Category: Banking

  • MIL-OSI Russia: MIL Analysis – Five best articles in Russian for 10.02.2025

    MIL Analysis: Here are the top five Russian language articles published today. The analysis consists of five articles that are prioritized at the moment.

    Today’s analysis provides us with economic performance and engagement with different communities. There is also a trend towards respect for human rights. The economy in China is growing and prospering.

    Education is increasing computerization skills and introducing artificial intelligence.

    “Samaraneftegaz” shows the innovative activities of Rosneft. Oil reserves have grown. In addition, science is developing day by day, so NSU scientists have developed a technique for measuring ultra-low concentrations of radioactive substances.

    Below you can read one of the articles.

    1. Financial news: Rules for managing conflicts of interest for NPFs.

    Non-state pension funds (NPFs) will be required to identify and manage conflicts of interest. Funds will be able to allow conflicts to arise only if they have notified their clients and their rights are not violated. The Ministry of Justice of Russia has registered the corresponding decree of the Bank of Russia.

    2. Cultural Code of the Celestial Empire: How to Do Business in China.

    Higher School of Economics

    By 2035, China will overtake the US in terms of GDP and become the world’s largest economy. Today, there are over 108 million entrepreneurs and 50 million industrial enterprises in this country. Last year, the economy grew by 4.8%. This opens up unique opportunities for Russian companies. Vysshka experts tell us how to enter one of the most promising markets.

    3. Vyshka launches advanced training course on AI in education.

    The Computer Science Department of the National Research University Higher School of Economics is launching an advanced training course on artificial intelligence in education. The program is designed for educators, teachers, methodologists planning to integrate AI technologies into the educational process, as well as for management teams of educational institutions interested in improving educational processes through the introduction of AI.

    4. “Samaraneftegaz replenished oil reserves by 180%.

    “Samaraneftegaz (part of Rosneft’s oil production complex) added 19 million tons of commercial oil reserves by the end of 2024, which made it possible to replenish oil production 1.8 times.

    5. NSU scientists have developed a methodology for determining ultra-low concentrations of radioactive substances.

    Scientists of the Physics Department of Novosibirsk State University have developed a technique for measuring ultra-small concentrations of radioactive substances whose decay is accompanied by gamma radiation. Data collection is carried out using a detector made of ultrapure germanium, which is part of the equipment of the NSU Interdepartmental Laboratory of Atomic Physics and Spectrometry; a special hardware and software system has been created for data processing. The first project implemented with the use of this technique is research work to determine the level of radioactive substances (radon) in the soil of mines and coal mines in the Kemerovo region.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News

  • MIL-OSI Australia: Securing regional banking services

    Source: Australian Ministers 1

    The Albanese Government has secured commitments from the banks to ensure banking services remain available in the regions.

    Banks have a responsibility to regional communities and we’re holding them to it.

    We are making sure bank branches stay open in the bush.

    Since 2017, 36 per cent of bank branches in regional Australia have closed and we are taking action to arrest this decline in regional banking services.

    The Albanese Government governs for the whole country and we take our responsibilities to the regions seriously.

    We are standing up for regional Australians, helping to secure the banking services they need and deserve.

    More than banking, this is about keeping regional communities, that contribute so much to our national economy, connected and thriving.

    People are increasingly using digital banking and payment methods, but face-to-face services remain essential, particularly for people and small businesses in regional areas, where digital alternatives may not always be accessible or meet their needs.

    The package of commitments from the banks includes:

    • A moratorium on branch closures for two and half years: NAB has committed to a new moratorium on regional branch closures, with CBA and Westpac extending their existing moratoriums. These commitments build on the conditions imposed by the Government on ANZ and Suncorp and ensure no regional branch closures by these banks before 31 July 2027; and
    • New Bank@Post agreements: The Government has asked the banking sector to increase its commitment to and investment in regional banking.

    Following discussions with the Government and Australia Post, CBA, NAB and Westpac have all reached new in-principle Bank@Post agreements, and ANZ has agreed key terms on which it will join the service.  

    These new agreements will shore up the financial outlook for Bank@Post and provide greater certainty and choice to banking customers, particularly in rural and regional areas.

    The Government also welcomes the decision by Macquarie and HSBC to start negotiations with Australia Post on Bank@Post services.

    The Government’s work and consultation on longer-term options including other steps flagged at the end of last year will continue in the meantime.  

    The Government will continue to work with regulators, industry and communities to ensure our regions have access to fit-for purpose and sustainable banking services over the long term. 

    This includes a focus on sustainable cash distribution and ensuring Australians can use cash to pay for essentials if they want or need to.

    The Albanese Government will continue to stand up for the regions as part of building Australia’s future. 

    MIL OSI News

  • MIL-OSI Security: Passaic County Man Charged With Threatening Flight Attendants On An Airplane

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Passaic County, New Jersey man was arrested for threatening flight attendants and crew members during an incident in which he refused to comply with flight attendant instructions, banged on the cockpit door, and called out and threatened the captain before being escorted off the flight by law enforcement to Newark Liberty International Airport, Acting United States Attorney Vikas Khanna announced.

    Luis A. Vaquero, 27, of Passaic County, New Jersey, was charged by complaint in Newark federal court with one count of interference with flight crew members and attendants by assault or intimidation. He appeared before Magistrate Judge Stacey D. Adams in Newark, New Jersey federal court, and was released.

    According to documents filed in this case and statements made in court:

    On February 9, 2025, shortly after taking off on a flight from Miami, Florida, Vaquero began threatening and harassing various passengers, including making threats of physical violence toward a disabled minor and mocking a group of Jewish passengers. Vaquero also threatened a flight crew member who declined to serve Vaquero alcohol after the beverage service window closed, telling her, “You better watch out, shit’s gonna happen to you.”  Upon landing at Newark Liberty International Airport, flight attendants alerted law enforcement.  After hearing the announcement that the airplane was awaiting the arrival of law enforcement, Vaquero forced his way to the front of the plane and began banging on the flight deck door, demanding, “I need the pilot to come outside!”  When a flight attendant attempted to intervene, Vaquero yelled, “I will really break your fuckin’ jaw n***a!”  Vaquero also yelled, “I wanna see that fuckin’ captain!  Come outside you bitch ass n***a!”  When the captain emerged, Vaquero continued to make threats to the captain while six inches from his face until law enforcement intervened. 

    “The defendant is charged with threatening flight crew members and passengers while traveling to Newark. We are committed to keeping the skies safe for flying and will prosecute those who criminally interfere with the professionals responsible for ensuring passenger safety.”

    Acting United States Attorney Vikas Khanna

    “Over the course of a 3-hour flight, we allege Vaquero lost his temper and physically harassed not only the crew and captain, but passengers, making threats of physical violence toward a disabled minor and mocking a group of Jewish passenger.”  Acting Special Agent in Charge Terence G. Reilly said. “It all culminated in a terrifying attack and attempted breach of the flight deck when witnesses say he banged on the cockpit door and confronted the pilot.  The harrowing flight and other similar incidents onboard airplanes recently are creating tension and fear for fliers and crew members. FBI Newark has a warning for those who think it may not be a big deal—they’re breaking federal law, and they will be brought to justice.”

    The charge of interfering with flight crew members and attendants carries a maximum sentence of 20 years in prison and a maximum fine of $250,000.

    Acting United States Attorney Vikas Khanna credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, with the investigation leading to the charge. He also thanked the Port Authority Police Department, under the direction of Superintendent of Police Edward T. Cetnar, for its assistance.

    The government is represented by Assistant United States Attorney Rachelle M. Navarro of the Bank Integrity, Money Laundering & Recovery Unit in Newark.

    The charges and allegations contained in the complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

                                         ###

    Defense counsel: Adalgiza A. Nunez, Esq., Newark, New Jersey

    MIL Security OSI

  • MIL-OSI: First National Bank Alaska named top ten bank in America by Forbes

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Feb. 10, 2025 (GLOBE NEWSWIRE) — Forbes selected Alaska’s largest community bank, First National Bank Alaska, as one of the top ten banks in the country for their annual list America’s Best Banks. First National ranked sixth in the nation and was the only bank in Alaska to make the list.

    The global media company evaluates 11 metrics, including growth, credit quality, profitability and stock performance.

    “We are honored to receive this recognition,” said First National Board Chair and CEO/President Betsy Lawer. “I want to extend my gratitude to our customers and congratulate the more than 600 local employees who provide excellent customer service every day. Being ranked as one of the top ten banks in America by Forbes is a reflection of employee dedication to helping fellow Alaskans succeed.”

    Alaska’s community bank since 1922, First National Bank Alaska proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.

    In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time running, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.

    For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency. Our dedicated team strives to provide exceptional customer service to meet the banking needs of our fellow Alaskans to help shape a brighter tomorrow.

    First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.

    CONTACT: Marketing
    (907) 777-3409

    The MIL Network

  • MIL-OSI Economics: Launch of Action Plan for Anti-Money Laundering and Combatting Illicit Financial Flows

    Source: African Development Bank Group

    What:        Launch of Action Plan for Anti-Money Laundering and Combatting Illicit Financial Flows  

    Who:         The African Development Bank Group

    When:       February 25, 2025; 10:45 AM – 1:25 PM (GMT)

    Where:      Virtual event via Zoom

    The African Development Bank will launch its new three-year Action Plan for Anti-Money Laundering and Combating Illicit Financial Flows (2024-2026) through an online event on February 25, 2025. The event will bring together experts to discuss practical solutions for protecting Africa’s financial resources from criminal activities.

    Research shows that Africa’s losses from illicit financial flows have nearly doubled from $50 billion annually in 2015 to $90 billion in 2020. This represents 3.7% of the continent’s total economic output and nearly equals the combined foreign investment and aid Africa receives each year.

    While money laundering and illicit financial flows affect all countries, their impact hits African countries hardest, especially those recovering from conflict or with limited resources. These activities weaken governments and threaten security, often funding long-running conflicts and making it harder for countries to collect revenue and generate resources.

    The new action plan will provide a framework to help African countries build stronger systems to detect and prevent money laundering and illicit financial flows. It will showcase the importance of collaboration between the Bank, regional member countries, and development partners to combat financial crimes.

    Member countries and regional and international experts will share their experiences fighting money laundering and illicit financial flows. They will discuss how the Action Plan can strengthen these efforts. The discussion will show how stopping financial losses can increase local revenues, support economic stability, and promote sustainable development across Africa.

    MIL OSI Economics

  • MIL-OSI: Beneficient Announces Third Quarter Fiscal 2025 Earnings Release and Webcast

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 10, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, announced that it will release its Third Quarter Fiscal 2025 financial results on Thursday, February 13, 2025. Beneficient will host a webcast to present the results on Thursday, February 13, 2025 at 8:30 a.m. Eastern Standard Time.

    To listen to the webcast please visit the Beneficient investor relations website at shareholders.trustben.com at least ten minutes prior to the scheduled start time to register.

    A replay of the webcast will be available on the Company’s website shortly after the initial presentation.

    About Beneficent

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

    For more information, visit www.trustben.com or follow us on LinkedIn.

    Contacts
    Matt Kreps 214-597-8200 mkreps@darrowir.com
    Michael Wetherington 214-284-1199 mwetherington@darrowir.com
    investors@beneficient.com  

    Forward-Looking Statements

    This communication includes forward-looking statements as defined under U.S. federal securities laws. Forward-looking statements include all statements that are not historical statements of fact, including related to statements about our plans, expectations and objectives with respect to the results of any legal or regulatory proceedings. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

    Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to significant risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this release. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents we file with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    The MIL Network

  • MIL-OSI: Middlefield Banc Corp. Announces a 5% Increase in the 2025 First-Quarter Cash Dividend Payment

    Source: GlobeNewswire (MIL-OSI)

    MIDDLEFIELD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — Middlefield Banc Corp. (NASDAQ: MBCN) today announced that its Board of Directors declared a quarterly cash dividend of $0.21 per common share, representing a 5% increase from the 2024 fourth quarter dividend. The 2025 first-quarter dividend is payable on March 14, 2025, to shareholders of record on February 28, 2025.

    Ronald L. Zimmerly, Jr., President and Chief Executive Officer, stated, “The 5% increase in Middlefield’s dividend payment demonstrates our confidence in the future, as well as our strong capital position and expanding levels of profitability. Our regular dividend has increased 47.4% from $0.57 per share for the year ended December 31, 2019, to an annualized rate of $0.84 currently. This multi-year growth reflects our Board’s commitment to returning excess capital back to our shareholders.”

    About Middlefield Banc Corp.
    Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the Bank holding Company of The Middlefield Banking Company, with total assets of $1.85 billion at December 31, 2024. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

    Additional information is available at www.middlefieldbank.bank

    This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.

       
    Company Contact: Investor and Media Contact:
    Ron Zimmerly
    President and Chief Executive Officer Middlefield Banc Corp.
    (419) 673-1217
    RZimmerly@middlefieldbank.com
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network

  • MIL-OSI: Farmers and Merchants Bancshares, Inc. Reports Earnings of $4,277,703 or $1.37 Per Share for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    HAMPSTEAD, Md., Feb. 10, 2025 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the year ended December 31, 2024 was $4,277,703, or $1.37 per common share (basic and diluted), compared to $6,418,337, or $2.08 per common share (basic and diluted), for the same period in 2023. Higher interest expense as a result of the Federal Reserve rate increases over the last several years was the primary reason for the decline in net income. The Company’s return on average equity during the year ended December 31, 2024 was 7.83% compared to 13.08% for the same period in 2023. The Company’s return on average assets during the year ended December 31, 2024 was 0.53% compared to 0.86% for the same period in 2023. Loan growth for the year ended December 31, 2024 was $60 million, a growth rate of 11.4%.

    Net income for the three months ended December 31, 2024 was $856,080, or $0.27 per common share (basic and diluted), compared to $1,415,230, or $0.46 per common share (basic and diluted), for the fourth quarter of 2023. The Company’s return on average equity during the three months ended December 31, 2024 was 5.96% compared to 11.92% for the same period in 2023. The Company’s return on average assets during the three months ended December 31, 2024 was 0.41% compared to 0.72% for the same period in 2023.          

    Net interest income for the year ended December 31, 2024 was $579,928 lower when compared to the same period in 2023 due to a decrease in the net interest margin to 2.68% for the year ended December 31, 2024 from 2.97% for the same period in 2023. The decline in the net interest margin was partially offset by a $56.6 million increase in average interest earning assets to $784.6 million for the year ended December 31, 2024 from $728.0 million for the same period in 2023. Higher interest expense was the driving factor in the lower net interest income. The Federal Reserve interest rate decreased by 1.00% over the last four months of 2024 after aggregate increases of 5.25% from March 2022 through August 2023. The net aggregate increase of 4.25% caused the cost of deposits and borrowings to increase by 102 basis points to 2.76% for the year ended December 31, 2024 from 1.74% for the same period in 2023. In addition, average interest bearing liabilities increased by $64.3 million to $634.7 million for the year ended December 31, 2024 from $570.4 million for the same period in 2023. The taxable equivalent yield on total average interest-earning assets increased 59 basis points to 4.92% for the year ended December 31, 2024 from 4.33% for the same period in 2023, partially offsetting the higher cost of funds.

    The Bank entered into several interest rate swaps structured as fair value hedges during 2023 and 2024, some in combination with the purchase of mortgage backed securities, which are intended to offset the impact of higher interest expense by improving interest income on debt securities. During the fourth quarter of 2024, a swap with a notional amount of $22 million was unwound and the related $28 million of mortgage backed securities was sold, resulting in a net gain of $18,708. The notional amount of interest rate swaps outstanding at December 31, 2024 was approximately $75 million.

    Our loan portfolio is comprised primarily of commercial real estate loans with fixed rates for five-year terms. As those loans reprice, our net interest margin should improve. In addition, our current strategy is to increase the diversification of our portfolio with commercial and industrial loans, which are typically adjustable rate loans and would provide an immediate higher yield in today’s interest rate environment.

    A provision for credit losses of $150,000 was recorded for the year ended December 31, 2024. For the year ended December 31, 2023, we recorded a $570,000 recovery. The Company’s loan portfolio continues to perform at a high level with just one non-accrual loan totaling $403,853 and one loan more than 30 days delinquent totalling $269,852 at December 31, 2024.

    Noninterest income increased by $160,947 for the year ended December 31, 2024 when compared to the same period in 2023, primarily as a result of a $138,388 increase in the gain on insurance proceeds for our Upperco location and a $48,252 increase in bank owned life insurance income, offset by a decrease of 19,392 in the gain on sale of SBA loans. Noninterest expense was $1,787,830 higher in the year ended December 31, 2024 when compared to the same period in 2023, due primarily to a $475,241 increase in other expenses, a $505,322 increase in occupancy and furniture and equipment costs, a $495,733 increase in salaries and benefits, and a $311,534 increase in other real estate owned expenses. The increase in other expenses was due primarily to costs associated with our core system conversion that was completed in the fourth quarter of 2024, ATM related expenses, and legal fees incurred for stockholder matters. Also, the Bank’s FDIC assessment expense increased due to higher FDIC assessment rates. The increase in occupancy and furniture and equipment was due primarily to the renovations and new equipment for the Upperco location which was placed in service at the end of the first quarter and the new Towson location that was placed in service during the second quarter. The increase in salaries and benefits was due to normal annual salary increases as well as the hiring of several new employees primarily in the commercial loan production department. The increase in other real estate owned expenses is due primarily to a $249,217 gain that was realized in 2023.

    Income taxes decreased by $786,177 during the year ended December 31, 2024 when compared to the same period in 2023 due to lower earnings before taxes. The effective tax rate decreased to 22.3% for the year ended December 31, 2024 from 23.9% for the same period last year due to an increase in the amount of nontaxable income included in pretax income year over year.

    Total assets increased to $845 million at December 31, 2024 from $800 million at December 31, 2023. Loans increased by 11.4% to $583 million at December 31, 2024 from the $523 million recorded at December 31, 2023. Investments in debt securities decreased to $146 million at December 31, 2024 from $184 million at December 31, 2023. Deposits increased to $758 million at December 31, 2024 from $681 million at December 31, 2023.   The Company’s tangible equity was $49 million at December 31, 2024 compared to $45 million at December 31, 2023.

    The book value of the Company’s common stock increased to $17.77 per share at December 31, 2024 from to $16.74 per share at December 31, 2023. Book value per share at December 31, 2024 was reflective of the $17 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) investment portfolio as a result of the significant rise in interest rates over the last 30 months. Changes in the market value of the AFS investment portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The AFS investment portfolio is comprised of 72% government agency mortgage backed securities which are fully guaranteed, 23% investment grade non agency mortgage backed securities, 1% investment grade corporate and municipal bonds, and 4% subordinated debt of other community banks. There is no indication of credit deterioration in any of the bonds and we intend to hold these investments to maturity, so no actual losses are anticipated. There is no impact on regulatory capital because the Bank elected many years ago to not include in the calculation of regulatory capital changes in the market value of the AFS investment portfolio regardless of whether they are positive or negative.

    The Bank utilized the Federal Reserve Bank’s Bank Term Funding Program during 2024 and had borrowings of $54,000,000 outstanding for most of 2024, but the borrowings were repaid during December 2024 ahead of the maturity date of January 15, 2025. Our Federal Home Loan Bank facility, other borrowing lines available, unpledged securities, brokered deposit access, and cash provided us with access to approximately $332 million of liquidity at December 31, 2024.

