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  • MIL-OSI: Amfeltec Adds New M.2 PCIe Gen 3 SSD with Batteryless System Logger and Watchdog Timer to its Arowana and PocketShark Families

    Source: GlobeNewswire (MIL-OSI)

    STOUFFVILLE, Ontario, Oct. 22, 2024 (GLOBE NEWSWIRE) — Amfeltec Corporation announced today the release of the latest addition to its Arowana PCIe SSD Board Family(TM) and its PocketShark Product Family(TM). The M.2 PCI Express Gen 3 SSD with Batteryless System Logger and Watchdog Timer is now in full production (hereafter referred as the Device).

    “The main considerations for creating any embedded systems are cost, size and robustness of operation. The nature of embedded applications often requires operation without human interaction, sometimes in the field and with limited access to technical support,” said Michael Feldman, President and CTO of Amfeltec Corp. “With this new product, we are targeting two market segments: IoT and embedded applications.”

    The device combines three independent components:

    1. PCIe Gen 3 SSD is for data and program code storage.
    2. Batteryless System Logger is for recording both system and environmental data of the host and its surroundings.
    3. Watchdog Timer is for automatically rebooting or performing ‘cold’ restart of the system.

    The implementation of this triple-components device is in the standard M.2 22110 (M-key) form factor.

    PCIe Gen 3 SSD
    This first component is a single-chip solution with x4 PCI Express upstream interface, providing embedded systems 128 GB of non-volatile memory; and offering maximum performance, including a read transfer rate of 2,013 MB/sec and write transfer rate of 1,822 MB/sec.

    Batteryless System Logger
    This second component captures system information through a USB port; and gathers environmental information via multiple internal sensors that measure ambient temperature, air pressure, humidity, shock and vibration. All data is continuously recorded to the logger’s non-volatile memory during normal operation. In the event of a system crash or power outage, the logger preserves the data, ensuring it remains accessible for troubleshooting or analysis.

    Watchdog Timer
    This third component can automatically reboot a computer, embedded appliance, or IoT device, in the event of freezing or system crash. This is achieved by sending a RESET signal. If the system remains unresponsive, the system’s power supply is toggled OFF-ON to initiate a ‘cold’ restart – without affecting the logger’s operation.

    “Integrating all three key components into single device makes any embedded system more compact. The M.2 form factor allows for easy integration into any motherboard; supports recovery in the event of operation-critical disruptions; and enables monitoring of the system performance and environmental data for future failure analysis,” added Michael Feldman. “All these functions operate 24/7 without requiring any additional power, such as a battery, and without human interaction. This is a cost-effective solution that significantly increases the reliability of any system.”

    The device requires no driver for operation and can be configured using a Linux software utility. It operates at industrial temperature rates (-40°C to +85°C) and requires no service or maintenance throughout its lifetime (over 10 years).

    For additional information, please visit the product page:
    https://www.amfeltec.com/m2-pci-express-gen-3-ssd-with-batteryless-watchdog-timer/

    About Amfeltec Corporation:
    Amfeltec is a Canadian electronics engineering company, incorporated in 2005. It is a leading provider of complex and innovative solutions for the world’s diverse electronics markets. All Amfeltec products are designed and manufactured in Canada, and most are covered by one or more United States patents. Notable Amfeltec product families include the Squid Carrier Board(TM), Piranha USB Telecom Adapter(TM), Arowana PCIe SSD Board(TM), AngelShark Carrier Board(TM) and PocketShark(TM) Batteryless System Loggers.

    Contact Information
    Peter Suslik
    T: 1.905.604.6438 x112
    F: 1.905.604.6439
    p.suslik@amfeltec.com
    http://www.amfeltec.com

    The MIL Network

  • MIL-OSI: River launches Bitcoin Interest on Cash: For the first time ever investors can hold dollars and earn bitcoin safely

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, Oct. 22, 2024 (GLOBE NEWSWIRE) — River, the most trusted U.S. Bitcoin exchange, announces the launch of Bitcoin Interest on Cash, a groundbreaking product where you can earn a high yield interest rate on cash deposits, that can be paid in bitcoin1. Bitcoin Interest on Cash is set to redefine how you save and build wealth, offering both security and opportunity in a volatile economic environment.

    Key features of Bitcoin Interest on Cash:

    • Earn 3.8%1 interest on cash, which can be paid in bitcoin1.
    • Your cash is FDIC insured up to $250,000, and all bitcoin is held in full-reserve custody.
    • There are no hidden fees or minimums.
    • Your cash can be withdrawn at any time.

    Disrupting traditional savings accounts
    Savings accounts can’t keep up with inflation anymore, and this is causing them to lose value over time. River Bitcoin Interest on Cash breaks from this trend by offering you the opportunity to grow your savings faster than inflation.

    “In a world where traditional savings accounts are unable to fully protect your wealth, Bitcoin Interest on Cash offers a new path forward. By combining the predictability of cash with the opportunity of bitcoin, we’re empowering you to take control of your financial future and earn more money for the things that matter.” — Alex Leishman, CEO of River

    The future of saving, powered by bitcoin
    By earning an asset with a proven track record of high returns, River is giving you the opportunity to grow your savings far beyond 3.8%1. In the last two years, Bitcoin Interest on Cash would have earned 16 times2 more than the average savings account.

    The best of both worlds: Earn bitcoin on FDIC-insured cash
    In the past, crypto companies have offered products that attempted to generate yield on bitcoin. Those failed. At River, we never put your bitcoin at risk. Bitcoin Interest on Cash earns yield on cash, not on bitcoin. River protects your assets with FDIC-insured cash, up to $250,000, and bitcoin that is always held in full reserve.

    About River
    River is a premier US-based, bitcoin-only financial services company dedicated to providing the most secure and transparent platform for investing in bitcoin. The company is fully licensed and regulated in the United States and adheres to strict compliance standards to ensure the security and transparency of its operations.

    River was founded with a mission to build the world’s most trusted institution to empower people to take ownership of their financial lives through Bitcoin, the world’s only incorruptible digital currency. The company launched River Proof of Reserves, allowing clients to independently verify that 100% of their Bitcoin deposits are held in full reserve. By combining robust security measures with a simple user experience, River empowers individuals and institutions to confidently manage their bitcoin investments.

    For more information about Bitcoin Interest on Cash, please visit river.com/bitcoin-interest or follow them on X (Twitter).

    1River Financial Inc. (“River”) is not a bank. USD funds are deposited by Lead Bank, Member FDIC. Your USD is FDIC insured up to $250,000, inclusive of any deposits that you already hold at Lead Bank in the same ownership capacity. FDIC insurance may protect against a failure by Lead Bank, but does not protect against River’s failure, nor does it protect against theft or fraud. Bitcoin is not insured by the FDIC, and may lose value.

    Interest may be earned on cash that has settled at Lead Bank. As of October 22, 2024, the interest rate is 3.8%, and is subject to change. You may choose to receive interest payouts in Bitcoin or in USD. Lead is not affiliated with River’s Bitcoin program, products, or offerings. Not available in all states. Fees may apply. Please review the Terms of Service for eligibility restrictions and additional details.

    2Historical returns are presented for illustrative purposes only. Calculations are based on the current interest rate for Bitcoin Interest on Cash and the price of Bitcoin over the prior two years and are compared to the national average APY (source: US News, as of Oct 9, 2024). Interest rates and Bitcoin prices may fluctuate over time. This is not a guarantee of future earnings. All investments involve risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4ba1036a-1f85-48ab-8051-f65121657f23

    The MIL Network

  • MIL-OSI: Inc. Names Virtru as a 2024 Power Partner Award Winner for Third Consecutive Year

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Oct. 22, 2024 (GLOBE NEWSWIRE) — Inc., the leading media brand and playbook for the entrepreneurs and business leaders shaping our future, today announced its third annual Power Partner Awards. The prestigious list honors B2B organizations across the country that have proven track records supporting entrepreneurs and helping startups grow. This year’s list recognizes Virtru among 359 companies in technology, marketing and advertising, health and wellness, financial services, legal, logistics, public relations, and productivity, as well as other critical areas of business.

    This marks Virtru’s third consecutive year winning the award. As a leader in data-centric security solutions, Virtru continues to empower organizations worldwide with its innovative approach to secure collaboration. The Virtru Data Security Platform enables businesses to maintain control over their sensitive information throughout its lifecycle, regardless of where it travels. Virtru meets customers where they digitally reside through integrations with the most common productivity suites, including Google Workspace, Google Cloud, Microsoft 365, and SaaS apps like Zendesk.

    “Being recognized as an Inc. Power Partner for three years straight is a testament to the Virtru team’s unwavering commitment to our customers’ success in data protection,” said John Ackerly, CEO of Virtru. “Our customers are committed to respecting and protecting the data they share, moving beyond the traditional, perimeter-focused ways of thinking about security and realizing the value of micro-security solutions that protect each and every data object. We are thrilled to be a part of this journey with our customers and partners.”

    Every company on the Inc. Power Partner award list received top marks from clients for being instrumental in helping leadership navigate the dynamic world of startups. These B2B partners support entrepreneurs across various facets of the business, including hiring, compliance, infrastructure development, cloud migration, fundraising, etc., allowing founders to focus on their core missions.

    “This is our definitive listing of vendors and suppliers who have demonstrated excellence in serving small- and midsize customers,” says Inc. editor in chief Mike Hofman. “As part of the vetting process, our team of editors, researchers and reporters gathered information on companies’ products and services, assessed their reputation as captured in online comments and forums, and collected customer testimonials to ensure that the sales pitch matches the actual client experience. In every case, we spoke to founders like you who were happy to attest to a vendor’s genuine commitment to a mutually beneficial business partnership. We’re happy to be the conduit for that positive word of mouth.”

    To view the complete list, go to: https://www.inc.com/power-partner-awards/2024

    The November 2024 Issue of Inc. magazine is available online now at https://www.inc.com/magazine and will be on newsstands beginning October 29, 2024.

    About Inc.
    Inc. is the leading media brand and playbook for the entrepreneurs and business leaders shaping our future. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work achieves a monthly brand footprint of more than 40 million across a variety of channels, including events, digital, print, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since its launch as the Inc. 100 in 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit http://www.inc.com.

    About Virtru
    At Virtru, we empower organizations to easily unlock the power of data while maintaining control everywhere it’s stored and shared. More than 6,700 global customers trust Virtru to power their data-centric, Zero Trust strategies and safeguard their most sensitive data in accordance with the world’s strictest security standards. Leading providers of TDF (Trusted Data Format), the open industry standard for persistent data protection, Virtru provides encryption technology for data shared through email, collaboration tools, cloud environments, and enterprise SaaS applications. For more information, visit virtru.com.

    Contact
    Nick Michael
    Virtru
    nick.michael@virtru.com

    The MIL Network

  • MIL-OSI: Independent Bank Corporation Announces Quarterly Cash Dividend on Common Stock

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., Oct. 22, 2024 (GLOBE NEWSWIRE) — Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that today its Board of Directors declared a quarterly cash dividend on its common stock of 24 cents per share. This dividend is payable on November 15, 2024 to shareholders of record on November 5, 2024.

    About Independent Bank Corporation

    Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan’s Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments and insurance services. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

    For more information, please visit our Web site at: IndependentBank.com.

    Contact: William B. Kessel, President and CEO, 616.447.3933
      Gavin A. Mohr, Chief Financial Officer, 616.447.3929 

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  • MIL-OSI: Datapro Inc. Unveils Brand Refresh and Launches New Website to Reflect Commitment to Innovation and Agility

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Oct. 22, 2024 (GLOBE NEWSWIRE) — Datapro Inc. (Datapro), a leader in financial services technology, is proud to announce a comprehensive brand refresh, marking a new chapter in the company’s evolution. This refresh is accompanied by the launch of a redesigned website, aimed at better serving customers and partners with an enhanced, user-friendly experience.

    As Datapro continues to expand and adapt in a rapidly changing industry, the refreshed brand symbolizes the company’s commitment to innovation, agility, and forward-thinking solutions.

    “While our company is embracing a more modern and dynamic identity, we remain grounded in the experience and expertise that have been the foundation of our success for more than 45 years,” said Ignacio Blanco, CEO of Datapro. “Our track record of hundreds of successful implementations is a testament to our enduring capability to deliver value to our clients.”

    The refreshed brand includes a new logo, color palette, and design elements that are more reflective of Datapro’s innovative spirit and agile approach. The new isotype design was inspired from data and the cell replication process, embodying modularity, agility and flexibility.

