decrease in Small Business Administration (“SBA”) loans, partially offset by a $20.6 million increase in single-family residential (“SFR”) mortgages and a $724,000 increase in commercial and industrial (“C&I”) loans. The loan to deposit ratio was 97.5% at December 31, 2024, compared to 98.6% at September 30, 2024 and 94.2% at December 31, 2023. 

    As of December 31, 2024, available-for-sale securities totaled $420.2 million, an increase of $114.5 million from September 30, 2024, primarily related to the purchase of $79.2 million in short-term commercial paper. As of December 31, 2024, net unrealized losses totaled $29.2 million, a $6.0 million increase due mostly to increases in treasury rates, when compared to net unrealized losses of $23.2 million as of September 30, 2024.

    Deposits

    Total deposits were $3.1 billion as of December 31, 2024, an $8.4 million decrease compared to September 30, 2024 and a $91.0 million decrease compared to December 31, 2023. The decrease during the fourth quarter of 2024 was due to a $27.8 million decrease in interest-bearing deposits, while noninterest-bearing deposits increased $19.4 million to $563.0 million as of December 31, 2024 compared to $543.6 million as of September 30, 2024. The decrease in interest-bearing deposits included a decrease in time deposits of $24.7 million and non-maturity deposits of $3.1 million. Wholesale deposits remained relatively unchanged at $147.5 million at December 31, 2024 compared to $147.3 million at September 30, 2024. Noninterest-bearing deposits represented 18.3% of total deposits at December 31, 2024 compared to 17.6% at September 30, 2024.

    Credit Quality

    Nonperforming assets totaled $81.0 million, or 2.03% of total assets, at December 31, 2024, compared to $60.7 million, or 1.52% of total assets, at September 30, 2024. The $20.4 million increase in nonperforming assets was due to the addition of one $26.4 million C&D loan, $2.0 million in SFR loans and $890,000 in SBA loans that migrated to nonaccrual status during the fourth quarter of 2024, partially offset by payoffs and paydowns of $6.7 million and partial charge-offs of $2.0 million.

    Nonperforming assets at December 31, 2024 include loans HFS with a total fair value of $11.2 million, which were transferred from HFI during the fourth quarter of 2024 after a $1.8 million charge-off against the allowance for credit losses. These loans were reported as nonperforming loans at September 30, 2024.

    Special mention loans totaled $65.3 million, or 2.14% of total loans, at December 31, 2024, compared to $77.5 million, or 2.51% of total loans, at September 30, 2024. The $12.2 million decrease was primarily due to CRE loans totaling $11.8 million that were upgraded to pass-rated and $1.8 million in payoffs and paydowns, offset by CRE loans totaling $1.4 million downgraded during the fourth quarter of 2024. All special mention loans are paying current.

    Substandard loans totaled $100.3 million, of which $11.2 million were HFS at December 31, 2024, compared to $79.8 million at September 30, 2024. This $20.5 million increase was primarily due to downgrades of one $26.4 million C&D loan, SFR loans totaling $2.0 million, C&I loans totaling $1.9 million and SBA loans totaling $747,000. These downgrades were offset by payoffs and paydowns totaling $6.5 million, upgrades totaling $2.0 million and partial charge-offs totaling $2.0 million. Of the total substandard loans at December 31, 2024, there are $19.3 million on accrual status, including an $11.7 million C&D loan that was in the process of renewal and also included in the 30-89 day delinquent category below.

    30-89 day delinquent loans, excluding nonperforming loans, totaled $22.1 million at December 31, 2024, compared to $10.6 million at September 30, 2024. The $11.5 million increase was mostly due to one $11.7 million C&D loan in process of renewal for a completed multifamily project at December 31, 2024, and since year end, it has been brought current and paid down by $1.5 million. Other changes in delinquent loans included additions totaling $5.5 million, offset by $3.2 million that returned to current status, $1.8 million that migrated to nonaccrual status and $735,000 in payoffs.

    As of December 31, 2024, the allowance for credit losses totaled $48.5 million and was comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $44.5 million comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 at September 30, 2024. The $4.0 million increase in the allowance for credit losses for the fourth quarter of 2024 was due to a $6.0 million provision for credit losses offset by net charge-offs of $2.0 million. The increase in charge-offs in the fourth quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans and loans moved to HFS. The allowance for loan losses as a percentage of loans HFI increased to 1.56% at December 31, 2024, compared to 1.41% at September 30, 2024, due to an increase in specific reserves on one C&D loan mentioned previously. The allowance for loan losses as a percentage of nonperforming loans HFI was 68% at December 31, 2024, a decrease from 72% at September 30, 2024.

