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Category: Banking

  • MIL-OSI Video: Banks Lose – someone gains: Households’ unequal exposure to financial distress

    Source: European Central Bank (video statements)

    ECB Research Bulletin by Caterina Mendicino, Lukas Nord and Marcel Peruffo

    Read more: https://www.ecb.europa.eu/press/research-publications/resbull/2024/html/ecb.rb241030~0d7d61fdc8.en.html

    The Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience.

    The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem.

    https://www.youtube.com/watch?v=krkgbvswRJU

    MIL OSI Video –

    January 25, 2025
  • MIL-OSI: Flourish Launches Integration with Salesforce Sales Cloud and Financial Services Cloud

    Source: GlobeNewswire (MIL-OSI)

    New York, Oct. 30, 2024 (GLOBE NEWSWIRE) — Flourish, a platform that provides innovative access to financial products that help registered investment advisors (“RIAs”) improve their clients’ financial outcomes, today announced an integration with Salesforce Financial Services Cloud, the leading automated customer relationship management (CRM) software for financial services, allowing RIAs to prefill Flourish application information using data stored in Salesforce. The integration also extends to three leaders in the Salesforce ecosystem for RIAs: Practifi, Salentica Elements CRM, and XLR8 CRM.

    CRM solutions like Salesforce help thousands of financial advisors efficiently manage client data, automate marketing efforts, and build client relationships. Over 850 RIAs use Flourish Cash, which helps clients earn competitive rates on their held-away cash while benefiting from enhanced FDIC insurance coverage through its Program Banks. By integrating with Salesforce, and a suite of integrated applications built specifically for the financial advisor community, advisors can seamlessly access data, streamline operations, and enhance the overall client experience. These integrations are active and in use today.

    “Our goal is to seamlessly integrate Flourish into the systems RIAs are already using today to give valuable time back to advisors,” said Max Lane, Flourish CEO. “Adding Salesforce, the number one CRM by market share, makes it even easier for  advisors to help their clients earn more on their held away cash while simultaneously growing their practices.” 

    Simplifying client onboarding by pre-filling information eliminates friction and better enables firms to effortlessly incorporate Flourish Cash into their businesses–especially when an increasing number of firms are embracing ‘held-away cash’ in their holistic planning practices. After all, RIAs know that clients want high yield on their cash: 92% of advisors report that their clients have expressed interest in high yield cash accounts.   

    Over 850 RIAs managing over $1.6 trillion in combined assets trust Flourish to help them bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding as well as providing client-friendly marketing materials, robust and customizable compliance resources, premium customer support, and more. 

    Flourish has deep integrations across the RIA ecosystem, allowing advisors to incorporate our products into their existing workflows while seamlessly serving clients. To learn more about Flourish’s integrations with the RIA techstack, including Salesfroce, please visit: https://info.flourish.com/integration-partners. 

    About Flourish
    Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform supports more than $6 billion in assets under custody and is used by more than 850 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com. 

    Forward Looking Statements
    This press release may contain forward looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied.

    This feedback may not be representative of the experience of other customers, and is not a guarantee of future performance or success.

    Flourish is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections, and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. Flourish Crypto is offered by Paxos Trust Company, LLC, a New York limited purpose trust company regulated by the New York Department of Financial Services that provides custody and execution services for the Flourish Crypto accounts, and Flourish Digital Assets LLC, registered in New York as a commodity broker-dealer and provides website and other services and support for Flourish Crypto accounts. Paxos is not an affiliate of Flourish. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. Flourish Cash, Flourish Crypto, and Flourish Annuities accounts are separate accounts and only assets in Flourish Cash accounts may be eligible for protection by the FDIC or SIPC. Please review the Legal section of our website, and the disclosures provided with each Flourish service or product, for further information.

    The cash balance in a Flourish Cash account will be swept from the brokerage account to deposit account(s) at one or more third-party banks that have agreed to accept deposits from customers of Flourish Financial LLC (Program Banks). The accounts at Program Banks will pay a variable rate of interest. Flourish Cash currently has a tiered interest rate structure and currently has one tier in effect, as set forth in  the program summary. Each annual percentage yield (APY) may change at any time. The Flourish Cash interest rate(s) could be lower than the rate that could be earned by opening a deposit account directly with a Program Bank. The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including FDIC aggregate insurance coverage limits. FDIC insurance will not be provided until the funds arrive at the Program Bank. Flourish Cash’s current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/ and https://www.flourish.com/advisors.

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Summit State Bank Reports Net Income of $626,000 for Third Quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    SANTA ROSA, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income for the third quarter ended September 30, 2024 of $626,000, or $0.09 per diluted share, compared to net income of $1,821,000, or $0.27 per diluted share for the third quarter ended September 30, 2023. Net operating income before credit loss provision and income tax was $2,122,000 for the third quarter ended September 30, 2024 compared to $2,520,000 for the third quarter ended 2023.

    In September 2024 the Bank declared its eighty-third consecutive quarterly cash dividend.

    “In this time of economic uncertainty, the Board is focused on balancing its commitment to shareholders while also building capital, increasing liquidity and positioning the Bank to create long-term value,” said Brian Reed, President and CEO. “As such, the Bank is not announcing a dividend for the third quarter of 2024.”

    Third Quarter 2024 Financial Highlights (at or for the three months ended September 30, 2024)

    • Net operating income before credit loss provision and income tax increased quarter-to-date to $2,122,000 for Q3 2024 when compared to $1,955,000 in Q1 2024 to $1,267,000 in Q2 2024.
    • Operating expenses decreased in the third quarter of 2024 to $6,181,000 compared to $6,926,000 in the third quarter of 2023.
    • The improvement in net income for the third quarter ended September 30, 2024 was offset by a $1,320,000 provision for credit losses.
    • Net income for the third quarter ended September 30, 2024 was $626,000, or $0.09 per diluted share, compared to $1,821,000, or $0.27 per diluted share, in the third quarter of 2023 and $928,000, or $0.14 per diluted share, for the second quarter ended June 30, 2024.
    • The allowance for credit losses to total loans was 1.66% on September 30, 2024 which is based on estimating credit losses for the life of the loans in the portfolio.
    • The Bank maintained strong total liquidity of $458,554,000, or 41.0% of total assets as of September 30, 2024. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of $148,499,000 or 13.3% of total assets, plus available borrowing capacity of $310,055,000 or 27.7% of total assets.
    • The Bank remains well-capitalized and all regulatory capital ratios were well above minimum requirements on September 30, 2024.
    • Net loans decreased $14,832,000 to $917,367,000 at September 30, 2024, compared to $932,199,000 one year earlier and increased $3,853,000 compared to $913,514,000 three months earlier.
    • Total deposits decreased 3% to $1,002,770,000 at September 30, 2024, compared to $1,030,836,000 at September 30, 2023, and increased 4% when compared to the prior quarter end of $966,587,000.
    • Book value was $14.85 per share, compared to $13.77 per share a year ago and $14.44 in the preceding quarter.

    Operating Results

    For the third quarter of 2024, the annualized return on average assets was 0.23% and the annualized return on average equity was 2.48%. This compared to an annualized return on average assets of 0.63% and an annualized return on average equity of 7.59%, respectively, for the third quarter of 2023.

    Summit’s net interest margin was 2.71% in the third quarter of 2024 and 2.80% in the third quarter of 2023. Interest and dividend income increased 0.3% to $14,977,000 in the third quarter of 2024 compared to $14,931,000 in the third quarter of 2023. The slight increase in interest income is attributable to a $763,000 increase in interest on loans offset by a decrease of $671,000 in interest on deposits with banks and a decrease in interest on investment securities of $45,000.

    “Our earnings have been substantially impacted by the high interest rate environment that continues to put upward pressure on our funding costs,” said Reed. “The cost of deposits was 3.05% during the third quarter, compared to 2.95% during the preceding quarter, as customers continue to focus on higher yields. The recent rate decrease by the Federal Reserve will help alleviate some of the pricing pressures, but rates remain elevated. We have been actively implementing programs to reduce cost of funds while preserving our local deposit relationships.”

    Noninterest income decreased in the third quarter of 2024 to $1,030,000 compared to $1,496,000 in the third quarter of 2023. The decrease is primarily attributed to the Bank recognizing $474,000 in gains on sales of SBA and USDA guaranteed loan balances in the third quarter of 2024 compared to $1,046,000 in gains on sales of SBA and USDA guaranteed loan balances in the third quarter of 2023.

    Operating expenses decreased in the third quarter of 2024 to $6,181,000 compared to $6,926,000 in the third quarter of 2023. The decrease is primarily due to a decrease in the accrual employee bonus expenses of $238,000, a reduction in stock appreciation rights expense of $179,000, a decrease in marketing expense of $113,000 and a decrease of $75,000 in legal expense.

    Balance Sheet Review

    Net loans decreased 2% to $917,367,000 at September 30, 2024, compared to $932,199,000 at September 30, 2023, and decreased 0.4% compared to June 30, 2024. The Bank’s largest loan types are commercial real estate loans which make up 78% of the portfolio, “secured by farmland” totaling 9% of the portfolio, and 8% in commercial and industrial loans. Of the commercial real estate total, approximately 32% or $235,000,000 is owner occupied and the remaining 68% or $491,000,000 is non-owner occupied. The portfolio is well diversified between industries with no significant concentrations, including office space which totals $116,300,000.

    Total deposits decreased 3% to $1,002,770,000 at September 30, 2024, compared to $1,030,836,000 at September 30, 2023, and increased 4% when compared to the prior quarter end. At September 30, 2024, noninterest bearing demand deposit accounts decreased 9% compared to a year ago and represented 19% of total deposits; savings, NOW and money market accounts increased 6% compared to a year ago and represented 48% of total deposits, and CDs decreased 10% compared to a year ago and comprised 33% of total deposits. The decrease in deposits is a result of the Bank managing its liquidity levels and asset growth. The average cost of deposits was 3.05% in the third quarter of 2024, compared to 2.63% in the third quarter of 2023.

    Shareholders’ equity was $100,662,000 at September 30, 2024, compared to $97,949,000 three months earlier and $93,439,000 a year earlier. The increase in shareholders’ equity compared to a year ago was primarily due to a reduction in accumulated other comprehensive loss on securities of $4,790,000 and an increase of $2,145,000 in retained earnings. At September 30, 2024 book value was $14.85 per share, compared to $14.44 three months earlier, and $13.77 at September 30, 2023.

    Summit State Bank continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with average equity to assets of 9.10% at September 30, 2024, compared to 9.04% at June 30, 2024, and 8.24% at September 30, 2023. The increase compared to September 2023 was due to the Bank’s retention of capital which is exceeding asset growth.

    Credit Quality

    “Our primary focus has been managing asset quality and reducing portfolio risk,” said Reed. “Our nonperforming loans, which are concentrated in the “secured by farmland” category, remain elevated as we work with our customers to cure or payoff these loans. The Bank is committed to acting so it can replace this segment of the portfolio with performing loans. Our commercial real estate portfolios continue to perform well.”

    Nonperforming assets were $41,971,000, or 3.75% of total assets, at September 30, 2024. This compared to $40,994,000 in nonperforming assets at June 30, 2024, and $35,267,000 in nonperforming assets at September 30, 2023. There are three specific relationships totaling $32,200,000, and one real estate owned for $5,130,000, that together make up 89% of nonperforming assets portfolio. These three relationships are “secured by farmland” and the Bank has specific reserves set aside based on current appraised values net of any costs.

    There were no net charge-offs during the three months ended September 30, 2024, compared to net charge-offs of $1,347,000 during the three months ended June 30, 2024 and net recoveries of $10,000 during the three months ended September 30, 2023. Net charge-offs for the three months ended June 30, 2024 were related to a loan taken into real estate owned.

    For the third quarter of 2024, consistent with factors within the allowance for credit losses, the Bank recorded a $1,320,000 provision for credit loss expense for loans, a $8,000 reversal of credit losses for unfunded loan commitments and a $19,000 reversal of credit losses on investments. This compared to a $27,000 reversal of credit loss expense on loans, a $5,000 reversal of credit losses on unfunded loan commitments and a $27,000 provision for credit losses on investments in the third quarter of 2023.

    The allowance for credit losses to total loans was 1.66% on September 30, 2024, and 1.61% on September 30, 2023. The increase is due to a provision for credit losses on loans of $1,320,000 recorded during the three months ended September 30, 2024. The provision covers a $1,000,000 specific loan reserve and $300,000 general pool loan reserve.

    About Summit State Bank

    Summit State Bank, a local community bank, has total assets of $1.1 billion and total equity of $101 million at September 30, 2024. Headquartered in Sonoma County, the Bank specializes in providing exceptional customer service and customized financial solutions to aid in the success of local small businesses and nonprofits throughout Sonoma County.

    Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. At the center of diversity is inclusion, collaboration, and a shared vision for delivering superior service to customers and results for shareholders. Presently, 60% of management are women and minorities with 60% represented on the Executive Management Team. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Top Performing Community Bank by American Banker, Best Places to Work in the North Bay by North Bay Business Journal, Corporate Philanthropy Award by the San Francisco Business Times, Hall of Fame by North Bay Biz Magazine, and Diversity in Business. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.

    Forward-looking Statements

    The financial results in this release are preliminary. Final financial results and other disclosures will be reported in Summit State Bank’s quarterly report on Form 10-Q for the period ended September 30, 2024 and may differ materially from the results and disclosures in this release due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information.