    “These changes are not just cosmetic; they represent our ongoing transformation into a company that is better equipped to meet the challenges of the future, while still honoring the heritage and reliability our clients have come to trust,” said Blanco.

    In tandem with Datapro’s brand refresh, the company has also launched a new website at http://www.datapromiami.com . The redesigned site offers an improved user experience, with intuitive navigation, mobile optimization, and enhanced content that better reflects the company’s expanded capabilities and breadth of services. The new design enables visitors to more easily access resources, case studies, and insights, to help them make informed decisions in today’s fast-paced business environment.

    “Today’s announcement is more than just a visual update—it’s a statement of our commitment to driving innovation and excellence in everything we do,” said Blanco. “Our refreshed brand and new website are designed to better reflect who we are today: a modern, agile, and innovative company with a strong legacy of successful implementations. We’re excited to continue our journey with a renewed focus on providing exceptional value to our clients.”

    Datapro invites clients, partners, and the community to explore the new website and experience the refreshed brand that underscores its dedication to pushing the boundaries of what’s possible.

    About Datapro

    Datapro is a leader in core banking and digital banking technology, with more than 100 customers in over 20 countries. Our vision is to be recognized as the architects of the banking evolution towards a digital world. We have been helping financial institutions across Latin America, the Caribbean, the US and the EU for the past 45 years to modernize their infrastructure and to deliver innovative digital solutions to their customers. In 2021, Datapro was acquired by Vencora, which is part of Constellation Software Inc. (CSU – TSE).

    Media Contact

    info@datapromiami.com 

    http://www.datapromiami.com

    The MIL Network

  • MIL-OSI: Giftbit Makes Global Incentive Programs Easy, Automated, and Transparent

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE and VICTORIA, British Columbia, Oct. 22, 2024 (GLOBE NEWSWIRE) — Giftbit, a digital rewards provider that helps companies increase revenue and productivity, today launched a major update to their rewards platform offering global reach, automation, and transparency.

    “The updated Giftbit platform is another step forward for the digital rewards industry, one that in the past has been characterized by waste, opaque pricing, and manual effort,” said Leif Baradoy, Giftbit’s CEO. “Companies can now launch a modern automated incentive program in just a few clicks and know exactly where and how their rewards budget is being used.”

    International Options Mean Something for Everyone

    The expanded global platform makes it easy for businesses of all sizes to incentivize employees, recruit research participants, and reward customers. Giftbit’s catalog now offers nearly 1000 gift card options, including dozens of options from countries in Europe, the UK, Australia, and India. In addition to the growing gift card options, Giftbit has also launched a new international prepaid card which can be used in over 100 countries.

    Ease of Use and Automation That Can Reach Participants in Any Country

    Giftbit’s platform is automation-first. Its single API can power an entire global rewards program, meaning nobody has to juggle dozens of contracts and technical setups. By running their incentives through Giftbit, companies can automate what were once mundane and time-consuming reward fulfillment tasks.

    For example, a market research firm can automatically send a digital gift card or prepaid card when a survey is completed or a sales organization can instantly reward employees when they hit a sales goal.

    Transparent Financials and Customer-Friendly Pricing

    Price transparency remains a core part of the newly expanded platform. In contrast to similar platforms, Giftbit gives customers a clear view into their program financials and offers innovative ways to save money or tap into revenue opportunities.

    “If you’ve been wanting to launch or grow a rewards program but you’ve been turned off by the effort required, a fear of being ripped off, or a clunky international setup, the updated Giftbit platform is for you,” added Baradoy.

    About Giftbit

    Giftbit is a leading platform for digital reward and payout fulfillment, designed to help businesses achieve their goals with effective incentive programs. Knowing that rewards work, Giftbit offers a robust catalog of gift cards and prepaid cards, along with easy integration and transparent pricing. Giftbit ensures businesses can effortlessly motivate their prospects, customers, partners, and employees. Learn more about Giftbit at http://www.giftbit.com.

    Media Contact
    Sergut Dejene
    sergut@propllr.com

    Giftbit Media Contact
    pr@giftbit.com

    The MIL Network

  • MIL-OSI: Exclusive Markets Receives Top Honors at International Business Magazine Awards 2024

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 22, 2024 (GLOBE NEWSWIRE) — Exclusive Markets, a globally renowned leader in online multi-asset trading, has once again showcased its commitment to excellence by holding several prestigious awards at the highly esteemed International Business Magazine Awards 2024. The company has emerged victorious in the following categories:

    • Most Trusted Forex Broker Global 2024
    • Best FX Broker Global 2024
    • Best Customer Support Global 2024
    • Best Partners Program Global 2024
    • Most Transparent Broker Asia 2024

    These esteemed awards reaffirm Exclusive Markets’ steady dedication to setting new benchmarks in the industry and delivering unmatched service to its worldwide clientele. The company’s forward-thinking strategies, which are always at the forefront of industry trends, its emphasis on transparency, and its unwavering focus on providing exceptional experiences for traders and partners have set it apart in the fiercely competitive market.

    The official award presentation is scheduled to take place at the prestigious Grand Annual Awards Ceremony 2024 in the luxurious Atlantis, The Palm, Dubai, UAE, later this year. This highly anticipated event, set for Q4, will bring together top professionals from the global finance industry to celebrate outstanding achievements and innovation.

    Hemant Kumar, Exclusive Markets’ CMO, expressed his gratitude, remarking, “Securing 5 prestigious awards is a testament to our relentless pursuit of excellence and the firm trust that our clients and partners have placed in us. Our entire team has worked tirelessly to uphold these values, and we take immense pride in seeing our efforts acknowledged on such a prestigious platform.”

    With these remarkable awards, Exclusive Markets has further solidified its position as a revered leader in the Forex trading industry, strengthening its reputation as a company that prioritizes partnerships and remains dedicated to delivering unparalleled client satisfaction!

    About Exclusive Markets

    Exclusive Markets is dedicated to providing traders with a robust, secure, and transparent platform for investing in a variety of financial instruments. With a focus on cutting-edge technology and holding ISO/IEC 27001:2013 Certification by MSECB, Exclusive Markets offers traders an exceptional platform that seamlessly integrates advanced features with user-friendly interfaces.

    Traders can access a wide array of trading instruments, including CFD stocks, commodities, forex, and spot metals. The company’s expert team is committed to meeting the evolving needs of its clients by continually expanding its range of products and services, allowing traders to invest according to their preferences.

    Risk Warning: Trading involves risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f223189a-99c1-4610-bd6c-84d9a48d6f66

    The MIL Network

  • MIL-OSI: Foresight Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WINNEBAGO, Ill., Oct. 22, 2024 (GLOBE NEWSWIRE) — Foresight Financial Group, Inc., a Winnebago, IL based multi-bank holding company with fourteen offices in Stephenson, Winnebago, Boone and Kankakee counties, reported that for the third quarter of 2024, net income increased by 33.3% to $3,396,000 from $2,547,000 reported in the third quarter of 2023. The increase in net income compared to the third quarter of 2023 reflects a $1,386,000 decrease in the provision for loan losses and a $312,000 increase in net interest income. These favorable changes were partially offset by a $419,000 decrease in non-interest income and a $325,000 increase in operating expenses. The decrease in non-interest income includes a $328,000 reduction in net secondary market mortgage revenue, primarily due to reduction in the fair value of servicing rights. The increase in operating expense was largely driven by increased compensation expense, reflecting ongoing talent acquisition efforts initiated earlier in the year. Earnings per common share for the third increased to $0.97, compared to $0.71 for the third quarter of 2023.

    Net income reported for the first nine months of 2024 was $10,171,000, a 30.21% increase over the $7,815,000 earned for the nine months ending September 30, 2023. The increase in net income compared to the first nine months of 2023 includes a $4,092,000 decrease in the provision for loan losses, which was partially offset by a $454,000 reduction in non-interest income and a $697,000 increase in operating expenses. Year to date earnings per common share for 2024 was $2.93, compared to $2.19, for the first nine months of 2023. The results for the first nine months of 2024 produced a return on average assets of 0.85% and return on stockholders’ equity of 9.41%.

    Foresight’s balance sheet has experienced modest growth during the past year with total assets increasing 6.5% to $1.618 billion. Total gross loans increased 7.2% to $1.117 billion and total deposits increased 2.8% to $1.399 billion as of September 30, 2024. The majority of the loan growth was in commercial and commercial real estate lending. The deposit growth has been in demand deposits and certificates of deposit, with some funding shifting from savings and money market accounts to certificates of deposit to lock in term rates. The net interest margin for the first nine months of 2024 was 3.26% compared to 3.35%.

    Foresight’s asset quality remains strong. Non-performing assets of the Company as of September 30, 2024, totaled $23.7 million, up from $21.5 million the previous quarter. Loans past due 30 to 89 days remain low at 0.31% of outstanding loans.

    Chief Executive Officer Peter Morrison stated “we are pleased with the year over year performance improvement, despite continued net interest margin challenges industrywide. FGFH stock performance has been a bright spot in 2024 as its price has increased 41% since the end of 2023, however we still feel our stock is significantly undervalued. As we move into the final quarter of 2024, we anticipate a strong finish to a year of significant positive change on several levels within the organization.”

    The closing price for the Company’s stock was $33.07, as of close of business October 21, 2024. Book value of the Company’s common stock increased by $4.51 to $44.30 as of September 30, 2024, compared to $39.79 as of December 31, 2023. The increase in book value per share during the first nine months of 2024 includes a $2.42 increase in Accumulated Other Comprehensive Income, reflecting a decrease in the net unrealized loss on available for sale securities.

    About Foresight Financial

    Foresight Financial is a multi-bank holding company located in Northern Illinois, Its subsidiary community banks include Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, German-American State Bank, German Valley, Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.

    Forward-Looking Statements

    When used in this communication, the words “believes,” “expects,” “likely”, “would”, and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company’s markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.

    The MIL Network

  • MIL-OSI USA: Remarks in Kyiv by Secretary of Defense Lloyd J. Austin III on Ukraine’s Fight for Freedom (As Delivered)

    Source: United States Department of Defense

    Well, good afternoon.

    Thanks for welcoming me back to Kyiv, and to this proud academy.

    Director Nadolenko, I’m very grateful for those generous words.

    And speaking of outstanding diplomats: All Americans should be proud of our tireless and fearless ambassador, Bridget Brink. Ambassador, thanks for doing tremendous work.

    [Applause]

    Let me also thank my good friend, Minister Umerov. Rustem, thanks for that very kind introduction and for your tremendous service to your country.

    Ladies and gentlemen, it’s a great honor to be here with you today.

    I’d like to talk today about Ukraine’s just war of self-defense, and the road ahead.

    And I’d like to start by echoing the words of President Kennedy in his historic 1963 speech in Berlin.

    There are some who say that they don’t understand — or say they don’t understand — what is at stake between the free world and an aggressive tyrant like Putin.

    And I say to them: Let them come to Kyiv.

    There are some who say that both sides are to blame for Putin’s war of aggression.

    Let them come to Kyiv.

    There are some who blur the lines between aggressor and victim.

    Let them come to Kyiv.

    There are some who deny that the Kremlin targets Ukrainian civilians.

    Let them come to Kyiv.

    There are some who say that Ukraine isn’t a real nation.

    Let them come to Kyiv.

    And finally, there are some who claim that Ukraine lacks the courage to prevail.

    Let them come to Kyiv.

    Ladies and gentlemen, let us never forget how this war began.

    For years, Putin had harassed and assaulted the independent nation-state of Ukraine. On February 24, 2022, Putin crossed the line into an all-out invasion. And the Kremlin started the largest war in Europe since World War II.

    Now, Putin’s war of choice poses fundamental questions to every government and every person who seeks a decent and secure world.

    And so I ask today: Do rules matter?

    Do rights matter?

    Does sovereignty matter?

    I believe that they do.

    President Biden believes that they do.

    And every free citizen of Ukraine believes that they do.

    When the largest military in Europe becomes a force of aggression, the whole continent feels the shock.

    When a permanent member of the U.N. Security Council tries to deny self-rule to more than 40 million people, the whole world feels the blow.

    And when a dictator puts his imperial fantasies ahead of the rights of a free people, the whole international system feels the outrage.

    And so that’s why nations of goodwill from every corner of the planet have seen and have risen to Ukraine’s defense. And that’s why the United States and our allies and partners have proudly become the arsenal of Ukrainian democracy.