               
      For the Three Months Ended December 31, 2024     For the Year Ended December 31, 2024  
    (dollars in thousands) Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses     Allowance for loan losses     Reserve for unfunded loan commitments   Allowance for credit losses  
    Beginning balance $ 43,685     $ 779     $ 44,464     $ 41,903     $ 640   $ 42,543  
    Provision for (reversal of) credit losses   6,050       (50 )     6,000       9,768       89     9,857  
    Less loans charged-off   (2,092 )     —       (2,092 )     (4,083 )     —     (4,083 )
    Recoveries on loans charged-off   86       —       86       141       —     141  
    Ending balance $ 47,729     $ 729     $ 48,458     $ 47,729     $ 729   $ 48,458  
                                                 

    Shareholders’ Equity

    At December 31, 2024, total shareholders’ equity was $507.9 million, a $1.9 million decrease compared to September 30, 2024, and a $3.4 million decrease compared to December 31, 2023. The decrease in shareholders’ equity for the fourth quarter of 2024 was due to higher net unrealized losses on available-for-sale securities of $4.2 million and common stock cash dividends paid of $2.9 million, offset by net income of $4.4 million, and equity compensation activity of $794,000. The decrease in shareholders’ equity for the year ended 2024 was due to common stock repurchases of $20.7 million, common stock cash dividends paid of $11.7 million and higher net unrealized losses on available-for-sale securities of $744,000, offset by net income of $26.7 million, and equity compensation activity of $3.1 million. Book value per share and tangible book value per share(1) decreased to $28.66 and $24.51 at December 31, 2024, down from $28.81 and $24.64 at September 30, 2024 and up from $27.47 and $23.48 at December 31, 2023.

    Contact:
    Lynn Hopkins, Chief Financial Officer
    (213) 716-8066
    lhopkins@rbbusa.com

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
       

    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of December 31, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, February 4, 2025, to discuss the Company’s fourth quarter 2024 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 834092, conference ID RBBQ424. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51830, approximately one hour after the conclusion of the call and will remain available through February 5, 2025.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

                                 
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
                                 
      December 31,     September 30,     June 30,     March 31,     December 31,  
      2024     2024     2024     2024     2023  
    Assets                                      
    Cash and due from banks $ 27,747     $ 26,388     $ 23,313     $ 21,887     $ 22,671  
    Interest-earning deposits with financial institutions   229,998       323,002       229,456       247,356       408,702  
    Cash and cash equivalents   257,745       349,390       252,769       269,243       431,373  
    Interest-earning time deposits with financial institutions   600       600       600       600       600  
    Investment securities available for sale   420,190       305,666       325,582       335,194       318,961  
    Investment securities held to maturity   5,191       5,195       5,200       5,204       5,209  
    Loans held for sale   11,250       812       3,146       3,903       1,911  
    Loans held for investment   3,053,230       3,091,896       3,047,712       3,027,361       3,031,861  
    Allowance for loan losses   (47,729 )     (43,685 )     (41,741 )     (41,688 )     (41,903 )
    Net loans held for investment   3,005,501       3,048,211       3,005,971       2,985,673       2,989,958  
    Premises and equipment, net   24,601       24,839       25,049       25,363       25,684  
    Federal Home Loan Bank (FHLB) stock   15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance   60,296       59,889       59,486       59,101       58,719  
    Goodwill   71,498       71,498       71,498       71,498       71,498  
    Servicing assets   6,985       7,256       7,545       7,794       8,110  
    Core deposit intangibles   2,011       2,194       2,394       2,594       2,795  
    Right-of-use assets   28,048       29,283       30,530       31,231       29,803  
    Accrued interest and other assets   83,561       70,644       63,416       65,608       66,404  
    Total assets $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025  
    Liabilities and shareholders’ equity                                      
    Deposits:                                      
    Noninterest-bearing demand $ 563,012     $ 543,623     $ 542,971     $ 539,517     $ 539,621  
    Savings, NOW and money market accounts   663,034       666,089       647,770       642,840       632,729  
    Time deposits, $250,000 and under   1,007,452       1,052,462       1,014,189       1,083,898       1,190,821  
    Time deposits, greater than $250,000   850,291       830,010       818,675       762,074       811,589  
    Total deposits   3,083,789       3,092,184       3,023,605       3,028,329       3,174,760  
    FHLB advances   200,000       200,000       150,000       150,000       150,000  
    Long-term debt, net of issuance costs   119,529       119,433       119,338       119,243       119,147  
    Subordinated debentures   15,156       15,102       15,047       14,993       14,938  
    Lease liabilities – operating leases   29,705       30,880       32,087       32,690       31,191  
    Accrued interest and other liabilities   36,421       23,150       16,818       18,765       24,729  
    Total liabilities   3,484,600       3,480,749       3,356,895       3,364,020       3,514,765  
    Shareholders’ equity:                                      
    Common stock   259,957       259,280       266,160       271,645       271,925  
    Additional paid-in capital   3,645       3,520       3,456       3,348       3,623  
    Retained earnings   264,460       262,946       262,518       259,903       255,152  
    Non-controlling interest   72       72       72       72       72  
    Accumulated other comprehensive loss, net   (20,257 )     (16,090 )     (20,915 )     (20,982 )     (19,512 )
    Total shareholders’ equity   507,877       509,728       511,291       513,986       511,260  
    Total liabilities and shareholders’ equity $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025  
                                           