    Except for historical information contained herein, the statements contained in this news release, are forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank will be conducting its operations, including the real estate market in California and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

    Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908

                       
    SUMMIT STATE BANK
    STATEMENTS OF INCOME
    (In thousands except earnings per share data)
                       
                       
              Three Months Ended
              September 30, 2024   June 30, 2024   September 30, 2023
              (Unaudited)   (Unaudited)   (Unaudited)
                       
    Interest and dividend income:          
      Interest and fees on loans $ 13,594     $ 13,083     $ 12,831  
      Interest on deposits with banks   592       451       1,263  
      Interest on investment securities   663       709       708  
      Dividends on FHLB stock   128       128       129  
          Total interest and dividend income   14,977       14,371       14,931  
    Interest expense:          
      Deposits   7,563       7,046       6,895  
      Federal Home Loan Bank advances   4       137       10  
      Junior subordinated debt   138       94       94  
          Total interest expense   7,705       7,277       6,999  
          Net interest income before provision for credit losses   7,272       7,094       7,932  
    Provision for (reversal of) credit losses on loans   1,320       6       (27 )
    (Reversal of) credit losses on unfunded loan commitments   (8 )     (26 )     (5 )
    (Reversal of) provision for credit losses on investments   (19 )     4       27  
          Net interest income after provision for (reversal of) credit          
          losses on loans, unfunded loan commitments and investments   5,979       7,110       7,937  
    Non-interest income:          
      Service charges on deposit accounts   241       227       231  
      Rental income   60       60       61  
      Net gain on loan sales   474       270       1,046  
      Other income   255       244       158  
          Total non-interest income   1,030       801       1,496  
    Non-interest expense:          
      Salaries and employee benefits   3,988       4,039       4,362  
      Occupancy and equipment   420       443       432  
      Other expenses   1,773       2,145       2,132  
          Total non-interest expense   6,181       6,627       6,926  
          Income before provision for income taxes   828       1,284       2,507  
    Provision for income taxes   202       356       686  
          Net income $ 626     $ 928     $ 1,821  
                       
    Basic earnings per common share $ 0.09     $ 0.14     $ 0.27  
    Diluted earnings per common share $ 0.09     $ 0.14     $ 0.27  
                       
    Basic weighted average shares of common stock outstanding   6,719       6,719       6,697  
    Diluted weighted average shares of common stock outstanding   6,719       6,719       6,705  
                       
                     
    SUMMIT STATE BANK
    STATEMENTS OF INCOME
    (In thousands except earnings per share data)
                     
                     
              Nine Months Ended
              September 30, 2024     September 30, 2023
              (Unaudited)     (Unaudited)
                     
    Interest and dividend income:        
      Interest and fees on loans $ 39,952       $ 39,152  
      Interest on deposits with banks   1,405         3,618  
      Interest on investment securities   2,084         2,143  
      Dividends on FHLB stock   386         293  
          Total interest and dividend income   43,827         45,206  
    Interest expense:        
      Deposits   21,396         17,114  
      Federal Home Loan Bank advances   332         177  
      Junior Subordinated Debt   325         281  
          Total interest expense   22,053         17,572  
          Net interest income before provision for credit losses   21,774         27,634  
    Provision for credit losses on loans   1,311         373  
    (Reversal of) credit losses on unfunded loan commitments   (99 )       (3 )
    (Reversal of) provision for credit losses on investments   (20 )       27  
          Net interest income after provision for (reversal of) credit        
          losses on loans, unfunded loan commitments and investments   20,582         27,237  
    Non-interest income:        
      Service charges on deposit accounts   701         653  
      Rental income   180         139  
      Net gain on loan sales   1,257         2,481  
      Other income   641         1,630  
          Total non-interest income   2,779         4,903  
    Non-interest expense:        
      Salaries and employee benefits   12,210         12,354  
      Occupancy and equipment   1,348         1,326  
      Other expenses   5,651         5,886  
          Total non-interest expense   19,209         19,566  
          Income before provision for income taxes   4,152         12,574  
    Provision for income taxes   1,203         3,652  
          Net income $ 2,949       $ 8,922  
                     
    Basic earnings per common share $ 0.44       $ 1.33  
    Diluted earnings per common share $ 0.44       $ 1.33  
                     
    Basic weighted average shares of common stock outstanding   6,712         6,694  
    Diluted weighted average shares of common stock outstanding   6,712         6,697  
                     
                     
    SUMMIT STATE BANK
    BALANCE SHEETS
    (In thousands except share data)
                     
                     
            September 30, 2024   June 30, 2024   September 30, 2023
            (Unaudited)   (Unaudited)   (Unaudited)
                     
    ASSETS          
                     
    Cash and due from banks $ 80,928     $ 40,142     $ 86,604  
          Total cash and cash equivalents   80,928       40,142       86,604  
                     
    Investment securities:          
      Available-for-sale, less allowance for credit losses of $38, $57 and $0          
      (at fair value; amortized cost of $86,225, $96,407 and $97,099)   76,205       83,105       80,312  
                     
    Loans, less allowance for credit losses of $15,466, $14,145 and $15,243   917,367       913,514       932,199  
    Bank premises and equipment, net   5,251       5,306       5,334  
    Investment in Federal Home Loan Bank stock (FHLB), at cost   5,889       5,889       5,541  
    Goodwill     4,119       4,119       4,119  
    Other Real Estate Owned   5,130       5,130       –  
    Affordable housing tax credit investments   7,698       7,942       8,360  
    Accrued interest receivable and other assets   16,204       16,898       19,705  
                     
          Total assets $ 1,118,791     $ 1,082,045     $ 1,142,174  
                     
    LIABILITIES AND          
    SHAREHOLDERS’ EQUITY          
                     
    Deposits:          
      Demand – non interest-bearing $ 192,371     $ 183,181     $ 210,258  
      Demand – interest-bearing   212,214       218,124       201,516  
      Savings   45,845       42,974       54,317  
      Money market   219,593       212,750       193,080  
      Time deposits that meet or exceed the FDIC insurance limit   80,801       74,744       72,836  
      Other time deposits   251,946       234,814       298,829  
          Total deposits   1,002,770       966,587       1,030,836  
                     
    Federal Home Loan Bank advances   –       3,500       –  
    Junior subordinated debt   5,931       5,927       5,916  
    Affordable housing commitment   4,061       4,061       4,435  
    Accrued interest payable and other liabilities   5,367       4,021       7,548  
                     
          Total liabilities   1,018,129       984,096       1,048,735  
                     
    Shareholders’ equity          
      Preferred stock, no par value; 20,000,000 shares authorized;          
      no shares issued and outstanding   –       –       –  
      Common stock, no par value; shares authorized – 30,000,000 shares;          
      issued and outstanding 6,776,563, 6,784,099 and 6,784,099   37,677       37,623       37,389  
      Retained earnings   70,012       69,651       67,867  
      Accumulated other comprehensive loss, net   (7,027 )     (9,325 )     (11,817 )
                     
          Total shareholders’ equity   100,662       97,949       93,439  
                     
          Total liabilities and shareholders’ equity $ 1,118,791     $ 1,082,045     $ 1,142,174  
                     
    Financial Summary
    (Dollars in thousands except per share data)
                 
        As of and for the
        Three Months Ended
        September 30, 2024   June 30, 2024   September 30, 2023
        (Unaudited)   (Unaudited)   (Unaudited)
    Statement of Income Data:            
    Net interest income   $ 7,272     $ 7,094     $ 7,932  
    Provision for (reversal of) credit losses on loans     1,320       6       (27 )
    (Reversal of) credit losses on unfunded loan commitments   (8 )     (26 )     (5 )
    (Reversal of) provision for credit losses on investments   (19 )     4       27  
    Non-interest income     1,030       801       1,496  
    Non-interest expense     6,181       6,627       6,926  
    Provision for income taxes     202       356       686  
    Net income   $ 626     $ 928     $ 1,821  
                 
    Selected per Common Share Data:            
    Basic earnings per common share   $ 0.09     $ 0.14     $ 0.27  
    Diluted earnings per common share   $ 0.09     $ 0.14     $ 0.27  
    Dividend per share   $ 0.04     $ 0.12     $ 0.12  
    Book value per common share (1)   $ 14.85     $ 14.44     $ 13.77  
                 
    Selected Balance Sheet Data:            
    Assets   $ 1,118,791     $ 1,082,045     $ 1,142,174  
    Loans, net     917,367       913,514       932,199  
    Deposits     1,002,770       966,587       1,030,836  
    Average assets     1,098,469       1,078,700       1,155,007  
    Average earning assets     1,063,476       1,049,254       1,123,951  
    Average shareholders’ equity     99,962       97,548       95,180  
    Nonperforming loans     36,841       35,864       35,267  
    Net loans (charged-off) recovered     –       (1,067 )     10  
    Other real estate owned     5,130       5,130       –  
    Total nonperforming assets     41,971       40,994       35,267  
                 
    Selected Ratios:            
    Return on average assets (2)     0.23 %     0.35 %     0.63 %
    Return on average common shareholders’ equity (2)     2.48 %     3.82 %     7.59 %
    Efficiency ratio (3)     74.45 %     83.94 %     73.46 %
    Net interest margin (2)     2.71 %     2.71 %     2.80 %
    Common equity tier 1 capital ratio     9.94 %     10.22 %     9.65 %
    Tier 1 capital ratio     9.94 %     10.22 %     9.65 %
    Total capital ratio     11.66 %     12.08 %     11.49 %
    Tier 1 leverage ratio     9.18 %     9.31 %     8.47 %
    Common dividend payout ratio (4)     42.34 %     87.96 %     43.82 %
    Average shareholders’ equity to average assets     9.10 %     9.04 %     8.24 %
    Nonperforming loans to total loans     3.95 %     3.87 %     3.72 %
    Nonperforming assets to total assets     3.75 %     3.79 %     3.09 %
    Allowance for credit losses to total loans     1.66 %     1.52 %     1.61 %
    Allowance for credit losses to nonperforming loans     41.98 %     39.44 %     43.22 %
         
    (1) Total shareholders’ equity divided by total common shares outstanding.    
    (2) Annualized.    
    (3) Non-interest expenses to net interest and non-interest income, net of securities gains.        
    (4) Common dividends divided by net income available for common shareholders.    
         
                 
    Financial Summary
    (Dollars in thousands except per share data)
               
        As of and for the
        Nine Months Ended
        September 30, 2024     September 30, 2023
        (Unaudited)     (Unaudited)
    Statement of Income Data:          
    Net interest income   $ 21,774       $ 27,634  
    (Reversal of) provision for credit losses on loans     1,311         373  
    (Reversal of) provision for credit losses on unfunded loan commitments   (99 )       (3 )
    (Reversal of) provision for credit losses on investments   (20 )       27  
    Non-interest income     2,779         4,903  
    Non-interest expense     19,209         19,566  
    Provision for income taxes     1,203         3,652  
    Net income   $ 2,949       $ 8,922  
               
    Selected per Common Share Data:          
    Basic earnings per common share   $ 0.44       $ 1.33  
    Diluted earnings per common share   $ 0.44       $ 1.33  
    Dividend per share   $ 0.28       $ 0.36  
    Book value per common share (1)   $ 14.85       $ 13.77  
               
    Selected Balance Sheet Data:          
    Assets   $ 1,118,791       $ 1,142,174  
    Loans, net     917,367         932,199  
    Deposits     1,002,770         1,030,836  
    Average assets     1,088,413         1,149,441  
    Average earning assets     1,056,714         1,117,877  
    Average shareholders’ equity     98,333         93,461  
    Nonperforming loans     36,841         35,267  
    Net loans (charged-off) recovered     (1,066 )       31  
    Other real estate owned     5,130         –  
    Total nonperforming assets     41,971         35,267  
               
    Selected Ratios:          
    Return on average assets (2)     0.36 %       1.04 %
    Return on average common shareholders’ equity (2)     4.00 %       12.76 %
    Efficiency ratio (3)     78.23 %       60.13 %
    Net interest margin (2)     2.74 %       3.31 %
    Common equity tier 1 capital ratio     9.94 %       9.65 %
    Tier 1 capital ratio     9.94 %       9.65 %
    Total capital ratio     11.66 %       11.49 %
    Tier 1 leverage ratio     9.18 %       8.47 %
    Common dividend payout ratio (4)     64.23 %       27.36 %
    Average shareholders’ equity to average assets     9.03 %       8.13 %
    Nonperforming loans to total loans     3.95 %       3.72 %
    Nonperforming assets to total assets     3.75 %       3.09 %
    Allowance for credit losses to total loans     1.66 %       1.61 %
    Allowance for credit losses to nonperforming loans     41.98 %       43.22 %
         
    (1) Total shareholders’ equity divided by total common shares outstanding.    
    (2) Annualized.    
    (3) Non-interest expenses to net interest and non-interest income, net of securities gains.      
    (4) Common dividends divided by net income available for common shareholders.    

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Flourish Launches Integration with XLR8 RIA CRM Platform

    Source: GlobeNewswire (MIL-OSI)

    New York, Oct. 30, 2024 (GLOBE NEWSWIRE) — Flourish, a platform that provides innovative access to financial products that help registered investment advisors (“RIAs”) improve their clients’ financial outcomes, today announced an integration with Concenter Services’ XLR8 CRM, a highly customized version of Salesforce built specifically for financial services firms like RIAs. The integration allows RIAs to leverage the data stored in XLR8/Salesforce to launch and prefill Flourish account applications.

    Financial advisors use XLR8 to efficiently manage client data and automate common processes to help grow their practices and better serve clients. Over 850 RIAs invite their clients to Flourish Cash, giving clients a way to earn more on their held-away cash while ensuring it’s safe with elevated FDIC insurance coverage through its Program Banks. By integrating with XLR8, advisors can seamlessly access Flourish data, streamline operations, and improve the overall client experience. This integration is already active and in use.

    “Our goal is to bring easy access to Flourish throughout the advisor technology ecosystem. With numerous firms already using both XLR8 and Flourish, we are pleased to now integrate to improve the advisor experience,” said Max Lane, Flourish CEO. “Simplifying client onboarding by pre-filling information eliminates friction and better enables firms to effortlessly incorporate Flourish Cash into their practices. RIAs know that clients want to earn more on their cash: 92% of advisors report that their clients have expressed interest in high-yield savings accounts (HYSAs). An invitation to Flourish makes it easy for advisors to provide a solution.”  

    “We’re excited to bring our advisors more valuable services from within the XLR8 platform. This integration makes it easier than ever for advisors to help clients earn more on their cash by leveraging the CRM data that’s already in XLR8. This solution streamlines operations and delivers an improved experience for advisors and clients,” said Maria Pezzino, Business Development Manager at XLR8.

    Over 850 RIAs managing over $1.5 trillion in combined assets trust Flourish to help them bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding as well as provide client-friendly marketing materials, robust and customizable compliance resources, premium customer support, and more. 

    Flourish has deep integrations across the RIA ecosystem, allowing advisors to incorporate our products into their existing workflows while seamlessly serving clients. To learn more about Flourish’s integrations with the RIA techstack, including XLR8, please visit: https://info.flourish.com/integration-partners. 

    About Flourish
    Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform supports more than $6 billion in assets under custody and is used by more than 850 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com. 

    About Concenter Services 
    Concenter Services, LLC provides CRM software and consulting for Financial Advisory Firms. Concenter Services sells and markets products that run on the Salesforce.com platform. XLR8 is a highly customized CRM overlay to SFDC and is Concenter Services’ flagship product. Concenter Services is a designated Certified Consulting Partner, an ISV Partner, and an OEM Partner with Salesforce. Its professional services team works with firms on migrating CRM data to the XLR8/Salesforce platform, customizing instances of XLR8, and training firm staff to efficiently use XLR8/Salesforce. For more information, visit https://xlr8crm.com/. 

    Forward Looking Statements
    This press release may contain forward looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied.

    This feedback may not be representative of the experience of other customers, and is not a guarantee of future performance or success.

    Flourish is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections, and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. Flourish Crypto is offered by Paxos Trust Company, LLC, a New York limited purpose trust company regulated by the New York Department of Financial Services that provides custody and execution services for the Flourish Crypto accounts, and Flourish Digital Assets LLC, registered in New York as a commodity broker-dealer and provides website and other services and support for Flourish Crypto accounts. Paxos is not an affiliate of Flourish. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. Flourish Cash, Flourish Crypto, and Flourish Annuities accounts are separate accounts and only assets in Flourish Cash accounts may be eligible for protection by the FDIC or SIPC. Please review the Legal section of our website, and the disclosures provided with each Flourish service or product, for further information.

    The cash balance in a Flourish Cash account will be swept from the brokerage account to deposit account(s) at one or more third-party banks that have agreed to accept deposits from customers of Flourish Financial LLC (Program Banks). The accounts at Program Banks will pay a variable rate of interest. Flourish Cash currently has a tiered interest rate structure, as set forth in the rate tier summary. Each annual percentage yield (APY) may change at any time. The Flourish Cash interest rate(s) could be lower than the rate that could be earned by opening a deposit account directly with a Program Bank. The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including FDIC aggregate insurance coverage limits. FDIC insurance will not be provided until the funds arrive at the Program Bank. Flourish Cash’s current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/ and https://www.flourish.com/advisors.

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Flourish Announces Integration with Practifi

    Source: GlobeNewswire (MIL-OSI)

    New York, Oct. 30, 2024 (GLOBE NEWSWIRE) — Flourish, a platform that provides innovative access to financial products that help registered investment advisors (“RIAs”) improve their clients’ financial outcomes, today announced an integration with Practifi, a CRM platform for the wealth management industry. The integration will benefit clients of both Flourish and Practifi. 