    America’s values call us to stand by a peaceful democracy fighting for its life. And America’s security demands that we stand up to Putin’s aggression.

    America’s security demands that we stand up to Putin’s aggression.

    Ukraine matters to U.S. security for four blunt reasons.

    Putin’s war threatens European security.

    Putin’s war challenges our NATO allies.

    Putin’s war attacks our shared values.

    And Putin’s war is a frontal assault on the rules-based international order that keeps us all safe.

    Now, this invasion hasn’t gone the way that the Kremlin planned. After 970 days of war, Putin has not achieved one single strategic objective.

    Not one.

    President Zelenskyy didn’t flee. Kyiv didn’t fall. And Ukraine didn’t fold.

    Instead, Russia has paid a staggering price for Putin’s imperial folly.

    Russian forces have suffered hundreds of thousands of casualties since February 2022. According to the Center for Strategic and International Studies, Russian losses in just the first year of Putin’s war were more than Moscow’s losses in all of its conflicts since World War II—combined.

    And Russia has had to dig so deep into its Soviet stockpiles that it’s attacking Ukraine with tanks from the time of World War II.

    And Russia has squandered more than 200 billion dollars to sustain its invasion. And Russia has given up untold billions of dollars more in previously anticipated economic growth.

    Now, Ukraine has suffered terribly at Putin’s hands.

    Since February 2022, according to the U.N., Russian forces have killed more than 11,000 Ukrainian civilians in verified civilian casualty incidents. And that includes more than 600 children.

    The U.N. says that Putin’s forces have bombed more than 250 Ukrainian schools and hospitals. And they’ve wrecked treasured sites of Ukrainian history, culture, and memory.

    But the Kremlin’s malice has not broken Ukraine’s spirit. Ukraine stands unbowed — and strengthened.

    You know, your fight began with soldiers setting tank ambushes on the streets of Kyiv, and with ordinary citizens making Molotov cocktails to defend their homes.

    And it continues today with a battle-tested Ukrainian military and security forces — and a roaring Ukrainian defense industrial base.

    Ukrainian factories are now pumping out some of the best UAVs in the world, and experienced Ukrainian air defenders are protecting their forces and their families. 

    And your soldiers have shown incredible skill. Your frontline defenders have shown heroic resolve. And your citizens have shown stunning courage.

    Ukraine’s resistance is powered by the emergency workers who rush to the scene; and by the energy workers who race to fix the damage of the Kremlin’s attacks; by the doctors who risk their own lives to save the wounded; by the nurses who provide comfort in hours of anguish; and by the clergy who tend to suffering souls; by the teachers who keep Ukraine’s schools open; and by the parents and grandparents who fight every day to keep their children safe and give them a future of peace.

    So your admirers around the world are studying the Ukrainian way of resistance. And we strongly encourage the reforms that Ukraine has launched to help realize its people’s hopes of joining the European Union and NATO. 

    Ukraine’s defenders have brought inspiration to the world — and glory to Ukraine.

    Slava Ukraini!

    [Audience responds in Ukrainian]

    Yet this struggle imposes obligations on us all. As President Biden told the U.N. General Assembly in September, “Our test is to make sure that the forces holding us together are stronger than the forces that are pulling us apart.”

    And make no mistake. The outcome of Ukraine’s fight for freedom will help set the trajectory for global security in the 21st century.

    Europe’s future is on the line.

    NATO’s strength is on the line.

    And America’s security is on the line.

    So the U.S. government has moved with urgency and purpose. And we’ve seen the huge progress that principled diplomacy can produce —the kind of diplomacy taught right here in this academy.

    Since April 2022, I have been convening the Ukraine Defense Contact Group — the coalition of some 50 countries from around the world determined to help Ukraine fight Putin’s aggression. The Contact Group has met 24 times now.

    And I know that Minister Umerov and my other Ukrainian friends often refer to the Contact Group as “the Ramstein format”— after Ramstein Air Base, where the Contact Group was forged.

    And each time that I’m back at Ramstein, I find it moving to look around that long table; to see in human form the global indignation over Putin’s crimes; and to see determined defense leaders from around the world — from Argentina to Australia, and from Tunisia to Türkiye.

    And it has worked.

    America’s allies and partners are sharing the burden of our shared security.

    And that’s the power of Ramstein.

    You know, as a percentage of GDP, a dozen U.S. allies and partners now provide more security assistance to Ukraine than the United States does. And members of the Contact Group have provided more than [51] billion dollars in direct security assistance to Ukraine.

    And I am proud to remind you that the United States is doing our part as well.

    My country has committed more than 58 billion dollars in security assistance for Ukraine since February 2022. We’ve delivered two Patriot batteries and dozens of other air-defense systems. We’ve provided 24 HIMARS [rocket] systems, and thousands of armored vehicles and drones, and millions of rounds of artillery and other critical munitions.

    Now, that is a very real financial commitment. But for anyone who thinks that American leadership is expensive — well, consider the price of American retreat.

    In the face of aggression, the price of principle is always dwarfed by the cost of capitulation.

    Our allies and partners know that. And I’ve been proud to watch the pro-Ukraine coalition dig deep.

    So just consider Germany, host to Ramstein Air Base. Germany alone has provided or committed to military assistance for Ukraine valued at close to 31 billion dollars.

    And through the Contact Group and its capability coalitions, Ukraine’s friends are now forging an unprecedented, coordinated, 13-country drive to increase industrial production, to meet Ukraine’s battlefield requirements, and to build up the force to deter and repel Russian aggression in the future.

    And so, not since World War II has America systematically rallied so many countries to provide such a range of industrial and military assistance for a partner in need.

    Now, there is no silver bullet. No single capability will turn the tide. No one system will end Putin’s assault.

    What matters is the way that Ukraine fights back. What matters is the combined effects of your military capabilities. And what matters is staying focused on what works.

    Now, I believe that President Biden and Vice President Harris will have a proud place in history for rallying the world to defend Ukraine.

    So will the allies and partners who seek a free Ukraine in a safer world.

    But the proudest place of all will go to the Ukrainian people.

    From President Zelenskyy on down, your leaders chose to fight back. And the people of Ukraine have met Russia’s aggression and atrocities with magnificent defiance.

    The spirit of Ukraine has inspired the world. And it has reminded us all to never take our freedom for granted.

    So we refuse to blame Ukraine for the Kremlin’s aggression.

    We refuse to offer excuses for Putin’s atrocities.

    And we refuse to pretend that appeasement will stop an invasion.

    We fully understand the moral chasm between aggressor and defender.

    And we will not be gulled by the frauds and the falsehoods of the Kremlin’s apologists.

    And we will continue to defend the Ukrainian people’s right to live in security and freedom.

    The Kremlin has forced us into an age where Europe’s largest military invades Europe’s second-largest country. And we dare not believe, as the novelist George Eliot once wrote, that “the giant forces that used to shake the earth are forever laid to sleep.”

    America’s goals remain clear, achievable, and principled. We seek a free and sovereign Ukraine that can defend itself from Russian aggression today — and deter Russian aggression in the future.

    We seek a more secure Europe — and a reinforced commitment from nations of goodwill worldwide to an open international system of rules, rights, and responsibilities.

    I know that the Kremlin’s war is a nightmare from which the Ukrainian people are trying to awake. But we should all understand that Putin’s assault is a warning. It is a sneak preview of a world built by tyrants and thugs — a chaotic, violent world carved into spheres of influence; a world where bullies trample their smaller neighbors; and a world where aggressors force free people to live in fear.

    So we face a hinge in history.

    We can continue to insist that cross-border invasion is the cardinal sin of world politics. And we can continue to stand firm against Putin’s aggression.

    Or we can let Putin have his way. And we can condemn our children and grandchildren to live in a far bloodier and more dangerous world.

    So we must continue to face, to squarely face, the specter of an aggressive Russia — backed by other autocrats from North Korea and Iran.

    If Ukraine falls under Putin’s boot, all of Europe will fall under Putin’s shadow.

    Putin is not just hammering at the norms of the international system built at such a terrible cost by the Allies after World War II. He is shoving us all toward a world where right — where might makes right, and where empire trumps sovereignty. And he is determined to show that his brand of autocracy can outlast the world’s democracies.

    You see, Putin does not just think that his will is stronger. He thinks that his system is better.

    But he could not be more wrong.

    You know, few forces are more powerful than a democracy fighting for freedom.

    As I have said: Peace is not self-executing. Order does not preserve itself. And the principles of freedom, and sovereignty, and human rights do not uphold themselves.

    Yes, there is a price to be paid for human freedom. But it is dwarfed by the price that we would all pay for letting aggression go unchecked.

    So President Biden has chosen the path of mutual responsibility and common security. And we have chosen to share the responsibility of ensuring that Ukraine remains sovereign and free.

    And make no mistake. The United States does not seek war with Russia. And even as Putin makes profoundly reckless and dangerous threats about nuclear war, we will continue to behave with the responsibility that the world rightly demands of a nuclear-armed state.

    So the United States will uphold our sworn NATO obligations.

    The United States will defend every inch of NATO territory.

    And the United States will get Ukraine what it needs to fight for its survival and security.

    [Applause]

    Ladies and gentlemen, let’s be clear.

    Ukraine does not belong to Putin.

    Ukraine belongs to the Ukrainian people.

    And Moscow will never prevail in Ukraine.

    You know, Putin thought that Ukraine would surrender. He was wrong.

    Putin thought that our democracies would cave. He was wrong.

    And Putin thought that the free world would cower. He was wrong.

    And Putin thinks that he will win. He is wrong.

    And as I said in Halifax almost two years ago: free people will always refuse to replace an open order of rules and rights with one dictated by force and fear.

    Now, Ukraine faces complex challenges in the days to come.

    And as then-Vice President Biden said at this academy in 2014, “Democracy is not a destination. Democracy is a road traveled. And it’s a hard damn road to travel.”

    But you have shown the world the moral power of a free people fighting to defend their country.

    That force can bend the arc of history.

    Ladies and gentlemen: never underestimate the strategic advantage of a just cause.

    Never underestimate the resolve of free citizens.

    And never underestimate the power of a democracy summoned to defend itself.

    Ukraine has chosen the course of courage.

    And so have we.

    My friends, you walk a hard road.

    But you do not walk it alone.

    Thank you. God bless you. And may God bless all who fight to defend freedom.

    [Standing ovation]

    MIL OSI USA News

  • MIL-OSI USA: FEMA is Hiring: Help with Hurricane Helene and Milton

    Source: US Federal Emergency Management Agency

    Headline: FEMA is Hiring: Help with Hurricane Helene and Milton

    FEMA is Hiring: Help with Hurricane Helene and Milton

    TALLAHASSEE, Fla. – Come to work for FEMA and help your community recover from Hurricanes Helene and Milton.FEMA is conducting local hiring for more than 600 jobs in Gainesville, Melbourne Beach, Sarasota and Tallahassee, Florida. Local Hire employees are typically local residents who aid in the recovery of their community and help fellow neighbors in the recovery process. Many FEMA employees began their careers in emergency management by helping their own communities recover from a disaster.These positions are full-time 120-day appointments that may be extended depending on operational needs.FEMA Local Hire employees are eligible for the following benefits:Health insurance for individual or family coverage. Employer contribution is 75% of premium. Local Hire employees are eligible for enrollment for health insurance coverage as of the official hire date/employment date with FEMA.Flexible spending accountsFederal long-term care insuranceAbility to earn 4 hours of paid sick leave per pay periodHoliday payWorker’s compensationFEMA is accepting applications for the following positions:Accepting by 11:59 p.m. ET Saturday, October 26:IT Specialist: USAJOBS – Job AnnouncementManufactured Housing Specialist: USAJOBS – Job AnnouncementAccountable Property Specialist: USAJOBS – Job AnnouncementOrdering Specialist: USAJOBS – Job AnnouncementLogistics Specialist: USAJOBS – Job AnnouncementEnvironmental Floodplain Specialist: USAJOBS – Job AnnouncementEnvironmental Compliance Review Specialist: USAJOBS – Job AnnouncementAccepting by 11:59 p.m. ET Monday, October 28:Emergency Management 2: USAJOBS – Job AnnouncementAll positions will close at 11:59 p.m. ET on the closing date or when the maximum number of applications are received. More positions may be added later. To see all open roles, visit USAJobs.gov, type “Local Hire” in the keywords section and “Florida” for location.For tips, including how to prepare your resume and navigate the website, visit USAJOBS Help Center – Application Process. All applicants must be U.S. citizens, 18 years of age or older, and possess a high school diploma or General Equivalency Diploma. Individuals will be required to pass a background investigation that includes fingerprinting and a credit check. Employees are also required to participate in direct deposit or electronic funds transfer for salary payment. If you are found qualified, you may be called for an interview. For the latest information about Hurricane Milton recovery, visit fema.gov/disaster/4834. For Hurricane Helene recovery information, visit fema.gov/disaster/4828. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.
    kirsten.chambers
    Tue, 10/22/2024 – 13:06