                                           
             
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 
             
      For the Three Months Ended     For the Year Ended
      December 31, 2024   September 30, 2024   December 31, 2023     December 31, 2024   December 31, 2023
    Interest and dividend income:                              
    Interest and fees on loans $ 46,374   $ 47,326   $ 45,895     $ 184,567   $ 194,264
    Interest on interest-earning deposits   3,641     3,388     4,650       15,422     10,746
    Interest on investment securities   3,962     3,127     3,706       14,331     14,028
    Dividend income on FHLB stock   330     326     312       1,314     1,125
    Interest on federal funds sold and other   248     258     269       1,027     985
    Total interest and dividend income   54,555     54,425     54,832       216,661     221,148
    Interest expense:                              
    Interest on savings deposits, NOW and money market accounts   4,671     5,193     4,026       19,295     12,205
    Interest on time deposits   21,361     22,553     22,413       89,086     76,837
    Interest on long-term debt and subordinated debentures   1,660     1,681     2,284       6,699     9,951
    Interest on FHLB advances   886     453     440       2,217     2,869
    Total interest expense   28,578     29,880     29,163       117,297     101,862
    Net interest income before provision for credit losses   25,977     24,545     25,669       99,364     119,286
    Provision for (reversal of) credit losses   6,000     3,300     (431 )     9,857     3,362
    Net interest income after provision for (reversal of) credit losses   19,977     21,245     26,100       89,507     115,924
    Noninterest income:                              
    Service charges and fees   988     1,071     972       4,115     4,172
    Gain on sale of loans   376     447     116       1,586     374
    Loan servicing fees, net of amortization   492     605     616       2,265     2,576
    Increase in cash surrender value of life insurance   407     403     374       1,577     1,409
    (Loss) gain on OREO   —     —     (57 )     1,016     133
    Other income   466     3,220     5,373       4,776     6,354
    Total noninterest income   2,729     5,746     7,394       15,335     15,018
    Noninterest expense:                              
    Salaries and employee benefits   9,927     10,008     8,860       39,395     37,795
    Occupancy and equipment expenses   2,403     2,518     2,387       9,803     9,629
    Data processing   1,499     1,472     1,357       5,857     5,326
    Legal and professional   1,355     958     1,291       4,453     8,198
    Office expenses   399     348     349       1,455     1,512
    Marketing and business promotion   251     252     241       864     1,132
    Insurance and regulatory assessments   677     658     1,122       3,298     3,165
    Core deposit premium   182     200     215       784     923
    Other expenses   956     1,007     571       3,254     3,016
    Total noninterest expense   17,649     17,421     16,393       69,163     70,696
    Income before income taxes   5,057     9,570     17,101       35,679     60,246
    Income tax expense   672     2,571     5,028       9,014     17,781
    Net income $ 4,385   $ 6,999   $ 12,073     $ 26,665   $ 42,465
                                   
    Net income per share                              
    Basic $ 0.25   $ 0.39   $ 0.64     $ 1.47   $ 2.24
    Diluted $ 0.25   $ 0.39   $ 0.64     $ 1.47   $ 2.24
    Cash dividends declared per common share $ 0.16   $ 0.16   $ 0.16     $ 0.64   $ 0.64
    Weighted-average common shares outstanding                              
    Basic   17,704,992     17,812,791     18,887,501       18,121,764     18,965,346
    Diluted   17,796,840     17,885,359     18,900,351       18,183,319     18,985,233
                                   
                                   
         
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
         
      For the Three Months Ended  
      December 31, 2024     September 30, 2024     December 31, 2023  
     (tax-equivalent basis, dollars in thousands) Average   Interest   Yield /     Average   Interest   Yield /     Average   Interest   Yield /  
    Balance   & Fees   Rate     Balance   & Fees   Rate     Balance   & Fees   Rate  
    Interest-earning assets                                                    
    Cash and cash equivalents (1) $ 308,455   $ 3,890   5.02 %   $ 260,205   $ 3,646   5.57 %   $ 333,940   $ 4,919   5.84 %
    FHLB Stock   15,000     330   8.75 %     15,000     326   8.65 %     15,000     312   8.25 %
    Securities                                                    
    Available for sale (2)   361,253     3,939   4.34 %     298,948     3,105   4.13 %     329,426     3,684   4.44 %
    Held to maturity (2)   5,194     48   3.68 %     5,198     46   3.52 %     5,212     46   3.50 %
    Total loans   3,059,786     46,374   6.03 %     3,069,578     47,326   6.13 %     3,055,232     45,895   5.96 %
    Total interest-earning assets   3,749,688   $ 54,581   5.79 %     3,648,929   $ 54,449   5.94 %     3,738,810   $ 54,856   5.82 %
    Total noninterest-earning assets   244,609                 242,059                 253,385            
    Total average assets $ 3,994,297               $ 3,890,988               $ 3,992,195            
                                                         