    Gary A. Harris, President and CEO, commented “We are pleased that our loan portfolio grew $60 million, or 11.4%, during 2024, demonstrating that our investment in additional loan production staff and facilities is paying off. Our asset quality remains high and our liquidity position remains strong. Due to the sunsetting of our existing core operating system, after an almost year long effort, our core system conversion was completed in October 2024.  While it increased our expenses in 2024, the new system will be a substantial digital upgrade that will position the bank for future growth, provide for significant efficiency gains and an enhanced customer experience moving forward. The Federal Reserve interest rate decreased an additional 50 basis points in the fourth quarter after the 50 basis point reduction in September. Additional cuts are now not expected to occur until the second half of 2025. The 2024 cuts should provide for improvement in our net interest margin in 2025.”

    About the Company

    The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

    Forward-Looking Statements

    The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.

         
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (Unaudited)
         
      December 31, December 31, *
      2024 2023
         
    Assets  
         
    Cash and due from banks $ 63,962,047   $ 44,404,473  
    Federal funds sold and other interest-bearing deposits   697,066     285,864  
    Cash and cash equivalents   64,659,113     44,690,337  
    Certificates of deposit in other banks   100,000     100,000  
    Securities available for sale, at fair value   125,712,926     164,084,673  
    Securities held to maturity, at amortized cost less allowance for credit    
    losses of $60,009 and $35,627   20,498,502     20,163,622  
    Equity security, at fair value   517,550     507,130  
    Restricted stock, at cost   921,000     863,500  
    Mortgage loans held for sale   157,200      
    Loans, less allowance for credit losses of $4,260,189 and $4,285,247   582,993,314     523,308,044  
    Premises and equipment, net   7,348,800     6,583,452  
    Accrued interest receivable   2,439,108     2,180,734  
    Deferred income taxes, net   7,606,241     8,312,482  
    Other real estate owned, net   1,176,245     1,242,365  
    Bank owned life insurance   15,324,417     14,930,754  
    Goodwill and other intangibles, net   7,026,096     7,034,424  
    Other assets   8,162,575     5,939,309  
      $ 844,643,087   $ 799,940,826  
         
    Liabilities and Stockholders’ Equity
         
    Deposits    
    Noninterest-bearing $ 107,197,478   $ 115,284,706  
    Interest-bearing   651,609,250     565,678,145  
    Total deposits   758,806,728     680,962,851  
    Securities sold under repurchase agreements   5,564,103     6,760,493  
    Federal Home Loan Bank of Atlanta advances   5,000,000     5,000,000  
    Federal Reserve Bank advances       33,000,000  
    Long-term debt, net of issuance costs   11,329,115     13,212,378  
    Accrued interest payable   1,002,525     1,482,773  
    Other liabilities   6,668,826     7,344,040  
        788,371,297     747,762,535  
    Stockholders’ equity    
    Common stock, par value $.01 per share,    
    authorized 5,000,000 shares; issued and outstanding    
    3,166,653 in 2024 and 3,116,966 shares in 2023   31,667     31,170  
    Additional paid-in capital   31,135,552     30,398,080  
    Retained earnings   41,612,654     39,433,185  
    Accumulated other comprehensive loss   (16,508,083 )   (17,684,144 )
        56,271,790     52,178,291  
      $ 844,643,087   $ 799,940,826  
    * – Derived from audited consolidated financial statements    
         
    Farmers and Merchants Bancshares, Inc. and Subsidiaries
    Consolidated Statements of Income
    (Unaudited)
         
      Three Months Ended December 31, Year Ended December 31,
      2024 2023 2024 2023
             
    Interest income        
    Loans, including fees $ 8,316,953   $ 6,707,414   $ 30,338,189   $ 25,730,722  
    Investment securities – taxable   1,468,905     1,770,413     6,263,400     4,299,206  
    Investment securities – tax exempt   143,501     137,770     559,130     554,396  
    Federal funds sold and other interest earning assets   341,822     269,093     1,202,744     738,814  
    Total interest income   10,271,181     8,884,690     38,363,463     31,323,138  
             
    Interest expense        
    Deposits   4,274,980     2,960,470     14,518,632     7,971,094  
    Securities sold under repurchase agreements   16,222     17,924     65,335     41,873  
    Federal Home Loan Bank advances and other borrowings   13,433     33,614     122,663     485,886  
    Federal Reserve Bank advances   402,775     431,556     2,313,186     823,319  
    Long-term debt   120,154     140,000     507,562     584,953  
    Total interest expense   4,827,564     3,583,564     17,527,378     9,907,125  
    Net interest income   5,443,617     5,301,126     20,836,085     21,416,013  
             
    Provision for (recovery of) credit losses   150,000         150,000     (570,000 )
             
    Net interest income after provision for (recovery of) credit losses   5,293,617     5,301,126     20,686,085     21,986,013  
             
    Noninterest income        
    Service charges on deposit accounts   189,094     205,942     810,273     792,941  
    Mortgage banking income   41,484     4,483     107,846     96,997  
    Bank owned life insurance income   106,050     83,817     393,664     345,412  
    Gain (loss) on sale of debt securities   18,708     5,445     (13,214 )    
    Fair value adjustment of equity security   (18,183 )   15,343     (4,346 )   5,445  
    Loss on disposition of furniture and equipment           (5,157 )    
    Gain on sale of SBA loans       19,392         19,392  
    Gain on insurance proceeds       4,406     142,794     4,406  
    Other fees and commissions   85,899     83,782     320,587     326,907  
    Total noninterest income   423,052     422,610     1,752,447     1,591,500  
             
    Noninterest expense        
    Salaries   2,006,144     1,901,031     7,854,322     7,544,773  
    Employee benefits   590,365     517,654     2,187,116     2,000,932  
    Occupancy   271,859     229,377     1,070,456     874,775  
    Furniture and equipment   395,264     243,579     1,292,767     983,126  
    Other real estate owned, net   75,996     (235,538 )   75,996     (235,538 )
    Other   1,283,177     1,296,793     4,449,099     3,973,858  
    Total noninterest expense   4,622,805     3,952,896     16,929,756     15,141,926  
             
    Income before income taxes   1,093,864     1,770,840     5,508,776     8,435,587  
    Income taxes   237,784     355,610     1,231,073     2,017,250  
    Net income $ 856,080   $ 1,415,230   $ 4,277,703   $ 6,418,337  
             
    Earnings per share – basic $ 0.27   $ 0.46   $ 1.37   $ 2.08  
    Earnings per share – diluted $ 0.27   $ 0.46   $ 1.37   $ 2.08  
             
    Farmers and Merchants Bancshares, Inc.
    Selected Consolidated Financial Data
           
      2024 2023 2022
           
    OPERATING DATA      
           
    Interest income $ 38,363,463   $ 31,323,138   $ 26,269,653  
    Interest expense   17,527,378     9,907,125     2,146,158  
    Net interest income   20,836,085     21,416,013     24,123,495  
    Provision for (recovery of) loan losses   150,000     (570,000 )   475,000  
    Net interest income after provision for credit losses   20,686,085     21,986,013     23,648,495  
    Noninterest income   1,752,447     1,591,500     2,293,938  
    Noninterest expense   16,929,756     15,141,926     15,367,280  
    Income before income taxes   5,508,776     8,435,587     10,575,153  
    Income taxes   1,231,073     2,017,250     2,485,026  
    Net income $ 4,277,703   $ 6,418,337   $ 8,090,127  
           
    PER SHARE DATA      
           
    Net income (Basic) $1.37   $2.08   $2.66  
    Dividends $0.67   $0.66   $0.63  
    Book value $17.77   $16.74   $15.56  
           
    KEY RATIOS      
           
    Return on average assets   0.53 %   0.86 %   1.13 %
    Return on average equity   7.83 %   13.08 %   16.03 %
    Efficiency ratio   74.95 %   65.81 %   58.17 %
    Dividend payout ratio   48.91 %   31.73 %   23.68 %
    Net yield on interest-earning assets   2.68 %   2.97 %   3.54 %
    Tier 1 capital leverage ratio   9.12 %   9.42 %   9.83 %
           
    AT PERIOD END      
           
    Total assets $ 844,643,087   $ 799,940,826   $ 718,210,672  
    Gross loans   587,978,965     528,166,501     521,679,143  
    Cash and cash equivalents   64,659,113     44,690,337     7,263,537  
    Securities   146,211,428     184,248,295     146,823,446  
    Deposits   758,806,728     680,962,851     623,611,124  
    Borrowings   10,564,103     57,972,871     40,270,945  
    Stockholders’ equity   56,271,790     52,178,291     47,774,963  
           
    SELECTED AVERAGE BALANCES      
           
    Total assets $ 810,042,767   $ 745,478,612   $ 714,115,497  
    Gross loans   557,861,624     528,910,091     498,427,308  
    Cash and cash equivalents   27,564,076     18,497,261     20,015,477  
    Securities   177,742,677     182,159,701     174,776,879  
    Deposits   672,492,752     642,039,185     631,809,943  
    Borrowings   72,287,329     48,040,853     26,042,874  
    Stockholders’ equity   54,609,886     49,063,426     50,457,994  
           
    ASSET QUALITY      
           
    Nonperforming assets $ 1,580,098   $ 1,897,775   $ 1,897,775  
           
    Nonperforming assets/total assets   0.19 %   0.24 %   0.26 %
           
    Allowance for credit losses on loans/total loans   0.72 %   0.81 %   0.80 %
           
    Contact: Mr. Gary A. Harris
      President and Chief Executive Officer
      (410) 374-1510, ext. 1104
       

    The MIL Network

  • MIL-OSI: PennantPark Floating Rate Capital Ltd. Announces Financial Results for the First Quarter Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) — PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced today its financial results for the first quarter ended December 31, 2024.

    HIGHLIGHTS
    Quarter ended December 31, 2024 (Unaudited)
    ($ in millions, except per share amounts)

    Assets and Liabilities:      
    Investment portfolio (1)   $ 2,193.9  
    Net assets   $ 962.7  
    GAAP net asset value per share   $ 11.34  
    Quarterly increase in GAAP net asset value per share     0.3 %
    Adjusted net asset value per share (2)   $ 11.34  
    Quarterly increase in adjusted net asset value per share (2)     0.3 %
           
    Credit Facility   $ 608.8  
    2036 Asset-Backed Debt   $ 284.2  
    2036-R Asset Backed Debt   $ 265.3  
    2026 Notes   $ 184.0  
    Regulatory debt to equity   1.40x  
    Weighted average yield on debt investments at quarter-end     10.6 %
           
    Operating Results:      
    Net investment income   $ 30.0  
    Net investment income per share (GAAP)   $ 0.37  
    Core net investment income per share (3)   $ 0.33  
    Distributions declared per share   $ 0.31  
           
    Portfolio Activity:      
    Purchases of investments   $ 606.9  
    Sales and repayments of investments   $ 401.3  
           
    PSSL Portfolio data:      
    PSSL investment portfolio   $ 1,046.2  
    Purchases of investments   $ 224.9  
    Sales and repayments of investments   $ 86.6  
             
    1. Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $286.6 million, at fair value.
    2. This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of the unrealized amounts on the Credit Facility. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
    3. Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company’s financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended December 31, 2024, Core NII excluded:  i) $3.8m of accelerated amortization income from the early repayment of a loan and ii) $0.8m of incentive fee expense.

    CONFERENCE CALL AT 9:00 A.M. ET ON FEBRUARY 11, 2025

    The Company will also host a conference call at 9:00 a.m. (Eastern Time) on Tuesday February 11, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (929) 477-0402. All callers should reference conference ID #1777320 or PennantPark Floating Rate Capital Ltd. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

    PORTFOLIO AND INVESTMENT ACTIVITY

    “We are pleased to have another quarter of solid performance from both an NAV and net investment income perspective. We are actively investing in this excellent vintage of new core middle market loans,” said Art Penn, Chairman and CEO. “Through the growing balance sheets of PFLT and our PSSL joint venture, we are driving meaningfully increased income.”

    As of December 31, 2024, our portfolio totaled $2,193.9 million, and consisted of $1,963.8 million of first lien secured debt (including $237.7 million in PSSL), $3.4 million of  subordinated debt and $226.7 million of preferred and common equity (including $48.9 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of December 31, 2024, we had two portfolio companies on non-accrual, representing 0.4% and 0.1% of our overall portfolio on a cost and fair value basis, respectively. As of December 31, 2024, the portfolio had net unrealized depreciation of $40.4 million. Our overall portfolio consisted of 159 companies with an average investment size of $13.8 million and had a weighted average yield on debt investments of 10.6%.

    As of September 30, 2024, our portfolio totaled $1,983.5 million and consisted of $1,746.7 million of first lien secured debt (including $237.7 million in PSSL), $2.7 million of second lien secured debt and subordinated debt and $234.1 million of preferred and common equity (including $56.5 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2024, the portfolio had net unrealized depreciation of $11.4 million. Our overall portfolio consisted of 158 companies with an average investment size of $12.6 million, and a weighted average yield on debt investments of 11.5%.

    For the three months ended December 31, 2024, we invested $606.9 million in 11 new and 58 existing portfolio companies at a weighted average yield on debt investments of 10.3%. Sales and repayments of investments for the same period totaled $401.3 million including $187.7 million of sales to PSSL. For the three months ended December 31, 2023, we invested $302.6 million in 13 new and 34 existing portfolio companies with a weighted average yield on debt investments of 11.9%. Sales and repayments of investments for the same period totaled $103.8 million, including $62.7 million of sales to PSSL.

    PennantPark Senior Secured Loan Fund I LLC

    The Company and its joint venture partner jointly agreed to invest an additional $100 million of capital in PSSL. In conjunction with increased leverage capacity at PSSL, the $100 million investment will expand the joint venture’s total investment capacity to $1.5 billion, representing a nearly $500 million increase.

    As of December 31, 2024, PSSL’s portfolio totaled $1,046.2 million, consisted of 118 companies with an average investment size of $8.9 million and had a weighted average yield on debt investments of 10.8%. As of September 30, 2024, PSSL’s portfolio totaled $913.3 million, consisted of 109 companies with an average investment size of $8.4 million and had a weighted average yield on debt investments of 11.4%.

    For the three months ended December 31, 2024, PSSL invested $224.9 million (including $187.7 million purchase from the Company) in 17 new and eight existing portfolio companies with a weighted average yield on debt investments of 10.3%. PSSL’s sales and repayments of investments for the same period totaled $86.6 million. For the three months ended December 31, 2023, PSSL invested $75.7 million (including $62.7 million purchased from the Company) in four new and nine existing portfolio companies with a weighted average yield on debt investments of 12.3%. PSSL’s sales and repayments of investments for the same period totaled $27.7 million.

    RESULTS OF OPERATIONS

    Set forth below are the results of operations for the three months ended December 31, 2024 and 2023.

    Investment Income

    For the three months ended December 31, 2024 investment income was $67.0 million, which was attributable to $61.0 million from first lien secured debt and $6.0 million from other investments. For the three months ended December 31, 2023, investment income was $38.0 million, which was attributable to $33.2 million from first lien secured debt and $4.8 million from other investments. The increase in investment income was primarily due to the increase in the size of the debt portfolio.

    Expenses

    For the three months ended December 31, 2024, expenses totaled $37.0 million and were comprised of: $22.4 million of debt related interest and expenses, $5.3 million of base management fees, $7.5 million of performance-based incentive fees, $1.7 million of general and administrative expenses and $0.2 million of taxes. For the three months ended December 31, 2023, expenses totaled $18.5 million and were comprised of: $8.9 million of debt related interest and expenses, $3.0 million of base management fees, $4.9 million of performance-based incentive fees, $1.6 million of general and administrative expenses and $0.2 million of taxes. The increase in expenses was primarily due to the increase in interest expense from increased borrowings and an increase in base management fees and incentive fee  as a result of the increase in our investment portfolio.

    Net Investment Income

    For the three months ended December 31, 2024 and 2023, net investment income totaled $30.0 million or $0.37 per share, and $19.4 million or $0.33 per share, respectively. The increase in net investment income was primarily due to an increase in investment income partially offset by an increase in expenses.

    Net Realized Gains or Losses

    For the three months ended December 31, 2024 and 2023, net realized gains (losses) totaled $26.7 million and $(3.1) million, respectively. The change in net realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

    Unrealized Appreciation or Depreciation on Investments and Debt

    For the three months ended December 31, 2024 and 2023, we reported net change in unrealized appreciation (depreciation) on investments of $(29.0) million and $6.2 million, respectively. As of December 31, 2024 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $(40.4) million and $(11.4) million, respectively. The net change in unrealized appreciation (depreciation) on our investments was primarily due to the operating performance of the portfolio companies within our portfolio and changes in the capital market conditions of our investments and realization of investments.

    For the three months ended December 31, 2024 and 2023, our Credit Facility had a net change in unrealized appreciation (depreciation) of $0.1 million and of less than ($0.1) million, respectively. As of December 31, 2024 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately $0.1 million and zero, respectively.  The net change in net unrealized (appreciation) or depreciation was primarily due to changes in the capital markets.

    Net Change in Net Assets Resulting from Operations

    For the three months ended December 31, 2024 and 2023, net increase (decrease) in net assets resulting from operations totaled $28.3 million or $0.35 per share and $22.5 million, or $0.38 per share, respectively. The net increase or (decrease) from operations  was primarily due to operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and cost yield of our debt portfolio and costs of financing.

    LIQUIDITY AND CAPITAL RESOURCES

    Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments, and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

    The multi-currency Credit Facility with affiliates of Truist Bank, or the Lenders, was upsized during the quarter to $736 million (increased from $636 million in December 2024).

    For the three months ended December 31, 2024 and 2023, the annualized weighted average cost of debt, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 7.0% and 6.8%, respectively. As of December 31, 2024 and September 30, 2024, we had $127.1 million and $192.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

    As of December 31, 2024 and September 30, 2024, we had cash equivalents of $102.3 million and $112.1 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.

    For the three months ended December 31, 2024, our operating activities used cash of $232.7 million and our financing activities provided cash of $222.9 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from proceeds from the ATM program and borrowings under the Credit Facility.

    For the three months ended December 31, 2023, our operating activities used cash of $181.9 million and our financing activities provided cash of $157.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to borrowings under the Credit Facility partially offset by the repayment of the 2023 Notes.

    DISTRIBUTIONS

    During the three months ended December 31, 2024 we declared distributions of $0.3075 per share for total distributions of $25.2 million. During the three months ended December 31, 2023, we declared distributions of $0.3075 per share for total distributions of $18.1 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

    RECENT DEVELOPMENTS

    In February 2025, the Company priced a new securitization financing that is expected to close by early March. The new financing is a $361 million term debt securitization transaction with a weighted average spread of 1.59%, a four-year reinvestment period and a 12-year final maturity.  The weighted average spread of 1.59% is a decrease of 30 basis points from an existing securitization financing that we refinanced in July 2024.