    MIL OSI USA News

  • MIL-OSI USA: Disaster Recovery Centers to Open in Greene, Hamblen Counties

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers to Open in Greene, Hamblen Counties

    Disaster Recovery Centers to Open in Greene, Hamblen Counties

    Disaster Recovery Centers will open Tuesday, Oct. 22, in Greene County and Wednesday, Oct. 23, in Hamblen County to help Tennesseans who had damage or losses from Tropical Storm Helene.Center hours are 7 a.m. to 7 p.m. ET Monday to Saturday; noon to 5 p.m. ET Sunday.Locations are:Greene County opening Oct. 22: Greene County Courthouse/Annex 204 North Cutler St., Greeneville, TN 37745Hamblen County opening Oct. 23: Utility Commission Conference and Training Center441 Main St., Morristown, TN 37814A center is also open in:Unicoi County: National Guard Armory/Unicoi Emergency Operations Center 615 South Main Ave., Erwin, TN 37650Additional centers may open in other impacted areas. To find a center near you, visit fema.gov/drc.The deadline to apply for federal disaster assistance is Monday, Dec. 2. To apply, visit a Disaster Recovery Center, go online to DisasterAssistance.gov, use the FEMA App or call the FEMA Helpline at 800-621-3362. Lines are open from 7 a.m. to midnight ET. Operators speak most languages; if you use a relay service, captioned telephone or other service, you can give FEMA your number for that service.For an accessible video on how to apply, visit FEMA Accessible: Registering for Individual Assistance (youtube.com).You may also apply for a low-interest disaster loan from the U.S. Small Business Administration. SBA disaster loans are the largest source of federal recovery funds for homeowners, renters and businesses of all sizes. To learn more or apply, visit sba.gov/disaster, call 800-659-2955 or email DisasterCustomerService@sba.gov.
    kwei.nwaogu
    Tue, 10/22/2024 – 13:13

    MIL OSI USA News

  • MIL-OSI USA: Mobile Disaster Recovery Center Open in Franklin County

    Source: US Federal Emergency Management Agency

    Headline: Mobile Disaster Recovery Center Open in Franklin County

    Mobile Disaster Recovery Center Open in Franklin County

    TALLAHASSEE, Fla. – FEMA has opened a mobile Disaster Recovery Center in Franklin County to provide one-on-one help to Floridians affected by Hurricane Helene. Survivors of any of the storms can visit any center. Survivors do not need to visit a center to apply for assistance. Survivors are encouraged to apply online at DisasterAssistance.gov or by downloading the FEMA App. FEMA does not distribute cash at Disaster Recovery Centers. Center location:Franklin County (Mobile)Alligator Point Fire Department101 Tom Roberts RoadAlligator Point, FL 32346Hours: 8 a.m.-4:30 p.m. Monday-Wednesday through Oct. 23, 2024.When this center moves to a new location, details will be provided to the public.To find other center locations go to fema.gov/drc or text “DRC” and a Zip Code to 43362. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.Homeowners and renters are encouraged to apply online at DisasterAssistance.gov or by using the FEMA App. You may also apply by phone at 800-621-3362. If you choose to apply by phone, please understand wait times may be longer because of increased volume for multiple recent disasters. Lines are open every day and help is available in most languages. If you use a relay service, captioned telephone or other service, give FEMA your number for that service. For an accessible video on how to apply for assistance go to FEMA Accessible: Applying for Individual Assistance – YouTube.For the latest information about Hurricane Milton recovery, visit fema.gov/disaster/4834. For Hurricane Helene recovery information, visit fema.gov/disaster/4828. For Hurricane Debby recovery information, visit fema.gov/disaster/4806. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.
    kirsten.chambers
    Tue, 10/22/2024 – 13:16

    MIL OSI USA News

  • MIL-OSI USA: Gateway: Life in a Lunar Module

    Source: NASA

    Teams at NASA, ESA (European Space Agency), and Thales Alenia Space, including astronauts Stan Love and Luca Parmitano, came together in Turin, Italy, this summer for a test run of Gateway, humanity’s first space station to orbit the Moon.
    The group conducted what is known as human factors testing inside a mockup of Lunar I-Hab, one of four Gateway modules where astronauts will live, conduct science, and prepare for missions to the Moon’s South Pole region. The testing is an important step on the path to launch by helping refine the design of spacecraft for comfort and safety.
    Lunar I-Hab is provided by ESA and Thales Alenia Space and is slated to launch on Artemis IV. During that mission, four astronauts will launch inside the Orion spacecraft atop an upgraded version of the SLS (Space Launch System) rocket and deliver Lunar I-Hab to Gateway in orbit around the Moon.
    ESA, CSA (Canadian Space Agency), JAXA (Japan Aerospace Exploration Agency), and the Mohammad Bin Rashid Space Centre of the United Arab Emirates are providing major hardware for Gateway, including science experiments, the modules where astronauts will live and work, robotics, and life support systems.
    International teams of astronauts will explore the scientific mysteries of deep space with Gateway as part of the Artemis campaign to return to the Moon for scientific discovery and chart a path for the first human missions to Mars and beyond.

    MIL OSI USA News

  • MIL-OSI USA: Scott Celebrates Missy Elliott, National Medal of Arts Recipients At The White House

    Source: United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

    Headline: Scott Celebrates Missy Elliott, National Medal of Arts Recipients At The White House

    WASHINGTON  – Yesterday, Congressman Bobby Scott (VA-03) was in attendance at a White House celebration honoring the 2022 and 2023 recipients of the National Medal of the Arts. Missy Elliott, a native of Portsmouth, VA, was one of the 2022 National Medal of Arts recipients.

    “Missy Elliott is a legendary, trailblazing music artist. She is a global superstar as well as an immense source of pride for Virginia and the Hampton Roads region,”said Congressman Scott.“It was very fitting that she was among those honored by President Joe Biden and First Lady Jill Biden, and I was proud to attend today’s celebration to honor her legacy. Some could say it would be a ‘Misdemeanor’ to not honor her life and career. I congratulate her, and all the other recipients for their creativity and important contributions to our country.”

    The National Medal of Arts is the highest award given to artists and arts patrons by the federal government. It is awarded by the President of the United States to individuals or groups who are deserving of special recognition by reason of their outstanding contributions to the excellence, growth, support, and availability of the arts in the United States.

    More information can be found by CLICKING HERE

    # # #

    MIL OSI USA News

  • MIL-OSI Canada: Ministers of National Defence and Veterans Affairs commemorate the 10-year anniversary of Canadian Armed Forces members killed while on duty in Ottawa, Ontario, and St-Jean-sur-Richelieu, Quebec

    Source: Government of Canada News

    The Honourable Bill Blair, Minister of National Defence, and the Honourable Ginette Petitpas Taylor, Minister of Veterans Affairs and Associate Minister of National Defence, issued the following statement:

    October 22, 2024 – Ottawa, ON – National Defence / Canadian Armed Forces

    The Honourable Bill Blair, Minister of National Defence, and the Honourable Ginette Petitpas Taylor, Minister of Veterans Affairs and Associate Minister of National Defence, issued the following statement:

    “Today, we solemnly commemorate 10 years since Corporal Nathan Cirillo was tragically killed at the National War Memorial. While the site was established to honour our Fallen, none of us thought that it would be a place where a Canadian Armed Forces member would make the ultimate sacrifice while on duty.

    “We also pause to remember Warrant Officer Patrice Vincent, who was violently killed two days earlier in Saint-Jean-sur-Richelieu, Quebec, under similar circumstances to the event at the National War Memorial.

    “Warrant Officer Vincent and Corporal Cirillo are remembered for their dedication to duty and their embodiment of the values of the Canadian Armed Forces. The call to serve your nation is the highest calling. They both answered the call, and for that, our nation is forever grateful. 

    “Today, we remember both Warrant Officer Vincent and Corporal Cirillo, and mourn with their loved ones and the military community which was forever changed by their passing. Lest we forget.”

    Simon Lafortune
    Press Secretary and Communications Advisor
    Office of the Minister of National Defence
    Email: simon.lafortune2@forces.gc.ca

    Media Relations
    Department of National Defence
    Phone: 613-904-3333
    Email: mlo-blm@forces.gc.ca

    Mikaela Harrison
    Director of Communications
    Office of the Minister of Veterans Affairs
    Email: mikaela.harrison@veterans.gc.ca

    Media Relations
    Veterans Affairs Canada
    Phone: 613-992-7468
    Email: media@veterans.gc.ca

    MIL OSI Canada News

  • MIL-OSI Russia: One loan in one hand – the Central Bank of the Russian Federation will take MFIs seriously

    Translation. Region: Russian Federation –

    Source: Mainfin Bank –

    How will the Central Bank of the Russian Federation combat Russians’ indebtedness?

    The high level of debt burden of Russians is one of the problems that the regulator has been struggling with for several years, systematically tightening requirements and introducing restrictions for credit institutionsNow the Central Bank of the Russian Federation proposes to establish protective measures for clients MFO:

    the rule of issuing one will apply loan – it will not be possible to draw up a second agreement with an MFI before the first one is executed; the regulator will establish a cooling-off period – three days must pass after the return of one loan and before a new agreement is concluded; the amount of overpayment on microloans will be reduced from 130 to 100% of the original amount.

    “The key goal of the restrictions is to eliminate excessive indebtedness of the population, since most MFI clients have several loans at once, which leads to an increased burden and difficulties in fulfilling obligations,” the expert believes.

    The innovations are planned to be implemented as part of the reform of the industry – the Central Bank of the Russian Federation believes that the development of bills, their adoption and entry into force will take up to three years.

    What innovations await the microfinance organizations market?

    The Bank of Russia not only limits MFI borrowers, but also plans to streamline the microfinance services market – information about the upcoming changes appeared in August 2024. Thus, the regulator wants to divide MFIs into three groups:

    companies operating exclusively in the business segment – with entrepreneurs, legal entities, self-employed citizens; microfinance organizations issuing loans, the cost of which does not exceed 100% per annum; organizations that have received the right to provide loans at a rate exceeding 100%.

    Depending on the group they belong to, the Central Bank will set requirements for the capital of companies – microfinance organizations with increased risks will have to confirm their stability with a sufficient reserve of funds.

    16:30 10/22/2024

    Source:

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://mainfin.ru/news/one-loan-in-one-hands-the Central Bank of the Russian Federation-will-seriously-take-up-MFO

    MIL OSI Russia News

  • MIL-OSI United Kingdom: Justice served for West Yorkshire as new courts and tribunals centre opens in Leeds

    Source: United Kingdom – Executive Government & Departments 3

    Four new business and property courtrooms open at West Gate, alongside eight new employment tribunal rooms to deal with disputes.

    Claimants and defendants across West Yorkshire will benefit from quicker access to justice as new state-of-the-art courtrooms opened yesterday (Monday 21 October) in Leeds, in a boost to the city’s legal infrastructure.

    Justice Minister Heidi Alexander attended the official opening event of the West Gate court and tribunal building, which contains 12 brand new hearing rooms to handle cases ranging from employment rights to property disputes.

    A total of £6.2 million has been invested in West Gate to create capacity for these modern, fit-for-purpose hearing rooms over three floors. This investment in the centre of Leeds expands the estate in the city to three large operational buildings with over 50 hearing rooms within a 250-yards radius. 

    The site will also help to manage the Crown Court outstanding caseload by diverting cases away from Leeds Crown Court where they were being heard, freeing up an additional courtroom to hear criminal cases. Providing a separate location for the Business and Property Court to hear cases will help deliver justice more swiftly for both claimants and defendants.

    Minister for Courts and Legal Services, Heidi Alexander MP, said:

    It was a pleasure to be at the opening of these essential courtrooms in Leeds which will boost our court infrastructure both nationally and in Yorkshire and provide claimants and defendants speedier justice.