    Interest-bearing liabilities                                                    
    NOW   53,879     254   1.88 %   $ 55,757   $ 277   1.98 %   $ 54,378   $ 214   1.56 %
    Money market   463,850     3,735   3.20 %     439,936     4,093   3.70 %     422,582     3,252   3.05 %
    Saving deposits   162,351     682   1.67 %     164,515     823   1.99 %     148,354     560   1.50 %
    Time deposits, $250,000 and under   1,034,946     11,583   4.45 %     1,037,365     12,312   4.72 %     1,162,014     13,244   4.52 %
    Time deposits, greater than $250,000   835,583     9,778   4.66 %     819,207     10,241   4.97 %     781,833     9,169   4.65 %
    Total interest-bearing deposits   2,550,609     26,032   4.06 %     2,516,780     27,746   4.39 %     2,569,161     26,439   4.08 %
    FHLB advances   200,000     886   1.76 %     150,543     453   1.20 %     150,000     440   1.16 %
    Long-term debt   119,466     1,295   4.31 %     119,370     1,295   4.32 %     155,536     1,895   4.83 %
    Subordinated debentures   15,121     365   9.60 %     15,066     386   10.19 %     14,902     389   10.36 %
    Total interest-bearing liabilities   2,885,196     28,578   3.94 %     2,801,759     29,880   4.24 %     2,889,599     29,163   4.00 %
    Noninterest-bearing liabilities                                                    
    Noninterest-bearing deposits   539,900                 528,081                 535,554            
    Other noninterest-bearing liabilities   56,993                 52,428                 61,858            
    Total noninterest-bearing liabilities   596,893                 580,509                 597,412            
    Shareholders’ equity   512,208                 508,720                 505,184            
    Total liabilities and shareholders’ equity $ 3,994,297               $ 3,890,988               $ 3,992,195            
    Net interest income / interest rate spreads       $ 26,003   1.85 %         $ 24,569   1.70 %         $ 25,693   1.82 %
    Net interest margin             2.76 %               2.68 %               2.73 %
                                                         
    Total cost of deposits $ 3,090,509   $ 26,032   3.35 %   $ 3,044,861   $ 27,746   3.63 %   $ 3,104,715   $ 26,439   3.38 %
    Total cost of funds $ 3,425,096   $ 28,578   3.32 %   $ 3,329,840   $ 29,880   3.57 %   $ 3,425,153   $ 29,163   3.38 %
                                                         

    ____________________

    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
       
         
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
         
      For the Year Ended  
      December 31, 2024     December 31, 2023  
     (tax-equivalent basis, dollars in thousands) Average   Interest   Yield /     Average   Interest   Yield /  
    Balance   & Fees   Rate     Balance   & Fees   Rate  
    Interest-earning assets                                  
    Cash and cash equivalents (1) $ 297,331   $ 16,449   5.53 %   $ 216,851   $ 11,731   5.41 %
    FHLB Stock   15,000     1,314   8.76 %     15,000     1,125   7.50 %
    Securities                                  
    Available for sale (2)   324,644     14,242   4.39 %     331,357     13,928   4.20 %
    Held to maturity (2)   5,200     188   3.62 %     5,509     198   3.59 %
    Total loans   3,041,337     184,567   6.07 %     3,205,625     194,264   6.06 %
    Total interest-earning assets   3,683,512   $ 216,760   5.88 %     3,774,342   $ 221,246   5.86 %
    Total noninterest-earning assets   243,258                 246,980            
    Total average assets $ 3,926,770               $ 4,021,322            
                                       
    Interest-bearing liabilities                                  
    NOW $ 56,158     1,105   1.97 %   $ 58,191   $ 725   1.25 %
    Money market   436,925     15,231   3.49 %     429,102     10,565   2.46 %
    Saving deposits   162,243     2,959   1.82 %     126,062     915   0.73 %
    Time deposits, $250,000 and under   1,074,291     50,059   4.66 %     1,146,513     47,150   4.11 %
    Time deposits, greater than $250,000   803,187     39,027   4.86 %     742,839     29,687   4.00 %
    Total interest-bearing deposits   2,532,804     108,381   4.28 %     2,502,707     89,042   3.56 %
    FHLB advances   162,705     2,217   1.36 %     172,219     2,869   1.67 %
    Long-term debt   119,324     5,182   4.34 %     169,182     8,477   5.01 %
    Subordinated debentures   15,039     1,517   10.09 %     14,821     1,474   9.95 %
    Total interest-bearing liabilities   2,829,872     117,297   4.14 %     2,858,929     101,862   3.56 %
    Noninterest-bearing liabilities                                  
    Noninterest-bearing deposits   531,458                 602,291            
    Other noninterest-bearing liabilities   53,970                 59,562            
    Total noninterest-bearing liabilities   585,428                 661,853            
    Shareholders’ equity   511,470                 500,540            
    Total liabilities and shareholders’ equity $ 3,926,770               $ 4,021,322            
    Net interest income / interest rate spreads       $ 99,463   1.74 %         $ 119,384   2.30 %
    Net interest margin             2.70 %               3.16 %
                                       