    Flourish creates innovative tools that empower financial advisors to expand beyond the portfolio and provide solutions for even more aspects of their clients’ financial lives. Built on Salesforce, Practifi enables advisors to bring together many tools and information wealth management firms need to increase efficiency, better manage relationships, and automate their work. Advisors that utilize both Flourish and Practifi now have the ability for data to flow into Practifi from Flourish Cash, Flourish’s cash management solution built explicitly for RIAs that offers clients competitive interest rates and elevated FDIC insurance through its Program Banks, as well as Flourish Annuities, the first end-to-end annuities solution built explicitly for RIAs and their clients.  

    “This integration makes it easier than ever for advisors to help clients earn more on their cash through Flourish by leveraging their existing CRM data to streamline operations and deliver an improved client experience,” said Adrian Johnstone, CEO of Practifi. “Practifi strives to continually provide more value to RIAs and wealth management firms and this integration with Flourish positively contributes to this strategy.”

    “We’re always looking for ways to help advisors become more efficient while also providing better service to their clients,” said Max Lane, Flourish CEO. “Inviting clients to earn more on their held away savings takes only moments for advisors, and information is pre-filled for clients, making it even easier for them to get started. Both sides win.”

    Over 850 RIAs managing over $1.5 trillion in combined assets trust Flourish to help them bring more assets into their orbit. The Flourish platform allows advisors to feature their firm’s branding as well as provide client-friendly marketing materials, robust and customizable compliance resources, premium customer support, and more. 

    Flourish has deep integrations across the RIA ecosystem, allowing advisors to incorporate our products into their existing workflows while seamlessly serving clients. To learn more about Flourish’s integrations with the RIA techstack, including Practifi, please visit: https://info.flourish.com/integration-partners. 

    About Flourish
    Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform supports more than $6 billion in assets under custody and is used by more than 850 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is wholly-owned by Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com. 

    About Practifi
    Practifi is a CRM purpose-built for the wealth management industry. By unifying data, automating workflows and surfacing actionable insights, Practifi empowers teams to streamline operations, deliver an exceptional client experience and scale their business. With deep industry expertise and a dedication to client-led innovation, Practifi enables organizations across the globe to deepen loyalty with their clients and pioneer the future of wealth management. To learn more, visit practifi.com.

    Forward Looking Statements
    This press release may contain forward looking statements that are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied.

    This feedback may not be representative of the experience of other customers, and is not a guarantee of future performance or success.

    Flourish is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections, and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. Flourish Crypto is offered by Paxos Trust Company, LLC, a New York limited purpose trust company regulated by the New York Department of Financial Services that provides custody and execution services for the Flourish Crypto accounts, and Flourish Digital Assets LLC, registered in New York as a commodity broker-dealer and provides website and other services and support for Flourish Crypto accounts. Paxos is not an affiliate of Flourish. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies LLC, where applicable, and to Flourish Insurance Agency LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. Flourish Cash, Flourish Crypto, and Flourish Annuities accounts are separate accounts and only assets in Flourish Cash accounts may be eligible for protection by the FDIC or SIPC. Please review the Legal section of our website, and the disclosures provided with each Flourish service or product, for further information.

    The cash balance in a Flourish Cash account will be swept from the brokerage account to deposit account(s) at one or more third-party banks that have agreed to accept deposits from customers of Flourish Financial LLC (Program Banks). The accounts at Program Banks will pay a variable rate of interest. Flourish Cash currently has a tiered interest rate structure and currently has one tier in effect. Rate and FDIC insurance coverage details can be found in the program summary. Each annual percentage yield (APY) may change at any time. The Flourish Cash interest rate(s) could be lower than the rate that could be earned by opening a deposit account directly with a Program Bank. The cash balance in a Flourish Cash account that is swept to one or more Program Banks is eligible for FDIC insurance, subject to FDIC rules, including FDIC aggregate insurance coverage limits. FDIC insurance will not be provided until the funds arrive at the Program Bank. Flourish Cash’s current Program Banks can be found here. For additional information regarding FDIC coverage, visit https://fdic.gov/ and https://www.flourish.com/advisors.

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Stack Capital Group Inc. Completes $15.8 Million Main Tranche of a Total $16.7 Million Best Efforts Financing

    Source: GlobeNewswire (MIL-OSI)

    THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

    TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Stack Capital Group Inc. (“Stack Capital”) (TSX: STCK) is pleased to announce that it has closed the main tranche of its previously announced private placement (the “Offering”) of up to 1,515,908 units (the “Units”) of Stack Capital (including pursuant to the exercise in full of the agents option) for aggregate gross proceeds of up to $16.675 million, priced at $11.00 per Unit. The main tranche consisted of the sale of 1,437,839 Units for gross proceeds of $15,816,229. A second additional tranche has been committed for the balance of the Units that may be issued under the Offering and is expected to close in mid-November 2024. The Offering was conducted on a best efforts basis by a syndicate of agents (the “Agents”) bookrun by Raymond James Ltd., Canaccord Genuity Corp., RBC Capital Markets and TD Securities Inc., and includes Scotia Capital Inc., Wellington-Altus Financial Inc. and National Bank Financial Inc., pursuant to the terms and conditions of an agency agreement between Stack Capital, SC Partners Ltd. (the manager of Stack Capital) and the Agents.

    Each Unit is comprised of one common share (a “Common Share”) and one-half of one common share purchase warrant of Stack Capital (each whole common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share of Stack Capital (a “Warrant Share”) at any time prior to 4:00 p.m. (Toronto, Ontario time) on October 30, 2027 at an exercise price of $11.00 per Warrant Share, subject to adjustment in certain events. The Warrants are being issued pursuant to a warrant indenture entered into between Stack Capital and Computershare Trust Company of Canada, as warrant agent (the “Warrant Indenture”). A copy of the Warrant Indenture can be found on Stack Capital’s profile on www.sedarplus.ca.

    The net proceeds of the Offering will be used for general corporate purposes and investments in accordance with Stack Capital’s investment principles. The securities issued under the main tranche of the Offering have a hold period of four months and one day from today.

    The Offering and the listing of the Common Shares and Warrant Shares issuable under the Offering has been conditionally approved by the Toronto Stock Exchange (the “TSX”) subject to the satisfaction of customary conditions.

    No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of Stack Capital in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered, sold or delivered, directly or indirectly, within the United States, its possessions and other areas subject to its jurisdiction or for the account or for the benefit of U.S. Persons (as defined under applicable securities laws) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

    About Stack Capital

    Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to the diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the Common Shares on the TSX. At the same time, the public structure also allows Stack Capital to focus its efforts on maximizing long-term performance through a portfolio of high growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. has taken the initiative in creating Stack Capital and acts as Stack Capital’s administrator and is responsible to source and advise with respect to all investments for Stack Capital.

    Cautionary Note Regarding Forward-Looking Information

    Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking information contained or referred to in this news release includes, but may not be limited to, the details of the second tranche of the Offering, the completion of the second tranche of the Offering and the business of Stack Capital.

    Forward-looking statements are based on assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. The material assumptions supporting these forward-looking statements include, among others, that Stack Capital will satisfy the commercial closing conditions of the second tranche of the Offering. Additional risk factors that may impact Stack Capital or cause actual results and performance to differ from the forward looking statements contained herein are set forth in Stack Capital’s current Annual Information Form under the heading Risk Factors (a copy of which can be obtained under Stack Capital’s profile on www.sedarplus.ca).

    Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Except as required by applicable law, Stack Capital undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    For further information, please contact

    Brian Viveiros
    VP Corporate Development and IR

    647-280-3307
    Info@stackcapitalgroup.com

    www.stackcapitalgroup.com

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Premium Income Corporation Announces Successful Overnight Offering Of Preferred Shares

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. newswire services or for dissemination in the United States.

    TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — (TSX: PIC.PR.A) – Premium Income Corporation (the “Fund”) is pleased to announce a successful overnight treasury offering of 4,350,000 Preferred Shares. Gross proceeds of the offering are expected to be $65,250,000.

    The offering is expected to close on or about November 6, 2024, and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares will be offered at a price of $15.00 per Preferred Share representing a yield on the original issue price of 8.50%. The trading price on the TSX for the Preferred Shares as at the last trade on October 29, 2024, was $15.16. Since the inception of the Fund, the aggregate dividends declared on the Preferred Shares have been $24.36 per share.

    The Fund invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and The Toronto-Dominion Bank. To generate additional returns above the dividend income earned on the Fund’s portfolio, the Fund will selectively write covered call and put options in respect of some or all of the common shares in the Fund’s portfolio. The manager and investment manager of the Fund is Mulvihill Capital Management Inc.

    The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.10625 ($1.275 per annum) per Preferred Share representing a yield of 8.50% on the original issue price of $15.00.

    The syndicate of agents for the offering was co-led by National Bank Financial Inc., CIBC Capital Markets, RBC Capital Markets, and Scotiabank.

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com

    John Germain, Senior Vice-President & CFO Mulvihill Capital Management Inc.
    121 King Street West
    Suite 2600
    Toronto, Ontario, M5H 3T9

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Real Estate Split Corp. Completes Overnight Offering

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. Newswire Services or for dissemination in the United States.

    TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Real Estate Split Corp. (TSX: RS and RS.PR.A) (the “Company”), is pleased to announce the Company has completed the overnight offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively) for aggregate gross proceeds of approximately $46.4 million. The Class A Shares and Preferred Shares will trade on the Toronto Stock Exchange under the existing symbols RS (Class A Shares) and RS.PR.A (Preferred Shares).

    The Class A Shares were offered at a price of $12.90 per Class A Share to yield 12.1%. and the Preferred Shares were offered at a price of $10.10 per Preferred Share to yield 4.4% to maturity. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the net asset value per unit of the Company on October 22, 2024, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

    The Company has been designed to provide investors with a diversified, actively managed, high conviction portfolio comprised of securities of leading North American real estate companies.

    The Company’s investment objectives for the:

    Class A Shares are to provide holders with:

    1. non-cumulative monthly cash distributions; and
    2. the opportunity for capital appreciation through exposure to the portfolio

    Preferred Shares are to:

    1. provide holders with fixed cumulative preferential quarterly cash distributions; and
    2. return the original issue price of $10.00 to holders upon maturity.

    Middlefield Capital Corporation provides investment management advice to the Company.

    The syndicate of agents for the offering was co-led by CIBC Capital Markets, RBC Capital Markets, and Scotiabank, and included Canaccord Genuity Corp., Hampton Securities Limited, National Bank Financial Inc., BMO Nesbitt Burns Inc., iA Private Wealth Inc., Raymond James Ltd., Manulife Wealth Inc., Ventum Financial Corp., Wellington-Altus Private Wealth Inc., Desjardins Securities Inc., and Research Capital Corporation.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. This offering was made by a prospectus supplement dated October 24, 2024, to the Company’s short form base shelf prospectus dated January 11, 2023 (the “Prospectus”). The Prospectus contains important detailed information about the Class A Shares and Preferred Shares being offered. Copies of the Prospectus may be obtained from your CIRO registered financial advisor using the contact information for such advisor. Investors should read the Prospectus before making an investment decision. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Company’s publicly filed documents which are available at www.sedarplus.ca.

    The MIL Network –

    January 25, 2025
  • MIL-OSI Economics: President appoints Jakub Seidler as a new member of the Bank Board

    Source: Czech National Bank

    Jakub Seidler is to become a new member of the Bank Board of the Czech National Bank (CNB), taking office on 1 December 2024. President Petr Pavel appointed him to the Czech central bank’s supreme governing body today.

    Jakub Seidler graduated in economics from the Institute of Economic Studies at Charles University in Prague, where he also completed his PhD. He has also undertaken a number of research stays abroad and courses in econometric methods, financial stability and central banking. He returns to the CNB after ten years. In 2008–2014, he held various expert positions at the central bank, specifically in the Financial Stability Department, the Economic Research Department and the Monetary Department. He also served as chief economist at ING Bank and the Czech Banking Association.

    The Bank Board is the supreme governing body of the CNB. Its main activities include setting monetary and macroprudential policy and the instruments for implementing them, and making decisions on measures in the area of financial market supervision. It has seven members appointed by the President of the Czech Republic for up to two terms of six years.

    The current members of the CNB Bank Board are Governor Aleš Michl, Deputy Governor Eva Zamrazilová, Deputy Governor Jan Frait and Bank Board members Karina Kubelková, Jan Kubíček, Jan Procházka and Tomáš Holub. Jakub Seidler will fill a vacant position on the Bank Board after Tomáš Holub’s mandate expires on 30 November 2024.

    Jakub Holas
    Director, Communications Division

    MIL OSI Economics –

    January 25, 2025
  • MIL-OSI USA: Rep. Banks Introduces End Executive Branch Amnesty Act to Reform TPS and CHNV

    Source: United States House of Representatives – Congressman Jim Banks (IN-03)

    Today, Rep. Jim Banks (IN-03) introduced the End Executive Branch Amnesty Act, extensive immigration legislation to secure our border by stopping the Biden-Harris administration’s abuse of Temporary Protected Status and the CHNV Parole Program, limiting the use of immigration parole, banning the use of the CBP One application as a form of identification, and reforming treatment of unaccompanied minors. Read the bill text HERE and a one pager HERE.

    Said Rep. Banks: “Small towns across our nation like Logansport, Indiana, are bearing the brunt of the Biden-Harris White House’s reckless open border policies. It’s time for Congress to secure our border once and for all.”

    “The Biden-Harris administration has abused the laws on the books to grant millions of non-citizens legal status. Republicans must restore our immigration system to Congress’s original intent and ensure parole is only used as a last-ditch humanitarian measure to help foreign nationals in times of catastrophe. Over the past three years, millions of foreigners have made the dangerous and illegal journey across our southern border because of the Biden-Harris administration’s promise of future amnesty. Democrats broke our immigration system, and my bill would help fix it by ending mass parole and other magnets drawing people here illegally.”

    Background:

    Logansport, Indiana, a small town of just 18,000 residents, has recently been overwhelmed by an influx of an estimated 5,000 Haitian migrants in just two years. Logansport resident Candice Espinoza told Fox News that, “We don’t have space for everybody, so the housing has been taken over and our schools have been taken over; pretty much the whole town has been taken over.”

    The Biden-Harris administration has granted parole to over 2.1 million foreigners since October 2021.

    Currently over 850,000 foreign migrants from sixteen different nations are protected from deportation and authorized to work in the U.S. through Temporary Protected Status.

    The Biden-Harris administration’s Cuba, Haiti, Nicaragua, and Venezuela Parole Program (CHNV), which was never authorized by Congress, has flown over 520,000 foreign nationals into America since January 2024. An internal report by USCIS found rampant fraud in the CHNV Parole Program. As a result, the CHNV Parole Program was paused in July 2024, before the Biden-Harris administration restarted it several weeks later.

    In 2023, the Biden-Harris administration began allowing illegal aliens to use the CBP One mobile app to submit identification and schedule appointments at ports of entries to be processed and then released into the U.S. A DHS OIG report from September 2024 found widespread fraud on the application.

    The Biden-Harris administration has lost track of 325,000 unaccompanied migrant children.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI: Felix partners with Zero Hash to expand its simplified, borderless remittance solution

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Felix, the chat-based platform that combines Stablecoins and AI to make remittances as easy as sending a WhatsApp, has partnered with Zero Hash, the leading crypto and stablecoin infrastructure platform. Leveraging Zero Hash’s infrastructure that seamlessly connects fiat, crypto and stablecoins, with broad regulatory coverage (across 52 US jurisdictions), Felix now offers their simplified cross-border payments solution to more than 60 million US-based Latinos, who collectively send $150bn to their families every year.