    Securitization financing continues to be a good match for our lower risk first lien assets.  We believe securitizations are attractive financing structures as they have a 12 year stated maturity and generally have 4 to 5 year reinvestment periods. The securitization financings are governed by an indenture similar to other bond instruments which prescribes how the securitization deals with credit deterioration, which means there is no risk of unpredictable behavior from the counterparties.  In addition, securitizations are non mark to market financings regardless of broader market volatility. The only time an asset gets marked to market would be if there are defaults or if we experience CCC downgrades that would cause an excess CCC concentration, whereby only the excess CCC collateral is marked to market.  The securitizations provide an attractive cost of capital that is well matched to the portfolio and provide a downside mitigation tool given the stable and consistent long-term nature of the financing.

    AVAILABLE INFORMATION

    The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC, and stockholders may find such report on its website at www.pennantpark.com.

    PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except per share data)
     
        December 31, 2024     September 30, 2024  
        (unaudited)        
    Assets            
    Investments at fair value            
    Non-controlled, non-affiliated investments (amortized cost— $1,894,793 and  $1,622,669, respectively)   $ 1,907,349     $ 1,632,269  
    Controlled, affiliated investments (amortized cost— $339,500 and  $372,271, respectively)     286,561       351,235  
    Total investments (amortized cost— $2,234,293 and $1,994,940, respectively)     2,193,910       1,983,504  
    Cash and cash equivalents (cost— $102,273 and $112,046, respectively)     102,262       112,050  
    Interest receivable     13,024       12,167  
    Receivables from investments sold     29,090        
    Distributions receivable     577       635  
    Due from affiliate     312       291  
    Prepaid expenses and other assets     5,026       198  
    Total assets     2,344,201       2,108,845  
    Liabilities            
    Credit Facility payable, at fair value (cost— $608,855 and $443,855, respectively)     608,791       443,880  
    2026 Notes payable, net (par—$185,000)     184,026       183,832  
    2036 Asset-Backed Debt, net (par—$287,000)     284,222       284,086  
    2036-R Asset-Backed Debt, net (par-$266,000)     265,268       265,235  
    Payable for investments purchased     471       20,363  
    Interest payable on debt     13,318       14,645  
    Distributions payable     8,698       7,834  
    Base management fee payable     5,264       4,588  
    Incentive fee payable     7,492       3,189  
    Accounts payable and accrued expenses     2,920       2,187  
    Deferred tax liability     1,080       1,712  
    Total liabilities     1,381,550       1,231,551  
    Net assets            
    Common stock, 84,855,896 and 77,579,896 shares issued and outstanding, respectively
       Par value $0.001 per share and 200,000,000 shares authorized
        85       78  
    Paid-in capital in excess of par value     1,058,949       976,744  
    Accumulated deficit     (96,383 )     (99,528 )
    Total net assets   $ 962,651     $ 877,294  
    Total liabilities and net assets   $ 2,344,201     $ 2,108,845  
    Net asset value per share   $ 11.34     $ 11.31  
     
    PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
    (Unaudited)
     
        Three Months Ended December 31,  
        2024     2023  
    Investment income:            
    From non-controlled, non-affiliated investments:            
    Interest   $ 47,463     $ 23,768  
    Dividend     577       508  
    Other income     1,480       1,763  
    From controlled, affiliated investments:            
    Interest     12,808       8,434  
    Dividend     4,375       3,500  
    Other income     306        
    Total investment income     67,009       37,973  
    Expenses:            
    Interest and expenses on debt     22,361       8,942  
    Performance-based incentive fee     7,492       4,863  
    Base management fee     5,264       2,951  
    General and administrative expenses     1,200       988  
    Administrative services expenses     500       626  
    Expenses before provision for taxes and financing costs     36,817       18,370  
    Provision for taxes on net investment income     225       154  
    Total expenses     37,042       18,524  
    Net investment income     29,967       19,449  
    Realized and unrealized gain (loss) on investments and debt:            
    Net realized gain (loss) on:            
    Non-controlled, non-affiliated investments     1,181       (3,089 )
    Non-controlled and controlled, affiliated investments     25,493        
    Provision for taxes on realized gain on investments     (73 )      
    Net realized gain (loss) on investments     26,601       (3,089 )
    Net change in unrealized appreciation (depreciation) on:            
    Non-controlled, non-affiliated investments     2,943       5,228  
    Controlled and non-controlled, affiliated investments     (31,904 )     943  
    Provision for taxes on unrealized appreciation (depreciation) on investments     632        
    Debt appreciation (depreciation)     90       (62 )
    Net change in unrealized appreciation (depreciation) on investments and debt     (28,239 )     6,109  
    Net realized and unrealized gain (loss) from investments and debt     (1,638 )     3,020  
    Net increase (decrease) in net assets resulting from operations   $ 28,329     $ 22,469  
    Net increase (decrease) in net assets resulting from operations per common share   $ 0.35     $ 0.38  
    Net investment income per common share   $ 0.37     $ 0.33  
     

    ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

    PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing $9.4 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami   and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

    FORWARD-LOOKING STATEMENTS AND OTHER

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

    We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

    The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

    CONTACT: Richard T. Allorto, Jr.
      PennantPark Floating Rate Capital Ltd.
      (212) 905-1000
      www.pennantpark.com

    The MIL Network

  • MIL-OSI: PennantPark Investment Corporation Announces Financial Results for the Quarter Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 10, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (NYSE: PNNT) announced today its financial results for the first quarter ended December 31, 2024.

    HIGHLIGHTS 
    Quarter ended December 31, 2024 (unaudited)
    ($ in millions, except per share amounts) 

    Assets and Liabilities:          
    Investment portfolio (1)       $ 1,298.1  
    Net assets       $ 494.3  
    GAAP net asset value per share       $ 7.57  
    Quarterly increase in GAAP net asset value per share         0.1 %
    Adjusted net asset value per share (2)       $ 7.57  
    Quarterly increase in adjusted net asset value per share (2)         0.1 %
               
    Credit Facility       $ 460.0  
    2026 Notes       $ 148.8  
    2026-2 Notes       $ 163.3  
    Regulatory debt to equity       1.58x  
    Weighted average yield on debt investments         12.0 %
               
    Operating Results:          
    Net investment income       $ 13.0  
    Net investment income per share       $ 0.20  
    Core net investment income per share (3)       $ 0.20  
    Distributions declared per share       $ 0.24  
               
    Portfolio Activity:          
    Purchases of investments*       $ 295.7  
    Sales and repayments of investments*       $ 353.7  
               
    PSLF Portfolio data:          
    PSLF investment portfolio       $ 1,275.1  
    Purchases of investments       $ 353.8  
    Sales and repayments of investments       $ 109.1  

    ________________________
           * excludes U.S. Government Securities

    1. Includes investments in PennantPark Senior Loan Fund, LLC (“PSLF”), an unconsolidated joint venture, totaling $208.2 million, at fair value.
    2. This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of unrealized gain on the Company’s multi-currency, senior secured revolving credit facility with Truist Bank, as amended, the “Credit Facility.” The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
    3. Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that Core NII provides useful information to investors and management because it reflects the Company’s financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended December 31, 2024, there were no one-time events, resulting in $0.20 of Core NII..

    CONFERENCE CALL AT 12:00 P.M. EST ON FEBRUARY 11, 2025

    PennantPark Investment Corporation (“we,” “our,” “us” or the “Company”) will also host a conference call at 12:00 p.m. (Eastern Time) on Tuesday, February 11, 2025 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #9452525 or PennantPark Investment Corporation. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.

    PORTFOLIO AND INVESTMENT ACTIVITY 

    “We are pleased to announce another quarter of solid NAV and credit performance,” said Arthur Penn, Chairman and CEO.  “Our earnings stream continues to be strong and is driven in part by the  excellent returns generated by our PSLF Joint Venture. Additionally, our dividend stream is supported by substantial spillover income.”

    As of December 31, 2024, our portfolio totaled $1,298.1 million and consisted of $575.0 million or 44% of first lien secured debt, $124.8 million or 10% of U.S. Government Securities, $50.0 million or 4% of second lien secured debt, $206.1 million or 16% of subordinated debt (including $132.2 million or 10% in PSLF) and $342.2 million or 26% of preferred and common equity (including $76.0 million or 6% in PSLF). Our interest bearing debt portfolio consisted of 92% variable-rate investments and 8% fixed-rate investments. As of December 31, 2024, we had two portfolio companies on non-accrual, representing 4.3% and 1.5% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $13.6 million as of December 31, 2024. Our overall portfolio consisted of 158 companies with an average investment size of $7.4 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.0%.

    As of September 30, 2024, our portfolio totaled $1,328.1 million and consisted of $667.9 million or 50% of first lien secured debt, $99.6 million or 8% of U.S. Government Securities, $67.2 million or 5% of second lien secured debt, $181.7 million or 14% of subordinated debt (including $115.9 million or 9% in PSLF) and $311.7 million or 23% of preferred and common equity (including $67.9 million or 5% in PSLF). Our interest bearing debt portfolio consisted of 94% variable-rate investments and 6% fixed-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 4.1% and 2.3% percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized appreciation of $11.2 million as of September 30, 2024. Our overall portfolio consisted of 152 companies with an average investment size of $8.1 million (excluding U.S. Government Securities), had a weighted average yield on interest bearing debt investments of 12.3%.

    For the three months ended December 31, 2024, we invested $295.7 million in 12 new and 61 existing portfolio companies with a weighted average yield on debt investments of 10.6% (excluding U.S. Government Securities). For the three months ended December 31, 2024, sales and repayments of investments totaled $353.7 million (excluding U.S. Government Securities).

    For the three months ended December 31, 2023, we invested $231.1 million in 12 new and 32 existing portfolio companies with a weighted average yield on debt investments of 11.9%. For the three months ended December 31, 2023, sales and repayments of investments totaled $71.0 million (excluding U.S. Government Securities).

    PennantPark Senior Loan Fund, LLC

    As of December 31, 2024, PSLF’s portfolio totaled $1,275.1 million, consisted of 112 companies with an average investment size of $11.4 million and had a weighted average yield interest bearing debt investments of 10.7%.

    As of September 30, 2024, PSLF’s portfolio totaled $1,031.2 million, consisted of 102 companies with an average investment size of $10.1 million and had a weighted average yield interest bearing debt investments of 11.3%.

    For the three months ended December 31, 2024, PSLF invested $353.8 million (including $286.6 million was purchased from the Company) in 15 new and 43 existing portfolio companies at weighted average yield interest bearing debt investments of 10.5%. PSLF’s sales and repayments of investments for the same period totaled $109.1 million.

    For the three months ended December 31, 2023, PSLF invested $81.0 million (including $50.8 million were purchased from the Company) in five new and seven existing portfolio companies at weighted average yield on interest bearing debt investments of 12.7%. PSLF’s sales and repayments of investments for the same period totaled $29.1 million.

    RESULTS OF OPERATIONS

    Set forth below are the results of operations during the three months ended December 31, 2024 and 2023.

    Investment Income

    For the three months ended December 31, 2024, investment income was $34.2 million, which was attributable to $25.2 million from first lien secured debt, $2.0 million from second lien secured debt, $1.1 million from subordinated debt and $5.9 million from other investments, respectively. For the three months ended December 31, 2023, investment income was $34.3 million, which was attributable to $25.1 million from first lien secured debt, $2.6 million from second lien secured debt, $1.3 million from subordinated debt and $5.3 million from preferred and common equity, respectively. The decrease in investment income for the three months ended December 31, 2024 was primarily due to the changes in our portfolio and investment yields.

    Expenses

    For the three months ended December 31, 2024, expenses totaled $21.2 million and were comprised of $11.7 million of debt related interest and expenses, $4.3 million of base management fees, $2.8 million of incentive fees, $1.7 million of general and administrative expenses and $0.7 million of provision for excise taxes. For the three months ended December 31, 2023, expenses totaled $18.7 million, and were comprised of; $9.6 million of debt-related interest and expenses, $4.0 million of base management fees, $3.3 million of incentive fees, $1.4 million of general and administrative expenses and $0.4 million of provision for excise taxes. The increase in expenses for the three months ended December 31, 2024 was primarily due an increase in debt related interest and expenses.

    Net Investment Income

    For the three months ended December 31, 2024 and 2023, net investment income totaled $13.0 million, or $0.20 per share and $15.7 million, or $0.24 per share. The decrease in net investment income for the three months ended December 31, 2024 was primarily due to increase in interest expense.

    Net Realized Gains or Losses

    For the three months ended December 31, 2024 and 2023, net realized gains (losses) totaled $(2.6) million and $1.8 million, respectively. The change in realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

    Unrealized Appreciation or Depreciation on Investments and Debt

    For the three months ended December 31, 2024 and 2023, we reported net change in unrealized appreciation (depreciation) on investments of $2.4 million and $(5.0) million, respectively. As of December 31, 2024 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $13.6 million and $11.2 million, respectively. The net change in unrealized depreciation on our investments was primarily due to changes in the capital market conditions of our investments and the values at which they were realized.

    For the three months ended December 31, 2024 and 2023, the Truist Credit Facility had a net change in unrealized appreciation (depreciation) of $3.3 million and $(2.0) million, respectively. As of December 31, 2024 and September 30, 2024, the net unrealized appreciation (depreciation) on the Truist Credit Facility totaled $4.4 million and $1.1 million, respectively. The net change in unrealized depreciation was primarily due to changes in the capital markets.

    Net Change in Net Assets Resulting from Operations

    For the three months ended December 31, 2024 and 2023, net increase (decrease) in net assets resulting from operations totaled $16.1 million or $0.25 per share and $10.7 million or $0.16 per share, respectively. The increase in net assets from operations for the three months ended December 31, 2024 was primarily due to a decrease in the net realized and unrealized depreciation in the portfolio primarily driven by changes in market conditions.

    LIQUIDITY AND CAPITAL RESOURCES

    Our liquidity and capital resources are derived primarily from cash flows from operations, including investment sales and repayments, income earned, proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of interest expense, fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.

    As of December 31, 2024 and September 30, 2024, we had $464.5 million and $461.5 million, respectively, in outstanding borrowings under the Truist Credit Facility. The Truist Credit Facility had a weighted average interest rate of 6.8% and 7.2%, respectively, exclusive of the fee on undrawn commitments. As of December 31, 2024 and September 30, 2024, we had $10.5 million and $13.5 million of unused borrowing capacity under the Truist Credit Facility, respectively, subject to leverage and borrowing base restrictions.

    As of December 31, 2024 and September 30, 2024, we had cash and cash equivalents of $55.9 million and $49.9 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allows us to effectively operate our business.

    For the three months ended December 31, 2024, our operating activities provided cash of $18.7 million and our financing activities used cash of $12.7 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily for distributions paid to stockholders.

    For the three months ended December 31, 2023, our operating activities used cash of $155.1 million and our financing activities provided cash of $153.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily from borrowings under the Truist Credit Facility.

    DISTRIBUTIONS

    During the three months ended December 31, 2024, we declared distributions of $0.24 per share, for total distributions of $15.7 million. During the three months ended December 31, 2023, we declared distributions of $0.21 per share, for total distributions of $13.7 million. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

    RECENT DEVELOPMENTS

    The multi-currency Truist Credit Facility was upsized to $500.0 million (increased from $475 million in February 2025).

    AVAILABLE INFORMATION

    The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC and stockholders may find the report on our website at www.pennantpark.com.

     
    PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (In thousands, except share data)
     
        December 31, 2024     September 30, 2024  
        (unaudited)        
    Assets            
    Investments at fair value            
    Non-controlled, non-affiliated investments (amortized cost—$856,406 and $916,168, respectively)   $ 845,829     $ 910,323  
    Non-controlled, affiliated investments (amortized cost—$57,109 and $56,734, respectively)     11,032       33,423  
    Controlled, affiliated investments (amortized cost—$370,967 and $343,970, respectively)     441,205       384,304  
    Total investments (amortized cost—$1,284,482 and $1,316,872, respectively)     1,298,066       1,328,050  
    Cash and cash equivalents (cost—$55,868 and $49,833, respectively)     55,851       49,861  
    Interest receivable     5,227       5,261  
    Receivable for investments sold     47,230        
    Distribution receivable     5,359       5,417  
    Due from affiliates     144       228  
    Prepaid expenses and other assets     214       269  
    Total assets     1,412,091       1,389,086  
    Liabilities            
    Truist Credit Facility payable, at fair value (cost—$464,456 and $461,456, respectively)     460,033       460,361  
    2026 Notes payable, net (par— $150,000)     148,796       148,571  
    2026 Notes-2 payable, net (par— $165,000)     163,293       163,080  
    Payable for investment purchased     125,050       100,096  
    Distributions payable     5,224       5,224  
    Base management fee payable     4,268       4,297  
    Incentive fee payable     2,756       3,057  
    Accounts payable and accrued expenses     5,500       4,053  
    Interest payable on debt     2,850       6,406  
    Due to affiliates           33  
    Total liabilities     917,770       895,178  
    Net assets            
    Common stock, 65,296,094 and 65,296,094 shares issued and outstanding, respectively
    Par value $0.001 per share and 200,000,000 shares authorized
        65       65  
    Paid-in capital in excess of par value     743,968       743,968  
    Accumulated deficit     (249,712 )     (250,125 )
    Total net assets   $ 494,321     $ 493,908  
    Total liabilities and net assets   $ 1,412,091     $ 1,389,086  
    Net asset value per share   $ 7.57     $ 7.56  
     
    PENNANTPARK INVESTMENT CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except share data)
    (Unaudited)
     
        Three Months Ended December 31,  
        2024     2023  
    Investment income:            
    From non-controlled, non-affiliated investments:            
    Interest   $ 18,767     $ 21,068  
    Payment-in-kind     1,421       2  
    Dividend income     508       692  
    Other income     582       1,425  
    From non-controlled, affiliated investments:            
    Payment-in-kind           347  
    From controlled, affiliated investments:            
    Interest     7,255       5,481  
    Payment-in-kind     823       632  
    Dividend income     4,851       4,689  
    Total investment income     34,207       34,336  
    Expenses:            
    Interest and expenses on debt     11,741       9,557  
    Base management fee     4,268       4,004  
    Incentive fee     2,756       3,321  
    General and administrative expenses     1,250       1,214  
    Administrative services expenses     500       189  
    Expenses before provision for taxes     20,515       18,285  
    Provision for taxes on net investment income     700       393  
    Net expenses     21,215       18,678  
    Net investment income     12,992       15,658  
    Realized and unrealized gain (loss) on investments and debt:            
    Net realized gain (loss) on investments and debt:            
    Non-controlled, non-affiliated investments     (2,560 )     2,581  
    Non-controlled and controlled, affiliated investments           (750 )
    Net realized gain (loss) on investments and debt     (2,560 )     1,831  
    Net change in unrealized appreciation (depreciation) on:            
    Non-controlled, non-affiliated investments     (4,777 )     (12,270 )
    Non-controlled and controlled, affiliated investments     7,138       7,324  
    Provision for taxes on unrealized appreciation (depreciation) on investments     (37 )     150  
    Debt appreciation (depreciation)     3,328       (2,040 )
    Net change in unrealized appreciation (depreciation) on investments and debt     5,652       (6,836 )
    Net realized and unrealized gain (loss) from investments and debt     3,092       (5,005 )
    Net increase (decrease) in net assets resulting from operations   $ 16,084     $ 10,653  
    Net increase (decrease) in net assets resulting from operations per common share   $ 0.25     $ 0.16  
    Net investment income per common share   $ 0.20     $ 0.24  

    ABOUT PENNANTPARK INVESTMENT CORPORATION

    PennantPark Investment Corporation, or the Company, is a business development company that invests primarily in U.S. middle-market companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing $9.4 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, Los Angeles, and Amsterdam.