    Total cost of deposits $ 3,064,262   $ 108,381   3.54 %   $ 3,104,998   $ 89,042   2.87 %
    Total cost of funds $ 3,361,330   $ 117,297   3.49 %   $ 3,461,220   $ 101,862   2.94 %
                                       

    ____________________

    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
       
               
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
               
      At or for the Three Months Ended     At or for the Year Ended December 31,  
      December 31,   September 30,     December 31,                  
        2024     2024     2023     2024     2023  
    Per share data (common stock)                                  
    Book value $ 28.66     $ 28.81     $ 27.47     $ 28.66     $ 27.47  
    Tangible book value (1) $ 24.51     $ 24.64     $ 23.48     $ 24.51     $ 23.48  
    Performance ratios                                  
    Return on average assets, annualized   0.44 %     0.72 %     1.20 %     0.68 %     1.06 %
    Return on average shareholders’ equity, annualized   3.41 %     5.47 %     9.48 %     5.21 %     8.48 %
    Return on average tangible common equity, annualized (1)   3.98 %     6.40 %     11.12 %     6.09 %     9.97 %
    Noninterest income to average assets, annualized   0.27 %     0.59 %     0.73 %     0.39 %     0.37 %
    Noninterest expense to average assets, annualized   1.76 %     1.78 %     1.63 %     1.76 %     1.76 %
    Yield on average earning assets   5.79 %     5.94 %     5.82 %     5.88 %     5.86 %
    Yield on average loans   6.03 %     6.13 %     5.96 %     6.07 %     6.06 %
    Cost of average total deposits (2)   3.35 %     3.63 %     3.38 %     3.54 %     2.87 %
    Cost of average interest-bearing deposits   4.06 %     4.39 %     4.08 %     4.28 %     3.56 %
    Cost of average interest-bearing liabilities   3.94 %     4.24 %     4.00 %     4.14 %     3.56 %
    Net interest spread   1.85 %     1.70 %     1.82 %     1.74 %     2.30 %
    Net interest margin   2.76 %     2.68 %     2.73 %     2.70 %     3.16 %
    Efficiency ratio (3)   61.48 %     57.51 %     49.58 %     60.30 %     52.64 %
    Common stock dividend payout ratio   64.00 %     41.03 %     25.00 %     43.54 %     28.57 %
                                           

    ____________________

    (1) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.
       
         
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
         
      At or for the quarter ended  
      December 31,     September 30,     December 31,  
      2024     2024     2023  
    Credit Quality Data:                      
    Special mention loans $ 65,329     $ 77,501     $ 32,842  
    Special mention loans to total loans   2.14 %     2.51 %     1.08 %
    Substandard loans HFI $ 89,141     $ 79,831     $ 61,099  
    Substandard loans HFS $ 11,195     $ —     $ —  
    Substandard loans HFI to total loans HFI   2.92 %     2.58 %     2.02 %
    Loans 30-89 days past due, excluding nonperforming loans $ 22,086     $ 10,625     $ 16,803  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans   0.72 %     0.34 %     0.55 %
    Nonperforming loans HFI $ 69,843     $ 60,662     $ 31,619  
    Nonperforming loans HFS $ 11,195     $ —     $ —  
    OREO $ —     $ —     $ —  
    Nonperforming assets $ 81,038     $ 60,662     $ 31,619  
    Nonperforming loans HFI to total loans HFI   2.29 %     1.96 %     1.04 %
    Nonperforming assets to total assets   2.03 %     1.52 %     0.79 %
                           
    Allowance for loan losses $ 47,729     $ 43,685     $ 41,903  
    Allowance for loan losses to total loans HFI   1.56 %     1.41 %     1.38 %
    Allowance for loan losses to nonperforming loans HFI   68.34 %     72.01 %     132.52 %
    Net charge-offs $ 2,006     $ 1,201     $ 109  
    Net charge-offs to average loans   0.26 %     0.16 %     0.01 %
                           
    Capital ratios (1)                      
    Tangible common equity to tangible assets (2)   11.08 %     11.13 %     11.06 %
    Tier 1 leverage ratio   11.92 %     12.19 %     11.99 %
    Tier 1 common capital to risk-weighted assets   17.94 %     18.16 %     19.07 %
    Tier 1 capital to risk-weighted assets   18.52 %     18.75 %     19.69 %
    Total capital to risk-weighted assets   24.49 %     24.80 %     25.92 %
                           

    ____________________

    (1 ) December 31, 2024 capital ratios are preliminary.
    (2 ) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.
         