    In just two years, Felix has grown over 500x in payment volume helping hundreds of thousands of Latinos in the US sending money back home to family and friends. In May 2024, Félix Pago raised $15.5 million in Series A funding, and in 2023 they won a prestigious award from CrossTech: ‘Fintech Making a Difference’.

    Felix has identified a crucial need in the Latino immigrant community, where sending money back home using traditional methods is often a complex, slow and expensive process. By integrating their service with Whatsapp, an app used by 85% of Latinos, and using stablecoins to move money across borders 24/7/365 and in near real-time, Felix has created a user-friendly, more cost-efficient solution for sending remittances.

    Through embedding Zero Hash’s infrastructure natively into the Felix service, Felix is able to control the front end customer experience, while Zero Hash handles the end-to-end technical and regulatory compliant money movement on the back end; receiving and converting USD to USDC, and then sending to global partners instantly, who convert the USDC to the local currency, and send the funds to the receiver. Leveraging stablecoins offer a faster and more affordable way to remit money from the US to Mexico.

    “One of the biggest indicators of our success is our NPS score of 90, which is more than double the typical score in the remittance industry. We’re extremely proud of that number. It’s a testament of our success in delivering user-friendly, efficient remittance solutions for the Latino community. By combining a familiar messaging application with stablecoin technology, we’re not just transferring money – we’re ensuring that more of the money that is sent goes to the recipient.” said Manuel J Godoy, Co-Founder & CEO at Felix. ” Zero Hash’s seamless, connected and safe stablecoin infrastructure, abstracts the complexity for us, and means Felix can focus on building the best remittance experience, for the millions of Latinos sending money back home.”

    “This remittance flow, powered by stablecoin technology as the ‘network of networks’, enables sender and receiver to operate in fiat, without having to interact with stablecoins,” said Edward Woodford, Founder and CEO of Zero Hash. “We have always believed that the adoption of crypto and stablecoins will happen when the technology moves from the foreground to the background, and are delighted that the partnership between Zero Hash and Felix achieves that; resulting in simple, instant, and cheap money transfers.”

    About Felix

    Félix is ​​a chat-based platform that enables Latinos in the US to send money abroad. We combine Blockchain and Artificial Intelligence to disrupt how remittances are done today and build the future of cross-border payments.

    Felix launched its services in the summer of 2022 and since then has supported hundreds of thousands of Latinos to send money back home in seconds and at a fraction of the cost of traditional methods. Felix has raised $20m+ in capital from investors including Castle Island Ventures, Switch Ventures, HTwenty, Contour and MELI Capital (the corporate VC of Mercado Libre)

    About Zero Hash

    Zero Hash is a B2B2C crypto-as-a-service infrastructure platform that allows any platform to embed digital assets natively into their own customer experience quickly and easily through a matter of API endpoints. Zero Hash’s turnkey solution handles the entire backend complexity and regulatory licensing required to offer crypto products.

    Zero Hash Holdings, through its subsidiaries, powers neo-banks, broker-dealers, payment groups as well as non-financial brands to offer crypto and stablecoin powered products.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. This registration enables Zero Hash to offer its crypto services in Australia. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. A FSP in New Zealand is a registration and does not mean that Zero Hash Australia Pty Ltd. is licensed by a New Zealand regulator to provide crypto services. Zero Hash Australia Pty Ltd.’s registration on the New Zealand register of financial service providers does not mean that Zero Hash Australia is subject to active regulation or oversight by a New Zealand regulator. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) registration by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Connect with Zero Hash

    Website | Twitter | LinkedIn | Medium

    Zero Hash Contact

    Shaun O’keeffe

    (855) 744-7333

    media@zerohash.com

    Zero Hash Disclosures

    Zero Hash services and product offerings may not be available in all jurisdictions. Zero Hash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. Zero Hash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero. Zero Hash is not registered with the SEC or FINRA. Zero Hash does not provide any securities services and is not a custodian of securities, including security tokens, on behalf of customers.

    The MIL Network –

    January 25, 2025
  • MIL-OSI: TAB Bank Secures Nearly $100 Million in Q3 Financing Deals, Empowering 385 Businesses Nationwide

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, Oct. 30, 2024 (GLOBE NEWSWIRE) — TAB Bank successfully closed $98.4 million in credit facilities across 385 deals during the third quarter of 2024. The financing includes a diverse range of loans such as working capital, equipment, commercial real estate, small business lines of credit and accounts receivable funding across numerous sectors, including homeware, restaurant, manufacturing, real estate, transportation, and more. TAB Bank remains a solid financial partner for businesses nationwide, offering crucial capital for growth and success to turn goals into reality.

    Highlights of the largest Q3 2024 deals include:

    • $12 million–A multifamily community developer based in Texas.
    • $10 million–Mobility Trust Group, a company based in Virginia, specializing in financing wheelchair-accessible vehicles (WAV) and home mobility equipment for people living with disabilities.
    • $5 million–CoreCentric Solutions, a leader in the repair, remanufacture and product returns industry based in Illinois.
    • $4.5 million–The Fiesta Tableware Co., the American-made tableware company based in West Virginia.
    • $4 million–A full-service metal manufacturer based in Colorado serving the aerospace, defense, medical, marine and renewable energy industries.
    • $2 million–Dirty Dough, a rapidly expanding gourmet cookie company based in Utah.

    With its roots in serving over-the-road truckers and the broader transportation industry for over 25 years, TAB Bank provided term loans and lines of credit in the third quarter ranging from $30,000 to $250,000 to transportation and logistics companies to help create consistent operational cash flow.

    “At TAB Bank, we’re all about providing personalized financial solutions to empower businesses to thrive. Whether businesses need working capital to sustain growth or equipment loans to expand operations, we deliver flexible financing options designed to meet unique needs,” said Tyler Heap, President at TAB Bank. “We are proud of our work in Q3 and remain committed to helping companies, especially those in underserved markets, access the capital they need to scale and succeed.”

    The bank’s services include working capital, equipment financing, term loans, lines of credit and commercial real estate loans. TAB Bank’s specialists ensure each client is matched with the right financial product for their industry and growth stage. The bank supports businesses with stellar credit and those without, requiring alternative assessments. To determine creditworthiness, the bank considers various factors, such as income and operational history.

    For more information on TAB Bank’s capital financing and credit solutions, visit TABBank.com.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-624-5172
    trevor.morris@tabbank.com

    The MIL Network –

    January 25, 2025
  • MIL-OSI Africa: Afreximbank Calls for Increased Collaboration to Accelerate the Green Energy Transition in Africa

    Source: Africa Press Organisation – English (2) – Report:

    WASHINGTON D.C., United States of America, October 30, 2024/APO Group/ —

    The eighth Babacar Ndiaye Lecture held at the Four Seasons Hotel in Washington D.C., on 26 October 2024, under-scored the need for African nations to strike a balance between short-term development imperatives and long-term climate goals. 

    Under the theme “Saving Lives Today versus Saving the Planet for the Future: Can the AfCFTA Resolve the Climate Change Dilemma?” discussions centred on how the African Continental Free Trade Area (AfCFTA), Africa’s most ambitious trade initiative, could serve as a vehicle for economic growth and environmental sustainability, positioning the continent as a leader in the global green transition.  

    The Lecture drew a distinguished audience of policymakers, academics, financial experts and climate advocates.  

    Speaking about Dr. Babacar Ndiaye in his opening remarks, H.E. Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group, said “Dr Babacar Ndiaye was most concerned by the long-term threats posed to humanity by climate change. He once said, “Climate change is the greatest threat to development, particularly in Africa, where millions of people depend on the environment for their livelihoods … Africa’s economic transformation cannot happen without addressing climate change.”  

    Dr. Ndiaye’s reflection on the impact of climate change was spot-on and intellectually deep.” But, “disappointingly, the global debate on climate has been so much focused on emissions reduction with the question of reducing its impact on Africa and other developing countries always reduced to a footnote. A call for Africa to decarbonise, when the continent has not even carbonised, poses a serious threat to the socio-economic development of a gas-rich continent that has at least six hundred million people without electricity.” 

    The African Continental Free Trade Area Agreement “is seen as a potent means of reducing carbon emissions as it is helping to domesticate industrial activities and minimise the carbon emissions caused by shipping of commodities to far-away lands for value addition and reshipping to Africa and elsewhere. We believe that The AfCFTA could offer a pathway to a just transition, enabling local industrial value addition while protecting the planet.”  

    Professor Yemi Osinbajo, SAN, GCON, the Immediate Past Vice President of the Federal Republic of Nigeria, delivered a powerful address titled “Sustainable Infrastructure for Africa’s Future: Harnessing Innovation and Partnerships.” He spoke passionately about the advantages of the AfCFTA and its potential to transform Africa’s trade landscape, reduce carbon emissions and foster innovation in green industries. 

    “There are two obvious advantages to a fully operational AfCFTA.The first is that 42% of African countries, aside from North Africa, now have legislation prohibiting the export of raw ores or minerals before being processed. This legislation gives African countries the benefit of jobs and revenues from local processing and manufacturing.  

    “The second advantage of the AfCFTA is that shipping is a major source of carbon emissions. Under current trade practices, a large share of African raw materials are exported to other regions, where they are processed or manufactured into finished products, usually using fossil fuel power sources, before being shipped back to Africa for consumption. This cycle contributes to higher emissions and constitutes a loss for African countries that do not reap the value chain gain from beneficiation. Intra-African trade in finished goods will substantially reduce this massive cause of global emissions,” he said. 

    The reduction of emissions by intra-African trade has been the subject of several empirical studies. Professor Osinbajo referred to a recent ECA/ CEPII study titled “Greening the African Continental Free Trade Area Agreement’s Implementation” published in December 2023, which found, inter alia, that implementing the AfCFTA can boost intra-African trade by 35% in 2045 while increasing GHG emissions by less than 1%, compared to no AfCFTA or climate policies.  

    These studies do not factor in using renewable energy sources in the processing and manufacturing of traded goods, an assumption of the Climate Positive Growth paradigm, which would again substantially reduce emissions.  

    Professor Osinbajo cited mining bauxite in Guinea as an example. If Guinea, which has 25% of global deposits of bauxite, processed the bauxite it mines to aluminium with renewable energy in readiness for export, Guinea could save the world 335 million tonnes of carbon dioxide equivalent (CO2e) per year, which is approximately 1% of global emissions, and create 280,000 jobs and generate $37 billion of additional revenue. If it chooses to sell the aluminium within Africa, it will again save the huge shipping cost to countries thousands of miles away.  

    A Bloomberg study done for the African Development Bank (AfDB) in 2021 on the manufacture of battery precursors found that manufacturing battery precursors in the Democratic Republic of the Congo (DRC), which has plenty of lithium and cobalt, is three times cheaper than manufacturing it in the US, EU and China. Manufacturing in the DRC would extend value chain opportunities to other African countries, they would need manganese from Zambia, Tanzania, Gabon and South Africa to contribute to its capacity to produce these battery precursors. Manufacturing using renewable energy could significantly reduce the cost of manufacturing. Africa’s abundant renewable energy has very low seasonality or intermittency, making it possible to reliably provide a renewable baseload to power continuous industrial production.  

    “The AfCFTA empowers African countries first to add value to materials and specialise in areas of national comparative advantage, and also to work together to trade more beneficially with the rest of the world,” said Prof Osinbajo. 

    He futher said that “Most African countries depend on fossil fuels for their energy needs and for fossil fuel rich African countries, this is also a major source of export earnings and fiscal revenues. Ostensibly in keeping with their net zero obligations, there has been a growing trend amongst development finance institutions to withdraw from fossil fuel investment. These actions include the World Bank’s decision to cease funding for upstream oil and gas development in Africa and the restrictions on financing downstream gas development by the European Union, the United Kingdom, and the United States. Clearly, the implications of these actions are dire, where there are no immediate alternative sources of power and the cost of the transition to cleaner fuels may be prohibitive. Some studies show that divesting from fossil fuels could reduce GDP by as much as USD$30 billion for Nigeria, USD$22 billion for Algeria, and USD$19.3 billion for Angola.” 

    H.E. Dr Rania A Al-Mashat, Minister for Planning, Economic Development and International Co-operation, Arab Republic of Egypt said that while the “African continent is the least responsible for carbon emissions, it has the biggest burden in terms of financing climate change for developmental needs – such as food and water security, and access to energy. 

    She called for greater collaboration with national and international stakeholders “We need to work together; we need to bring the experiences from other places so that Africa can push forward with respect to development and sustainable economic growth.” 

    In her Goodwill Message, Ms. Amina J. Mohammed, Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group, spoke about the rapidly closing window to prevent the worst impacts of climate change. She addressed the fact that many African countries are mired in debt, exacerbated by extended crises with little access to long-term concessional financing to invest in sustainable development. 

    “With adequate access to financial resources at a reasonable cost, renewables can dramatically boost economies, grow new industries, create jobs and drive development, including by reaching the over 600 million Africans living without access to power,” said Ms Mohammed. 

    She also stressed the importance of prioritising inclusive policies that empower women and youth when building climate-resilient economies.  

    “By harnessing the collective might of the AfCFTA, Africa can make strides in addressing both climate action and sustainable development by promoting regional integration and fostering green industrialisation.  

    “The AfCFTA can help build climate-resilient economies while creating jobs, reducing poverty and strengthening food security.”  

    The eighth Babacar Ndiaye Lecture also reinforced Afreximbank’s commitment to leadership in financing sustainable infrastructure and trade policies across the continent. 

    MIL OSI Africa –

    January 25, 2025
  • MIL-OSI Europe: ESAs publish 2024 Joint Report on principal adverse impacts disclosures under the Sustainable Finance Disclosure Regulation

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published their third annual Report on disclosures of principal adverse impacts under the Sustainable Finance Disclosure Regulation (SFDR).

    The Report assesses both entity and product-level Principal Adverse Impact (PAI) disclosures under the SFDR. These disclosures aim at showing the negative impact of financial institutions’ investments on the environment and people and the actions taken by asset managers, insurers, investment firms, banks and pension funds to mitigate them.

    The findings show that financial institutions have improved the accessibility of their PAI disclosures. There has also been positive progress regarding the quality of the information disclosed by financial products, and, in general, in the quality of the PAI statements. A few National Competent Authorities (NCAs) also reported slight improvements in the compliance with the SFDR disclosures in their national markets.

    Looking forward, the Report includes recommendations to NCAs to ensure convergent supervision of financial market participants’ practices, and to the European Commission for their comprehensive assessment on the SFDR.

    The ESAs have also developed an overview of good practices related to the location, clarity, complexity of the disclosures based on a survey of NCAs.

    MIL OSI Europe News –

    January 25, 2025
  • MIL-OSI Economics: OTC Europa: BaFin warns about websites otceuropa.com, otceuropa.info und otc-500.support

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about services offered by OTC Europa on the websites otceuropa.com, otceuropa.info und otc-500.support. BaFin has information that the company is offering financial services without the required authorisation. There is also a connection to the “OTC-500” platform, which BaFin has already warned about.

    Financial services may only be offered in Germany if the company provid-ing these services has the necessary authorisation from BaFin to do this. However, some companies offer these services without the required au-thorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

    Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

    January 25, 2025
  • MIL-OSI Economics: Identity fraud: BaFin warns consumers against offers on websites waystone-im.de and wim-finanzberatung.de

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    Federal Financial Supervisory Authority BaFin warns against alleged fixed-term deposit offers on the websites waystone-im.de (previously: waystone-im.com) and wim-finanzberatung.de. The services are not actually being offered by Waystone Investment Management (IE) Limited, German Branch. This is a case of identity fraud by unknown perpetrators. Contrary to the information on the website, BaFin does not supervise alleged Waystone Investments.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies.