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

    We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.

    The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.

    Contact: Richard T. Allorto, Jr.
      PennantPark Investment Corporation
      (212) 905-1000
      www.pennantpark.com

    The MIL Network

  • MIL-OSI: F&M Bank Welcomes Peter Schork as Market President for Toledo, OH & Birmingham, MI

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced that Peter Schork has joined F&M as Market President of the Toledo, Ohio and Birmingham, Michigan markets.

    Lars Eller, President and CEO of F&M stated, “As a proven community banker, Peter brings a wealth of experience to F&M. His leadership, deep market knowledge, and commitment to building strong relationships will be an invaluable resource to F&M as we continue to grow and serve our communities. We look forward to the impact he will make in driving success for our customers, employees, and stakeholders.”

    In his new role, Peter will oversee F&M’s presence in the Toledo, Ohio, and Birmingham, Michigan markets, including offices in Waterville, Swanton, Perrysburg, Sylvania, and Downtown Toledo, as well as F&M’s Loan Production Office in Troy and its Birmingham, Michigan location.

    Peter brings over 25 years of banking and financial experience to F&M. Prior to joining the Company, he served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank serving as its President and CEO. In addition to his community bank experience, Peter was the CFO at Catalyst Commercial Real Estate, and the President of a Michigan based title, mortgage, and real estate company. In addition to his business experience, Peter is a proud supporter of various community organizations. Currently he serves on the Michigan Theater Board of Trustees, is a member of the Ray and Eleanor Cross Foundation and the Kiwanis Club of Ann Arbor and is a Board Member and Treasurer for the Homeless/Unhoused Mission. Peter holds a Master of Business Administration (M.B.A.) with a specialization in Finance from Eastern Michigan University.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: 
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank
    Investor and Media Contact:
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com
       

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e11179be-cf20-449e-9416-ca1e8ff1fd2f

    The MIL Network

  • MIL-OSI Europe: Answer to a written question – Consequences of the digital euro for financial stability and individual freedoms – E-002634/2024(ASW)

    Source: European Parliament

    The Commission proposal on a digital euro[1] takes the possible impact on financial stability and individual freedoms very seriously and proposes effective safeguards.

    The proposal aims to preserve financial stability in normal and crisis times. The digital euro is envisaged primarily as a means of payment rather than a store of value.

    Accordingly, the European Central Bank (ECB) would be required to develop tools to limit the digital euro’s store of value function, i.e. via limits on individual digital euro holdings, which the ECB could adapt over time to evolving circumstances.

    These holding limits together with the zero interest rates and the payment function without actual holdings in digital euro (so called reverse waterfall mechanism) would limit the shift of commercial bank deposits to digital euro and thus mitigate the risk of bank disintermediation, protecting financial stability and the provision of credit by commercial banks.

    The proposal also clearly and transparently limits and frames the processing of personal data related to the digital euro. This ensures full respect of the General Data Protection Regulation (GDPR)[2], including the principles of data minimisation and purpose limitation[3]. A user would be identified in line with EU anti-money laundering and counter terrorist financing rules[4].

    The ECB would not have access to a user’s identity. The pseudonymisation foreseen in the proposal aims to ensure that users cannot be identifiable based on data patterns.

    The proposal ensures that neither the ECB nor payment service providers would have access to data related to offline transactions as these would be settled directly between users. Offline transactions would therefore give users a level of privacy comparable to cash.

    • [1]  COM/2023/369 final.
    • [2]  OJ L 119, 4.5.2016, p. 1-88.
    • [3] Member State data protection authorities established under the GDPR will be responsible for the supervision of processing of personal data related to the digital euro as well as under the European Union Data Protection Regulation (OJ L 295, 21.11.2018, p. 39-98).
    • [4] https://finance.ec.europa.eu/financial-crime/anti-money-laundering-and-countering-financing-terrorism-eu-level_en
    Last updated: 10 February 2025

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: PRIME MINISTER’S 15 POINT PROGRAMME FOR MINORITIES

    Source: Government of India

    Posted On: 10 FEB 2025 8:19PM by PIB Delhi

    The Prime Minister’s New 15 Point Programme for welfare of Minorities is a programme which covers various schemes/initiatives of the participating Ministries/Departments with an aim to ensure that the underprivileged and weaker sections of six centrally notified minority communities have equal opportunities for availing the various Government welfare Schemes and contribute to the overall socio-economic development of the Country.

    The programme has the following broad objectives: (i) Enhancing opportunities for education; (ii) Ensuring an equitable share for minorities in economic activities and employment, through existing and new schemes, enhanced credit support for self-employment, and recruitment to State and Central Government jobs; (iii) Improving the conditions of living of minorities by ensuring an appropriate share for them in infrastructure development schemes; and (iv) Prevention and control of communal disharmony and violence.

    The schemes of the Ministry of Minority Affairs covered under the Prime Minister’s 15 Point Programme are exclusively meant for notified minorities. However, 15% of the outlays and targets, to the extent possible, of schemes/initiatives implemented by other participating Ministries/Departments are earmarked for notified minorities.

    The welfare schemes, including initiatives for education and skill development of minorities, being implemented by Ministry of Minority Affairs and other participating ministries under the programme, are as under:

    1. Pre-Matric Scholarship Scheme
    2. Post-Matric Scholarship Scheme
    3. Merit-cum- Means based Scholarship Scheme
    4. National Minorities Development Finance Corporation (NMDFC) Loan Schemes
    5. Samagra Shiksha Abhiyaan (M/o Education)
    6. Deen Dayal Antyodaya Yojana (DAY-NRLM)- (M/o Rural Development)
    7. Deen Dayal Upadhyay – Gramin Kaushalya Yojana (M/o Rural Development)
    • viii. Pradhan Mantri Awaas Yojana (M/o Rural Development)
    1. Deen Dayal Antyodaya Yojana – National Urban Livelihoods Mission (M/o Housing & Urban Affairs)
    2. Priority Sector Lending by Banks (Department of Financial Services)
    3. Pradhan Mantri Mudra Yojana (Department of Financial Services)
    4. POSHAN Abhiyaan (Ministry of Women & Child Development)
    • xiii. National Health Mission (Department of Health & Family Welfare)
    1. Ayushman Bharat (Department of Health & Family Welfare)
    2. National Rural Drinking Water Programme (Jal Jeevan Mission), (Department of Drinking Water & Sanitation)

     

    The Schemes are being implemented by the respective Ministries/Departments under the saturation approach of Government. Under the saturation approach of the Government many of the components have achieved mainstreaming.

    This information was given by the Union Minister of Minority & Parliamentary Affairs, Shri Kiren Rijiju in a written reply in the Rajya Sabha today

    ***

    SS/ISA

    (Release ID: 2101517) Visitor Counter : 61

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Special campaigns have been launched for enrolling individuals under various financial inclusion Schemes

    Source: Government of India

    Special campaigns have been launched for  enrolling individuals under various  financial inclusion Schemes

    54.58 Crore Jan Dhan Accounts Opened, 55.7% held by women

    13 Lakh Banking Correspondents and 107 Digital Banking  Units are facilitating  credit access along with Jan Samarth Porta and ‘PSB Loans in 59 Minutes’ among others

    Posted On: 10 FEB 2025 6:24PM by PIB Delhi

    The Government initiated the National Mission for Financial Inclusion (NMFI), namely the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbanked household based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas, with a strong focus on women. To give further impetus to financial inclusion initiatives of the Government, PMJDY Scheme was extended beyond 14.08.2018 and the focus was shifted to “every unbanked adult” instead of “every household”. A total of 54.58 crore JanDhan accounts have been opened till 15.01.2025, of which 30.37 crore (55.7%) belong to women. NMFI has also facilitated the coverage of women with various social security and credit linked Schemes.

    To ensure accessibility of these schemes to women, rural population, marginalised groups and underprivileged communities in the country, various steps are being taken such as:

    • Allocation of targets to all banks under each scheme;
    • Organisation of various camps and specialised campaigns to promote awareness;
    • Periodic review of performance of banks etc;

    All Banks, including private banks, participate in these activities to ensure effectiveness of these schemes and make them accessible to all stakeholders.

    Several initiatives are being undertaken in an ongoing manner by the Government along with State Authorities to address challenges such as low enrolment, lack of awareness, etc. being faced in financial inclusion schemes in the country. Some of these areas under:

    1. Several special campaigns have been launched, from time to time, at Gram Panchayat level to reach the last mile beneficiaries. These campaigns aim at enrolling individuals under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and other financial inclusion Schemes. 
    2. The State Level Bankers’ Committee (SLBC) plays a crucial role by coordinating efforts among Banks, Government agencies, Lead District Managers, Financial Institutions, Insurance companies, and other stakeholders to increase coverage under these Schemes at the state level.
    3. Centre for Financial Literacy (CFL) pilot project on financial literacy was initiated by the Reserve Bank of India in 2017 with an objective to adopt community led innovative and participatory approaches to financial literacy.
    4. A strong network of about 13 lakh Banking Correspondents (BCs), representing the last mile connect in the Banking Services delivery system, is also enrolling eligible people under financial inclusion Schemes.
    5. To make digital financial services more accessible and user-friendly, 107 Digital Banking Units (DBUs) have been set-up by Banks (as on December 2024) with an objective to ensure the benefits of digital banking to every nook and corner of the country. These units offer facilities like opening of saving bank accounts, passbook printing, transfer of funds, loan applications, etc. 
    6. Further, various online platforms like Jan Samarth portal, PSB Loans in 59 Minutes, Stand-up Mitra, etc., have been established to provide quick and hassle-free credit to everyone in a user-friendly manner. 

     

     Financial Inclusion  Schemes and Coverage

    Category

    Grand Total

    Number of PMJDY Accounts (as on 15.01.2025)

    545,780,806

    Women PMJDY Accounts

    303,710,652

    PMJJBY Cumulative Enrolments (as on 15.01.2025)

    225,220,758

    Women PMJJBY Enrolments

    100,095,919

    PMSBY Cumulative Enrolments (as on 15.01.2025)

    491,225,285

    Women PMSBY Enrolments

    228,437,446

    APY Enrolments (as on 31.12.2024)

    72,577,540

    Women APY Enrolments

    34,415,361

    Source: Banks, Insurance Companies & PFRDA

     

    This information was given by Union Minister of Finance, Nirmala Sitharaman in a written reply to a question in Lok Sabha today

    *****

    NB/AD

    (Release ID: 2101428) Visitor Counter : 88

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Government has launched many initiatives to support women employees and entrepreneurs ensuring safe, secure and non-discriminating environment for women

    Source: Government of India

    Posted On: 10 FEB 2025 6:22PM by PIB Delhi

    The Companies Act, 2013 (18 of 2013), administered by the Ministry of Corporate Affairs, has many provisions intending to nurture a safe, secure and non-discriminating environment for women at workplace.

    2nd Proviso to the Section 149 of the Companies Act read with Rule 3 of Companies (Appointment and Qualification of Directors) Rules, 2014, makes it mandatory for every listed company and every other public company having paid up share capital of Rs. 100 crore or more or having turnover of Rs. 300 crore or more to appoint at least one woman director.

    Specified companies in its Board Report, to be attached with the Financial Statement filed annually, has to include a statement that the company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 [14 of 2013]

    Further, the Government has taken a number of initiatives to support women employees and women owned enterprises, as follows:

    • To support women entrepreneurs under Credit Guarantee Scheme for Micro and Small Enterprises, additional benefits has been given to women than to the other entrepreneurs.
    • Under Prime Minister Employment Generation Programme (PMEGP), which is a major credit-linked subsidy program in which the substantial beneficiaries are women who are provided higher subsidy viz-a-viz nonspecial category 
    • Stand-Up India (SUI) Scheme has the objective to facilitate loans from Scheduled Commercial Banks (SCBs) of value between Rs. 10 lakh and Rs. 1 crore to at least one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and one women borrower per bank branch for setting up greenfield enterprise.
    • An initiative namely “Yashasvini”, was launched on 27.06.2024, which aims to campaign for women entrepreneurs and empower women by building their capacity, with a focus in Tier-II/III towns.

    The Code on Social Security, 2020 and the Code on Wages, 2019 have provisions regarding maternity benefits to women workers and non-discrimination on grounds of gender respectively. 

    The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (SH Act) provides a legislative framework for prevention of sexual harassment at workplace. The Act provides for constitution of Internal Committee (IC) where the number of employees is 10 or more and also mandates for constitution of Local Committee (LC) by the District Officer notified under the Act to deal with the cases of workplaces where the number of employees is less than 10 or when the complaint is against the employer itself.

    • In order to provide for a centralized platform for details of ICs and LCs available in the country as well as for providing a platform to the aggrieved woman to file her complaint, a revamped version Sexual Harassment electronic–Box (SHe-Box) was launched by Government on 29.08.2024. This is an effort of Government of India to provide a single window access to every woman, irrespective of her work status, whether working in organised or unorganised, private or public sector, to facilitate the registration of complaint related to sexual harassment. 
    • Under Maternity Benefit (Amendment) Act, 2017, Section 11(a) stipulates that every establishment having fifty or more employees shall have the facility of creche. 

    To facilitate working mothers in giving due care and protection to their children, ‘Palna’- a Centrally Sponsored Scheme was introduced w.e.f. 01 April 2022, for providing day care facilities and protection to children. 

    The Minister of State in the Ministry of Corporate Affairs and Minister of State in the Ministry of Road Transport and Highways, Shri Harsh Malhotra stated this in a written reply in Lok Sabha today.

    *****

    NB/AD

    (Release ID: 2101427) Visitor Counter : 84

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: EIB Group President Calviño in Kyiv on first official visit outside EU to announce new major projects for critical energy infrastructure, basic services for citizens and investment in SMEs across Ukraine

    Source: European Investment Bank

    • The EIB President is leading the EIB delegation to Ukraine on her first visit outside the EU since taking up office last year.
    • Calviño stressed the EIB Group’s long-term commitment to Ukraine in talks with the government and business leaders in Kyiv.
    • The projects announced under EU’s €50 billion Ukraine Facility include €420 million in investment for the public sector to restore and protect energy supplies, and for water, heating, housing and other critical infrastructure.
    • The support also includes new loan and guarantees for SMEs, unlocking almost €500 million of new finance.
    • The EU 112 emergency call system will be rolled out in Ukraine with EIB backing.
    • A €16.5 million grant provided by the German Ministry for Economic Affairs and Climate Action to an EIB International Climate Initiative Trust Fund has been signed for renewable energy in Ukraine.
    • There are plans for close cooperation to advance social housing in the country.

    On her first official visit outside the European Union since taking up office a year ago, European Investment Bank (EIB) Group President Nadia Calviño is visiting Kyiv today to meet top Ukrainian officials, including President Volodymyr Zelenskyy and Prime Minister Denys Shmyhal. The objective of the visit is to agree on new financing operations for Ukraine and stress Europe’s long-term commitment to the country. President Calviño is leading the delegation that also features EIB Vice-President Teresa Czerwińska and EU Ambassador to Ukraine Katarína Mathernová.

    The package – part of the European Union’s €50 billion Ukraine Facility – includes €420 million for new public-sector projects to restore and protect energy supplies, heating systems and other critical infrastructure that has been damaged since Russia’s full-scale invasion in February 2022. The EIB and the European Commission are set to finalise the approval of a €2 billion EIB contribution under the Facility.

    The latest round of European funding announced today will also benefit Ukraine’s private sector, with the aim of bolstering thousands of small and medium-sized enterprises (SMEs), which form the backbone of the country’s economy. It combines a €100 million loan and guarantees aimed at unlocking around €400 million in lending to SMEs through key Ukrainian banks – including Ukreximbank, ProCredit Bank and Ukrgasbank – with which the EIB has signed agreements today.

    Another element of the package is the planned rollout of the European Union’s common 112 emergency number and call system across Ukraine to enhance public safety. President Calviño visited an operating centre in Kyiv that will run the new system to mark the signing of a €40 million EIB loan for the initiative, which is complemented by a €12 million EU grant and funding from Member States under the EU for Ukraine Fund.

    “This is my first official visit outside the European Union since  taking up office as President of the EIB Group last year. Support for Ukraine is a top priority and that is why I am so pleased to be here to announce new major projects for SMEs, energy, water and other essential services that will help people to continue with their daily lives and support the country’s economic resilience, while also laying the foundation for a stronger Ukraine on its path to EU membership,” said EIB Group President Nadia Calviño.

    “The financing package that we have announced reflects our ongoing and unwavering commitment, since the very first day of this war, to help Ukraine recover, rebuild, and thrive despite the immense challenges it faces. This is a joint effort of Team Europe made possible through close collaboration with the European Commission and EU Member States,” added EIB Vice-President Teresa Czerwińska, who oversees the Bank’s operations in Ukraine.

    “This support package, developed with the EIB, further demonstrates the European Union’s unwavering commitment to Ukraine’s recovery and reconstruction. With the Ukraine Facility, we are restoring vital infrastructure and helping businesses grow – crucial projects as Ukraine defends itself against Russian aggression. Together, we will continue to support Ukraine, working on key areas, such as energy, housing, and public safety to build a stronger and more sustainable future,” said EU Ambassador to Ukraine Katarína Mathernová.

    Today, four projects worth €420 million were announced under the EU’s Ukraine Facility. They will help to restore critical infrastructure and services and ensure a stable energy supply. The projects include the €100 million “Ukraine Recovery III”, €100 million “Ukraine Water Recovery”, and the €100 million “Ukraine District Heating”, which will be channelled through Ukreximbank. These initiatives aim to ensure that millions of Ukrainians in more than 100 communities across the country have access to heating, water, hospitals, schools and housing for internally displaced people. The €120 million “Support of Ukrhydroenergo Stability and Recovery” loan to the largest hydropower generating company in Ukraine will help to restore hydropower plants and thus reinforce the Ukrainian energy system.

    Deputy Prime Minister for Restoration of Ukraine — Minister for Development of Communities and Territories of Ukraine Oleksii Kuleba said: “We deeply value the strong cooperation with the European Investment Bank, in particular under the recovery programmes, which are playing, since 2014 a key role in supporting more than 100 communities across the country. We are grateful for the support to the communities that are de-occupied or close to the front line. The provision of social, medical, logistical, educational and other infrastructure is essential to ensuring our communities remains strong and resilient. Today we sign €100 million of the multi-sector Ukraine Recovery III loan for the restoration and modernization of critical infrastructure, such as heating, hospitals and housing for IDPs and we sign €100 million of Ukraine Water Recovery dedicated to water and wastewater. Our collaboration on social housing is another key component, reflecting our shared commitment to providing essential infrastructure and stability for those in need. The grant for renewable energy, which we also signed today, will play a vital role in ensuring that critical buildings, like hospitals, can continue serving the population amidst power cuts. Together, these initiatives not only accelerate our recovery but also help us build a more resilient and sustainable future for our country.”

    The financing provided for the 112 call system in Ukraine will expand data centres across the country and upgrade their technological capacity, ensuring that critical services are reliable and efficient.