                   
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
                   
    Loan Portfolio Detail As of December 31, 2024   As of September 30, 2024     As of December 31, 2023  
    (dollars in thousands) $   %   $     %     $     %  
    Loans:                                    
    Commercial and industrial $ 129,585   4.2 %   $ 128,861     4.2 %   $ 130,096     4.3 %
    SBA   47,263   1.5 %     48,089     1.6 %     52,074     1.7 %
    Construction and land development   173,290   5.7 %     180,196     5.8 %     181,469     6.0 %
    Commercial real estate (1)   1,201,420   39.3 %     1,252,682     40.5 %     1,167,857     38.5 %
    Single-family residential mortgages   1,494,022   48.9 %     1,473,396     47.7 %     1,487,796     49.1 %
    Other loans   7,650   0.4 %     8,672     0.2 %     12,569     0.4 %
    Total loans (2) $ 3,053,230   100.0 %   $ 3,091,896     100.0 %   $ 3,031,861     100.0 %
    Allowance for loan losses   (47,729 )       (43,685 )           (41,903 )      
    Total loans, net $ 3,005,501       $ 3,048,211           $ 2,989,958        
                                         

    _____________________

    (1) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    (2) Net of discounts and deferred fees and costs of $488, $467, and $542 as of December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
       
                   
    Deposits As of December 31, 2024   As of September 30, 2024     As of December 31, 2023  
    (dollars in thousands) $   %   $   %     $   %  
    Deposits:                                
    Noninterest-bearing demand $ 563,012   18.3 %   $ 543,623   17.6 %   $ 539,621   17.0 %
    Savings, NOW and money market accounts   663,034   21.5 %     666,089   21.5 %     632,729   19.9 %
    Time deposits, $250,000 and under   882,438   28.6 %     926,877   30.0 %     876,918   27.6 %
    Time deposits, greater than $250,000   827,854   26.8 %     808,304   26.1 %     719,892   22.7 %
    Wholesale deposits (1)   147,451   4.8 %     147,291   4.8 %     405,600   12.8 %
    Total deposits $ 3,083,789   100.0 %   $ 3,092,184   100.0 %   $ 3,174,760   100.0 %
                                       

    ______________________

    (1) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.
       

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of December 31, 2024, September 30, 2024, and December 31, 2023.

                         
    (dollars in thousands, except share and per share data) December 31, 2024     September 30, 2024     December 31, 2023  
    Tangible common equity:                      
    Total shareholders’ equity $ 507,877     $ 509,728     $ 511,260  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (2,011 )     (2,194 )     (2,795 )
    Tangible common equity $ 434,368     $ 436,036     $ 436,967  
    Tangible assets:                      
    Total assets-GAAP $ 3,992,477     $ 3,990,477     $ 4,026,025  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (2,011 )     (2,194 )     (2,795 )
    Tangible assets $ 3,918,968     $ 3,916,785     $ 3,951,732  
    Common shares outstanding   17,720,416       17,693,416       18,609,179  
    Common equity to assets ratio   12.72 %     12.77 %     12.70 %
    Tangible common equity to tangible assets ratio   11.08 %     11.13 %     11.06 %
    Book value per share $ 28.66     $ 28.81     $ 27.47  
    Tangible book value per share $ 24.51     $ 24.64     $ 23.48  
                           
                           

    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

               
      Three Months Ended     Year Ended December 31,  
    (dollars in thousands) December 31, 2024     September 30, 2024     December 31, 2023     2024     2023  
    Net income available to common shareholders $ 4,385     $ 6,999     $ 12,073     $ 26,665     $ 42,465  
    Average shareholders’ equity   512,208       508,720       505,184       511,470       500,540  
    Adjustments:                                      
    Average goodwill   (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible   (2,129 )     (2,326 )     (2,935 )     (2,425 )     (3,282 )
    Adjusted average tangible common equity $ 438,581     $ 434,896     $ 430,751     $ 437,547     $ 425,760  
    Return on average common equity   3.41 %     5.47 %     9.48 %     5.21 %     8.48 %
    Return on average tangible common equity   3.98 %     6.40 %     11.12 %     6.09 %     9.97 %

    The MIL Network –

  • MIL-OSI: Prospect Capital Schedules Second Fiscal Quarter Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (the “Company” or “Prospect”) today announced it expects to file with the Securities and Exchange Commission its report on Form 10-Q containing results for the fiscal quarter ended December 31, 2024 on Monday, February 10, 2025. The Company also expects to issue its earnings press release on Monday, February 10, 2025, after the close of the markets.

    The Company will host a conference call on Tuesday, February 11, 2025 at 9:00 a.m. Eastern Time. The conference call dial-in number will be 888-338-7333. A recording of the conference call will be available for approximately 30 days. To hear a replay, call 877-344-7529 and use passcode 2146236.

    The conference call will also be available via a live listen-only webcast on the Company’s website, www.prospectstreet.com. Please allow extra time prior to the call to visit the site and download any necessary software that may be needed to listen to the Internet broadcast.