    Theinformation provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

    January 25, 2025
  • MIL-OSI Russia: Financial news: The first all-Russian competition “Capital of Financial Culture” starts on October 29

    Translation. Region: Russian Federation –

    Source: Central Bank of Russia –

    Target competition— support the best regional initiatives aimed at improving financial literacy and forming people’s financial culture. Organizers: the Bank of Russia and the Ministry of Finance of Russia.

    Applications from regions for participation are accepted until November 18. The best will reach the final.

    In the final, the regions’ projects will be reviewed by a jury headed by the Chairman of the Bank of Russia Elvira Nabiullina and the Minister of Finance of Russia Anton Siluanov.

    It will also include representatives of the Ministry of Education of the Russian Federation, the Federal Agency for Youth Affairs, the State Duma and the Federation Council, professional associations of market participants, public and scientific organizations.

    The winning region will receive information, expert and methodological support for its future projects. In addition, which is no less important, it will become a platform for various forums and conferences on the exchange of experience and the popularization of financial culture in the country.

    In the future, the competition will be held annually until 2030. The status of “Capital of Financial Culture” is assigned to the administrative center of a constituent entity of the Russian Federation for one year.

    Preview photo: Adriaticfoto / 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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.kbr.ru/press/event/?id=21116

    MIL OSI Russia News –

    January 25, 2025
  • MIL-OSI Russia: Financial news: Four Federal Treasury deposit auctions to be held on 10/30/2024

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 10/30/2024
    Unique identifier of the application selection 22024557
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 410,000
    Placement period, in days 2
    Date of deposit 10/30/2024
    Refund date 01.11.2024
    Interest rate for placement of funds (fixed or floating) FIXED
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds –
    Minimum spread, % per annum –
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Pre-applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 10:00 to 11:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 11:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 10/30/2024
    Unique identifier of the application selection 22024558
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 350,000
    Placement period, in days 35
    Date of deposit 10/30/2024
    Refund date 04.12.2024
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:30 to 12:40
    Preliminary applications: from 12:30 to 12:35
    Applications in competition mode: from 12:35 to 12:40
    Formation of a consolidated register of applications: from 12:40 to 12:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:40 to 13:00
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 13:00 to 14:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 13:00 to 14:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 10/30/2024
    Unique identifier of the application selection 22024559
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 20,000
    Placement period, in days 182
    Date of deposit 10/30/2024
    Refund date 04/30/2025
    Interest rate for placement of funds (fixed or floating) FLOATING
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds RUONmDS
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 15:30 to 15:40
    Pre-applications: from 15:30 to 15:35
    Applications in competition mode: from 15:35 to 15:40
    Formation of a consolidated register of applications: from 15:40 to 15:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 15:40 to 16:00
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 16:00 to 17:00
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:00 to 17:00
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 10/30/2024
    Unique identifier of the application selection 22024560
    Deposit currency rubles
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    Date of deposit 10/30/2024
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    Minimum amount of funds placed for one application, million monetary units 1,000
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    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 18:30 to 18:40
    Pre-applications: from 18:30 to 18:35
    Applications in competition mode: from 18:35 to 18:40
    Formation of a consolidated register of applications: from 18:40 to 18:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 18:40 to 18:50
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 18:50 to 19:30
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 18:50 to 19:30
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    Contact information for media 7 (495) 363-3232PR@moex.com

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

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

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    MIL OSI Russia News –

    January 25, 2025
  • MIL-OSI USA: Assistant Secretary of Defense for Industrial Base Policy Dr. Laura D. Taylor-Kale and Deputy Assistant Secretary of Defense for Industrial Base Resilience Carla N. Zeppieri, Hold an Off-Camera, On-The-Record Press Briefing on the National Defense Industrial Strategy Implementation Plan

    Source: United States Department of Defense

    MAJ SELENA RODTS:  Good morning. Good morning, everyone. Thanks for coming out and welcome. We appreciate you taking your time to come out today and for those of you out in Zoom land, for dialing in. My name is Major Selena Rodts and I work here at OSD Defense Press Operations. Today is an important day for the department as we’re here to announce the release of the National Defense Industrial Strategy Implementation Plan.

    Our briefers here, seated to my left, and on the far left, Assistant Secretary of Defense for Industrial Based Policy, Dr. Laura Taylor-Kale and then to her right, we have Deputy Assistant Secretary of Defense for Industrial Base Resilience, Carla Zeppieri. The leaders briefing this morning have been deeply engaged in leading the NDIS efforts leading up to today.

    And so before we open it up to your questions, I’d like to hand things over to our briefers for some opening comments.

    DR. LAURA TAYLOR-KALE:  Great, thank you. Good morning. I am proud to announce the release today of the Implementation Plan for the National Defense Industrial Strategy. It outlines metric driven initiatives that will guide the Department’s focus program development and investment in the industrial base for the next fiscal year.

    Developing this implementation plan has been a priority since before we released the National Defense Industrial Strategy earlier this year. Today’s geopolitical undercurrents have impacted every part of the Defense Industrial Base. We have seen how quickly we need to ramp up capacity in response to conflict.

    World events have forced us to prepare for the long-term and plan differently and we have experienced technological advancements that require a fundamental shift in our thinking. As we develop the implementation plan, we focus on the most pressing requirements for the industrial base. We are making historic investments in key sectors to bolster our supply chains.

    Professionals and students alike are leveraging workforce readiness initiatives set to tackle labor shortages. We have sharpened our understanding of the opportunities and risks so we can be better partners with commercial and nontraditional defense companies. We are embracing flexible acquisition pathways and innovative contracting tools, and we are working towards multilateral frameworks where allies and partners can collaborate at every stage of defense planning.

    Our mission is ongoing and does not begin with today’s release of the implementation plan. DOD’s deliberate capital investments have spurred mutually supporting actions from industry, academia and other parts of government, many of which we highlight in the implementation plan. The impact of critically important funding channels like the Defense Production Act and the Industrial Base Analysis and Sustainment Program have gone beyond just the initial investments.

    They have served as a catalyst for add on programs, expansion of scope and new partnerships. We are seeing a ripple effect that demonstrates how tens of millions of dollars in today’s industrial base investments become hundreds of millions or even billions in resiliency and sustainment. Integrated deterrence, economic security, national security and our nation’s military strength are mutually reinforcing.

    The Defense Industrial Base serves a larger purpose than any single action or investment dollar. Progress and acceleration happens in months and years. The Implementation Plan for the National Defense Industrial Strategy is a roadmap for integrating our priorities under leadership driven initiatives. Each implementation initiative assigns primary responsibility, estimated resources, key metrics and risks.

    The six implementation initiatives include specific desired outcomes and provide the potential risks associated with inaction. A key focus of implementation is championing initiatives that are cross-cutting and not the sole responsibility of any one military service or component within the Department of Defense.

    DOD cannot address every industrial base issue alone and like the strategy, the implementation plan has benefited by input from a wide range of stakeholders who remain committed to building a modern and resilient defense industrial ecosystem. The evolution from strategy to implementation required lengthy discussions with key players and we were very intentional in ensuring we remain deeply connected, seeking inputs from the military services, from industry, from international stakeholders and allies and from the interagency.

    This unified collaboration among our partners is a first for defense industrial policy. To develop implementation initiatives, we ask the right questions. We challenged institutional barriers. We solicited many perspectives and insights and repeatedly, we weighed risks and develop mitigation strategies.

    I am grateful for all the feedback we received from our partners and for the overall shared commitment to increase the readiness and resilience of the Defense Industrial Base. The next phase of the implementation plan is the fore coming classified annex that will detail metrics and risks. I will now turn over to DASD Zeppieri for any comments before we welcome your questions. Thank you.

    MS. CARLA ZEPPIERI:  Thank you, ma’am, and good morning to everyone. This first instantiation of the NDIS implementation plan is the result of close collaboration across the department, the interagency, defense industry, including both traditional and nontraditional companies and our international partners. The implementation plan outlines six cross-cutting initiatives to drive progress, mitigate risks and create a framework for directing investments, resources and cross-functional collaboration.

    It’s important to note that these six implementation initiatives do not cover every single action the Department will take to build defense industrial base resiliency. Rather, these initiatives represent the most urgent tasks that will deliver tangible results, reducing defense, industrial base vulnerabilities and positioning us to counter future threats.

    I’d like to summarize briefly the six implementation initiatives. First, building a defense industrial base framework to enhance integrated deterrence in the Indo-Pacific region. The NDIS builds on the foundation of the National Defense Strategy, orienting efforts on creating industrial capability and capacity to meet the pacing threat.

    This initiative will focus on missiles and munitions production and the submarine industrial base, which are two of the top requirements in the Indo-Pacific theater. Second, managing defense production and supply chains. Under this initiative, we’ll concentrate on onshoring defense critical capabilities and moving away from adversarial sources of supply.

    We’ll also conduct a deeper analysis of supply chain vulnerabilities, enhance industrial cybersecurity and reinvigorate critical materials stockpiling. The third initiative, allied and partner industrial collaboration. This initiative further develops allied cooperation, emphasizing the AUKUS trilateral partnership and expanded interest in weapons systems co-production.

    We will leverage our respective strengths into a network of allied DIB capability for mutual effectiveness and resilience. Fourth, capabilities and infrastructure modernization. Fostering a 21st century Defense Industrial Base requires investment in infrastructure and fundamental industrial capability to meet strategic and key operational requirements. Modernizing the nuclear industrial base, the organic industrial base and our maintenance, repair and overhaul capacity will lay the groundwork for generating the systems that we need.

    Fifth, utilizing more flexible pathways to field new capability in a timely fashion. The department has already crafted multiple acquisition pathways for tailorable processes and rapid prototyping and fielding. We will continue to push adaptable acquisition to deliver cutting edge technologies to the warfighter. And then finally, strengthening intellectual property and data analysis. This last initiative focuses on ensuring effective use of resources throughout a program life cycle by fully integrating intellectual property planning into acquisition and product support strategies.

    Each initiative supports NDIS priorities to meet current demands and address future challenges and much of this work, as the assistant secretary said, is already underway. Industrial Base Policy worked with our DOD colleagues to ensure key projects supporting these six initiatives were incorporated as appropriate in this unclassified document.

    As noted, our next steps focus on issuing a classified annex to the plan, outlining the remaining efforts aligned to these organizing initiatives. The DOD acknowledges it cannot execute the implementation plan on our own. Success is going to require commitment, collaboration and cooperation between the entire US government, private industry and our international allies and stakeholders.

    Thank you very much for your time today and for your interest in today’s announcement. I will now turn it back over to Major Rodts, who will begin taking questions.

    MAJ RODTS:  Wonderful. Thank you, ladies. All right. So normal rules apply today. Please keep it to one question and one follow up. We’re going to go ahead and start out with someone out in Zoom land and then we’ll bring it back into the room here. So John, can you hear me out there, Defense Scoop?

    Q:  Yeah, thank you. I noticed in the section about replicator, it says, to complement the replicator initiative, the department intends to commission various projects, studies and white paper reviews to identify vendors who can accelerate solid rocket motor production. Can you explain or flesh out how that effort will complement replicator or be related to that?

    And then on a related note, it says that if DPA title three does not receive the funding required to support the Defense Industrial Base Consortium, that efforts to strengthen the solid rocket motor industrial base could face significant challenges and potentially not be executed. Is that suggesting that if that money doesn’t come through, it could slow down the replicator initiative? I was hoping you could just maybe clarify that.

    MS. CARLA ZEPPIERI:  You OK with me starting?

    DR. LAURA TAYLOR-KALE:  Sure, go ahead.

    MS. CARLA ZEPPIERI:  Sure. Great question. There is already ongoing work within the department on addressing what had been previously identified five key areas of industrial capability, where we need to put forward significant effort and kinetic capabilities have been one of those focus areas.

    So with regard to solid rocket motors, there is going to be a complementary effort, but separate from, if you will, to the replicator effort, which I think people are aware by now, is a specific endeavor that is going to produce affordable and in these initial instances, attritable systems, right, to execute our strategy specifically in the Indo-Pacific.

    But there are going to be a need for complementary technologies that are going to enable some of these efforts. So that is the point of talking about SRM and associated kinetic capabilities. With regard to the question about funding, I think that is a highlight or one of the points that we wanted to highlight through the implementation, which is of course that we have laid out through this plan where we expect resources to come from.

    In some cases, they’re coming from within already funded programs. In some cases looking forward, they will need to be topics of future budget requests. But with regard to DPA, there is an active appropriations bill right now in Congress that we are working with the appropriators for a successful final outcome that is going to fund all of those priority projects that are in the pipeline to be addressed.

    I don’t know, ma’am, if you have anything else.

    DR. LAURA TAYLOR-KALE:  No, I was just going to add that I think part of part of the question was whether or not if DPA or the DIB COT didn’t receive funding, if that would jeopardize the replicator initiative and I don’t believe that would happen.

    Q:  Right.

    MAJ RODTS:  Ma’am?

    Q:  Thank you. Good morning. Sandra Erwin, Space News. Ms. Zeppieri, you mentioned that supply chain is one of the priorities in this strategy. There are instances across the industrial base, and I’m more familiar in the space industry more so, where you have prime contractors that rely on maybe a single subcontractor for very critical components.

    And these are not components that you can just go and buy at GSA. These are very specialized items that have to be qualified, have to be tested and whatnot. So can you maybe talk about that challenge and perhaps how this implementation plan might address some of these concerns that are happening right now in the supply chain?

    MS. CARLA ZEPPIERI:  Sure. Obviously addressing the supply chains for key enabling current and future technologies is going to be incredibly important. And you hit on an important point in that we have been looking at supply chain vulnerabilities where we have single sources or fragile sources where we need to shore up the industrial base.

    But likewise, the implementation will involve looking at those key critical nodes to enable those future capabilities. And I think that some of that is outlined in the unclassified plan. And I believe that there will be additional details in the classified annex, because of course, there were some efforts that could not be addressed here in the unclassified form.

    Q:  I mean, did you get data from across the industry? I mean, did you hear that problem a lot from prime contractors?

    DR. LAURA TAYLOR-KALE:  We hear that problem across the Defense Industrial Base in general. We also have developed a number of programs within our office that address single sources of vulnerabilities in the supply chain. DPA title three IBUs have all worked to address some of these challenges. Just in this past fiscal year FY ’24, we obligated $1.7 billion almost $1.8 billion towards a lot of supply chain vulnerability and kinetic capabilities issues.

    So yes, we hear it not just in space, it’s across the board and we’re very much aware and are doing analysis on that as well as using our investment tools to be able to address them.

    Q:  Thank you.

    MAJ RODTS:  Thanks. Noah?

    Q:  Hi. Noah, Defense News, here. Thank you both for doing this. I wondered if you could give me a better sense, and this is a question for the both of you, on what sort of legislative support that you need? What should be forthcoming from Congress that would enable this to be successful? And then secondly, when the timeline for the classified annex to be provided to those stakeholders actually is?

    DR. LAURA TAYLOR-KALE:  Sure. I’ll tackle both and then turn it over to DASD Zeppieri to talk a bit more about the legislative support. But in general, we view Congress as a very important key stakeholder. As we noted in the implementation plan of Congress provides for the overall direction and policies that support all the work that we’re doing in defense industrial resilience. Going forward, obviously, we’ve talked quite a bit about having on time budgets as well as multiyear procurement.