    This new centre ensures that both individuals and businesses are able to access vital protections, providing the confidence they need to innovate, grow, and strengthen our economy.

    The Business and Property Court in particular represents an important step in relation to the Government’s wider plan for economic growth through the commercial courts. The work that goes on in these courtrooms give businesses the confidence that they can base their companies here, innovate, and grow knowing they are protected by the law. Companies, employees and property owners knows that these courts will safeguard their rights, adjudicate fairly, and deliver justice.

    Both these sites are also playing a significant role in dealing with the 1.6 million cases that make their way through the civil courts and employment tribunals each year. The Government is continuing to invest in approximately 1,000 judges and tribunal members annually which will help to support this increased court capacity.

    Although this Government has inherited a challenging financial inheritance, these new courtrooms are part of wider plans to ensure the court estate is fit for purpose and to help reduce the long-term courts backlog. Eighteen Nightingale courtrooms are also currently in use across eight venues to increase the physical capacity of the court estate and hear more cases.

    Notes to editors:

    • HM Courts and Tribunals Service has secured a 15-year lease at West Gate.  
    • Ahead of yesterday’s official opening, the Business and Property Court has been hearing cases since June, while the Employment Tribunals have been operational since December 2023.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Bonnie Dundee receives Silver Gilt at Britain in Bloom Award finals

    Source: Scotland – City of Dundee

    Finalist Bonnie Dundee entry to this year’s RHS Britain in Bloom awards has received a Silver Gilt in the City category following an awards ceremony on Monday evening.

    The Dundee entry reached the final of the UK-wide, Royal Horticultural Society-administered competition which looks to celebrate and support communities who have come together to make positive and lasting changes to their local environment.

    Bonnie Dundee is a partnership of many groups and organisations who have taken forward Dundee’s entry for the past nineteen years.

    The city-wide network of community groups, organisations, the Council, businesses, schools, and individuals work together to make the city cleaner, greener, brighter and healthier.

    Ninewells Community Garden were also recognised as they picked up the RHS Health & Wellbeing Award.

    Climate, Environment & Biodiversity Convener Heather Anderson said: “This is great news and serves as recognition of the tremendous work that so many people in our city put in while making a real difference.

    “To be recognised in this way in the final of a UK-wide competition is an exceptional achievement.

    “Everyone who has played a part, and through the extensive Bonnie Dundee network there any many people, deserves a large amount of praise and credit for this. I congratulate everyone involved for their hard work and enthusiasm.

    “It was also heartening to see Ninewells Community Garden be awarded the first-ever RHS Health and Wellbeing Award.”

    Chair of Bonnie Dundee Trudy Cunningham said: “In Dundee we are very fortunate to have a passionate group of volunteers who work closely in partnership with DCC.

    “We are very pleased to have been finalists in RHS Britain in Bloom 2024 and to have received a Silver Gilt Certificate. Judges highlighted the strong sense of community in Dundee, both between all of the many gardening and friends groups and the council.

    “Everyone who has helped (and are still helping, the gardening never stops!), both volunteers and council workers, should feel very proud of their work and of our beautiful city.”

    The Bonnie Dundee entry was included as one of the three finalists within the City category competing with London Borough of Havering (London in Bloom) and eventual winners Wrexham in Bloom (Wales in Bloom).

    The news comes after Britain in Bloom judges visited Dundee in August following Bonnie Dundee’s entry reaching the final of the UK-wide competition.

    The full breakdown of the awards and winners for each category can be found in the Royal Horticultural Society’s website.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Armagh’s Georgian Festival returns for 20th year this November!

    Source: Northern Ireland City of Armagh

    Armagh’s annual Georgian Festival will kickstart Northern Ireland’s festive season, marking the perfect way to get into the Christmas spirit. Returning for its 20th year this November, the award-winning event will run from November 28 to December 1, launching the Cathedral City’s Christmas celebrations.

    The city is set to bring its Georgian past to life through buildings, characters, customs and a jam-packed programme of events that will appeal to history buffs, curious families, culture vultures and foodies. Many of the events are free to attend, and so the destination is preparing to welcome thousands to the city across the four days.

    Festivalgoers can choose from a range of guided tours, each offering a unique glimpse into Armagh’s rich history. From the scenic Palace Demesne Tour and exclusive Archbishop’s Palace tours, to the informative Guided Georgian Walking Tour, there’s something for everyone. Food lovers can indulge in a sparkling three-course feast in the glorious surroundings of the Archbishop’s Palace at the Highwayman’s Banquet as they listen to tales and tunes dedicated to stories of the Notorious Highwaymen & Rapparees, creating a dining experience that seamlessly blends history, storytelling, and fine cuisine.

    There’s also the chance to get a taste for the pitiless Georgian legal system as a member of the jury at Armagh Courthouse in a mock-trial – a spectacle of rough justice. Throughout the city, festivalgoers will encounter iconic Georgian figures — noble gentry, street urchins, and gin-soaked ladies — as they wander and explore. On The Mall, families can enjoy an array of festive activities, including traditional funfair rides like the Carousel and Swing Boats, along with classic games such as Hoopla, Hook a Duck, and Coconut Shy. Santa’s reindeer will even make an appearance, and as night falls, fire performers will light up the evening for all to enjoy.

    Topping off the programme is the acclaimed Light Show. It will run Friday 29 November and Saturday 30 November and is a dramatic Holly Jolly Christmas animation that will transform the Market House into a shimmering canvas for images, special effects, and other surprises. (Tickets essential)

    Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Cllr Kyle Savage, said;

    “Our Georgian Festival is an established cornerstone of Armagh’s cultural calendar – it’s recognised far and wide for its impressive selection of activities, and the unforgettable energy and atmosphere it brings to the city.

    “Through the combined efforts of the local Council team, and our artists, performers, retailers and artisans, we’ve been able to build an event that brings the local community together, whilst also welcoming visitors to experience the rich heritage and history of Armagh City and its surrounding areas.”

    The Georgian Festival originally launched in 2004 as a one-day market, thanks to the efforts of a team of remarkable local retailers. Since then, it has transformed into the four-day celebration known to most today and has soared in popularity with people from Ireland and the UK, as well as international visitors.

    The artisan market element of the festival has now grown to include more than 130 festive market stalls selling high-quality crafts, gifts, food and seasonal products, making it one of the largest on the island. Set to take place on Georgian Day, Saturday November 30, the Georgian market stalls will take place as the clip clop of horses and the aroma of roasting chestnuts and mulled spices fills the street.

    Roberta Wright of Wrights Interiors on Scotch Street in the city was part of a team of retailers who were responsible for establishing Georgian Day in its early days. It was created as an opportunity to showcase Armagh, to highlight the wealth of independent retailers in the city and add some Christmas sparkle for visitors. She said, “It’s incredible how far the festival has come since we first launched in 2004. Armagh has such a unique history, a fascinating story to tell, and a community of people who are passionate about the heritage of this place, and our Georgian Festival gives us the perfect platform to showcase everything that makes Armagh the wonderful place it is. Excitement is already building for our 2024 celebration, and I would highly recommend visitors pop by the wide range of independent stores in the city to do some Christmas shopping as they make their way around the exciting activities taking place across the city.”

    The team behind the festival are continuing to embrace sustainability as Gill Robb, Events Manager at Armagh City, Banbridge and Craigavon Borough Council, explains. She said, “Our famous, must-see light show, running on the evenings of Friday November 29 and Saturday November 30, will switch to a more sustainable power source this year, whilst park and ride facilities will also be available on Saturday. We’ve also tried to limit as many single use plastics as possible with stallholders switching to compostable plates, glasses and cutlery, and abiding by our complete ban on plastic bags.”

    Click here for more information and to book tickets for special events.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: GTCS accreditation for School of Education The School of Education is very pleased to announce that its Inclusive Pedagogy course has been awarded General Teaching Council Scotland (GTCS) accreditation for Professional Recognition.

    Source: University of Aberdeen

    The award recognises the need for high-quality professional learning and development programmes that ensure teacher professionalism is maintained and enhancedThe School of Education is very pleased to announce that its Inclusive Pedagogy course has been awarded General Teaching Council Scotland (GTCS) accreditation for Professional Recognition.
    A team of four presented an application to a GTCS panel for accreditation of the ED5501 Programme. The team included Programme Director Dr Shannon Babbie, faculty member Dr Annette Moir, PGT student Gillian Armstrong, and Dr Tracy Edwards of Leeds Beckett University, a recent doctoral graduate of Aberdeen.
    In a brief presentation the team brought the course to life through personal stories of how the teaching, collaboration and overall experience impacted their professional practice.
    In awarding accreditation, the GTCS stated the University offered: “A strong values-based programme in terms of social justice and meeting the needs of all learners. It is very well connected to the professional standards more broadly, with the standard for career-long professional learning coherently woven throughout the reflective supports for participants.
    “A well-designed programme clearly aligned with the Scottish Education policy context, it is well placed to help meet national priorities around inclusion.”
    Securing accreditation, which runs from 2024 to 2029, means students may apply to GTCS for professional recognition upon successful completion of the course and completion of the additional activities.
    As noted by GTCS, the award is in recognition of the need for high-quality professional learning and development programmes that ensure teacher professionalism is maintained and enhanced, and that learning experiences are professionally recognised and valued.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Award Win for Preston City Council Building Control Team

    Source: City of Preston

    Preston City Council’s Building Control Team have been named a regional winner in the LABC Building Excellence Awards 2024

    The Local Authority’s building control team, alongside KPDL Ltd and Ogden Design Consultants Ltd, have won the award for their role in the North West’s Best Small New Housing Development category for The Vines, Preston, and have been praised for achieving building excellence in the delivery of outstanding construction and workmanship.

    The Vines is a luxury residential development of four bed detached homes in the popular village location of Lea Town, Preston.

    The team was previously nominated in various award categories back in 2019 but this is the first time they have scooped the regional title.  

    The Local Authority Building Control (LABC) represents all Local Authority building control teams in England Wales, committed to safeguarding the safety and protection of our communities by constantly reviewing surveyor competence and ensuring the performance and standards of Local Authority teams.

    Councillor Amber Afzal, Cabinet Member for Planning and Regulation said:

    Congratulations to our Building Control team who work tirelessly behind the scenes to make sure that all new buildings, conversions and extensions are delivered to high standards throughout all the phases of construction, from design and specification, right through to completion. This hardworking team deserves this recognition it deserves.”

    The team has been automatically put forward for the national grand finals in January 2025 in London.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: City council helps businesses create apprenticeships

    Source: City of Stoke-on-Trent

    Published: Tuesday, 22nd October 2024

    Stoke-on-Trent shared £63,000 with 15 businesses and organisations in the city last year to help them create 37 new apprenticeships.

    Employers with an annual payroll of over £3m pay a 0.5 per cent UK Government apprenticeship levy.     

    The money can then be used by the employer on apprenticeship training. As one of the area’s largest employers, the council pays the levy.    

    In 2023/24 as well as supporting 106 new people to study for apprenticeship qualification while working for the council, Stoke-on-Trent City Council paid out some of its levy to employers with staff who live in the city.  

    These included the KMF Group, a sheet metal fabrication company, IAE, who make livestock handling equipment, stabling, and fencing, Staffordshire Police and Teasdale Healthcare.   

    A total of 15 local employers were then able to help 37 apprentices  

    Councillor Jane Ashworth, leader of Stoke-on-Trent City Council, said: “We’ve got a brilliant record of supporting and creating apprenticeships within the city council using our levy.    

    “If the money in our levy account is not used every two years, it’s returned to the UK Government. Sadly prior to us taking office the city had to return money to the government for not employing enough apprentices.   

    “This led to us approaching local employers to see how we could make sure the money was used to do what it was intended to do. The take-up has been fantastic, and it’s led to more people being able to earn money while learning vital skills on-the-job and through studying.  

    “It was vitally important that we sorted this out and got the most out of every penny due to the city and our young people” 

    Browns Distribution, High and Lifted, and TMT First are three businesses who have successfully applied for some of the council’s unused levy.  

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: NIO Minister hails integrated education during visit to Fermanagh School

    Source: United Kingdom – Executive Government & Departments

    This follows Minister Anderson’s visit to Erne Integrated College

    NIO Minister Fleur Anderson captures a selfie during her visit to Erne Integrated College

    Northern Ireland Office Minister Fleur Anderson MP has visited Erne Integrated College in Enniskillen where she met with pupils and staff.