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For additional information, contact:

    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network –

  • MIL-OSI: Petrus Resources Declares Monthly Dividend for February 2025

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 03, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to confirm that its Board of Directors has declared a monthly dividend in the amount of $0.01 per share payable February 28, 2025, to shareholders of record on February 14, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

    Dividend Reinvestment Plan (“DRIP”)
    Petrus’ DRIP enables eligible shareholders to reinvest all or part of their cash dividends into additional common shares of the Company. Participation in the DRIP is optional. Eligible shareholders who elect to reinvest their cash dividends under the DRIP will receive common shares issued from treasury at a discount of 3% from the market price of the common shares.

    To participate in the DRIP, registered shareholders must deliver a properly completed enrollment form to Odyssey Trust Company (“Odyssey”) before 4:00 p.m. (Calgary time) on the 5th business day immediately preceding a dividend record date. Beneficial shareholders who wish to participate in the DRIP should contact their broker or other nominee through which their Common Shares are held to determine their eligibility and provide appropriate enrollment instructions. Participation by shareholders that are not resident in Canada may be restricted.

    A complete copy of the DRIP is available on the Company’s website at www.petrusresources.com and on Odyssey’s website at https://odysseytrust.com/faq/. A copy of the enrollment form for use by registered shareholders is available on Odyssey’s website at https://odysseytrust.com/faq/. For further information regarding the DRIP, please contact Odyssey at 1-888-290-1175 (Toll free in North America) or 1-587-885-0960.

    ABOUT PETRUS
    Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

    FOR FURTHER INFORMATION PLEASE CONTACT:
    Ken Gray
    President and Chief Executive Officer
    T: 403-930-0889
    E: kgray@petrusresources.com

    The MIL Network –

  • MIL-OSI Video: President Trump Signs Executive Orders in the Oval Office, Feb. 3, 2025

    Source: United States of America – The White House (video statements)

    The White House

    https://www.youtube.com/watch?v=07UH2FTaqE4

    MIL OSI Video –

  • MIL-OSI United Kingdom: Strong bonds with European neighbours is the only tonic to toxic Trump

    Source: Green Party of England and Wales

    In response to Starmer joining the EU 27 this evening, Greens are urging him to put European unity at the top of his agenda to provide a united front against the toxic impact of Trump’s trade wars.

    Commenting, Green Party Co-Leader, Adrian Ramsay MP, said: 

    “Tonight represents a historic opportunity for the UK. Starmer will be the first PM to attend an EU summit since we left the European Union.

    “In the face of increasing international hostility from President Trump, the UK needs to be clear that we stand united in the face of his aggression.

    “Starmer cannot do that by parroting Trump’s talking points on defence spending.

    “Strong bonds with our European neighbours are the only antidote available to this toxic Trump Presidency.

    “In the short-term, Starmer should embrace the idea of young people being able to move freely across their continent to work travel and study and respond positively to the EU’s offer of a youth mobility scheme”

    He continued: 

    “Brexit has resulted in tens of billions of pounds draining from our economy.

    “The Office for Budget Responsibility estimates that Brexit will deliver a 15% long-term hit to UK trade.

    “We should, as a matter of urgency, be looking to rejoin the Customs Union as a first step to plugging this hole.

    “And the PEM deal the EU has offered is a no brainer.

    “If Starmer is serious about taking tough decisions for economic stability then this would be a good starting point, not pumping money into climate-rocketing projects like Heathrow expansion.”

    END 

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Discharging Labour’s redundant ram raid bill

    Source: New Zealand Government

    The Government has agreed to discharge Labour’s redundant ram raid bill and instead focus on a more targeted response, Justice Minister Paul Goldsmith and Minister for Children Karen Chhour say.

    “Ram raids dropped 60 per cent last year and we’re confident we’ll continue to see this decrease over time,” Mr Goldsmith says.

    “Our Government is more focused on creating faster, stronger, and more targeted responses to young people who repeatedly commit the most serious offences.”

    “The creation of a Young Serious Offender declaration will make available for these young people tools to address issues and help them, along with unlocking stronger powers for both the Youth Court and New Zealand Police,” Mrs Chhour says.

    “This Government is focused on restoring law and order, and that includes reducing youth crime, meaningfully. We are delivering new solutions involving intervention and rehabilitation – solutions to help these young people avoid cornering themselves into criminal life.

    “That includes the Military-Style Academy order we have established, which will focus on providing structure, addressing criminal behaviour, rehabilitation, and setting serious young offenders up for a life away from crime with education and preparation for work.

    “However, we are still progressing the elements of the Ram Raid Bill we think will make meaningful differences to respond to offending.

    “The Oranga Tamariki (Responding to Serious Youth Offending) Amendment Bill will require the court to consider whether offending was livestreamed or posted online in a way that glorifies the offending when sentencing a young serious offender.”

    “Similarly, our sentencing reforms picked up the aggravating factors relating to adults encouraging or enabling young offenders to offend and the livestreaming or posting of offending online in a way which glorifies the offending,” Mr Goldsmith says.