    I will also note that this year in FY 2025, the Defense Production Act is up for reauthorization. It will be important for the Department to have that reauthorization done in a timely fashion and we are in active conversations with Congress on that. I’ll let Carla talk a little bit more about some of the other areas of legislative support, but I’ll just note for the classified annex, again, we are working very closely with the services and with other OSD components, to make sure that we have all the right details in there. We’re also putting out a more fleshed out risk mitigation framework in the classified annex. So we’re hoping to have this done over the next couple of months and preferably before the end of the year.

    MS. CARLA ZEPPIERI:  I think with regard to potential future legislative action that might need to be taken to make the implementation–to fortify the implementation plan. We have had some informal conversations with other parts of the department, as I think you’re aware specifically in the field of acquisition.

    And then when you start talking about intellectual property, that’s probably going to entail some further internal work and some work with external stakeholders, including Congress, because there might need to be made some legislative tweaks in that area. But I think Dr. Taylor-Kale hit on one of the most important, urgent ones for us, which is of course reauthorization of the Defense Production Act.

    Q:  If I may also, there’s an election next week, as everyone’s aware of, and this plan along with the classified annex are being released at a time of turnover regardless of who wins. Can you give me a sense of how this plan and the strategy itself will survive regardless of what happens on November 5th and ways to make that more durable given the uncertainty involved?

    DR. LAURA TAYLOR-KALE:  Oh, thank you. I’ll note that one of the, I think, important things to note about defense industrial policy is that it’s been a very much an area of bipartisan support. In working on both the strategy, developing the strategy and the implementation plan, we met with and worked with stakeholders across political perspectives, working with both chambers of Congress, with both sides of the aisle. And we are confident in the feedback that we’re getting that this will be a priority regardless of who wins next week in the elections, but that this is an important priority for the nation, for defense and for national security.

    MAJ RODTS:  All right. We’re going to go out to zoom and take a couple questions there and then we’ll bring it back into the room. Tony, Inside Defense.

    Q:  Yes, thank you very much. The report mentions that one of the ways industry could help the department, is it could invest its own resources including CapEx. I’m wondering if you could give us a scope, sort of scope that challenge for us as the department sees it now. Has industry begun leaning in or not yet?

    Could you just sort of give us a sense of what you’re seeing there in terms of industry investing its own money because it sees these signals the department’s sending or maybe not sending?

    DR. LAURA TAYLOR-KALE:  No, thank you. I love this question. One of the, I think, real delights since issuing the strategy in January has been feedback that we’ve gotten from industry. So first, our office has conducted a number of sessions with industry, with companies individually in a classified setting to get feedback from them.

    But also industry has reached out and companies reach out all the time and say, here’s an investment that we’re making that aligns with the National Defense Industrial Strategy. So what we did in the report was we include a couple of highlights throughout the report where industry has made investments that align with the NDIS and with implementing the NDIS. I think your question hits a very important point which is as we note that the Department of Defense can’t implement the strategy alone, that it will require resources and support from across a broad range of stakeholders within the government, with Congress, with our international allies and partners and most and very importantly, with industry as well.

    That also includes investors. Our office has worked to build better relationships with investor communities, particularly private equity and venture capital. We’ve conducted investor roundtables. We worked to build create a mechanism to share information as well. We launched the Defense Industrial Base Consortium OTA in January, as you know, which is also a mechanism for opening up and bringing more industry stakeholders and investors into working with the Department of Defense.

    But we do see industry leaning in and being responsive to the fact that the Department is actually prioritizing and also really communicating what our priorities are with respect to defense industrial capacity and resilience.

    MAJ RODTS:  All right. Valerie, Breaking Defense.

    Q:  Yeah, thank you so much for taking my question. I know that the implementation plan as laid out here, it only includes basically, the funding levels that were laid out in the FY ’25 POM. But I’m wondering if you could speak about how you guys see the funding profile over the next couple of years?

    Just, I mean, obviously, there’s going to be a new administration coming in, but you guys are building the budget right now. Should this funding profile for DIB investments, should it be ramping up? Do you guys expect that it’ll stay like roughly the same as it has been the past couple of years?

    And are there any particular items that you want to call out as being particularly important going into FY ’26?

    DR. LAURA TAYLOR-KALE:  We could spend the rest of the day, both of us talking about this topic, but we won’t. So first is to your point about the implementation plan and how we built it out. We use FY 2025 president’s budget request numbers and in part because we’re not going to issue numbers that are still in development or pre-decisional.

    But we wanted to make sure to provide a real picture of what the defense industrial base capacity building and resilience really looked like from the FY 2025 budget. The strategy, as we noted before, was in development during the FY ’24 and FY ’25 budget processes, but it didn’t fully materialize until after.

    So FY ’26 is the first one where we’ve actually as a whole department, really had an opportunity to think about and match our program and budget planning processes with the National Defense Industrial Strategy. I suspect that this year was sort of first time really taking that on. I think there was a definite understanding across the board of the importance of building capacity in the Defense Industrial Base and also bringing in nontraditional companies into working with the Department of Defense.

    There’s a real concern around supply chain vulnerabilities and DASD Zeppieri can talk about, again, adversarial sources in our supply chains as well as sole source and single source. But I think that going forward, the department will continue to use this document as sort of a baseline and also build on it. Our plan is to update the implementation plan every year and preferably, to publish the revised unclassified after the new president’s budget has been delivered to Congress and explain what’s in the president’s budget request and how it relates to defense industrial capacity, and what the priorities of the department are.

    MS. CARLA ZEPPIERI:  Sorry, let me add. Thank you, ma’am. Yeah, I guess I would just add really quickly. As the ASD said, excuse me, we’re seeing great support and enthusiasm from across the department. As part of the process that the entire Department is in right now in building and finalizing the FY ’26 budget, the services were asked to come brief through the Industrial Base Council on some of their priority DIB investments that they either already had in programing or of course were looking for some additional funding in FY ’26. So I think that the whole Industrial Base Council found that very positive.

    We received good feedback from everyone who participated in that, and I think it just underscored how the entire Department, the service’s, other components are thinking about this now. Also just to add a little, I think you were asking what should we expect to see and as the ASD said, of course we can’t talk about pre-decisional information, but I don’t think that it will come as a surprise that some of the topics that continue to get emphasized build on some of the things that we’ve seen in FY ’24 and ’25 with respect to munitions and the organic industrial base to support some of those efforts.

    MAJ RODTS:  Great. Sir, in the room?

    Q:  Thank you. Diego Laje, Signal Media. Thank you very much for taking my question. Earlier this year, there was a cybersecurity in the DIB document issued. I’d like to get an idea of how you see cybersecurity evolving since then and especially among the most vulnerable parts of the DIB going forward?

    DR. LAURA TAYLOR-KALE:  Thank you. I’ll refer you to the CIO for specifics on sort of how cybersecurity as a has evolved. But what I can say with respect to our work with the Defense Industrial Base, it remains a concern. And also, we are working with the CIO’s office, our team, the Office of Small Business Programs, to work on programs that will help small businesses in particular, which are particularly vulnerable, as they develop cybersecurity sort of capabilities within their firms. Want to add anything?

    MS. CARLA ZEPPIERI:  No, I don’t think so, ma’am, except that obviously as you indicated, sir, I mean the CIO you know has put out their strategy in building this implementation plan. We worked very closely to incorporate their ideas there, but I think that that will be an ongoing project. I mean, certainly information sharing between government and DIB is not a new endeavor, but you know ramping up and ensuring that some of those protections are spread throughout the DIB, right, and go beyond just kind of the prime contractors is an ongoing priority or a significant priority for the department.

    DR. LAURA TAYLOR-KALE:  And just to give you a reference point, we included, there’s a line of effort for industrial cybersecurity under production and supply chains, in the second implementation initiative.

    Q:  And how do you expect the future of cybersecurity to look like during after implementation?

    DR. LAURA TAYLOR-KALE:  After implementation? Implementation, I think, will be ongoing. The way we see this is this is an effort over multiple years. This instantiation of the implementation plan really just outlines what we are planning to do and what our priorities are for this first fiscal year for FY 2025. But yes, industrial, cyber security remains very much a focus of importance for production and for supply chains. Particularly as you noted, there are certain segments of the Defense Industrial Base, particularly smaller businesses that are particularly affected.

    So I think it will certainly be a focus. It’s a line of effort in 2025 and I can imagine that given the cyber security and strategy that it will remain so even past that.

    MAJ RODTS:  OK. We’re going to go back to Zoom real quick just because we have a fair amount of people who are on there. Lauren, Defense One, did you manage to dial on? No. Chris, Air and Space?

    Q:  Hi. Thank you, Chris Gordon, Air and Space Forces Magazine. This has been touched on a bit around the edges, but I wanted to ask this question directly. How much of this entire strategy can be implemented under a continuing resolution, if at all?

    DR. LAURA TAYLOR-KALE:  Continuing resolutions present a number of challenges for the Department. It’s best for us to have a full budget done on time for us to be able to implement. It creates a lot of challenges in procurement in general and also in planning for us when we have these continuing resolutions.

    So we’re hopeful that Congress will work together and pass a bill, a defense policy bill as well as a funding bill soon.

    MAJ RODTS:  OK. Jared, Federal News? Noah?

    Q:  Just a couple more here. The first is if you could give a more specific estimate or range of engagements with industry and also touch points with Congress, that would be helpful to pull out and then I have a follow up.

    DR. LAURA TAYLOR-KALE:  Sure. We’ve had over 60 engagements with industry since the beginning of the year. Many of them I’ve done myself. We bring companies in directly into our office. We talk with them about the strategy itself as well as work iteratively on the implementation plan to try to get feedback.

    We incorporate a lot of the feedback that we received as we developed the implementation plan and also went back and had further conversations. We also have numerous engagements with Congress. For Industrial Based Policy, our key committees are of course the Senate Armed Services and House Armed Services Committees.

    But also note that Senate Banking and House Financial Services committees are also very important. They’re the authorizers for the Defense Production Act, as well as have purview over a lot of the economic security, economic deterrents authorities that we have, including CFIUS. We also engage closely with the Senate Appropriations Committee, SACD, as well as the House Appropriations Committee.

    We also engage closely with the small business committees in both Houses as well. So there are a number of touch points that we have with Congress.

    Q:  The criticism, and I want to give you both a chance to respond to this, as I’m sure it will come up afterward, that I most often hear from people who have been engaged in the process, who have been able to have some of these discussions that are behind closed doors, is that the implementation plan now and the NDIS back earlier in the year are largely restatements of priorities that the Pentagon already had and has restated in past reports in previous years.

    If possible, could you give an outline of where you see this actually pushing things forward in a new way, and what in the document you actually would argue is new and sort of groundbreaking itself?

    DR. LAURA TAYLOR-KALE:  Sure. I think the fact that the Department of Defense has worked together across the department to talk about not just the challenges, but also the priorities across the department, developed at a senior leadership level, what are the cross-cutting areas that need to be driven by the secretary and the deputy secretary and the service secretaries, I think that’s actually very much new and innovative for the department.

    I think that the focus on trying to find something new, sort of new programs is something that everyone likes to see a nice shiny object. But the truth is the work of building capacity and resilience in the Defense Industrial Base is actually going to take a lot of time and resources across the board.

    So the fact that is as we were developing this strategy, these were initiatives and priorities that we knew we had to work towards over the last several years and that we had begun to. But I think getting everyone on board and sort of focused in a manner that really has leadership sort of invested across the Department as well, is important, and I think is a very important initiative for the Department to provide, not just for itself, but also for industry stakeholders and for our allies and partners and for Congress.

    MS. CARLA ZEPPIERI:  Do you mind if I?

    DR. LAURA TAYLOR-KALE:  Please.

    CARLA ZEPPIERI:  I mean, I would just add briefly that as the assistant secretary said, and you’re right, I hear you, that some of the issues that have been surfaced in various reports likewise showed up in our strategy, I think for good reason. But this is also the first time the Department has had an industrial base strategy and now an implementation plan to actually make this real.

    Not that prior efforts weren’t sincere but as Dr. Taylor-Kale just said, we now have the entire Department and I think a lot of momentum and buy-in to this process. The one other thing I would just also mention is that we also have in here a risk framework and there will be additional metrics.

    Now, of course, they will be detailed in the classified annex because there’s only so much that we can say in an unclass, but it’s not just a strategy. It’s going to be tracking, measuring ourselves where we are right now with regard to risk to the Defense Industrial Base. And then as the Department contributes on a regular basis, updates to the implementation, we will be measuring ourselves, measuring our progress and seeing where we have addressed risk and where we have more work to do. So I think that that’s different than previous efforts.

    MAJ RODTS:  OK. We’re going to go back to Jared. I think I was moving a little too quickly there. Jared.

    Q:  I appreciate it. I was trying to ask about the flexible acquisition pathways line of effort. You specifically call out MTA, OTA. The Department’s obviously been headed in that direction for a good six, seven years now. And I’m just wondering what changes under this plan, if anything really meaningfully changes?

    Is it a matter of more emphasis on those things and if so, how do you prioritize what sorts of capabilities fit into the strategy and need to move down those pathways?

    DR. LAURA TAYLOR-KALE:  Yeah. I think the Department has been moving in this direction for a while, but the truth is we don’t oftentimes use these flexible authorities. So I think the important thing to note here and that we emphasize within the implementation plan is using these flexible acquisition pathways when appropriate.

    And so really, what we’re measuring and tracking here is what we’re using and whether or not it matches and is appropriate for a particular project or contract vehicle. So I think that’s going to be important moving forward. It’s like, it’s important to have OTAs. They can be very useful.

    We started the Defense Industrial Base Consortium OTA that does research prototype as well as production. But at the end of the day, we’re all trying to make sure that the warfighter has the tools and capabilities it needs at speed and scale. We need things to move into production. So what’s the best way to do that for the particular capability that we’re looking at for the particular problem that we’re trying to solve for, I think will be important.

    And I think just having the flexible authorities out there, it’s useful, but what we’re trying to do is drive using those authorities to actually solve the problems that we’re facing.

    MAJ RODTS:  All right. With that, I don’t think we have any further questions. So, ma’am, if you would like to provide any closing comments?

    DR. LAURA TAYLOR-KALE:  Sure. Thank you. Well, first, I want to thank you all for being here today and for those who are dialed in on Zoom. We think this is a significant milestone for the Department of Defense. The publication of the strategy provided our vision and now with the release of the implementation plan for FY 2025, we are sharing our priorities and the structure which will drive cohesive efforts across all lanes related to the industrial base.

    We are also fostering transparency by providing industry and other partners insights into our plans and investments. Our approach has generated strong interest from industry and common goals have built closer ties between allied partners. We have greater support from internal and interagency stakeholders and Congress.

    We have surged our coordination efforts with the military services to calibrate and respond. The National Defense Industrial Strategy Implementation Plan will be a living document providing the rigor to ensure sustained and resilient impact in the defense industrial base and the flexibility to change and adapt as needed.

    In January, I sat here and stated we can no longer afford to wait, the time for action has come. I believe we have confronted that task and are moving ahead. Thank you again for your time today and for participating in this briefing.

    MAJ RODTS:  Thank you, ma’am. Thank you, everyone, for coming out today. If you have any follow up questions or you didn’t have your question answered, please reach out to me and I’ll be able to work that for you. Thank you, everyone.

    DR. LAURA TAYLOR-KALE:  Thanks.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI: Premium Income Corporation Announces Overnight Offering of Preferred Shares

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. newswire services or for dissemination in the United States.

    TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — (TSX: PIC.PR.A) – Premium Income Corporation (the “Fund”) is pleased to announce that it is undertaking an overnight treasury offering of Preferred Shares (the “Offering”).