    As well as taking part in an interactive question and answer session, the Parliamentary Under-Secretary of State discussed diversity and inclusion with pupils, following a recent cultural day hosted by the Fermanagh school.

    Speaking afterwards, Minister Anderson said:

    It was fantastic to meet with the young people at Erne Integrated College, along with staff, and I would like to thank them for their warm welcome, and for their questions and insight.

    Seeing greater integration of education across Northern Ireland is a priority for the UK Government, and Erne Integrated College provides a wonderful environment for helping local children grow up in a truly shared society. This is an essential aspect of the reconciliation process.

    My hope is that integration will further become the norm and not the exception in schools across Northern Ireland.” 

    School principal, Darron McLaughlin, said:

    The College was delighted to welcome Minister Anderson. Our Student Council members have a great interest in local politics and were excited to have the opportunity to put their questions to the minister. Having recently celebrated our ‘Culture Day’, a group of our students were also keen to show how we celebrate diversity and live by our integrated ethos, where everyone is valued equally.

    Paul Caskey, chief executive of the Integrated Education Fund, and Sean Pettis, chief executive of the Northern Ireland Council for Integrated Education, said:

    The Integrated Education Fund and Council for Integrated Education are delighted Minister Anderson could take time out of her busy schedule to visit Erne Integrated College and meet with their young people, together with pupils from the adjacent Enniskillen Integrated Primary School. 

    There is no better way to learn about integrated education than by meeting the children and young people who experience it. The Northern Ireland Office has provided generous support to integrated education through both our organisations and we are extremely grateful for that. 

    It is important to remember that the UK government are custodians of the Good Friday (Belfast) Agreement and that the encouragement and facilitation of integrated education is an essential part of that Agreement.

    Separately, Minister Anderson also met with representatives from the Fermanagh Trust. They discussed some of the issues facing local residents and the wider area, including transport, Lough Erne, and access to public services and healthcare.

    NIO Minister Fleur Anderson engaging in an interactive Q&A session with school pupils.

    NIO Minister Fleur Anderson engaging in an interactive Q&A session with school pupils.

    NIO Minister Fleur Anderson at Erne Integrated College in Enniskillen. The Parliamentary Under-Secretary of State is pictured with school pupils, principal Darron McLaughlin and Paul Caskey, chief executive of the Integrated Education Fund, and Sean Pettis, chief executive of the Northern Ireland Council for Integrated Education.

    NIO Minister Fleur Anderson with Paul Caskey (left), chief executive of the Integrated Education Fund, and Sean Pettis, chief executive of the Northern Ireland Council for Integrated Education.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Economics: Klaas Knot: Strengthening financial resilience – lessons from Pittsburgh

    Source: Bank for International Settlements

    Good morning everyone.

    It could have been right here in New York City.

    That would have been fitting, as this city was, and still is, the center of gravity for global finance. But, as it happened, the US administration made a last-minute decision to pick Pittsburgh as the venue for the G20 summit.

    We are back in the fall of 2009. Less than a year earlier, when G20 leaders first met in Washington DC, the world economy had been facing its greatest crisis in generations. At the Pittsburgh Summit, the memory of the crisis was still fresh. The fall of Lehman. The rescue of AIG. The race against the clock to prevent a total meltdown of the financial system. Leaders from the 20 largest nations in the world had all gone through those fateful crisis days. They shared a conviction that this should not happen again. Ever. They decided on a massive strengthening of regulation to address the weaknesses in the global financial system and to curb excessive risk taking. And they endorsed the mandate of the newly established Financial Stability Board to coordinate and monitor progress. Pittsburgh turned the tide.

    The rest is history. But it is an unfinished history. For sure, the reforms that were agreed in Pittsburgh did substantially strengthen the global financial system.

    In recent years, markets have experienced several episodes of turmoil, and we have seen potentially destabilising failures of banks and non-banks. But the core of the system has held up relatively well. So, one interpretation is that the financial system has proved to be resilient. But that is not entirely true. Take March 2020 for example. This turmoil was contained both through improved resilience and unprecedented policy actions. Without the combined force of these policy actions, the reforms implemented since 2009 may have not been sufficient to stave off another financial crisis. And it’s not only in 2020 that unprecedented policy actions were needed. In 2023 the fire brigade had to turn out again.

    So, we’ve made progress, but there is much left to do if we want a truly resilient financial system. One that can finance the economy through thick and thin without recourse to extraordinary support. Furthermore, the financial system is evolving, and so must our regulations. Can we keep up the pace? Allow me to share some concerns about that.

    First of all, our work to make the banking sector more resilient is not yet complete. For one thing, the final Basel III standards still need to be implemented in many jurisdictions. In the meantime, the banking turmoil in March last year was a reminder that bank runs are not a thing of the past. The demise of Silicon Valley Bank and Credit Suisse not only brought lessons for banks and supervisors.

    They also highlighted that 13 years after the FSB issued its Key Attributes for Effective Resolution Regimes, authorities still face challenges in dealing with failing banks.

    Next to the unfinished agenda in banking, the non-bank financial sector continues to face serious vulnerabilities. Partly as a response to strengthening banking regulation, non-bank financial institutions are playing a larger role in financing the real economy, now accounting for nearly half of total global financial assets. And as we have seen over the past few years, structural vulnerabilities in the sector have the potential to cause systemic risk. These include liquidity mismatches, leverage, and inadequate margin preparedness. The FSB, working with other standard setters, has done a great deal of work on this issue. We have issued policy recommendations in several key areas. Drawing up these policy recommendations, however, is not enough to stem systemic risk in NBFI. For that to happen, we must implement them. That means authorities must not only put them into national laws and regulations, they must also have the capacity to operationalize them.

    Third, technological innovation continues to shape the way the financial sector functions, and it adds another layer of complexity. Technology can create new interdependencies, for example when many financial institutions rely on the same service providers. It can also increase the speed at which a crisis unfolds. And technology raises important questions about the regulatory perimeter. Above all technology related risks can exacerbate pre-existing vulnerabilities in the financial system and may create new ones. Take crypto-assets. This fast-growing market has seen more than its fair share of bankruptcies, liquidity crises and outright fraud, even as its links with traditional finance continue to grow. The FSB has issued recommendations to regulate the market for crypto-assets. The G20 has endorsed these recommendations and, again, they now need to be implemented globally.

    As you might notice, I’m talking a lot about implementation, because that’s where my concern lies. It seems that, 16 years after Lehman, implementation fatigue has started to set in. Political commitment for maintaining financial stability is usually the highest when the collective memory of the last crisis is still fresh. When this memory starts to fade, there is the risk that financial stability is taken for granted. Something that can be left to the bureaucrats, to the technicians. Not least because there are so many other policy priorities to deal with for governments. But that would be a mistake. We do need the involvement of politicians, of lawmakers, because without them, it becomes even harder to implement necessary regulations. After all, financial stability is the foundation for almost all public policy. If financial stability is gone, as a government you can forget about the other policy priorities. You will spend most of your time drawing up rescue plans for an economy in free fall. So we should not wait for the next crisis.

    We also need commitment in good times, when the work to develop and implement policy needs to get done. This commitment is even more important in a world that is getting more fragmented, both politically and economically. I am concerned about our capacity to work together on cross-border challenges in such a world. During the Global Financial Crisis, policymakers around the globe were able to respond swiftly and effectively. In a fragmented world, such a swift response could become more complicated. This could prove costly because the most important challenges to financial stability are precisely the cross-border issues that we can only solve if we work together.

    And to the financial industry I would say: rules that strengthen the resilience of the financial system are in your best interest too. Some in the industry view regulation as a constraint, something that limits profitability and imposes undue costs. But it’s just the other way around. Financial regulation is not an obstacle, it is an enabler of sustainable, long-term growth. Globally implemented regulation strengthens international financial stability, levels the playing field, and, in turn, enhances the confidence of your shareholders, clients, and counterparties. Strong regulation is not a constraint on the financial industry, it is an asset.

    15 years after Pittsburgh, strengthening the financial system is an unfinished history. Partly that comes with the job. The financial system is always evolving, so our policy also needs to evolve. But, that’s not the only reason. It is also important that authorities finish implementing the measures we’ve all agreed are needed to address existing vulnerabilities. Vulnerabilities that could lead to the next crisis, if they are allowed to persist.

    This calls for maintaining our ambition as policy makers, and for law makers to take the agreed policies all the way through to implementation. I wish for us to have the determination and collaborative spirit that the leaders in Pittsburgh collectively felt. Let’s work together to finish what we started. Let’s stay sharp, focused and committed to preserving financial stability. And where better to express that commitment than in the city that never sleeps.

    MIL OSI Economics

  • MIL-OSI Economics: Now Available: Samsung 990 EVO Plus SSD Features Improved Performance Speeds Supported by PCIe 4.0

    Source: Samsung

    Samsung Electronics America, the world leader in advanced memory technology, today announced the availability of the 990 EVO Plus, adding to its lineup of leading SSD products. Featuring PCIe 4.0 support and the latest in NAND technology, the 990 EVO Plus is an ideal solution for buyers seeking enhanced performance and power efficiency across gaming, business and creative tasks.
    “The average person creates more than 100 megabytes of data every minute1,” said James Fishler, Senior Vice President of Home Entertainment, Samsung Electronics America. “Whether you’re taking photos, editing videos, or gaming on your favorite console, it’s clear that our daily activities demand more data than ever before. The new Samsung 990 EVO Plus provides the best solution for it all – from gaming and content creation, to business use cases. With expanded storage capacities and even faster processing speeds, the series can help you reliably power your day, and make the most of every minute.”

    Faster Performance and Greater Efficiency
    The 990 EVO Plus is backed by decades of pioneering semiconductor technology with proven reliability from Samsung. It offers sequential read speeds up to 7,250 megabytes-per-second (MB/s) and write speeds up to 6,300 MB/s, up to 50% faster than the previous 990 EVO. This performance boost is enabled by the latest Samsung 8th generation V-NAND technology and 5-nanometer (nm) controller, while an innovative nickel-coated heat shield minimizes overheating, delivering 73% greater power efficiency over the 990 EVO.
    The 4TB model of the 990 EVO Plus boasts an industry-leading random read speed of 1,050K input/output operations per second (IOPS) and 1,400K IOPS for random write. This remarkable feat nearly rivals that of SSD products with DRAM, despite not using a DRAM cache, making it an optimal solution for gaming and AI tasks that require high performance.
    Expanded Storage Capacity
    To meet today’s growing demand for high-capacity storage devices, the 990 EVO Plus offers ample capacity options of 1TB, 2TB and 4TB, exceeding the storage limits of the 990 EVO. The 990 EVO Plus is also equipped with the intelligent Samsung TurboWrite 2.0, revamped for maximized performance, offering rapid file transfer speeds and reduced lag, even when managing large files, editing high-res video or enjoying next-generation gaming.

    Samsung Magician Software Support
    Samsung Magician Software presents a suite of optimization tools for enhanced functionality for all Samsung SSDs, including the 990 EVO Plus. Users can streamline the data migration process for SSD upgrades effortlessly and securely. In addition, Samsung Magician protects valuable data, monitors drive health and offers customized performance optimization.
    The drives are now available at Samsung.com and other select retailers. They will have a manufacturer’s suggested retail price (MSRP) of $109.99 for the 1TB model, $184.99 for the 2TB model, and $344.99 for the 4TB model. For more information, please visit here.

    MIL OSI Economics

  • MIL-OSI: TopLine Financial Credit Union Participates in Its 8th Statewide Day of Kindness

    Source: GlobeNewswire (MIL-OSI)

    MAPLE GROVE, Minn., Oct. 22, 2024 (GLOBE NEWSWIRE) — TopLine Financial Credit Union, a Twin Cities-based member-owned financial services cooperative, was one of the 60 credit unions and partner organizations across the state of Minnesota who participated in an orchestrated day, called CU Forward Day. A state-wide initiative of over 3,000+ credit union employees, members and partners coming together to do one simple thing – spread kindness and encourage others to do the same.

    TopLine has been participating in this collaborative credit union event since 2016, referred to as “CU Forward Day,” which is coordinated by the Minnesota Credit Union Network (MnCUN), the state trade association for Minnesota’s credit unions. CU Forward Day demonstrates what credit unions do best, collaborate and give back to their communities.