    “Implementing and developing the 112 emergency call system has become a crucial component in enhancing public safety in Ukraine and in aligning our infrastructure to European standards. Thanks to the EIB loan and support from European partners, we will be able to improve cooperation between emergency services, particularly through the automatic detection of the caller’s geolocation. We will strengthen our ability to assist individuals with hearing and speech impairments, as well as foreign citizens. This project is about enhancing the safety of our citizens and providing timely assistance to those in need,” said Minister of Internal Affairs of Ukraine Ihor Klymenko.

    The EIB is also signing a €16.5 million grant from the German government with the Ministry for Development of Communities and Territories of Ukraine to promote renewable energy. The grant comes through the EIB’s International Climate Initiative Fund and is part of the Ukraine Energy Rescue Plan announced by the EIB in October 2024.

    The grant will help integrate renewable energy systems into public buildings undergoing renovation works under EIB municipal loans. This will upgrade social infrastructure and make energy more reliable, cleaner and less costly. The grant will also help to decentralise energy generation, ensuring that critical public buildings in towns and villages are less reliant on electricity supplies from large power stations, making them less vulnerable to blackouts in the event of an airstrike.

    Berthold Goeke, Director-General for Climate Action, German Federal Ministry for Economic Affairs and Climate Action (BMWK) said: “Through the Renewable Energy Solutions Programme, the International Climate Initiative (IKI) is helping smaller Ukrainian communities — those most affected by the war and in urgent need — to implement climate-friendly technologies. This support enables Ukraine to reduce energy costs and modernize outdated infrastructure in public buildings, laying the foundation for a stable and renewable energy future. In this way, the German government is addressing two critical challenges in Ukraine’s energy system. First, we are supporting the development of a decentralized and resilient energy supply, particularly for essential public infrastructure such as hospitals, schools, and kindergartens. Given the ongoing Russian aggression and the destruction of central energy infrastructure, this is vital for ensuring stability and security. Second, our initiative contributes to Ukraine’s long-term energy transition by promoting renewable energy and energy efficiency measures, paving the way for a climate-neutral energy system.”

    Social housing is one of the most pressing issues in Ukraine, with 10% of the country’s housing stock damaged as a result of the war. The EIB is supporting the government in drafting a new housing code and exploring the possibility of financing the construction of homes that are publicly owned.

    Background information

    EIB in Ukraine 

    The EIB Group has been supporting Ukraine’s resilience, economy and efforts to rebuild since the very first day of Russia’s full-scale invasion. In 2024, we supported projects aimed at securing Ukraine’s energy supply, repairing critical infrastructure that has been damaged, and ensuring that essential services continue to be delivered across the country. This brings the total amount of aid we have disbursed since the start of the war to over €2.2 billion. This funding has played a crucial role in ensuring that vital services continue to be delivered to people in Ukraine. For example, this year we inaugurated the water supply facility in Bucha that was rebuilt, and which provides clean water to 9 000 residents. We also opened five new schools in Vinnytsia, Dnipropetrovsk, and Ternopil Oblasts, helped build a department for children’s infectious diseases at a hospital in Zhytomyr Oblast, and significantly improved sanitation through the upgraded sewerage collector in Vinnytsia Oblast. Furthermore, our investments have helped modernise street lighting in Dnipro, benefitted the reclamation of the Hrybovychi landfill in Lviv, and helped to upgrade water infrastructure in Mykolaiv. We have also strengthened Ukraine’s transport networks to ensure resilient and sustainable mobility for businesses and residents. With our support, cities such as Lviv, Kyiv, Mykolaiv, Ivano-Frankivsk, Odesa, and Sumy have purchased new buses, trolleybuses, and trams. In addition, we have funded the reconstruction of the M01 Kyiv-Chernihiv-Novi Yarylovychi section of road that had been damaged in the war. To enhance Ukraine’s energy resilience, we have launched the Energy Rescue Plan, securing €600 million in EU-backed financing, including €86 million to build anti-drone shelters to protect critical electricity transmission infrastructure. These measures are crucial to maintaining stable power supply across the country amid ongoing challenges. In 2024, we signed over €250 million in new investment for projects to further enhance social infrastructure and support businesses that are the backbone of Ukraine’s economy.

    The EU for Ukraine Fund (EU4U) was established in 2023 as part of a larger EU for Ukraine initiative. The fund aims to accelerate EIB Global’s support for Ukraine’s most urgent infrastructure needs and help sustain its economy. The Fund supports both public and private sector projects to rebuild critical municipal infrastructure and improve access to finance for entrepreneurs.

    The International Climate Initiative (IKI) Fund was established in 2019 in partnership with the government of Germany, with the aim of catalysing investment for ambitious climate change mitigation and adaptation projects in developing and emerging countries. The IKI Fund seeks to do this by providing investment grants, financial instruments and technical assistance to public and private sector beneficiaries, as well as advisory services to central banks and financial institutions.

    MIL OSI Europe News

  • MIL-OSI Europe: Agenda – Tuesday, 11 February 2025 – Strasbourg

    Source: European Parliament

    Agenda
    Strasbourg
    Monday, 10 February 2025 – Thursday, 13 February 2025  
    Tuesday, 11 February 2025 Version: Monday, 10 February 2025, 17:33

    12:00 – 12:30   Formal sitting      
    59   Address by Ruslan Stefanchuk, Speaker of the Verkhovna Rada


    09:00 – 11:50   Debates     
    Council (including replies) 20′
    Commission (including replies) 20′
    “Catch the eye”   (2×5′) 10′
    Members 104′
    13:30 – 22:00   Debates (or at the end of the votes)     
    Council (including replies) 50′
    Commission (including replies) 65′
    Author (committee) 5′
    “Catch the eye”   (7×5′) 35′
    Members 239′

    32 Continuing the unwavering EU support for Ukraine, after three years of Russia’s war of aggression
    17 European Central Bank – annual report 2024
    Anouk Van Brug (A10-0003/2025
        Amendments Wednesday, 5 February 2025, 13:00
    50 Escalation of violence in the eastern Democratic Republic of the Congo
        Motion for a resolution Monday, 10 February 2025, 19:00
        Amendments to motions for resolutions; joint motions for resolutions Tuesday, 11 February 2025, 19:00
        Amendments to joint motions for resolutions Tuesday, 11 February 2025, 20:00
        Requests for “separate”, “split” and “roll-call” votes Wednesday, 12 February 2025, 16:00
    Separate votes – Split votes – Roll-call votes
    Texts put to the vote on Tuesday Friday, 7 February 2025, 12:00
    Texts put to the vote on Wednesday Monday, 10 February 2025, 19:00
    Texts put to the vote on Thursday Tuesday, 11 February 2025, 19:00
    Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 12 February 2025, 19:00

    MIL OSI Europe News

  • MIL-OSI Europe: Agenda – Monday, 10 February 2025 – Strasbourg

    Source: European Parliament

    17 European Central Bank – annual report 2024
    Anouk Van Brug (A10-0003/2025
        – Amendments Wednesday, 5 February 2025, 13:00
    Texts put to the vote on Tuesday Friday, 7 February 2025, 12:00
    Texts put to the vote on Wednesday Monday, 10 February 2025, 19:00
    Texts put to the vote on Thursday Tuesday, 11 February 2025, 19:00
    Motions for resolutions concerning debates on cases of breaches of human rights, democracy and the rule of law (Rule 150) Wednesday, 12 February 2025, 19:00

    MIL OSI Europe News

  • MIL-OSI Russia: Financial news: Conflict of interest management rules for NPFs

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    Non-state pension funds (NPF) will be required to identify and manage conflicts of interest. Funds will be able to allow a conflict to arise only if they have notified their clients about it and their rights are not violated. The corresponding Bank of Russia instructionregistered by the Ministry of Justice of Russia.

    The document defines the rules for identifying conflicts of interest and describes specific situations that may lead to this, for example, if an NPF acquires securities of an affiliated company or makes a transaction with an associated person. Funds will have to keep mandatory records of information on conflicts of interest.

    The requirements imposed on NPFs are similar to the approaches to regulating conflicts of interest of professional participants and management companies and are aimed at strengthening the protection of the rights and legitimate interests of fund clients.

    The directive comes into force on February 21, 2025.

    Preview photo: Thomas Bethge / Shutterstock / Fotodom

    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 access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23360

    MIL OSI Russia News

  • MIL-OSI Security: South Lake Tahoe Man Sentenced to Over Two Years in Prison for Impersonating Federal Officers

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    SACRAMENTO, Calif. — Anton Andreyevich Iagounov, 38, of South Lake Tahoe, was sentenced today by U.S. District Judge Daniel J. Calabretta to two years and three months in prison for four counts of impersonating a federal officer, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, and evidence presented at a three-day trial in July 2024, Iagounov pretended to be a federal law enforcement agent by creating and sending counterfeit investigative documents, which he signed in the name of a fictional federal agent, seeking highly protected information from the Department of Defense.

    “The defendant impersonated federal officers and tried multiple times to obtain protected information using fake court documents,” said Acting U.S. Attorney Beckwith. “Many federal agencies including NASA have devoted law enforcement officers, and we will not tolerate federal officers being illegally impersonated.”

    “Mr. Iagounov’s attempt to undermine public trust in order to obtain sensitive government information posed a significant risk, potentially endangering national security and the integrity of NASA and government operations,” said Michael Graham, Acting Assistant Inspector General for Investigations. “This sentencing demonstrates the commitment of NASA OIG, the USAO, and our law enforcement partners to safeguarding Federal assets and holding accountable those who undermine justice.”

    “The defendant impersonated a federal law enforcement officer and took advantage of the trust that exists between federal agencies,” said Acting Special Agent in Charge Jeremy N. Schwartz of the FBI Las Vegas Division. “All officers carry badges and credentials that are used to verify their identity. If you believe someone is impersonating an officer, you may ask their agency to confirm their official business. This sentencing demonstrates the excellent work achievable through partnerships.”

    On July 5, 2022, Iagounov sent a search warrant he had created to the U.S. Capitol Police, falsely claiming it was signed by a Special Agent of NASA Office of Inspector General (NASA‑OIG) and appearing to be authorized by a U.S. District Court judge for the District of Columbia. The Capitol Police investigated the document, determined it was fake, and referred it to NASA-OIG for further investigation.

    On July 11, 2022, Iagounov again pretended to be the same fictional NASA-OIG agent and sent the warrant to the U.S. District Court for the Central District of California. This time, he sent it without a judge’s signature, indicating it was for an “emergency filing” and required a judge’s signature. He sent it from an email address designed to look like it was from a United States government agency, but which Iagounov owned and had named to look like a government agency’s internet domain.

    On July 18, 2022, Iagounov again sent the fake search warrant, purporting to be signed by the same fictitious NASA-OIG agent. He sent it to the U.S. Bankruptcy Court for the Middle District of Georgia, again indicating that it was for an emergency filing and needed a judge’s signature immediately.

    Finally, on July 24, 2022, Iagounov faxed a letter, under the name of a real NASA-OIG supervising agent, to the U.S. District Court for the Northern District of Florida. In that letter, he claimed to be following up on the warrant, stating that an “exigent circumstance” required a judge’s signature immediately. The faxed letter included an anonymous email address for the agent that actually belonged to Iagounov. Several days earlier, on July 15, Iagounov had sent his warrant to the U.S. Bankruptcy Court for the Northern District of Florida but had received no response.

    In each case, given the apparently sensitive nature of the materials Iagounov’s warrant sought, the receiving personnel for the Courts referred the matter to NASA-OIG for review and investigation.

    This case was the product of an investigation by the Federal Bureau of Investigation and NASA Office of Inspector General, with assistance by the South Lake Tahoe Police Department and the Carson City Sheriff’s Office. Assistant U.S. Attorneys James Conolly and Audrey Hemesath prosecuted the case. 

    MIL Security OSI

  • MIL-OSI USA: $60 Million for Electric Vehicle Charging Infrastructure

    Source: US State of New York

    Governor Kathy Hochul today announced a $60 million transaction to accelerate electric vehicle (EV) charging infrastructure deployment across New York City. The loan provided by NY Green Bank (NYGB), the State’s clean energy investment fund and a division of the New York State Energy Research and Development Authority (NYSERDA), to Revel, the largest provider of public EV fast-charging in New York City, will enable Revel to more than triple its current New York City public fast charging network this year. This represents NYGB’s first EV charging infrastructure transaction and supports the expansion of investments in clean transportation to reduce greenhouse gas emissions while increasing access to critical charging infrastructure necessary for the wider adoption of EVs.

    “In support of the transition to a clean energy economy, it is critical that we continue to build electric vehicle infrastructure to ease the shift to EV ownership for more New Yorkers, especially those in urban areas,” Governor Hochul said. “This significant investment addresses the key need of providing electric vehicle users in New York City with much needed public charging options while reducing local emissions.”

    This funding will enable the construction of 267 new charging stalls across nine sites and supports the intricate construction activities involved in designing and building EV charging stations. Revel will complete construction of the below new sites in the next 12 months, with the remainder to be completed by 2027:

    • 60 charging stalls in Maspeth, Queens, that will be the largest fast-charging station in the Northeast U.S.
    • 44 charging stalls near LaGuardia Airport, making it the largest fast-charging station near an airport in the country. *
    • 24 charging stalls at John F. Kennedy International Airport (JFK); making it the largest charging station at the airport. *
    • 30 charging stalls in Greenpoint, Brooklyn.
    • 20 charging stalls in the Port Morris section of the Bronx. *

    * Located in a Disadvantaged Community (DAC)

    New York State Energy Research and Development Authority President and CEO Doreen M. Harris said, “NY Green Bank’s financing support for critical infrastructure that is advancing clean transportation complements NYSERDA’s efforts to drive the transition to electrification of this sector. Increasing the state’s charging capabilities is a step forward in ensuring New Yorkers can plug in and drive clean and we commend Revel’s leadership in this regard in a major hub and in high-impact locations such as major airports.”

    NY Green Bank President Andrew Kessler said, “NY Green Bank is pleased to share this exciting transaction that is demonstrating the viability of financing EV charging infrastructure to support the adoption of electric vehicles. The Revel transaction is an important and replicable precedent we expect will help accelerate investment in this fast-growing sector and expand access to EV charging for more New York drivers.”

    Revel Co-Founder and CEO Frank Reig said, “For the past few years, Revel has been preparing a strategic portfolio of the most lucrative fast-charging locations in New York City. These sites are now shovel-ready. With the critical support from NY Green Bank, we are ready to take New York’s EV economy to the next level with a fast-charging network rivaling any other top tier city.”

    Revel broke ground in November at JFK Airport, adjacent to the main rideshare vehicle waiting area, with support from the Port Authority of New York and New Jersey. With funding from NYGB, Revel will now be able to complete construction of the aforementioned 24 charging stalls. That site will open in Q1 2025 and is expected to be one of the most utilized charging stations in the country.

    State Senator Kevin Parker said, “Our goal is to leave New York State in a better condition than when we found it. If we are going to move forward with our CLCPA goals, we must transition our transportation sector to clean vehicles. We also must invest in the infrastructure needed to provide confidence, reliability, and convenience for New Yorkers. I applaud Governor Hochul, Revel, and NYSERDA for continuing to provide these opportunities with financing support through New York Green Bank.”

    State Senator Jeremy Cooney said, “The future of transportation is electric. Today’s investment by the NY Green Bank and NYSERDA represents our state’s continued commitment to new and emerging transportation technologies and a greener, cleaner future for New Yorkers.”

    Assemblymember William Magnarelli said, “I am encouraged by this announcement. Expanding our charging infrastructure is essential if New York is going to reach its zero-emission transportation goals. These additional chargers will make transitioning to an EV more convenient and reliable.”

    Revel charging stations are open to the public on a 24/7 basis for any make and model EV. All chargers installed at future locations will have speeds of at least 320 kilowatts (kW), which can charge an EV in as little as 15 minutes.

    Last year, NYGB completed another groundbreaking transaction with Inspiration Mobility—which partners with Revel—to support the deployment of nearly 400 EVs in New York City that are increasing access to clean ridesharing transportation. Over three-quarters of Revel’s pipeline projects being supported by NYGB financing are located in DACs, advancing NYGB’s goal to commit a minimum of 35 percent, with a target of 40 percent, of its capital to projects benefiting DAC.

    As the largest state green bank in the nation, NYGB has committed more than $2.4 billion to advancing New York State’s clean energy economy for all New Yorkers. Since inception, its investments have mobilized up to $8.8 billion in project costs across technologies, with $383 million mobilized in the clean transportation sector alone. NYGB’s transactions are designed for replication and adoption by the private sector, helping to animate the market and mobilize capital into underserved green sectors with a special focus on clean transportation, energy storage, and building decarbonization.

    More information about the Revel deal can be found in NYGB’s transaction profiles on its portfolio page. Photos and video are available upon request by contacting Revel at [email protected].

    New York State’s Climate Agenda
    New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

    MIL OSI USA News

  • MIL-OSI Russia: IMF Staff Completes 2025 Article IV Consultation with Morocco

    Source: IMF – News in Russian

    February 10, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Economic growth is accelerating thanks to strong domestic demand, amid a new investment cycle in many sectors.
    • Tax reforms have allowed the fiscal deficit in 2024 to be lower than expected while also funding spending measures. Going forward, saving part of the revenue windfall would help strengthen the fiscal buffers. The current monetary policy stance is appropriate and should remain data dependent.
    • Structural reforms should focus on strengthening job creation, including by better targeting active labor market polices, consolidating programs to support small and medium firms, and removing regulatory distortions that hinder firms’ growth.

    Rabat, Morocco: An International Monetary Fund (IMF) staff team led by Roberto Cardarelli conducted discussions with the Moroccan authorities in Rabat on the 2025 Article IV Consultation from January 27 to February 7. At the conclusion of the visit, Mr. Cardarelli issued the following statement:

    “Economic activity is expected to have grown by 3.2 percent in 2024 and to accelerate to 3.9 percent in 2025, as agricultural output rebounds after the recent droughts and the nonagricultural sector continues to expand at a robust pace amid strong domestic demand. Higher growth is expected to increase the current account deficit towards its estimated medium-term norm of around 3 percent, while inflation is expected to stabilize at around 2 percent. The risks to the outlook are broadly balanced, with significant uncertainty regarding the economic impact of geopolitical tensions and changing climate conditions.

    “With inflation expectations anchored around 2 percent and little signs of demand pressures, the current broadly neutral monetary policy stance is appropriate, and staff agrees with Bank Al-Maghrib that future changes of policy rates should remain data dependent. With inflation back to around 2 percent, Bank Al-Maghrib should continue its preparation to adopt an inflation-targeting framework.”

    “Recent reforms to the tax system and tax administration have helped expand the tax base while lowering the tax burden. As a result, tax revenues in 2024 have been greater than expected. With only a small part of the additional tax revenues being saved, the central government’s deficit for the year was 4.1 percent of GDP compared to the 4.3 announced in the 2024 Budget. While the 2025 Budget confirms the gradual pace of fiscal adjustment projected last year, higher-than-expected revenues should be used to accelerate the pace of debt reduction to levels closer to pre-pandemic. In addition, continuing to finance structural reforms may require further efforts to expand the tax base and rationalize spending, including by reducing transfers to state-owned enterprises as part of the ongoing reform of the sector and expanding the use of the Unified Social Registry to all social programs.