    “This is all part of our work to ensure there are 20,000 fewer victims of serious violent crime by 2029, alongside a 15 per cent reduction in serious repeat youth offending.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Attorney General Bonta Intervenes in Lawsuit Challenging Approval of Betabel Commercial Development to Protect Tribal Cultural Resources

    Source: US State of California Department of Justice

    OAKLAND — California Attorney General Rob Bonta today was granted intervention in a lawsuit challenging San Benito County’s approval of the Betabel Commercial Development. In the lawsuit, the Attorney General filed a petition in intervention alleging the County’s approval of the project’s Environmental Impact Report (EIR) violated the California Environmental Quality Act (CEQA), including CEQA’s requirement that the County consult with California Native American tribes and address impacts to tribal cultural resources that would be irreparably harmed by the project. Located on the ancestral lands of the Amah Mutsun Tribal Band, the proposed 108,425 square-foot commercial site would be situated within a tribal cultural landscape known as Juristac, which holds significant spiritual and historical value. The Attorney General’s petition in intervention requests the court to order the County to withdraw its existing Final EIR, reopen tribal consultation under requirements added to CEQA by Assembly Bill (AB) 52, fully analyze the project’s impacts on tribal cultural resources, and consider feasible mitigation requested by the Tribe. 

    “Ensuring that California Native American tribes are consulted about a project’s potential impacts to tribal cultural resources is crucial to support thriving tribal communities in the state,” said Attorney General Bonta. “Today’s petition challenging the County’s decision to approve the Betabel project, without complying with its consultation obligations with the Tribe, seeks to address the potential irreparable harms to the cultural landscape and resources of the Amah Mutsun Tribal Band. Project development and proper tribal consultation under the law are not mutually exclusive, and we’re committed to helping local governments find a sustainable path forward. At the California Department of Justice, we’re dedicated to elevating the voices of California’s tribal communities in asserting their rights under the law concerning their ancestral lands.”

    CEQA includes important procedural requirements for public agencies to consult with tribes that are traditionally or culturally affiliated with a project site and analyze project impacts on tribal cultural resources during their environmental review process for a project. The statute recognizes the expertise and knowledge of California Native American tribes with regards to their tribal history, practices, and cultural resources, and upholds tribes’ rights to participate in and contribute their knowledge to CEQA’s environmental review process. Furthermore, CEQA requires that tribal consultation must be “meaningful and timely” so that tribal cultural resources can be identified, and culturally-appropriate mitigation and monitoring programs can be adopted by the lead agency.

    San Benito County rushed through its tribal consultation process such that it did not sufficiently consider or address impacts to tribal cultural resources.  As a result, several tribal cultural resources were not identified in the Draft EIR, and thus the impacts on those resources were not adequately analyzed or disclosed, and mitigation for those impacts was not considered by the decision-makers or the public. The County’s failure to meaningfully and timely consult with the Tribe and its failure to analyze and mitigate impacts to tribal cultural resources violated CEQA.

    The petition alleges the County violated CEQA because it failed to:

    • Analyze impacts to all tribal cultural resources in the Draft EIR and adopt mitigation specific to each of these resources in the Final EIR.
    • Begin consultation with the Tribe within 30 days of their request for consultation, as directed by the statute.
    • Consult on topics, such as recommended mitigation measures or significant impacts on tribal cultural resources, as requested by the Tribe and directed by the statute.

    The Attorney General originally sought to intervene in this lawsuit in San Benito County Superior Court in March 2023. But before the Court ruled on the Attorney General’s motion to intervene, it dismissed the lawsuit, finding that the Tribe and other petitioners in a related lawsuit had not met CEQA’s deadline for filing suit. The Tribe and other petitioners appealed that decision, and the Attorney General submitted an amicus brief in support of the appeal. The Sixth District Court of Appeal agreed with the Tribe and our Office that the lawsuit was timely. That decision sent the case back to the trial court and on December 31, 2024, the Court vacated its prior dismissal, restarting the litigation.

    California Attorney General Bonta is committed to protecting the rights of California’s tribal communities in the CEQA process. In July 2022, the Attorney General raised concerns regarding Riverside County’s analysis of a project’s tribal cultural resource impacts in a CEQA comment letter. In that comment letter, he urged the County to analyze impacts to tribal cultural resources with the same level of rigor as analyses of other environmental resources.  Also, the Attorney General filed amicus briefs in support of the Koi Nation in litigation against the City of Clearlake, first in October 2023 in the superior court and then in in July 2024 in the court of appeal. The amicus briefs argued that the City’s tribal consultation did not meet the statutory requirements. Also, the briefs argued that the City’s reliance solely on archaeological studies to identify and analyze impacts to tribal cultural resources was in error, and that the tribe’s cultural values must be considered when determining impacts and mitigation. The case is still pending before the court of appeal and oral argument has not yet been set. 

    A copy of the Attorney General’s motion to intervene, which includes the petition, is available here. The court’s minute order is available here.  

    MIL OSI USA News –