    TopLine’s theme for this year was “Connected, We All Do Better!” Over 143 TopLine participants volunteered over 554 hours and impacted nearly 2,800 Minnesotans at local community partner non-profit organizations including ACBC Food Shelf, Advent Lutheran Church, Avenues for Youth, Beyond the Yellow Ribbon, CROSS Services, Family Alternatives, Karen Organization of Minnesota, Keystone Community Services, Maple Grove Hospital, MORE, NACE Food Shelf & Closet, Union Gospel Mission Twin Cities, YMCA Youth and Family Services and several local park clean-ups.

    Volunteers made a positive impact in the communities that TopLine serves by providing fall clean up at Advent Lutheran Church and Avenues for Youth, delivering meals to Keystone Meals on Wheels program participants, serving lunch to residents at Union Gospel Mission, a local ministry, providing aid to several local food shelves, assisting in park beautification, packing personal care kits and birthday bags at YMCA Youth & Family Services, creating inspirational signage for Maple Grove Hospital, packing and delivering 1,000 personal care kits and dental kits, creating 100 tie blankets, and knitting over 100 scarves for local foster youth at Family Alternatives. TopLine also hosted a bike drive to benefit Express Bike Shop, a nonprofit youth employment program, and collected 157 bikes to donate.

    “At TopLine, we believe that supporting our communities goes beyond financial services, and CU Forward Day is a great way to demonstrate our commitment to social responsibility efforts. By volunteering on this day, as well as throughout the year, and sharing our time and talents, we strengthen the bonds within our neighborhoods and contribute to the well-being of everyone we serve. Together, we make a real difference in lives,” says Mick Olson, TopLine President and CEO. “CU Forward Day showcases the credit union philosophy of “people helping people” and our true power of our Minnesota credit unions and partners working collectively together to make a positive impact across the state.”

    TopLine Financial Credit Union, a Twin Cities-based credit union, is Minnesota’s 9th largest credit union, with assets of over $1.1 billion and serves over 70,000 members. Established in 1935, the not-for-profit financial cooperative offers a complete line of financial services from its ten branch locations — in Bloomington, Brooklyn Park, Champlin, Circle Pines, Coon Rapids, Forest Lake, Maple Grove, Plymouth, St. Francis and in St. Paul’s Como Park — as well as by phone and online at http://www.TopLinecu.com or http://www.ahcu.coop. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Benton, Carver, Chisago, Dakota, Hennepin, Isanti, Kanabec, Mille Lacs, Pine, Ramsey, Scott, Sherburne, Washington and Wright counties in Minnesota and their immediate family members, as well as employees and retirees of Anoka Hennepin School District #11, Anoka Technical College, Federal Premium Ammunition, Hoffman Enclosures, Inc., GRACO, Inc., and their subsidiaries. Visit us on our Facebook or Instagram. To learn more about the credit union’s foundation, visit http://www.TopLinecu.com/Foundation.

    CONTACT:
    Vicki Roscoe Erickson
    Senior Vice President and Chief Marketing Officer
    TopLine Financial Credit Union
    verickson@toplinecu.com | 763.391.0872

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/499f20d8-0258-4ca3-8f6a-d8ed16f9d99e

    The MIL Network

  • MIL-OSI: Greene County Bancorp, Inc. Reports Net Income of $6.3 million for the Three Months Ended September 30, 2024 and Reaches New Milestone of $2.9 Billion in Assets

    Source: GlobeNewswire (MIL-OSI)

    CATSKILL, N.Y., Oct. 22, 2024 (GLOBE NEWSWIRE) — Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for The Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three months ended September 30, 2024, which is the first quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three months ended September 30, 2024 was $6.3 million, or $0.37 per basic and diluted share, as compared to $6.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. Net income decreased $208,000, or 3.2%, when comparing the three months ended September 30, 2024 and 2023.

    Highlights:

    • Net Income: $6.3 million for the three months ended September 30, 2024
    • Total Assets: $2.9 billion at September 30, 2024, a new record high
    • Net Loans: $1.5 billion at September 30, 2024, a new record high
    • Total Deposits $2.5 billion at September 30, 2024, a new record high
    • Return on Average Assets: 0.93% for the three months ended September 30, 2024
    • Return on Average Equity: 11.86% for the three months ended September 30, 2024

    Donald Gibson, President & CEO stated: “I am pleased to report another solid quarterly performance highlighted by record high levels in deposits, loans, and total assets. This achievement is a testament to our team’s strategy of providing innovative financial solutions and outstanding service to our customers, which combined, has provided steady long-term growth for our organization. We remain committed to being the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State.”

    Total consolidated assets for the Company were $2.9 billion at September 30, 2024, primarily consisting of $1.5 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.5 billion at September 30, 2024, consisting of retail, business, municipal and private banking relationships.

    Pre-provision net income was $6.9 million for the three months ended September 30, 2024 as compared to pre-provision net income of $6.6 million for the three months ended June 30, 2024, an increase of $314,000, or 4.8%, and pre-provision net income of $6.9 million for the three months ended September 30, 2023. Pre-provision net income measures the Company’s net income less the provision for credit losses on loans. Management believes that this measure assists investors in comprehending the impact of the provision on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses on loans. During the September 30, 2024 quarter, the Company was able to reprice assets into the higher interest rate market faster than it had raised rates paid on deposits. This resulted in a higher net interest margin for the three months ended September 30, 2024 as compared to the three months end June 30, 2024. The Company will continue to monitor the monetary policy of the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships.

    Selected highlights for the three months ended September 30, 2024 are as follows:

    Net Interest Income and Margin

    • Net interest income decreased $303,000 to $13.1 million for the three months ended September 30, 2024 from $13.4 million for the three months ended September 30, 2023. The decrease in net interest income was due to an increase in the average balance of interest-bearing liabilities, which increased $64.1 million when comparing the three months ended September 30, 2024 and 2023, and increases in rates paid on interest-bearing liabilities, which increased 53 basis points when comparing the three months ended September 30, 2024 and 2023. The decrease in net interest income was partially offset by the increase in the average balance of interest-earning assets, which increased $54.7 million when comparing the three months ended September 30, 2024 and 2023, and increases in interest rates on interest-earning assets, which increased 40 basis points when comparing the three months ended September 30, 2024 and 2023.

      Average loan balances increased $60.4 million and the yield on loans increased 36 basis points when comparing the three months ended September 30, 2024 and 2023. Average balance of securities increased $13.7 million and the yield on such securities increased 45 basis points when comparing the three months ended September 30, 2024 and 2023. Average interest-bearing bank balances and federal funds decreased $19.4 million, while the yield increased 43 basis points when comparing the three months ended September 30, 2024 and 2023.

      The cost of NOW deposits increased 54 basis points, the cost of certificates of deposit increased 49 basis points, and the cost of savings and money market deposits increased 19 basis points when comparing the three months ended September 30, 2024 and 2023. The increase in the cost of interest-bearing liabilities was partially due to growth in the average balances of interest-bearing liabilities of $64.1 million. This was due to an increase in NOW deposits of $47.7 million and an increase in average certificates of deposits of $31.0 million, partially offset by a decrease in average savings and money market deposits of $39.3 million when comparing the three months ended September 30, 2024 and 2023. Average borrowings increased $24.7 million when comparing the three months ended September 30, 2024 and 2023. Yields on interest-earning assets and costs of interest-bearing deposits increased for the three months ended September 30, 2024, as the Company repriced assets and deposits due to the higher interest rate environment. The Company determines interest rates offered on deposit accounts based on current and future economic conditions, competition, liquidity needs, the asset-liability position of the Company and growing the retention of relationships.

    • Net interest rate spread and margin both decreased when comparing the three months ended September 30, 2024 and 2023. Net interest rate spread decreased 13 basis points to 1.76% for the three months ended September 30, 2024 as compared to 1.89% for the three months ended September 30, 2023. Net interest margin decreased 9 basis points to 2.03%, for the three months ended September 30, 2024 as compared to 2.12% for the three months ended September 30, 2023. The decrease was due to the higher interest rate environment, which caused competitive pressure to increase rates paid on deposits, resulting in higher interest expense. This was partially offset by increases in interest income on securities and loans, as they reprice at higher yields and the interest rates earned on new balances were higher than the levels from the prior periods.
    • Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.29% and 2.37% for the three months ended September 30, 2024 and 2023, respectively.

    Credit Quality and Provision for Credit Losses on Loans

    • Provision for credit losses on loans amounted to $634,000 for the three months ended September 30, 2024 compared to $457,000 for the three months ended September 30, 2023. The loan provision for the three months ended September 30, 2024, was primarily attributable to updated economic forecasts used in the quantitative modeling as of September 30, 2024. The allowance for credit losses on loans to total loans receivable was 1.32% at September 30, 2024 compared to 1.28% at June 30, 2024.
    • Loans classified as substandard and special mention totaled $59.0 million at September 30, 2024 and $48.6 million at June 30, 2024, an increase of $10.4 million. The increase in loans classified was primarily due to downgrades of commercial real estate loans during the period ended September 30, 2024, that were considered to be performing and paying in accordance with the terms of their loan agreements. Of the loans classified as substandard or special mention, $55.3 million were performing at September 30, 2024. There were no loans classified as doubtful or loss at September 30, 2024 or June 30, 2024.
    • Net charge-offs on loans amounted to $114,000 and $93,000 for the three months ended September 30, 2024 and 2023, respectively, an increase of $21,000. There were no material charge-offs in any loan segment during the three months ended September 30, 2024.
    • Nonperforming loans amounted to $3.6 million at September 30, 2024 and $3.7 million at June 30, 2024. The activity in nonperforming loans during the period included $410,000 in loan repayments, $57,000 in charge-offs or transfers to foreclosure, $56,000 in loans returning to performing status, and $441,000 of loans placed into nonperforming status. Nonperforming assets were 0.13% of total assets at September 30, 2024 and June 30, 2024, respectively. Nonperforming loans were 0.25% of net loans at September 30, 2024 and June 30, 2024, respectively.

    Noninterest Income and Noninterest Expense

    • Noninterest income increased $438,000, or 13.3%, to $3.7 million for the three months ended September 30, 2024 compared to $3.3 million for the three months ended September 30, 2023. The increase for the three-month period was primarily due to an increase in fee income earned on customer interest rate swap contracts, and income from bank owned life insurance (“BOLI”). During the quarter ended December 31, 2023, the Company restructured $23 million of BOLI contracts, by surrendering and simultaneously purchasing new higher-yielding policies.
    • Noninterest expense increased $705,000, or 8.0%, to $9.6 million for the three months ended September 30, 2024 compared to $8.8 million for the three months ended September 30, 2023. The increase during the three months ended September 30, 2024 was primarily due to an increase of $387,000 in salaries and employee benefits, due to new positions created during the period to support the Company’s continued growth, an increase of $176,000 in service and data processing fees due to vendor price negotiations in prior periods, and an increase of $285,000 in the reserve for credit losses on off-balance sheet unfunded commitments, due to the Company’s increased contractual obligations to extend credit. This was partially offset by a decrease of $156,000 in computer software and support fees, as compared to the three months ended September 30, 2023.

    Income Taxes

    • Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 6.4% for the three months ended September 30, 2024 and 13.0% for the three months ended September 30, 2023. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, and income received on the bank owned life insurance, to arrive at the effective tax rate. The decrease in the current quarter’s effective tax rate primarily reflects a higher mix of tax-exempt income from municipal bonds, tax advantage loans and bank owned life insurance in proportion to pre-tax income.