    “Staff welcomes the ongoing reform of the Organic Budget Law that should introduce a new fiscal rule based on a medium-term debt anchor. Good progress has been made in the Medium-Term fiscal framework to include an assessment of the risk from climate change. Staff encourages the authorities to build on this progress by adding more information on the impact of new policy measures and a quantification of the risks from the increased reliance on public-private partnership (PPP) projects.

     “Stronger job creation requires a novel approach to active labor market policies, focusing on labor displaced from the agricultural sector due to the sequence of droughts. A special focus should be placed on encouraging the growth of small and medium size enterprises (SME)  and favoring their integration into sectoral value chains. Staff welcomes the progress in the operationalization of the Mohammed VI Investment Fund that should help SMEs access equity financing. Measures that may encourage the development of a more buoyant private sector include strengthening the support for SMEs under the new Charter of Investment, strengthening regional investment centers so they can better help SMEs access the financial and technical resources needed for their growth, and reviewing the labor code, tax system, and regulatory and governance frameworks so as remove the distortion that incentivize firms to remain small or informal. It will also be necessary that the ongoing SOE reform effectively pursues market neutrality between public and private sector firms.

    “The IMF team held discussions with senior officials of the government of Morocco, Bank Al-Maghrib, and representatives of the public and private sectors. The team thanks the Moroccan authorities and other stakeholders for their hospitality and candid and productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/02/10/pr-2533-morocco-imf-staff-completes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI USA: Gov. Kemp Announces 104 Appointments to Boards, Authorities, and Commissions

    Source: US State of Georgia

    Atlanta, GA – Governor Brian P. Kemp today announced 104 appointments and reappointments to various state boards, authorities, and commissions.

    Board of Regents of the University System of Georgia

    Patrick Jones was reappointed. 

    Thomas Chris Cannon is a business owner, business leader, and an active member of the Albany community and the State of Georgia. Early in his career, Cannon was the President and Chief Operating Officer of an entity that had varied business interests throughout Georgia, including a multi-divisional Caterpillar Tractor Distributorship, corporate farming operations and real estate development. In 1992, Cannon founded and developed a business group whose mission was to provide a variety of environmental services to businesses and city and county governments in Georgia, Florida, and Alabama. The business group consisted of a multi-location residential and commercial waste service company, a petroleum equipment company, a solid waste landfill developer and operator, and an environmental consulting and remediation firm. In 1998, Cannon completed a merger transaction of his waste service company with a publicly traded company – Waste Industries – based in Raleigh, North Carolina. For several years, Cannon served on the board of directors of the publicly traded company, until 1992 when he sold his shares in Waste Industries to pursue other business interests. Also in 1992, he founded Flint Holdings, Inc. Today, Cannon continues to own and operate Flint Equipment Company consisting of Flint Ag and Turf, Flint Power Systems, and Barber Petroleum Equipment Company. Over the years, Cannon has served as the president of many civic organizations, including the Albany Technical College Foundation Board, the Albany YMCA Board, and the Boys and Girls Club Board. He also served on the boards of the Darton College Foundation, the State of Georgia Department of Industry and Trade, NoVab Inc., Waste Industries Inc., Deerfield Windsor School, the Governors Council on Economic Development, the Georgia Mining Association, the Albany Museum of Art, Nations Bank, and regional Sun Trust Bank. Cannon is a graduate of the University of Georgia with a B.S.A. degree in Business. He has two children that are active in the businesses and continues to reside in Albany.

    Haynes (Maier) Studstill is a partner in the Valdosta law firm Studstill Firm, LLP, where her practice is focused on representing individuals and families in disputes with insurance companies. Studstill is originally from Rome, where she attended Darlington School before graduating the Culver Academies in Culver, Indiana. She earned her B.S. degree from Vanderbilt University in human & organizational development. After graduating from Vanderbilt, Haynes worked in the journalism industry for several years. She worked at WRC-TV/NBC4 in Washington, D.C. and NBC-affiliate WSMV in Nashville, Tennessee. She also served as the life editor of The Brunswick News before joining her uncle, William S. Morris, III, of Augusta, at his equine publications, Quarter Horse News and Barrel Horse News, in Fort Worth, Texas. Morris is a former regent, as is his father and Haynes’s grandfather, William S. Morris, Jr., thus making Haynes the 3rd generation in her family to serve the University System of Georgia on the Board of Regents. Studstill attended Mercer University’s Walter F. George School of Law, where she met her husband, Justin D. Studstill. She and Justin both graduated from Mercer. She is a former barrister in the William Augustus Bootle Inn of Court. Studstill clerked for the Hon. C. Ashley Royal in the U.S. District Court for the Middle District of Georgia and worked as an associate for King & Spalding, LLP in Atlanta, before joining her father-in-law, Danny Studstill, and her husband in practice in South Georgia at the Studstill Firm, LLP.  She currently serves as a board member on the State Botanical Garden of Georgia Board of Advisors in Athens and on the Judicial Nominating Commission, having been appointed by Gov. Kemp in 2021. She also serves as a Special Master, appointed by the Georgia Supreme Court, on attorney discipline cases. She is the immediate past president of the Valdosta Bar Association, and former president of both the Alapaha Judicial Circuit Bar Association and the Valdosta Chapter of the Georgia Association of Women Lawyers (GAWL). She is a former board member of: Vanderbilt University Peabody College Young Alumni Board; the Museum of Arts & Sciences in Macon; SafeKids Lowndes County; and The Verdict magazine of the Georgia Trial Lawyers Association (GTLA). She has been admitted to practice in all State Appellate Courts in Georgia, all U.S. District Courts in Georgia, and the Supreme Court of the United States. She and her husband have four children and live in Lakeland, Georgia.

    State Board of Pardons and Paroles

    Robert Markley is a dedicated and experienced law enforcement professional with a proven track record of leadership and service to the community. Markley served as the elected Sheriff of Morgan County from 2001 to 2024, overseeing all aspects of law enforcement operations. Prior to his role as Sheriff, Markley held various positions within the Morgan County Sheriff’s Office, including jailer, patrolman, investigator, and administrative officer. Committed to maintaining public safety, upholding the law, and fostering positive community relationships. During his tenure as Sheriff, he served as member of the Board of Trustees for the Sheriffs’ Retirement Fund of Georgia.

    Georgia Composite Medical Board 

    Judy Lynn Gardner and Barby J. Simmons were reappointed.

    Board of Natural Resources

    Nancy Addison was reappointed. 

    Mike Peavy is a native of Hawkinsville, Georgia, and is a graduate of the University of Georgia. After teaching for several years, he transitioned into concrete and masonry supply sales, ultimately joining Cherokee Brick. At Cherokee, Peavy became vice president of sales and later assumed the role of president in 2008. In 2021, Peavy was named president of CBEL, the parent company overseeing Cherokee Brick, Cherokee Block, Cherokee Masonry, Stratton Stone and other complimentary businesses. With a history of leadership in the industry, Peavy served many years on the Brick Industry Association (BIA) Board, BIA Region 9 and as past president of Brick Southeast. He currently serves on the Georgia Mining Association (GMA) board and the Southeast Concrete Masonry Association (SCMA). Peavy resides in Macon with his wife, Kate. They have two children and are awaiting the arrival of twin granddaughters on the way.

    Georgia Peace Officer Standards and Training Council

    Andy Hester and Ray Paulk were reappointed.

    State Board of Education

    Leonte Benton and Rich Valladares were reappointed. 

    Courtney Dove attended the University of Georgia where she earned a B.A. in political science and master’s in teaching. She went on to teach United States history, world history, government and Georgia studies at Winder-Barrow High School and Dodgen Middle School. She has served as department chair and a county representative of her department. Dove has also worked at Riverstone Church as the preschool and kindergarten lead and regularly volunteers at her children’s schools in various capacities. Additionally, she advocates for congenital heart defect awareness and serves as a heart swap chair for Children’s Healthcare of Atlanta.  Courtney lives in Marietta with her husband David and their three children.

    Kristi Garrett has been with RA-LIN & Associates, Inc. since 2008, where she is the chief marketing officer. A graduate of Auburn University with a degree in business administration-marketing, Garrett initially worked in the healthcare industry before taking time to focus on her family. In 2018, she became a managing partner of Southern Home & Garden/ACE Hardware until its sale in 2021. At RA-LIN, she focuses on building relationships, fostering growth, and inspiring success. Beyond her professional career, Garrett is a dedicated community leader, serving on the Carroll County Chamber Board, the Tanner Foundation Board of Trustees, and participating in local organizations. A Carrollton, Georgia native, Garrett is married to Ben Garrett, and together they have four children. 

    Melanie Stockwell has had a longstanding passion for Georgia public education, beginning with her role as general counsel for the Department of Education from 1996 to 2003. She then served in various capacities in the Georgia State Senate, including as chief of staff to President Pro Tempore Eric Johnson, where she provided legal counsel and policy expertise, particularly in education. After her time in the Senate, Stockwell worked on policy initiatives for political candidates and later held a position at the Georgia Department of Labor before leaving full-time work in 2013 to focus on family. She became deeply involved in school volunteering, serving on PTSA boards and local school councils. After her youngest child graduated, she worked as a front desk receptionist at Lakeside High School for five years, supporting teachers and administrators. She holds a B.A. in political science from Carson-Newman College and a law degree from the University of Virginia. Melanie and her husband, Mitch, reside in DeKalb County with their two young adult children.

    Lake Lanier Islands Development Authority

    Alan Gravel and Stephen Syfan were reappointed.

    Walter “Bill” Frobos is CEO and one of the owners of Lanier Treatment Center. He graduated from the University of Georgia with a B.S.A. Frobos worked for Leon Farmer & Co. for 20 years in management and marketing. He is also a licensed real estate agent with Southern Heritage Land Co. In 2005, he saw a need to help those that had inadvertently became addicted to opiates. Frobos founded Lanier Treatment Center with a local physician and another business partner to offer medication assisted treatment. His goal and philosophy have always been to focus on providing the best outpatient treatment by using quality and well-trained counselors to help the clients to live a healthy, sober life.

    Georgia Council on Aging

    Kenneth Brooks, Maureen Kelly, Ruth Lee, Patricia Lyons, Adrienne Mims, and Ashton Windham were reappointed. 

    Pamela Cushenan is an experienced dental hygienist and educator based in Marietta, Georgia. She holds an associate of science in dental hygiene from Tennessee State University and MeHarry Medical College, a bachelor’s and master’s in health arts and training & development from the University of St. Francis, and a graduate certificate in Gerontology from Georgia State University. With over 30 years of experience in dental hygiene, Cushenan has served in various clinical roles, from private practice to teaching at Georgia State University, where she has been a faculty member since 2005. She is involved in numerous professional organizations, including the Georgia Dental Hygienists’ Association (GDHA) and the Special Care Dentistry Association (SCDA), where she has held leadership positions. Her research contributions include serving as principal investigator on studies related to oral health and aging, and she has received several accolades for her work, including the Georgia Dental Award of Merit and the 2020 Carl V. Patton President’s Award for Community Service & Social Justice. Cushenan is passionate about advancing dental hygiene through education, advocacy, and specialized care for seniors and individuals with special needs.

    Elizabeth Schulze is the long-term care ombudsman program coordinator and CEO of North Georgia Programs and Services. In her role, she advocates for long-term care residents through routine facility monitoring, facility consultation, providing information and assistance to the public and other agency officials, training for facility staff, and community education. Schulze has a bachelor’s in biology and is working towards her Master of Public Administration at the University of Georgia. While earning her undergrad degree, Schulze worked as a caregiver for people with developmental disabilities and older adults. Her interest in the aging population deepened during her time as a caregiver in Assisted Living and Nursing Homes, which led her to earn an A.S. in Gerontology. She has previously held positions as program coordinator at Athens Community Council on Aging and as a Medicaid case manager for an Oregon Area Agency on Aging.

    Board of Juvenile Justice

    Danny Lee Blackmon and Sandra Heath Taylor were reappointed.

    Gary McGiboney is executive director of the government and education program with Sharecare. Prior to his role at Sharecare, McGiboney worked for over 30 years in the advancement of education and educational services as the Deputy Superintendent at the Georgia Department of Education and as the Deputy Superintendent of Support Services for Dekalb County Schools. McGiboney has a Ph.D. in psychology from Georgia State University. Throughout his career, he has been the recipient of many awards and accolades. McGiboney currently serves on the Council of Alcohol and Drugs.

    Western Circuit Public Defender Supervisory Panel 

    William “Billy” Rennie graduated from the University of Georgia in 2005 with a degree in speech communications and the University of Georgia School of Law in 2011. Billy began his legal career representing indigent defendants in Athens-Clarke and Oconee Counties. In 2014, Rennie opened the Law Office of William R. Rennie, LLC and joined the Law Office of Russell W. Wall, LLC as of counsel, working primarily as the firm’s lead litigator. Rennie has won jury trials in Athens-Clarke, Oconee, Greene, Morgan, Putnam, Oglethorpe, and other surrounding Counties. He is a graduate of and a former facilitator for the Oconee Chamber of Commerce’s Leadership Oconee program, and previously served on the Oconee County Chamber of Commerce’s Board of Directors, the Oconee County Arts Foundation’s Board of Directors, and the University of North Georgia Advisory Board. Billy’s hobbies include golf, soccer, and reading. He lives in Watkinsville with his wife and daughters.

    Coweta Circuit Public Defender Supervisory Panel

    Brian Lewis is a partner with the Kam, Ebersbach and Lewis, P.C Law Office and has been practicing there for over 20 years. He specializes in plaintiff personal injury and criminal defense. Before going into private practice, he served as an assistant district attorney for the Cowette Judicial Circuit. Lewis has a bachelor’s in finance and real estate, and a Juris Doctorate from the Emory School of Law. He is an active member of St. Paul’s Episcopal Church in Newnan, where he served two terms as senior warden and currently serves as the chair of the Strategic Planning Committee. Brian is a member of the Board of Trustees for The Heritage School and is the chair of the Governance Committee, is a former chairman of the Board of Trustees for the Carolyn Barron Montessori School in Newnan, and supports local organizations and charities, such as The Coweta Samaritan Clinic, One Roof, Coweta Food Pantry, and the Lindsey Riggs Memorial Foundation.

    Georgia Board of Private Detective and Security Agencies

    Pamela Griggs, Tripp Mitchell, and Joel Peacock were reappointed. 

    David Sawyer is a forensic accountant and financial crimes investigator with extensive experience in both civil litigation and criminal prosecution. Sawyer currently works for Sawyer & Company as a private investigator. With over 300 investigations involving fraud, corruption, financial damages, and various legal disputes, he has provided expert witness testimony in more than 20 cases. He has also contributed to the development of software designed to detect fraud, waste, and white-collar crime, and has advised on global initiatives to combat issues such as economic espionage, terrorist financing, and money laundering. Sawyer attended the University of Auburn and received a bachelor of science in accounting. He has had roles as a partner at a top 50 regional CPA/advisory firm and a managing consultant with two big four accounting firms. He also has experience as an internal auditor for Fortune 500 companies. Additionally, Sawyer is a licensed private investigator. He is an active member of several professional organizations, including the Georgia Chapter of Certified Fraud Examiners, the Georgia Society of CPA’s Fraud and Forensic Services Advisory Council, and the Association of Certified Anti-Money Laundering Specialists (ACAMS). He also serves as co-chairman of the Atlanta Chapter of ACAMS and is on the Executive Committee of Business Executives for National Security (BENS). A graduate of Auburn University, Sawyer has also served as an adjunct professor and guest lecturer on fraud examination and forensic accounting.

    Stone Mountain Memorial Association

    Joan Thomas was reappointed. 

    Georgia Board of Landscape Architects 

    Betsey Norton and Jon Williams were reappointed.

    State Licensing Board for Residential and General Contractors

    Devell Frady is the owner of Devell Frady Homes. He is a custom home builder based out of Ellijay. Frady has been in the construction business for over 20 years. He is the former president of the Georgia High Country Builders Association and has extensive knowledge of the licensing and permit process.

    North Georgia Mountains Authority

    Charles DePriest serves as the executive vice president of Summit Materials’ East Segment. He brings more than 25 years of extensive experience in finance, operations, and executive leadership to his role. In 2016, he co-founded Georgia Stone Products, a construction materials producer in Georgia. Georgia Stone Products was acquired by Summit Materials in 2017 and has emerged as a cornerstone component in Summit’s greenfield growth strategy. His previous roles at Summit include East Region CFO, Leader of Enterprise Standardization, and Central Region President. A veteran of the U.S. Army, Charles holds a bachelor of professional accountancy from Mississippi State University, an MBA from Mercer University, and is an active CPA and Chartered Global Management Accountant. DePriest is an at-large representative on the Board of Natural Resources.

    Mark Hennessey works for Hennessy Automobile Cos. in Atlanta, Georgia. Hennessy has served on the Board of Trustees for the Marist School in Atlanta and is a member of the Buckhead Coalition. He served on the first BRAC Commission for Fort McPherson. He was a member of the North Fulton CID for over eight years. He had the pleasure to serve on the Board of the Technical College System of Georgia from April 2020 until spring of 2023, when he was appointed to serve on the Board of Natural Resources.  

    Lesley Reynolds is the chair of the Board of Natural Resources. She is a native of Baldwin County, Georgia, and a graduate of Georgia Military College and Georgia College and State University. Reynolds taught elementary school at Midway Elementary in Milledgeville. She has and is engaged with several organizations that focus on education, Judeo-Christian values, and women’s safety and security.

    Harley Yancey is the president of State Mutual Insurance Company in Rome, Georgia, where he also serves on the company’s Board of Directors. He joined State Mutual in 2018 after practicing law at Brinson, Askew, Berry, Seigler, Richardson & Davis, LLP. Prior to becoming president, he served as the company’s general counsel and now manages its day-to-day operations. Yancey holds a bachelor of business administration from the University of Georgia’s Terry College of Business, a Juris Doctor from the University of Georgia School of Law, a master of laws from the University of Alabama School of Law, and a master of business administration from the University of North Carolina. Outside of his role at State Mutual, Yancey is the chairman of the Georgia Life & Health Insurance Guaranty Association, a director for the Oklahoma Life & Health Insurance Guaranty Association, and serves on the Board of Directors for United Community Bank of Rome. He is also involved with the YMCA Board of Trustees, the Darlington School Alumni Council, and the Georgia School of Law Alumni Council. He is the 14th Congressional District representative on the Board of Natural Resources.

    Georgia Commission for the Deaf and Hard of Hearing

    Chelsea Tehan was reappointed.

    Stormey Cone is currently the director of the deaf and hard of hearing family engagement and education program at the Georgia Department of Education. Cone is particularly passionate about ensuring access to services in rural Georgia and has a wealth of experience in the education of deaf and hard of hearing students, especially those enrolled in rural school districts. Cone is a former educator that worked with deaf and hard-of-hearing students in public schools for many years. Recently, she has specialized in improving Georgia’s early identification and intervention for young deaf and hard-of-hearing infants. Cone was the inaugural parent navigator for the Georgia Mobile Audiology, traveling around the state to develop a better understanding of parents’ experiences with diagnosing infants with hearing loss. 