    The sales period for the overnight offering will end tomorrow, October 30, 2024. The offering is expected to close on or about November 6, 2024, and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares will be offered at a price of $15.00 per Preferred Share representing a yield on the original issue price of 8.50%. The trading price on the TSX for the Preferred Shares as at the last trade on October 29, 2024, was $15.16. Since the inception of the Fund, the aggregate dividends declared on the Preferred Shares have been $24.36 per share.

    The Fund invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and The Toronto-Dominion Bank. To generate additional returns above the dividend income earned on the Fund’s portfolio, the Fund will selectively write covered call and put options in respect of some or all of the common shares in the Fund’s portfolio. The manager and investment manager of the Fund is Mulvihill Capital Management Inc.

    The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.10625 ($1.275 per annum) per Preferred Share representing a yield of 8.50% on the original issue price of $15.00.

    The syndicate of agents for the offering is being co-led by National Bank Financial Inc., CIBC Capital Markets, RBC Capital Markets, and Scotiabank.

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com

    John Germain, Senior Vice-President & CFO Mulvihill Capital Management Inc.
    121 King Street West
    Suite 2600
    Toronto, Ontario, M5H 3T9


    A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces of Canada.

    Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

    The MIL Network –

    January 25, 2025
  • MIL-OSI Europe: Boost for climate adaptation in Europe as EIB and WWF join forces to develop Nature-based Solutions at scale

    Source: European Investment Bank

    EIB

    • EIB and WWF will collaborate to mobilise early-stage funding for Nature-based Solutions.
    • Partnership will develop projects to strengthen climate adaptation by working with nature.
    • Accord signed during United Nations Convention on Biodiversity COP16 in Colombia.

    With Europe facing increasingly intense floods and droughts, the European Investment Bank (EIB) and WWF are teaming up to accelerate climate adaptation in Europe by developing Nature-based Solutions (NbS) that will help to buffer societies and economies against the worsening impacts of the climate and biodiversity crises.

    In a Memorandum of Understanding, the EIB and WWF pledged to promote Nature-based Solutions across Europe to tackle the twin crises of climate change and biodiversity loss. Signed during the United Nations Convention on Biodiversity COP16 in Colombia, the four-year partnership will focus on ecosystem restoration projects linked to sectors such as agriculture, energy, and urban resilience, which will harness the power of nature to strengthen climate adaptation in Europe – the fastest-warming continent on Earth.

    By investing in enhancing the health of ecosystems, the projects will also help to reverse nature loss in the continent. The recent WWF Living Planet Report found that species populations have declined by 35 per cent on average in Europe and Central Asia since 1970.

    Under the agreement, WWF will establish an ‘Incubation facility’ to develop a pipeline of Nature-based Solutions from origination until they are investment-ready, while the EIB will provide guidance on mobilising public and private funding for them.

    “Europe’s adaptation to climate change lags far behind what is needed,” said EIB Vice-President, Ambroise Fayolle, ”We want to support more nature-based-solution projects to restore and protect biodiversity and strengthen the climate resilience of our society. Partnerships with organisations like WWF with a strong presence on the ground are a relevant way for us to help deliver tangible results on a large scale.”

    Nature-based solutions face significant obstacles including a lack of awareness among investors and a need for consensus building among a wide range of local players.

    “Nowhere is immune from the climate crisis. Europe has been hit by a series of historic floods and droughts in recent years, devastating lives and livelihoods – and they are only going to get worse unless we urgently and drastically scale up investment in Nature-based Solutions,” said WWF Director General Kirsten Schuijt. “This partnership will do exactly that by creating a pipeline of projects that work with nature rather than against it. These projects will enhance the power of nature to protect Europeans from the worsening impacts of climate change, particularly droughts and extreme floods along the continent’s rivers and coasts.”

    The announcement of this partnership is timely as the new European Commission has announced that it will work on a European Climate Adaptation Plan, which will support building preparedness and planning with regular science-based risk assessments and a European Water Resilience Strategy.

    It also comes after the EU Nature Restoration Law was adopted in August 2024. This regulation combines an overarching restoration objective for the long-term recovery of nature in the EU with binding restoration targets for specific habitats and species.

    Over the years, the EIB has worked with WWF on a range of matters including Nature-based Solutions, biodiversity, climate resilience and ecosystem restoration. Cooperation has focused on the Sustainable Blue Economy Finance Principles, of which the EIB is one of the founding partners alongside WWF. Another example is EIB cooperation with WWF-Greece on stakeholder engagement to identify and develop nature-based solutions for flood resilience in Thessaly, Greece.

    EIB at COP16

    The EIB delegation will be led by Vice-President Ambroise Fayolle. For interview requests with members of the EIB delegation please get in touch with the press contact below. Find out more about EIB at the United Nations Biodiversity Conference here.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It is active in more than 160 countries and makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    As the Climate Bank, the EIB recognises that climate change and nature loss are deeply interconnected and mutually reinforcing environmental crises. The EIB Climate Adaptation Plan builds on the EU Adaptation Strategy, setting out how the EU can adapt to the unavoidable impacts of climate change. The EIB Environment Framework outlines the EIB’s delivery of environmental sustainability impacts at scale. Mainstreaming nature-positive investments, increasing the co-benefits for nature, protecting biodiversity and managing the risks from biodiversity and nature loss are key elements of the Framework. 

    WWF is one of the world’s largest and most respected independent conservation organizations, with over 5 million supporters and a global network active in over 100 countries. WWF’s mission is to stop the degradation of the earth’s natural environment and to build a future in which humans live in harmony with nature, by conserving the world’s biological diversity, ensuring that the use of renewable natural resources is sustainable, and promoting the reduction of pollution and wasteful consumption

    Boost for climate adaptation in Europe as EIB and WWF join forces to develop Nature-based Solutions at scale
    Boost for climate adaptation in Europe as EIB and WWF join forces to develop Nature-based Solutions at scale
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    Boost for climate adaptation in Europe as EIB and WWF join forces to develop Nature-based Solutions at scale
    Boost for climate adaptation in Europe as EIB and WWF join forces to develop Nature-based Solutions at scale
    ©EIB
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    Boost for climate adaptation in Europe as EIB and WWF join forces to develop Nature-based Solutions at scale
    Boost for climate adaptation in Europe as EIB and WWF join forces to develop Nature-based Solutions at scale
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    MIL OSI Europe News –

    January 25, 2025
  • MIL-OSI Europe: MOTION FOR A RESOLUTION on the audit of green investments in light of Northvolt developments – B10-0069/2024

    Source: European Parliament

    B10‑0069/2024

    Motion for a European Parliament resolution on the audit of green investments in light of Northvolt developments

    The European Parliament,

    – having regard to Rule 149 of its Rules of Procedure,

    A. whereas concerns have arisen over the efficiency and cost-effectiveness of EU climate policy, with companies such as Northvolt benefiting from public subsidies and loans from the European Investment Bank, despite considerable financial difficulties;

    B. whereas the European Court of Auditors’ special report 14/2024 found that green spending under the Recovery and Resilience Facility (RRF) could be overestimated by up to EUR 34.5 billion, with some projects having minimal impact on the energy transition or even causing environmental harm;

    1. Urges the Commission to ensure rigorous oversight of green investments benefiting from EU funding and to assess their efficiency and overall contribution to the EU’s efforts to improve its competitiveness;

    2. Stresses the importance of safeguarding taxpayer contributions by ensuring that public funds and subsidies from the EU budget and the RRF are used transparently and provide clear value for money;

    3. Calls for the establishment of clear, measurable criteria for green investments under the EU budget and RRF to ensure that only projects with significant and proven environmental and economic benefits receive funding, thereby enhancing accountability and long-term sustainability.

     

    MIL OSI Europe News –

    January 25, 2025
  • MIL-OSI United Kingdom: Remembrance Day Parade road closures – Inverness

    Source: Scotland – Highland Council

    A number of roads in Inverness will be closed for safety reasons during the Remembrance Day Parade on Sunday 10 November 2024 between 2pm and 5pm.
    .
    The temporary prohibitions will affect vehicular traffic in the following roads.

    • U4048 Huntly Street, Inverness, between its junction with the U4018 Greig Street and its junction with Young Street (forming part of the 8861 Inverness – Leys – lnverarnie Road).
    • Ness Bridge, Inverness (8861), between its junction with Young Street (8861) and its junction with Bridge Street (8861).
    • Castle Road, Inverness (forming part of the 8862 Fort Augustus – Whitebridge – Torness – Dores – Inverness Road), between its junction with Bridge Street (8861) and its junction with Haugh Road (8862).
    • C1201 Ness Bank and CavelI Gardens Road, Inverness, between its junction with Castle Road (8862) and its junction with Island Bank Road (8862).
    • Bridge Street (forming part of the 8861 Inverness – Leys – lnverarnie road), Inverness, between its junction with Bank Street (forming part of the 8862 Fort Augustus – Whitebridge – Torness – Dores – Inverness Road) and its junction with High Street (8861).
    • High Street (8861), Inverness, between its junction with Bridge Street (8861) and its junction with Castle Street (8861).
    • And finally, Castle Street (8861), Inverness, between its junction with High Street (8861) and its junction with the C1184 View Place.

    The Infirmary Bridge will be closed between 1pm and 5pm.

    29 Oct 2024

    Share this story

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI: RBAZ Bancorp, Inc. Announces Unaudited Financial Results For the Quarter Ending September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, Oct. 29, 2024 (GLOBE NEWSWIRE) — RBAZ Bancorp, Inc. (OTCIQ: RBAZ) (the “Company”), parent company of Republic Bank of Arizona (the “Bank” or “RBAZ”), announced a consolidated net income of $981,000, or $0.55 per share, for the quarter ended September 30, 2024 and $2,586,000, or $1.45 per share, for the nine months ended September 30, 2024 as compared to a consolidated net income of $748,000, or $0.41 per share, for the quarter ended September 30, 2023 and $1,771,000, or $0.98 per share, for the nine months ended September 30, 2023.

    President and CEO Brian Ruisinger stated “I am pleased with our strong Q3 earnings performance as we achieved a 22% increase in our net interest margin while the increase in overhead costs was nominal at 2% from the year ago quarter. Net interest margin was bolstered by premium loan pricing that more than offset the increase in cost of deposits over the same period. Additionally, non-interest income was up 26% over the same quarter from a year ago. RBAZ experienced a surge in loan growth in Q3, which necessitated a commensurate increase in our allowance for credit losses, driving the provision expense recorded for the quarter.”

    Mr. Ruisinger continued, “During the quarter, the Federal Reserve executed its first rate cut in over four years. As a result of this signaling from the Fed, we have seen both loan and deposit rates begin to drop in the Phoenix market. RBAZ management closely monitors our peer and competitor banks and will adjust rates accordingly to remain competitive in our market while maintaining a healthy net interest margin.”

    Mr. Ruisinger concluded, “At a Special Shareholder meeting held on August 22nd, shareholders approved the transaction to join forces with Pima Federal Credit Union, headquartered in Tucson, AZ, that was announced on May 16th of this year. Our coming together will create a premier banking experience in Maricopa County as RBAZ’s commercial expertise will be combined with Pima’s strength in consumer products. This proposed transaction is a great outcome for our loyal shareholders and customers and is pending regulatory approval. Additional information will be provided once approvals are obtained, and a closing date is established.”

    September 30, 2024 Company Highlights Include:

    • Total loans of $216,451,000 increased $14,622,000, or 7.2%, from December 31, 2023. This increase consisted of $40,976,000 in new loan originations and advances on construction lines of credit, offset by $25,879,000 in loan maturities and participations sold. Advances and repayments on commercial lines of credit and normal payment attrition comprise the balance of the loan activity in the first three quarters of 2024.
    • Total deposits of $259,902,000 increased $31,730,000, or 13.9%, from December 31, 2023 and related entirely to core deposit generation. The increase in core deposits was the result of deepening of existing relationships and cultivation of new banking relationships. Liquidity continues to be a top priority for the remainder of 2024.
    • Total interest income increased $694,000 to $4,653,000 for the quarter ended September 30, 2024 outpacing total interest income of $3,959,000 for the same period of the prior year equating to an increase of 17.5%.
    • Cost of deposits increased to 2.11% for the quarter ended September 30, 2024 from 1.93% for the quarter ended September 30, 2023 representing an increase of 18 basis points. For two consecutive quarters, the increase in cost of deposits over the prior year comparative quarter has been at a declining rate evidencing stabilization in the interest rate environment.
    • Total non-interest expense increased $45,000 to $1,881,000 for the quarter ended September 30, 2024 compared to $1,836,000 for the same period of the prior year resulting primarily from additional full-time employees and the addition of the new Scottsdale branch and conversion of the existing location to an administrative office, all of which took place in Q4 2023.

    The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows:

      September 30,
    2024 (%)
      Ratio to be Well
    Capitalized (%)
    CBLR ratio 10.67   9.00
           

    About the Company
    RBAZ Bancorp, Inc. was established on June 10, 2021 as a single-bank holding company for its Arizona state-chartered bank subsidiary, Republic Bank of Arizona. The Company is traded over-the-counter as RBAZ.

    About the Bank

    Republic Bank of Arizona is a locally owned, community bank in Phoenix, Scottsdale and Gilbert, Arizona. RBAZ is a full service, community bank providing deposit and loan products and convenient, online and mobile banking to individuals, businesses and professionals. The Bank was established in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Additional branches are located at 7373 N. Scottsdale Road, Suite A-195, Scottsdale, AZ and 1417 W. Elliot Road, Gilbert, AZ. The Bank is the wholly-owned subsidiary of RBAZ Bancorp, Inc. For further information, please visit our web site: www.republicbankaz.com.