    Balance Sheet Summary

    • Total assets of the Company were $2.9 billion at September 30, 2024 and $2.8 billion at June 30, 2024, an increase of $48.8 million, or 1.7%.
    • Total cash and cash equivalents for the Company were $213.5 million at September 30, 2024 and $190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of September 30, 2024.
    • Securities available-for-sale and held-to-maturity increased $26.1 million, or 2.5%, to $1.1 billion at September 30, 2024 as compared to $1.0 billion at June 30, 2024. Securities purchases totaled $115.2 million during the three months ended September 30, 2024, and consisted primarily of $77.4 million of state and political subdivision securities, $24.7 million of U.S. Treasury securities, $9.2 million of collateralized mortgage obligations and $3.9 million of mortgage-backed securities. Principal pay-downs and maturities during the three months ended September 30, 2024 amounted to $97.0 million, primarily consisting of $66.5 million of state and political subdivision securities, $25.0 million of U.S. Treasury securities, $4.5 million of mortgage-backed securities, and $683,000 of collateralized mortgage obligations.
    • Net loans receivable remained at $1.5 billion at September 30, 2024 and June 30, 2024. Loan growth experienced during the three months ended September 30, 2024, consisted primarily of $15.3 million in commercial real estate loans, partially offset by a decrease of $11.5 million in commercial loans.
    • Deposits totaled $2.5 billion at September 30, 2024 and $2.4 billion at June 30, 2024, an increase of $96.7 million, or 4.1%. The Company had zero brokered deposits at September 30, 2024 and June 30, 2024, respectively. NOW deposits increased $87.9 million, or 5.0%, certificates of deposits increased $17.9 million, or 12.9%, and noninterest-bearing deposits increased $7.4 million, or 5.9% when comparing September 30, 2024 and June 30, 2024. Savings deposits decreased $7.9 million, or 3.2%, and money market deposits decreased $8.6 million, or 7.6%, when comparing September 30, 2024 and June 30, 2024.
    • Borrowings amounted to $142.5 million at September 30, 2024 compared to $199.1 million at June 30, 2024, a decrease of $56.6 million. At September 30, 2024, borrowings included $63.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $49.7 million of Fixed-to-Floating Rate Subordinated Notes, $25.0 million in the Bank Term Funding Program with the Federal Reserve Bank, and $4.8 million of long-term borrowings with the FHLB.
    • Shareholders’ equity increased to $216.3 million at September 30, 2024 compared to $206.0 million at June 30, 2024, resulting primarily from net income of $6.3 million and a decrease in accumulated other comprehensive loss of $5.6 million, partially offset by dividends declared and paid of $1.5 million.

    Corporate Overview

    Greene County Bancorp, Inc. is the holding company for The Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit http://www.tbogc.com.

    Forward-Looking Statements

    This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services.

    The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

    Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

    Non-GAAP Measures

    In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission (“SEC”) and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules.

    The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP.  Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 8 for Non-GAAP to GAAP reconciliations.

    (END)

    Greene County Bancorp, Inc.
    Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)

      At or for the Three Months
      Ended September 30,
    (Dollars in thousands, except share and per share data)   2024     2023  
    Interest income $ 27,769   $ 24,672  
    Interest expense   14,633     11,233  
    Net interest income   13,136     13,439  
    Provision for credit losses   634     457  
    Noninterest income   3,737     3,299  
    Noninterest expense   9,550     8,845  
    Income before taxes   6,689     7,436  
    Tax provision   428     967  
    Net Income $ 6,261   $ 6,469  
         
    Basic and diluted EPS $ 0.37   $ 0.38  
    Weighted average shares outstanding   17,026,828     17,026,828  
    Dividends declared per share(4) $ 0.09   $ 0.08  
         
    Selected Financial Ratios    
    Return on average assets(1)   0.93 %   0.99 %
    Return on average equity(1)   11.86 %   14.09 %
    Net interest rate spread(1)   1.76 %   1.89 %
    Net interest margin(1)   2.03 %   2.12 %
    Fully taxable-equivalent net interest margin(2)   2.29 %   2.37 %
    Efficiency ratio(3)   56.60 %   52.84 %
    Non-performing assets to total assets   0.13 %   0.22 %
    Non-performing loans to net loans   0.25 %   0.38 %
    Allowance for credit losses on loans to non-performing loans   542.39 %   369.10 %
    Allowance for credit losses on loans to total loans   1.32 %   1.40 %
    Shareholders’ equity to total assets   7.52 %   6.85 %
    Dividend payout ratio(4)   24.32 %   21.05 %
    Actual dividends paid to net income(5)   24.48 %   21.05 %
    Book value per share $ 12.70   $ 10.82  
                 

    (1) Ratios are annualized when necessary.
    (2) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income.
    (3) The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income.
    (4) The dividend payout ratio has been calculated based on the dividends declared per share divided by basic earnings per share. No adjustments have been made to account for dividends waived by Greene County Bancorp, MHC (“MHC”), the Company’s majority shareholder, owning 54.1% of the shares outstanding.
    (5) Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024. Dividends declared during the three months ended September 30, 2023 and September 30, 2024 were paid to the MHC.

    Greene County Bancorp, Inc.
    Consolidated Statements of Financial Condition (Unaudited)

      At
    September 30, 2024
      At
    June 30, 2024
    (Dollars In thousands, except share data)      
    Assets      
    Cash and due from banks $ 24,824     $ 13,897  
    Interest-bearing deposits   188,645       176,498  
    Total cash and cash equivalents   213,469       190,395  
           
    Long term certificate of deposit   2,579       2,831  
    Securities available-for-sale, at fair value   364,526       350,001  
    Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $466 and $483 at September 30, 2024 and June 30, 2024   701,919       690,354  
    Equity securities, at fair value   339       328  
    Federal Home Loan Bank stock, at cost   4,795       7,296  
           
    Loans receivable   1,501,212       1,499,473  
    Less: Allowance for credit losses on loans   (19,781 )     (19,244 )
    Net loans receivable   1,481,431       1,480,229  
           
    Premises and equipment, net   15,498       15,606  
    Bank owned life insurance   57,898       57,249  
    Accrued interest receivable   14,909       14,269  
    Prepaid expenses and other assets   17,258       17,230  
    Total assets $ 2,874,621     $ 2,825,788  
           
    Liabilities and shareholders’ equity      
    Noninterest bearing deposits $ 132,897     $ 125,442  
    Interest bearing deposits   2,352,977       2,263,780  
    Total deposits   2,485,874       2,389,222  
           
    Borrowings, short-term   63,000       115,300  
    Borrowings, long-term   29,781       34,156  
    Subordinated notes payable, net   49,727       49,681  
    Accrued expenses and other liabilities   29,941       31,429  
    Total liabilities   2,658,323       2,619,788  
    Total shareholders’ equity   216,298       206,000  
    Total liabilities and shareholders’ equity $ 2,874,621     $ 2,825,788  
    Common shares outstanding   17,026,828       17,026,828  
    Treasury shares   195,852       195,852  
           

    The above information is preliminary and based on the Company’s data available at the time of presentation.

    Non-GAAP to GAAP Reconciliations

    The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.

      For the three months ended September 30,
    (Dollars in thousands)   2024     2023  
    Net interest income (GAAP) $ 13,136   $ 13,439  
    Tax-equivalent adjustment(1)   1,713     1,563  
    Net interest income-fully taxable-equivalent basis (non-GAAP) $ 14,849   $ 15,002  
         
    Average interest-earning assets (GAAP) $ 2,589,580   $ 2,534,918  
    Net interest margin-fully taxable-equivalent basis (non-GAAP)   2.29 %   2.37 %
                 

    (1) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three months ended September 30, 2024 and 2023, 4.44% for New York State income taxes for the three months ended September 30, 2024 and 2023.

    The following table summarizes the adjustments made to arrive at pre-provision net income.

      For the three months ended
    (Dollars in thousands) September 30, 2024   June 30, 2024   September 30, 2023  
    Net income (GAAP) $ 6,261   $ 6,732   $ 6,469  
    Provision for credit losses on loans   634     (151 )   457  
    Pre-provision net income (non-GAAP) $ 6,895   $ 6,581   $ 6,926  
                       

    The above information is preliminary and based on the Company’s data available at the time of presentation.

    For Further Information Contact:
    Donald E. Gibson
    President & CEO
    (518) 943-2600
    donaldg@tbogc.com

    Nick Barzee
    SVP & CFO
    (518) 943-2600
    nickb@tbogc.com

    The MIL Network

  • MIL-OSI USA: UConn Health Community Programs Helping Under Insured and Uninsured with Breast Cancer Screenings

    Source: US State of Connecticut

    Rosa Agosto and Maggie Donohue, community health workers are part of the community outreach and engagement program at the Carole & Ray Neag Comprehensive Cancer Center at UConn Health  making a difference in the lives of Connecticut residents.

    In their roles Agosto and Donohue attend events in the community and other UConn Health offices to provide educational information about prevention and screening of breast cancer.  They help those who are uninsured or underinsured find the resources to schedule important mammogram screenings and follow up appointments.

    At one such event, the YWCA literacy group, in New Britain, Agosto had the opportunity to present about breast cancer prevention and screenings and the services that UConn Health can provide to the uninsured and underinsured.  Following the presentation Agosto was approached by Vanessa Neira, a New Britain resident who indicated “that’s me you are talking about.”

    Neira is from a large family from Peru with a history of cancer.  One of her five sisters was diagnosed at 35 years old and was able to receive treatment, her other sister currently in Peru has a lump in her breast but does not have insurance.  “I am concerned about her due to our family history, including our father who survived prostate cancer that was diagnosed early,” says Neira.

    Her sister diagnosed at 35 had her left breast removed and chemotherapy, Neira was concerned for herself and wanted to have a mammogram, but did not have insurance at the time.

    “I am very grateful to Rosa Agosto who helped connect me with the UConn Health free mammogram program,” says Neira.

    Women who are either uninsured or underinsured can receive free and potentially life-saving mammograms from funding donated to UConn Health from the Linda Clemens Breast Cancer Foundation.  The Foundation has been donating funds since 2015 to UConn Health’s breast cancer program focusing on early detection through annual screenings.

    “Our comprehensive breast team educates women at various community outreach events throughout the year on 3D mammography and early detection,’’ says Kim Hamilton, program coordinator, community outreach and engagement at UConn Health. “To tell a woman with no insurance we can offer her a free mammogram can be life changing.’’

    Neira’s mammogram found a concerning spot that required further testing including an ultrasound and a biopsy to rule out cancer.  In her case, she did not have breast cancer but was able to have a baseline mammogram that her doctor has now advised her to have repeated annually.

    “I am grateful to the UConn Health team for their support throughout the process as I required more than a screening mammogram and as you can imagine, due to family history of breast cancer with my sister, I wanted to relieve my fears and doubts,” says Neira.

    “We know that early detection helps saves lives,” says Agosto. “Lack of insurance should not be a barrier to mammograms and here at UConn Health we are proud to be able to provide assistance to those who need mammograms, so they have access to early diagnosis, interventions and treatment.”

    Breast Cancer Awareness month is a good time to remember to schedule your appointment for a mammogram at UConn Health by calling 860-679-2784.  3D Mammograms are provided at the  Beekley Imaging Center at UConn Health offering the latest technologies, including all-digital mammography and a computer-aided detection system, which uses new technology to search for patterns that are typically recognized as indicators for cancer.

    UConn Health offers a financial assistance program to patients without insurance for medically necessary services. Patients can contact Rosa Agosto at 860-679-1694 for assistance with scheduling their mammogram.

    MIL OSI USA News

  • MIL-OSI USA: Cornerstone of the Curriculum – UConn Medical School’s CLIC Program

    Source: US State of Connecticut

    During their first three years of medical school, UConn students are given the unique opportunity of working side by side with physician preceptors throughout the state as part of the Clinical Longitudinal Immersion in the Community (CLIC) program. This program has become a cornerstone of the curriculum – allowing students to develop and hone the patient care skills that they will utilize throughout their careers and provide one of their most influential and memorable learning experiences.

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    MIL OSI USA News

  • MIL-OSI USA: DAUPHIN COUNTY – Shapiro Administration Recognizes Winners of Pennsylvania School Bus Safety Poster Contest, Driving Competition

    Source: US State of Pennsylvania

    December 23, 2024Harrisburg, PA

    ADVISORY – DAUPHIN COUNTY – Shapiro Administration Recognizes Winners of Pennsylvania School Bus Safety Poster Contest, Driving Competition

    Pennsylvania Department of Transportation (PennDOT) Deputy Secretary for Driver and Vehicle Services Kara Templeton and Pennsylvania State Police School Bus Safety Division Supervisor for the Commercial Vehicle Safety Division of the Bureau of Patrol Corporal Zeina Black will recognize student winners of the 2024 School Bus Safety Poster Contest and winning school bus drivers from the statewide 2024 School Bus Safety Competition.

    Winners of this year’s School Bus Safety Poster Contest are from schools in Allegheny, Berks, Centre, Northumberland, Snyder and Somerset counties. Winners of the school bus driver’s competition are from Chester County.

    WHO:
    PennDOT Deputy Secretary for Driver and Vehicle Services Kara Templeton
    PSP School Bus Safety Division Supervisor for the Commercial Vehicle Safety Division, Bureau of Patrol Corporal Zeina Black

    WHEN:
    Wednesday, October 23 at 10:00 AM

    WHERE:
    State Museum of Pennsylvania, 300 North Street, Harrisburg

    MIL OSI USA News