    Russell Fleming has held many leadership positions in agencies that serve deaf and deafblind communities. Among other positions, he was state coordinator for Vocational Rehabilitation Services for the deaf, hard of hearing, and deafblind consumers and dean of students and interim superintendent at the Georgia School for the Deaf.  In his retirement, he serves as vice president of the Georgia Association of the Deaf and works part time as a deafblind Specialist. 

    Byron Smith is the father of a deaf child who uses ASL. He and his wife are hearing and had no contact with the deaf community before adopting their daughter. They are learning ASL as adults to provide the best language and learning environment for their daughter. He has been a fire fighter since 1993, working for U.S. Army, the U.S. Navy, the U.S. Airforce, and the National Park Service.

    DeAnna Swope has held several positions of leadership in the deaf community. She currently works in the field of domestic violence where she educates hearing agencies on how to offer more culturally and linguistically accessible services for deaf and hard of hearing survivors of domestic violence survivors. Swope has received accolades, such as the prestigious Gender Justice Award from the Georgia Commission on Family Violence as well as Collaborate awards from the Georgia Coalition Against Domestic Violence. In 2020, she was honored with a distinguished deaf community leader position at Hamilton Relay. She is a past president of the Georgia Association of the Deaf.

    State Forestry Commission 

    Ken Sheppard was reappointed.

    State Board of Occupational Therapy

    Deborah Hinerfeld is the owner and director of Tic Tok Occupational Therapy Services in Roswell, GA. Hinerfeld holds a Ph.D. in Health Science with a concentration in health care administration and public policy from Trident International University. She also earned a master’s in health care policy and administration from Mercer University and a bachelor’s in occupational therapy from Utica College. Hinerfeld has extensive experience in occupational therapy, having worked in various roles including private practice owner, adjunct professor, and staff therapist at several institutions. She holds certifications in sensory integration, behavioral intervention for tics, hippotherapy, and youth mental health. Additionally, she has contributed to research, presented at numerous conferences, and held leadership positions within professional organizations such as the American Occupational Therapy Association. 

    Georgia Superior Court Clerks’ Cooperative Authority

    Trevor Addison is the clerk of Putnam County’s Superior and Juvenile Courts and has since taken on additional roles as clerk of State Court, Juvenile Court, appeal administrator to the Board of Equalization, and jury manager. Previously, Addison served as a commissioner for Putnam County. During his tenure he served on multiple boards, including the Sinclair Water Authority and the Central Georgia Joint Development Authority, and was appointed vice chairman of the Board of Commissioners. He also serves as treasurer of the Putnam County Law Library Board of Trustees and is active on the Putnam General Hospital Foundation Board, the Legislative Committee of the Georgia Superior Court Clerk Cooperative Authority, and the Executive Board of the Putnam County Republicans. Trevor remains dedicated to serving his community at both the local and state levels.

    Board of Directors of the Georgia Regional Transportation Authority

    Dick Anderson, Frank Auman, Jace Brooks, William Tate, Jr. and BobVoyles were reappointed.

    Himanshu Karnwal is the founder and CEO of ISHTECH INC, an IT Solutions architecture and design company that has been successfully operating for over 12 years. With 25 years of experience in the information technology industry, he has worked alongside Fortune 100 companies, including Sony Pictures, NBC Universal, eBay, and Nike, helping to design and manage global IT infrastructures. In addition to his business achievements, Karnwal is an active community leader. He serves as a planning commissioner for Johns Creek and is a member of the board of directors for the Johns Creek Chamber of Commerce. He is also involved with several other organizations, including Rotary Johns Creek North Fulton and the advisory boards of Quantiphi and Waypoint 2 Space. Karnwal is a strong advocate for the Indian and Asian communities in North Fulton, Johns Creek, and South Forsyth. He is the founder and chairman of a National Indian Association in the greater Atlanta area and serves on the board of the Georgia chapter of U.S. Impact, an organization that represents the Indian American community.

    Jai Bum Park immigrated to the United States from Korea in the late 1980s and quickly transitioned into the telecommunications industry. He made the decision to leave college and focus on growing his business, starting in Chicago and later expanding his operations. In the early 2000s, Park relocated to Georgia, where he became a Master Coin Operated Amusement Machine (COAM) license holder and played a key role in generating millions of dollars for the Georgia Lottery Corporation, supporting the Georgia HOPE Scholarship. In 2009, Park served as chairman of the Korean Association of Augusta, working to integrate Korean-Americans into American society. In addition to his business endeavors, he has invested in real estate across Georgia. A strong believer in the concept of the “whole person,” Park is committed to personal growth and fostering meaningful connections. 

    State Board of Pharmacy 

    Michael Azzolin was reappointed.

    Board of Directors of the Georgia Lottery Corporation 

    Missy Burgess was reappointed. 

    Board of Economic Development

    Sandra Bland is the president of Vidalia Brands, Inc. and director of marketing for Bland Farms, where she has been instrumental in popularizing the Vidalia Sweet Onion. Her innovations include incorporating Vidalia onions into processed foods and expanding their reach across the U.S. Bland’s early entrepreneurial efforts included running a mail-order business that helped Vidalia onions gain widespread recognition. Under her leadership, Vidalia Brands champions sustainability by minimizing food waste. Before her role at Bland Farms, she attended College of Coastal Georgia where she received a degree in nursing. Bland built a career in healthcare, holding significant nursing positions. She is actively involved in Southern Roots Women in Produce and supports various philanthropic causes, including St. Jude Children’s Research Hospital. Bland, a devoted community member and family matriarch, resides in St. Simons Island with her husband, Delbert, and their three children and ten grandchildren.

    Board of Corrections

    Bruce Carlisle, Donnie Pope, W.D. Strickland and Rose Williams were reappointed.

    Chris Clark will now serve as the Seventh Congressional District Representative. 

    Luis Solis will now serve as the Ninth Congressional District Representative. 

    Ester Fleming will now serve as the Thirteenth Congressional District Representative. 

    Barry Babb will now serve as an At-Large Representative

    Stacy Jarrard will now serve as an At-Large Representative.

    Kellie Brownlow is the VP of development and community relations at First Step Staffing. First Step Staffing is a 501C3 that uses an alternative staffing model to provide individuals who are homeless, citizens returning from prison, and veterans with immediate employment. Brownlow is responsible for community partnerships and resource development in all five states in which the company has offices, including the headquarter office in Atlanta. Previously, she served as the executive director of the Georgia Alliance of the Boys & Girls Clubs. Before joining Boys & Girls Clubs, Brownlow was the deputy chief to the Cobb County Commission Chairman and director of economic development for Partnership Gwinnett. She holds a bachelor’s degree in communications and political science from Rhode Island College and a master’s degree in public administration for the University of Georgia. Brownlow serves on the State Workforce Development Board. She lives in DeKalb County with her husband and two daughters.

    Rodney Bryant is a retired law enforcement executive with over 34 years of law enforcement experience. Bryant has held numerous key roles, culminating in his position as Chief of Police for the Atlanta Police Department. Throughout his career, he has demonstrated expertise in a wide range of areas including community engagement, crime reduction, crisis management, and public safety leadership. Known for his strong communication, negotiation, and strategic planning skills, he has successfully led teams, improved community relations, and managed multi-million-dollar budgets. Bryant’s achievements include serving as the President of the National Organization of Black Law Enforcement Executives, overseeing the security operations for Hartsfield-Jackson Atlanta International Airport, and managing large-scale events such as the College Football Playoff Championship and Super Bowl LIII. Bryant holds a master of science in administration from Central Michigan University and a bachelor of science in criminal justice from Georgia State University. He is also a graduate of various prestigious law enforcement leadership programs, including the Police Executive Leadership Institute and the FBI LEEDA.

    Georgia Rural Development Council

    Betts Berry, Gabe Evans, Jim Matney, and Stuart Rayfield were reappointed.

    Bárbara Rivera Holmes is president and CEO of the Albany Area Chamber of Commerce. Holmes is likewise CEO of the Albany Area Chamber Foundation. In 2018, Holmes was appointed by then Georgia Gov. Nathan Deal to serve on the Board of Regents of the University System of Georgia, for which she chaired the Committee on Economic Development. In 2020, Holmes was appointed by then Georgia Lt. Gov. Geoff Duncan to co-chair the Rural Initiatives Subcommittee of the Georgia Innovates Task Force to help design the state’s innovation blueprint. Holmes is a former journalist whose work has earned four awards for excellence in journalism from the Georgia Associated Press. Prior to her role at the Albany Area Chamber, Holmes was vice president of the Albany-Dougherty Economic Development Commission, where she developed the organization’s business retention and expansion program to facilitate existing industry job creation and capital investment in Albany-Dougherty County, and its marketing programs. Holmes is a 2014 graduate of Leadership Georgia, and served on the organization’s Board of Trustees; a 2022 participant of the U.S. Chamber Foundation Business Leads Fellowship Program; and a 2023 graduate of the U.S. Chamber Foundation’s Institute for Organization Management. She serves on the boards of the Georgia Chamber of Commerce and the Commodore Conyers College and Career Academy. She graduated from Florida Southern College in Lakeland, Florida, with degrees in journalism and in Spanish. She continued her studies at Estudio Sampere Internacional in Madrid and Alicante, Spain. She lives in Albany with her husband, David, and their daughter.

    Sheriff’s Retirement Fund

    Dan Kilgore is the elected Sheriff of Upson County, a position he has held since January 2013. With over 40 years of experience in law enforcement, Kilgore’s career has spanned a variety of roles, including serving as a sheriff’s deputy, city police officer, county police officer, and district attorney’s investigator. Prior to his election as Sheriff, he dedicated more than 21 years of service as the chief deputy sheriff of Upson County. Kilgore is deeply involved in the law enforcement community and holds several leadership positions. He serves as vice chairman on the Board of the Peace Officer’s Annuity and Benefit Fund and is an advisory member of the Georgia POST Council. Additionally, he is the Georgia Sheriff’s Association Area 4 regional vice president. In 2023, he earned his certification as a retirement plan fiduciary, awarded by the Georgia Association of Public Pension Trustees. Outside of his professional endeavors, Kilgore is a devoted family man, married to his wife, Renae, and the proud father of three adult children and one grandson. The Kilgore family are active members of the First Methodist Church of Thomaston.

    Horace “Billy” Hancock started his career in public safety in 1976, and he is currently serving his 3rd term as Sheriff of Crisp County. He has also served as the emergency management director of Crisp County since 2014. Hancock began his career as an emergency medical technician with Crisp County EMS. He has spent over 40 years in law enforcement, first sworn in in 1979 as a part-time deputy with the Crisp County Sheriff’s Office. He later went to work for the Georgia State Patrol. He returned to the Crisp County Sheriff’s Office in 1990. He held the position of chief deputy for 19 years and served as the deputy director of the Crisp County Emergency Management Agency for 14 years. He is a graduate of the 57th Georgia State Patrol Academy. He has an associate degree in criminal justice, a master’s certificate in emergency management, and a bachelor’s from Columbia Southern University in homeland security. Hancock was appointed and has served as a board member of the Georgia Peace Officer’s Standards and Training Council (the ABAC Region). He is past vice president of the Georgia Peace Officers Association and is an active member of both the Georgia and National Sheriff’s Association. He continues to teach on the state and federal levels. Hancock began serving as a lion with the Cordele Lions Club in 2001 and has received numerous awards from the organization. In 2018, Governor Nathan Deal appointed Hancock to the Georgia Emergency Communications Authority (GECA) Board. Hancock was also reappointed to the GECA Board by Governor Brian Kemp. Hancock is a member of the Cordele Church of Christ.

    Frank Reynolds was sworn into office on January 1, 2017, as the 39th Sheriff of Cherokee County, Georgia. Reynolds has been a resident of Cherokee County since 1981. He began his law enforcement career in 1994 with the Cherokee Sheriff’s Office. Reynolds is committed to serving Cherokee County with honesty, transparency, and integrity. As a Georgia Constitutional Officer, Reynolds is mandated to oversee warrant service and civil process, maintain the adult detention center, courthouse security and provide general law enforcement within Cherokee County. He is a graduate of Riverside Military Academy, earned a bachelor’s degree from Reinhardt University and holds a master of public administration from Columbus State University. Reynolds is a graduate of the FBI National Academy in Quantico, Virginia class 244, and the Georgia Law Enforcement Command College. He is married to Dr. Jennifer DeBord Reynolds and is the proud father of three.

    Georgia Technology Authority

    Marie Mouchet is an accomplished technology and cybersecurity executive currently serving as a member of the Board of Advisors for Mimic and HData and managing director of Mouchet Ventures LLC. Her extensive experience and leadership on various boards demonstrates her exceptional talent and commitment to driving innovation and education across industries and also exemplifies her dedication to leveraging her knowledge and insights to make a positive impact in the community. Previous roles include senior vice president and CIO at Colonial Pipeline Company, where Mouchet led technology strategy and operations across both IT and OT domains, vice president and CIO at Southern Company Operations & Southern Nuclear, and director of financial and contract services at Southern Company’s Southern Wholesale Energy. She has served in various board positions, including board advisor and chairman of Georgia CIO and board secretary of the Women In Technology (WIT) Foundation. Marie holds advanced degrees from Georgia State University and completed executive education at the Stanford University Graduate School of Business. Her remarkable contributions to the industry and community led to her being honored with the highly regarded and prestigious Ed Steineke CIO Award by TechBridge in 2020.

    Board of Commissioners of the Judges of the Probate Courts Retirement Fund of Georgia

    Annie Doris Holder has served as the Probate and Chief Magistrate Judge of Calhoun County for the past 24 years, dedicating her career to providing fair and courteous service to the citizens of her community. A committed public servant, she strives to ensure that all individuals receive just and equitable treatment under the law. Holder is a proud graduate of Calhoun County High School and holds an associate degree from Darton College, a bachelor’s degree from Albany State University, and a master’s degree from LaGrange College. Beyond her judicial responsibilities, she is actively engaged in community service. She currently serves as the president of the missionary department of the Southwest Georgia Missionary Baptist Association, the district associate matron of Cuthbert District #13 OES, and a board member of Albany Technical College. Holder is married to Rev. Julian Holder and they share three daughters, as well as nine beloved grandchildren. 

    State Board of Veterinary Medicine 

    Matthew Bradley and Wendy Cuevas-Espelid were reappointed.

    Seth Stowers grew up on a small family farm in Dawsonville, Georgia. In 2005, he began his own small beef cattle operation that he continues to grow today. Stowers graduated from the University of Georgia in 2014 where he received a bachelor of science in poultry science. While at UGA he was active in UGA Cattleman’s Association, Block and Bridle, UGA Poultry Science Club, and competed on UGA’s Poultry Judging Team. Dr. Stowers attended the University of Georgia College of Veterinary Medicine where his studies were emphasized in food animal medicine and production. He graduated with his doctor of veterinary medicine in 2018. Throughout the curriculum at UGA CVM, he lived and worked at Rose Creek Farm, UGA’s Veterinary School farm. To gain a better knowledge and develop his skills in cattle medicine he completed externships at Krebs Ranch in Nebraska and bovine veterinary practices in Texas, West Virginia, North Carolina, and Georgia. Stowers began Hillside Veterinary Services in May of 2018. His professional interests encompass anything involving beef cows, especially herd health and preventative medicine. Stowers is excited to have an opportunity to give back to FFA and 4-H, two programs that provided him with numerous opportunities, through working with local youth. In 2023, he was elected to serve as the district 1 Commissioner on the Dawson County Board of Commissioners.

    John Tarabula is a seasoned veterinary professional with over 30 years of experience in small animal and exotic medicine. He earned his D.V.M. and B.S. degrees from the University of Georgia and has served as the medical director at the Animal Medical & Surgical Center in Canton, Georgia, since 1988. Additionally, he is the owner of Creekside Animal Hospital in Cumming, Georgia, where he has been practicing since 2015. Tarabula’s extensive career also includes roles as an associate veterinarian at Beach St. John Animal Hospital in Jacksonville, Florida, and as an emergency clinician at Jacksonville Veterinary Emergency Clinic. Beyond clinical practice, Tarabula is actively involved in professional service, having served on the Board of Directors for Cobb and Cherokee Emergency Veterinary Clinics, as well as holding leadership positions within the Georgia Veterinary Medical Association. He also has a history of public service, having been a city councilman and Mayor Pro-Tem in Holly Springs, Georgia. Tarabula has participated in medical missions with the Flying Doctors of America, providing veterinary care in Ecuador, Peru, and Bhutan. 

    OneGeorgia Authority Overview Committee 

    Senator Larry Walker, III and Representative Butch Parrish were reappointed. 

    Georgia Board of Behavior Analyst Licensing Board 

    Christina “Nina” Holland is an experienced office administrator with nearly 20 years of expertise in managing operations both in-office and remotely. She has spent eight years with ICB Construction Group, overseeing contracts, financial management, and accounts, and has worked with Southern Structures Fencing for the past decade. In addition to her professional success, Holland is a passionate advocate for children with autism. After recognizing early on that her son had unique needs, she became dedicated to navigating complex medical and governmental systems to ensure her son received the therapies and care required for his development. Holland’s personal journey through autism advocacy has fueled her desire to help other families, offering support in early intervention, Medicaid, and ABA therapy, while striving to improve access to essential services for children in need.

    Board of Public Safety 

    Neal Jump is currently serving his fourth term as the Sheriff of Glynn County. Jump has been in law enforcement since he was 17 years old. Prior to being elected sheriff, Jump worked with the Georgia State Patrol for more than 30 years, beginning his career as a radio operator in 1975.  Jump studied criminal justice at South Georgia College.

    Georgia Board of Nursing 

    Lydia Watkins is the Dean of the School of Nursing and Health Sciences at College of Coastal Georgia, as well as a professor of nursing. She has worked as a registered nurse since 1997, first in pediatric hematology/oncology at the Children’s Hospital of Alabama, and then as a pediatric hematology/oncology nurse practitioner at Sparrow Health System in Lansing, Michigan. She was an adjunct instructor with the Department of Pediatrics and Human Development at Michigan State University’s College of Human Medicine prior to joining the faculty at College of Coastal Georgia. Since joining the college, Watkins has served in other roles such as the BSN program coordinator, interim program director of radiologic sciences, and chair of nursing and health sciences, prior to becoming the dean. Watkins holds a doctor of nursing practice from the University of Alabama at Birmingham, a master of science in nursing from the University of Alabama at Birmingham, a bachelor of science in nursing and an associate of science in nursing from Samford University. She is also a certified nurse educator (CNE) through the National League for Nursing.

    Metropolitan Atlanta Rapid Transit Overview Committee 

    Senator Tonya Anderson, Senator Steve Gooch, Representative Demetrius Douglas, Representative Scott Hilton, and Representative Martin Momtahan were reappointed. 

    Senator Sonya Halpern represents Senate District 39 and is the Minority Caucus Vice Chair. Halpern was elected to the General Assembly in 2020. She is the vice chair for the Committee on Urban Affairs and a member of Senate Appropriations, the Committee on Banking and Financial Institutions, the Committee on Education and Youth, the Committee on Health and Human Services, and the Committee on Public Safety.

    Soil and Water Conservation Commission 

    Jim Waters is a local farmer from Blackshear, Georgia. He is the elected Pierce County Supervisor for Satilla River Conservation District. He also serves as the chairman. He is a full-time farmer, planting crops that consist of cotton and peanuts. He is passionate about educating the community on conservation efforts and farmers on good conservation practices to protect our croplands.

    Nonpublic Postsecondary Education Commission 

    P.K. Martin, Doug Roper, Jim Squire, and Pranay Udutha were reappointed. 

    Michael Foor is the president of state operations for Georgia for Kinetic. Foor previously served as vice president of state government affairs in Georgia, building relationships with legislators, electric cooperatives, and communities to support the deployment of rural broadband. Prior to joining Kinetic, Foor was the president of Georgia Communications Cooperative and part of Habersham Electric Membership’s efforts to build fiber-to-the-premise broadband service to communities in North Georgia. In addition to his responsibilities at Kinetic, Foor currently serves as chair for White County Development Authority and is a past president of Habersham Rotary Club, where he remains an active member. Foor holds an M.B.A. from Brenau University. He lives in Cleveland with his wife. They have three daughters and twin grandsons

    MIL OSI USA News

  • MIL-OSI: Great Southern Bancorp, Inc. to Hold 36th Annual Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    SPRINGFIELD, Mo., Feb. 10, 2025 (GLOBE NEWSWIRE) — Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for Great Southern Bank, will hold its 36th Annual Meeting of Stockholders at:

    10 a.m. CDT
    Wednesday, May 7, 2025
    Virtual Meeting (Webcast)

    This year’s Annual Meeting of Stockholders will be a virtual meeting over the internet. Stockholders will be able to attend the Annual Meeting via a live webcast. Additional information about the Annual Meeting, including how stockholders can access the live webcast, will be provided in the Company’s Notice of Annual Meeting and Proxy Statement.  

    Holders of Great Southern Bancorp, Inc. common stock at the close of business on the record date, March 4, 2025, can vote during the live webcast of the Annual Meeting or by proxy.

    Material to be presented at the Annual Meeting will be available on the Company’s website, www.GreatSouthernBank.com, prior to the start of the meeting.

    About Great Southern Bancorp

    With total assets of $6.0 billion, Great Southern offers a broad range of banking services to commercial and consumer customers. Headquartered in Springfield, Missouri, Great Southern operates 89 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”

    CONTACT:
    Zack Mukewa
    Investor Relations
    (616) 233-0500
    GSBC@lambert.com

    The MIL Network

  • MIL-OSI Economics: IMF Staff Completes 2025 Article IV Consultation with Morocco

    Source: International Monetary Fund

    February 10, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Economic growth is accelerating thanks to strong domestic demand, amid a new investment cycle in many sectors.
    • Tax reforms have allowed the fiscal deficit in 2024 to be lower than expected while also funding spending measures. Going forward, saving part of the revenue windfall would help strengthen the fiscal buffers. The current monetary policy stance is appropriate and should remain data dependent.
    • Structural reforms should focus on strengthening job creation, including by better targeting active labor market polices, consolidating programs to support small and medium firms, and removing regulatory distortions that hinder firms’ growth.

    Rabat, Morocco: An International Monetary Fund (IMF) staff team led by Roberto Cardarelli conducted discussions with the Moroccan authorities in Rabat on the 2025 Article IV Consultation from January 27 to February 7. At the conclusion of the visit, Mr. Cardarelli issued the following statement:

    “Economic activity is expected to have grown by 3.2 percent in 2024 and to accelerate to 3.9 percent in 2025, as agricultural output rebounds after the recent droughts and the nonagricultural sector continues to expand at a robust pace amid strong domestic demand. Higher growth is expected to increase the current account deficit towards its estimated medium-term norm of around 3 percent, while inflation is expected to stabilize at around 2 percent. The risks to the outlook are broadly balanced, with significant uncertainty regarding the economic impact of geopolitical tensions and changing climate conditions.

    “With inflation expectations anchored around 2 percent and little signs of demand pressures, the current broadly neutral monetary policy stance is appropriate, and staff agrees with Bank Al-Maghrib that future changes of policy rates should remain data dependent. With inflation back to around 2 percent, Bank Al-Maghrib should continue its preparation to adopt an inflation-targeting framework.”

    “Recent reforms to the tax system and tax administration have helped expand the tax base while lowering the tax burden. As a result, tax revenues in 2024 have been greater than expected. With only a small part of the additional tax revenues being saved, the central government’s deficit for the year was 4.1 percent of GDP compared to the 4.3 announced in the 2024 Budget. While the 2025 Budget confirms the gradual pace of fiscal adjustment projected last year, higher-than-expected revenues should be used to accelerate the pace of debt reduction to levels closer to pre-pandemic. In addition, continuing to finance structural reforms may require further efforts to expand the tax base and rationalize spending, including by reducing transfers to state-owned enterprises as part of the ongoing reform of the sector and expanding the use of the Unified Social Registry to all social programs.

    “Staff welcomes the ongoing reform of the Organic Budget Law that should introduce a new fiscal rule based on a medium-term debt anchor. Good progress has been made in the Medium-Term fiscal framework to include an assessment of the risk from climate change. Staff encourages the authorities to build on this progress by adding more information on the impact of new policy measures and a quantification of the risks from the increased reliance on public-private partnership (PPP) projects.

     “Stronger job creation requires a novel approach to active labor market policies, focusing on labor displaced from the agricultural sector due to the sequence of droughts. A special focus should be placed on encouraging the growth of small and medium size enterprises (SME)  and favoring their integration into sectoral value chains. Staff welcomes the progress in the operationalization of the Mohammed VI Investment Fund that should help SMEs access equity financing. Measures that may encourage the development of a more buoyant private sector include strengthening the support for SMEs under the new Charter of Investment, strengthening regional investment centers so they can better help SMEs access the financial and technical resources needed for their growth, and reviewing the labor code, tax system, and regulatory and governance frameworks so as remove the distortion that incentivize firms to remain small or informal. It will also be necessary that the ongoing SOE reform effectively pursues market neutrality between public and private sector firms.

    “The IMF team held discussions with senior officials of the government of Morocco, Bank Al-Maghrib, and representatives of the public and private sectors. The team thanks the Moroccan authorities and other stakeholders for their hospitality and candid and productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics

  • MIL-OSI Global: Are animals smart? From dolphin language to toolmaking crows, lots of species have obvious intelligence

    Source: The Conversation – USA – By Leticia Fanucchi, Clinical Assistant Professor of Veterinary Clinical Sciences, Oklahoma State University

    Dolphins communicate using a sophisticated combination of clicks and whistles. Stephen Frink/The Image Bank via Getty Images

    Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to curiouskidsus@theconversation.com.


    Are animals smart? – Deron


    It’s a fascinating question that intrigues millions of pet owners, animal lovers, veterinarians and scientists all over the world: Just how smart are animals?

    Scientists once believed a brain with billions of neurons was a requirement for intelligence. After all, that’s why you’re able to think – neurons are the nerve cells in the brain that connect and transmit messages to each other.

    For the record, the human brain has about 86 billion neurons. For comparison, dogs and cats have less than one billion.

    Yet the more that scientists like me study animal emotion and cognition – the ability to learn through experiences and thinking – the more we find that humans are not very special at all. Many nonhuman species can do these things too.

    Right now, there’s no agreement on how to decide whether a particular animal species is intelligent. But most scientists who study animal cognition have observed that many animals are able to solve problems, use tools, recall important information about their environment and recognize themselves in the mirror.

    Measuring an animal’s intelligence is harder than you might think.

    Toolmaking bears and crows

    Memory is a marker of intelligence. Of all animals, humans possess the most accurate and sophisticated memory. But elephants can recognize as many as 30 traveling companions at a time. They also learn to migrate away from drought-prone areas, based on memories of earlier droughts.

    That kind of recall – known as episodic memory – is the ability to remember an event, including when and where it occurred. Until recently, scientists thought only humans had it. But now researchers have learned that some birds, cats, rats, monkeys and dolphins have it too.

    Crows are among the smartest of animals.
    Santiago Urquijo/Moment via Getty Images

    Animals may not remember every experience – neither do people – but they do recall things critical to their survival. For example, birds know where they stored food. Monkeys know the presence of a predator.

    Scientists once thought tool use was an exclusively human ability, but that’s not so. Chimpanzees use sticks to catch termites and stones to crack nuts open. Crows can even manufacture tools. By bending a wire, they can make a hook to retrieve a food reward that’s otherwise out of reach.

    Researchers presented eight captive brown bears with this food challenge: Three objects – a large log, a small log and a box – were placed in an outdoor enclosure. A food reward was suspended above them. Six of the eight bears were able to move the logs and box into positions that enabled them to fetch the reward. Essentially, they used the three objects as tools.

    Chimps use gestures and facial expressions to communicate.

    Dolphin, chimpanzee communication

    Language is another measure of intelligence. People, of course, have enormously sophisticated communication skills. But dolphins have complex dialects in the form of crackles, squeaks and whistles. Many researchers say the noises are a language. Chimpanzees and gorillas have used sign language to express emotions and ask for things from people.

    Self-awareness – the ability to recognize yourself as an individual – signals intelligence. Babies don’t recognize themselves in the mirror until they are about a year and a half old. Up until then, they probably think the mirror image they see is another baby.

    Many other species, including dolphins, ravens and elephants, recognize themselves in the mirror. Researchers put a red dye mark on chimpanzees under anesthesia; once awake, the chimps saw their reflection in a mirror. Instead of touching the red mark on their reflection in the glass, they touched the red mark on themselves, indicating self-recognition.

    Just because animals can’t do certain things, it doesn’t mean they’re unintelligent. After all, humans can’t fly like a bird or swim like a fish. Nor is there a need for us to have the incredible sense of smell a dog has. We’d be sniffing hundreds of different smells from miles away – the scents from perfumes and pollution, gardens and garbage. From an evolutionary standpoint, that wouldn’t help us much. Plus, we’d get sick of it very quickly.

    But all animals, including humans, have developed a wide range of capabilities so they can succeed in the environment they live in. Put simply, we’re all using our brains. Now that’s intelligent.


    Hello, curious kids! Do you have a question you’d like an expert to answer? Ask an adult to send your question to CuriousKidsUS@theconversation.com. Please tell us your name, age and the city where you live.

    And since curiosity has no age limit – adults, let us know what you’re wondering, too. We won’t be able to answer every question, but we will do our best.

    Leticia Fanucchi does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Are animals smart? From dolphin language to toolmaking crows, lots of species have obvious intelligence – https://theconversation.com/are-animals-smart-from-dolphin-language-to-toolmaking-crows-lots-of-species-have-obvious-intelligence-230378

    MIL OSI – Global Reports

  • MIL-OSI Russia: Financial news: The deposit auction of the Moscow Small Business Lending Assistance Fund will take place on 10.02.2025

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    Parameters;

    The date of the deposit auction is 10.02.2025. Placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 150,000,000.00. Placement period, days 9. Date of depositing funds is 10.02.2025. Date of return of funds is 19.02.2025. Minimum placement interest rate, % per annum is 19.80. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 150,000,000.00. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open). Basis of the Agreement is the General Agreement. Schedule (Moscow time). Applications in preliminary mode from 12:00 to 12:10. Applications in competition mode from 12:10 to 12:15. Setting a cut-off percentage or declaring the auction invalid before 12:25.

    Additional conditions – Placement of funds with the possibility of early withdrawal of the entire deposit amount and payment of interest accrued on the deposit amount at the rate established by the deposit transaction, in the event of non-compliance of the Bank with the requirements established by clause 2.1. of the Regulation “On the procedure for selecting banks for placing funds of the Moscow Small Business Lending Assistance Fund in deposits (deposits) under the GDS” (as amended on the date of the deposit transaction), early withdrawal at the “on demand” rate, payment of interest at the end of the term, without replenishment.

    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 access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.Mom/N77521

    MIL OSI Russia News

  • MIL-OSI Russia: Financial News: Recognition of Foreign Credit Rating Agencies in Russia

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The regulator has determined criteria, which a foreign credit rating agency (CRA) must comply with so that its ratings can be used in regulatory acts and other documents of the Bank of Russia. Recognition of foreign ratings will expand opportunities for the free movement of capital and services in the international financial market.

    In order to receive approval from the Russian regulator, a foreign CRA must have at least 5 years of experience in the market and a capital of at least 50 million in ruble equivalent. Its methodology contains quantitative and qualitative assessments of creditworthiness, makes it possible to verify the reliability of credit ratings, including on the basis of historical data. Such an agency also adheres to the principles of corporate governance, complies with the conditions for disclosure of information and does not allow conflicts of interest. In total, the Bank of Russia has defined 19 criteria.

    Ratings of foreign CRAs that meet these criteria may be used by the Bank of Russia in regulation only in relation to foreign objects rated on an international scale.

    Preview photo: Kirill Neiezhmakov / Shutterstock / Fotodom

    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 access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23359

    MIL OSI Russia News

  • MIL-OSI: Thomas Kimsey, President and CEO of Thomas Financial Group Appointed as Associate Administrator for Capital Access, Small Business Administration

    Source: GlobeNewswire (MIL-OSI)

    LAGRANGE, Ga., Feb. 10, 2025 (GLOBE NEWSWIRE) — Community Bankshares, Inc. congratulates Thomas Kimsey, President and CEO of Thomas Financial Group, on his appointment by President Trump to the Small Business Administration (SBA) as Associate Administrator for the Office of Capital Access. Thomas Financial Group is a subsidiary of Community Bankshares, Inc.

    During this distinguished assignment, Mr. Kimsey will take a leave of absence from his role as President and CEO of Thomas Financial Group to dedicate himself to this prestigious and impactful appointment. An interim president will be named shortly to ensure continuity and the ongoing success of the company during his absence.

    “We are immensely proud of Thomas Kimsey’s commitment to serving his country in this critical role,” said Jeremy Gilpin, Chairman of the Board of Community Bankshares, Inc. “His extensive experience and passion for supporting small businesses make him uniquely qualified to improve the SBA’s ability to drive economic growth and create opportunities for entrepreneurs nationwide.”

    “Thomas Kimsey has been a visionary leader at Thomas Financial Group, and while we will miss his daily leadership, we are honored to see him take on this national responsibility,” said Chris Hurn, President of Community Bankshares, Inc. “His commitment to improving the landscape for small businesses will leave a lasting impact on the SBA and the entrepreneurs it serves.”

    Mr. Kimsey’s appointment reflects his unwavering dedication to strengthening the small business sector and empowering underserved communities. As Associate Administrator for Capital Access, he will work to enhance SBA programs and policies that support small businesses, ensuring they have the resources and access to capital needed to succeed in today’s competitive economy. The entire team at Community Bankshares, Inc. wishes him well in this important endeavor.

    About Thomas Financial Group

    Thomas Financial Group, based in Atlanta, Georgia, is now a subsidiary of Community Bankshares, Inc. and a nationally recognized leader in commercial lending solutions. Specializing in USDA and SBA programs, the company has a proven track record of empowering businesses, strengthening rural and underserved communities, and advancing government-guaranteed lending.

    About Community Bankshares, Inc.

    Headquartered in LaGrange, Georgia, Community Bankshares, Inc. is the parent company of Community Bank & Trust and a network of financial service subsidiaries. Phoenix Lender Services (PHX) is a subsidiary of Community Bankshares, Inc. whose mission is redefining the way lending capital is provided across America, in a manner that promotes business stability and encourages community prosperity. The company serves a diverse clientele across the nation, fostering growth, opportunity, and collaboration.

    Media Contact:

    Hannah Williams
    Uproar by Moburst for Community Bankshares, Inc.
    hannah.williams@moburst.com

    The MIL Network

  • MIL-OSI Europe: ASIA/HOLY LAND – Israeli Jesuit David Neuhaus: the plan to remove Palestinians from Gaza feels like a kick in the stomach

    Source: Agenzia Fides – MIL OSI

    youtube

    Jerusalem (Agenzia Fides) – “We are in no hurry”. This is how US President Donald Trump yesterday offered an important detail regarding the plan for the reconstruction and development of the Gaza Strip under the direct control of the United States that he presented last week during the visit to Washington of Israeli Prime Minister Benjamin Netanyahu. Speaking to journalists aboard Air Force One that was taking him to New Orleans to watch the Superbowl, the US President said that Gaza must be thought of as “a large real estate site, and the United States will take possession of it, and develop it slowly, very slowly”, to bring “stability to the Middle East”.From Moscow, Kremlin spokesman Dmitry Peskov, when asked about the ‘Trump plan’ on Gaza, also took his time, reporting that “For now we do not know the details, so we must be patient”.On the other hand, Father David Neuhaus, interviewed by Fides, has no hesitation. For him, the conjectures circulating in recent days on the future of the Gaza Strip felt like “a kick in the stomach”.Israeli Jesuit and professor of Sacred Scripture, David Neuhaus was born in South Africa to German-Jewish parents who fled Germany in the 1930s, he was also in the past Patriarchal Vicar for the Hebrew-speaking Catholics and for the Pastoral Among Migrants.Father Neuhaus, what considerations can be made in view of the recent proposals that have emerged on the future of Gaza?DAVID NEUHAUS: Trump, the president of the United States has a vision for Gaza, which he shared with the world on February 4, 2025. Mr. Netanyahu, prime minister of Israel, was visiting him. It felt like a kick in the stomach. And I am not even a Palestinian. I am an Israeli.What in particular are you referring to?NEUHAUS: Trump’s boldly proclaimed plan is to transform the Gaza Strip from the heaps of rubble left by Israel’s military campaign, into a luxurious riviera. In that vision, there is no place for the people who call Gaza home. That population must be moved out (to where is far from clear). This is yet another stage in the removal of Palestinians from Palestine…Do you see what is happening as part of a process?NEUHAUS: Yes. It is a process that began long time ago. E che ha causato anche la concentrazione di popolazione palestinese nella Striscia di Gaza. It was back in 1947/1948 that the population of Gaza more than tripled with the influx of those expelled by the Israelis from their homes inside Israel, making Gaza one of the most densely populated areas in the world. Mr. Trump spoke only about Gaza but Mr. Netanyahu’s administration has already begun to work on the West Bank, sowing Gaza-like destruction in the cities of Jenin and Tulkarm. Thousands of Palestinians have already been expelled from their homes.Are the new ideas about the future of Gaza the only way to imagine the present and future of the Jewish state in the context of the current Middle East?NEUHAUS: Trump and Netanyahu’s vision is quite different from that of Peter Beinhart, a Jewish American journalist. I strongly recommend his latest book, “Being Jewish after the Destruction of Gaza: A Reckoning” as an antidote to the discourse coming from US and Israeli leadership. Beinhart reconstructs Jewish identity in the light of what has been happening in the past months, adamantly insisting that Israel’s only way forward is to ensure equality for all its citizens. Beinhart, whose parents were Jewish South Africans, has fully assimilated the message of the struggle against apartheid. Another prophetic voice, that of Israeli activist Orly Noy, the chair of the Israeli Information Center for Human Rights in the Occupied Territories B’tselem, proclaimed unequivocally: “The war will end only when Israeli society realizes that it is not only immoral but also impossible to secure our existence through the oppression and subjugation of another people — and that the people we imprison, bomb, starve, and rob of their freedom and land are entitled to the exact same rights as we are, down to the last note”. (GV) (Agenzia Fides, 10/2/2025)
    Share:

    MIL OSI Europe News