    Forward-Looking Statements

    This press release may include forward-looking statements about the Company and the Bank (collectively referred to herein as the “Company”), for which the Company claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. Several important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

      Summary Company Financial Information (unaudited)
      For the three months
    ended September 30,
    For the nine months
    ended September 30,
    Year-End
      2024 2023 2024 2023 2023
      (dollars in thousands, except per share data)
    Summary Income Data:          
    Interest income $4,653 $3,959 $13,321 $10,393 $14,208
    Interest expense 1,469 1,346 4,467 3,383 4,742
    Net interest income 3,184 2,613 8,854 7,010 9,466
    Provision for credit losses 269 – 394 – –
    Non-interest income 246 196 722 601 820
    Non-interest expense 1,881 1,836 5,810 5,285 7,142
    Income before provision for income tax 1,280 973 3,372 2,326 3,144
    Provision for income tax 299 225 786 555 684
    Net income $981 $748 $2,586 $1,771 $2,460
    Per Share Data:          
    Shares outstanding end-of-period 1,779 1,831 1,779 1,831 1,795
    Earnings per common share $0.55 $0.41 $1.45 $0.98 $1.36
    Diluted earnings per common share $0.52 $0.40 $1.36 $0.96 $1.33
    Book value per share $13.56 $10.73 $13.56 $10.73 $11.77
    Selected Balance Sheet Data:          
    Total assets $291,765 $285,627 $291,765 $285,627 $272,044
    Securities available-for-sale, at fair value 34,746 36,318 34,746 36,318 40,998
    Securities held-to-maturity 9,850 10,907 9,850 10,907 10,648
    Loans 216,451 187,117 216,451 187,117 201,829
    Allowance for credit losses 2,290 2,116 2,290 2,116 2,116
    Deposits 259,902 257,997 259,902 257,997 228,172
    Other borrowings 5,951 5,921 5,951 5,921 20,929
    Shareholders’ equity 24,123 19,646 24,123 19,646 21,128
    Performance Ratios:          
    Return on average shareholders’ equity (annualized) (%) 16.27 15.23 14.29 12.02 11.64
    Net interest margin (%) 4.48 3.76 4.24 3.65 3.68
    Average assets $292,192 $283,605 $290,218 $264,252 $264,488
    Return on average assets (annualized) (%) 1.34 1.05 1.19 0.89 0.93
    Shareholders’ equity to assets (%) 8.27 6.88 8.27 6.88 7.77
    Efficiency ratio (%) 54.84 65.36 60.67 69.44 69.43
    Asset Quality Data:          
    Nonaccrual loans $387 $219 $387 $219 $209
    Loan modifications to borrowers experiencing financial difficulty $- $54 $- $54 $-
    Other real estate owned $- $- $- $- $-
    Nonperforming loans $387 $219 $387 $219 $209
    Nonperforming loans to total assets (%) 0.13 0.08 0.13 0.08 0.08
    Nonperforming loans to total loans (%) 0.18 0.12 0.18 0.12 0.10
    Allowance for credit losses to total loans (%) 1.06 1.13 1.06 1.13 1.05
    Allowance for credit losses to nonperforming loans (%) 591.73 966.21 591.73 966.21 1,012.44
    Net charge-offs (recoveries) for period $141 $- $164 ($352) ($352)
    Average loans $213,008 $183,063 $204,992 $171,002 $176,146
    Ratio of net charge-offs (recoveries) to average loans (%) 0.07 n/a 0.08 (0.21) (0.20)

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Medallion Bank Reports 2024 Third Quarter Results and Declares Series F Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    SALT LAKE CITY, Oct. 29, 2024 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank specializing in consumer loans for the purchase of recreational vehicles, boats, and home improvements, as well as loan products and services offered through fintech strategic partners, today announced its results for the quarter ended September 30, 2024. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    2024 Third Quarter Highlights

    • Net income of $15.5 million, compared to $17.2 million in the prior year quarter.
    • Net interest income of $53.2 million, compared to $48.7 million in the prior year quarter.
    • Net interest margin of 8.44%, compared to 8.70% in the prior year quarter.
    • Total provision for credit losses was $20.2 million, compared to $14.0 million in the prior year quarter. Total provision for credit losses included $2.2 million of net taxi medallion recoveries, compared to $1.7 million of net taxi medallion recoveries in the prior year quarter.
    • Annualized net charge-offs were 2.31% of average loans outstanding, compared to 1.97% in the prior year quarter.
    • Annualized return on assets and return on equity were 2.47% and 16.72%, respectively, compared to 3.06% and 20.46% for the prior year period.
    • The total loan portfolio grew 13% from September 30, 2023 to $2.4 billion as of September 30, 2024.
    • Total assets were $2.6 billion and the Tier 1 leverage ratio was 15.66% at September 30, 2024.

    Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Earnings grew over the sequential quarter as combined recreation and home improvement loan origination volumes reached their anticipated peak for 2024. Net interest income rose to $53 million on more than $72 million of total interest income. As is typical for the time of year, delinquency rose compared to the second quarter while the net charge-off rate was essentially flat. Aided by the new fintech relationship announced in September, we originated $40 million in loans through our fintech strategic partners during the quarter. The strategic partnership program, which we have approached with caution and patience, is expected to grow steadily in the coming periods as our partners grow. Though overall demand for our products remains strong, we continue to prioritize credit quality and managed growth that maintains our market position.”

    Recreation Lending Segment

    • The Bank’s recreation loan portfolio grew 15% to $1.555 billion as of September 30, 2024, compared to $1.346 billion at September 30, 2023. Loan originations were $139.1 million, compared to $92.6 million in the prior year quarter.
    • Net interest income was $40.2 million, compared to $36.5 million in the prior year quarter.
    • Recreation loans were 65% of loans receivable as of September 30, 2024, compared to 64% at September 30, 2023.
    • Delinquencies 30 days or more past due were $64.6 million, or 4.15%, of recreation loans as of September 30, 2024, compared to $51.4 million, or 3.82%, at September 30, 2023.
    • Annualized net charge-offs were 3.18% of average recreation loans outstanding, compared to 2.67% in the prior year quarter.
    • The provision for recreation credit losses was $17.5 million and the allowance for credit losses was 4.53% of the outstanding balance, compared to $11.9 million and 4.24% of the outstanding balance in the prior year quarter.

    Home Improvement Lending Segment

    • The Bank’s home improvement loan portfolio grew 8% to $814.1 million as of September 30, 2024, compared to $750.5 million at September 30, 2023. Loan originations were $96.5 million, compared to $79.3 million in the prior year quarter.
    • Net interest income was $12.6 million, compared to $11.9 million in the prior year quarter.
    • Home improvement loans were 34% of loans receivable as of September 30, 2024, compared to 36% at September 30, 2023.
    • Delinquencies 30 days or more past due were $8.3 million, or 1.02%, of home improvement loans as of September 30, 2024, compared to $6.8 million, or 0.90%, at September 30, 2023.
    • Annualized net charge-offs were 1.76% of average home improvement loans outstanding, compared to 1.61% in the prior year quarter.
    • The provision for home improvement credit losses was $4.9 million and the allowance for credit losses was 2.42% of the outstanding balance, compared to $3.9 million and 2.31% of the outstanding balance in the prior year quarter.

    Series F Preferred Stock Dividend

    On October 24, 2024, the Bank’s Board of Directors declared a quarterly cash dividend of $0.50 per share on the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” The dividend is payable on January 2, 2025, to holders of record at the close of business on December 16, 2024.

    About Medallion Bank

    Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    For more information, visit www.medallionbank.com 

    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “expected,” “continue,” “maintain” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2023, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.  

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com 

    MEDALLION BANK
    STATEMENTS OF OPERATIONS
    (UNAUDITED)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
    (In thousands) 2024   2023   2024   2023
    Total interest income $ 72,352   $ 62,193   $ 202,079   $ 173,414
    Total interest expense   19,193     13,446     50,470     33,384
    Net interest income   53,159     48,747     151,609     140,030
    Provision for credit losses   20,153     14,024     55,345     26,740
    Net interest income after provision for credit losses   33,006     34,723     96,264     113,290
    Other non-interest income   645     968     2,116     1,263
    Non-interest expense              
    Salaries and benefits   5,035     5,024     14,971     14,004
    Loan servicing   3,158     3,007     9,074     8,723
    Collection costs   1,604     1,509     4,578     4,473
    Regulatory fees   961     1,021     2,826     2,484
    Professional fees   368     450     1,185     1,612
    Information technology   317     252     858     750
    Occupancy and equipment   193     211     626     625
    Other   875     839     2,685     2,705
    Total non-interest expense   12,511     12,313     36,803     35,376
    Income before income taxes   21,140     23,378     61,577     79,177
    Provision for income taxes   5,661     6,222     16,583     21,268
    Net income $ 15,479   $ 17,156   $ 44,994   $ 57,909
    Less: Preferred stock dividends   1,512     1,512     4,535   $ 4,535
    Net income attributable to common shareholder $ 13,967   $ 15,644   $ 40,459   $ 53,374
     
    MEDALLION BANK
    BALANCE SHEETS
    (UNAUDITED)
     
    (In thousands) September 30, 2024   December 31, 2023   September 30, 2023
    Assets          
    Cash and federal funds sold $ 148,446     $ 110,043     $ 100,192  
    Investment securities, available-for-sale   56,754       54,282       53,175  
    Loans, inclusive of net deferred loan acquisition cost and fees   2,374,673       2,100,338       2,101,786  
    Allowance for credit losses   (90,784 )     (79,283 )     (75,094 )
    Loans, net   2,283,889       2,021,055       2,026,692  
    Loan collateral in process of foreclosure   3,424       4,165       7,658  
    Fixed assets and right-of-use lease assets, net   9,275       8,140       7,705  
    Deferred tax assets   13,338       12,761       11,634  
    Accrued interest receivable   14,013       13,439       13,405  
    Other assets   38,472       38,171       37,595  
    Total assets $ 2,567,611     $ 2,262,056     $ 2,258,056  
    Liabilities and Shareholders’ Equity          
    Liabilities          
    Deposits and other funds borrowed $ 2,143,132     $ 1,866,657     $ 1,865,096  
    Accrued interest payable   4,880       4,029       3,052  
    Income tax payable   25,559       21,219       30,472  
    Other liabilities   17,301       17,509       18,397  
    Due to affiliates   1,038       849       942  
    Total liabilities   2,191,910       1,910,263       1,917,959  
    Shareholder’s Equity          
    Series E Preferred stock   26,303       26,303       26,303  
    Series F Preferred stock   42,485       42,485       42,485  
    Common stock   1,000       1,000       1,000  
    Additional paid in capital   77,500       77,500       77,500  
    Accumulated other comprehensive loss, net of tax   (3,080 )     (4,529 )     (5,794 )
    Retained earnings   231,493       209,034       198,603  
    Total shareholders’ equity   375,701       351,793       340,097  
    Total liabilities and shareholders’ equity $ 2,567,611     $ 2,262,056     $ 2,258,056  

    The MIL Network –

    January 25, 2025
  • MIL-OSI United Kingdom: National Living Wage to increase to £12.21 in April 2025

    Source: United Kingdom – Executive Government & Departments

    Low Pay Commission recommendations accepted in full

    The Government has today announced its acceptance of the Low Pay Commission’s (LPC) recommendations on the rates of the National Minimum Wage (NMW), including the National Living Wage (NLW). The rates which will apply from 1 April 2025 are as follows:

    NMW Rate Increase (£) Percentage increase
    National Living Wage (21 and over) £12.21 £0.77 6.7
    18-20 Year Old Rate £10.00 £1.40 16.3
    16-17 Year Old Rate £7.55 £1.15 18.0
    Apprentice Rate £7.55 £1.15 18.0
    Accommodation Offset £10.66 £0.67 6.7

    The LPC’s recommendations meet the remit set by the Government. The recommended NLW rate is expected to equal two-thirds of median earnings and to have the highest real value in the history of the UK’s minimum wage. The increase in the 18-20 Year Old Rate narrows the gap between that and the NLW, in anticipation of the adult rate being extended to 18 year olds in future years.

    Baroness Philippa Stroud, Chair of the LPC, said:

    The Government have been clear about their ambitions for the National Minimum Wage and its importance in supporting workers’ living standards. At the same time, employers have had to deal with the adult rate rising over 20 per cent in two years, and the challenges that has created alongside other pressures to their cost base.

    It is our job to balance these considerations, ensuring the NLW provides a fair wage for the lowest-paid workers while taking account of economic factors. These rates secure a real-terms pay increase for the lowest-paid workers. Young workers will see substantial increases in their pay floor, making up some of the ground lost against the adult rate over time.

    The data show some signs of employers finding it harder to adapt to minimum wage increases. The tightening of the labour market since the pandemic has unwound, but the overall picture is similar to 2019.The economy is expected to grow over the next year, although productivity growth remains subdued.

    We look forward to continuing our work next year as the detail of the Make Work Pay plan is elaborated upon. The NMW is a major part of the Government’s ambitions for the future of the labour market, and it is important that it continues to be informed by the expertise and consensus-building the LPC provides.

    The LPC’s recommendations are based on extensive consultation with employers, workers, representatives of both groups and other expert bodies, as well as a series of regional visits across the UK. They reflect unanimous agreement among Commissioners, including those representing workers, employers and independent experts.

    The recommended increase in the 16-17 Year Old Rate restores that rate to its original value relative to the adult minimum wage. In line with previous recommendations, the Apprentice Rate will remain equal to the 16-17 Year Old Rate.

    Notes for editors

    1. The LPC’s recommendations were submitted to the Government on 25 October 2024. The Government has today announced acceptance of those recommendations.

    2. The LPC will on Wednesday 30 October publish its letter of recommendations to the Government and a short report summarising the main evidence Commissioners relied on to make those recommendations. The LPC’s full annual report will be laid before Parliament and published in the new year.

    3. The Government’s remit to the LPC, which determines the Commission’s work through the year, was published in July and is available here.

    4. The LPC’s recommended NLW rate is intended to meet the Government’s ambition for this rate to reach at least two-thirds of median earnings in 2024.

    5. For the first time, the Government asked the LPC to take into account the cost of living, including expected trends in inflation up to March 2026, when recommending the NLW. The LPC expects its recommended rate to represent a real-terms increase across the whole of the period to March 2026, using any major inflation measure, thereby protecting low-paid workers’ living standards.
    6. We last published projections in September of the NLW rate needed to achieve the level of two-thirds of median earnings. At the time, our projected range was between £11.82 and £12.39, with a central estimate of £12.10.
    7. Our assessment of and projections for median earnings rely on the ONS’s Annual Survey of Hours and Earnings (ASHE) and Average Weekly Earnings (AWE) series. These are supplemented by HMRC’s Real Time Information (RTI) data and wage forecasts from the Bank of England and HM Treasury’s Independent Panel of Economic Forecasts.
    8. The National Living Wage (NLW) is currently the statutory minimum wage for workers aged 21 and over. This age threshold came down from 25 to 23 in April 2021 and from 23 to 21 in April 2024.
    9. Different minimum wage rates continue to apply to 18-20 year olds, 16-17 year olds and apprentices aged under 19 or in the first year of an apprenticeship. The Government has stated its ambition to reduce the NLW age threshold from 21 to 18; this follows the LPC’s own stated ambition and advice, as set out in the publication The National Minimum Wage Beyond 2024. The LPC will consult next year on the pathway to achieving this goal.
    10. Rates for workers aged under 21, and apprentices, are currently lower than the NLW to reflect lower average earnings and higher unemployment rates. International evidence also suggests that younger workers are more exposed to employment risks arising from the pay floor than older workers. Unlike the NLW (where the possibility of some consequences for employment have been accepted by the Government), the LPC’s remit requires us to set the rates for younger workers and apprentices as high as possible without causing damage to jobs and hours.
    11. The National Living Wage is different from the UK Living Wage and the London Living Wage calculated by the Living Wage Foundation. Differences include that: the UK Living Wage and the London Living Wage are voluntary pay benchmarks that employers can sign up to if they wish, not legally binding requirements; the hourly rate of the UK Living Wage and London Living Wage is based on an attempt to measure need, whereas the National Living Wage is based on a target relationship between its level and average pay; the UK Living Wage and London Living Wage apply to workers aged 18 and over, the National Living Wage to workers aged 23 and over. The Low Pay Commission has no role in the UK Living Wage or the London Living Wage.
    12. The Accommodation Offset is an allowable deduction from wages for accommodation, applicable for each day of the week. In April 2025 it will increase to £10.66 per day.
    13. For an NLW worker working 37.5 hours per week, the increases announced today will increase their annual gross pay by £1,505.54 and their monthly gross pay by £125.46.
    14. The Low Pay Commission is an independent body made up of employers, trade unions and experts whose role is to advise the Government on the minimum wage. The rate recommendations introduced today were agreed unanimously by the Commission.
    15. The current Low Pay Commissioners are: Baroness Philippa Stroud (Chair), Nigel Cotgrove, Matthew Fell, Andrew Goodacre, Louise Fisher, Professor Patricia Rice, Simon Sapper and Professor Jonathan Wadsworth.
    16. Baroness Philippa Stroud can be contacted via the Low Pay Commission’s press office (07341 098734).

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    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI Canada: Remarks by the Deputy Prime Minister announcing actions to protect and create good-paying jobs for Canadian workers

    Source: Government of Canada News

    We’re launching a $200 million regional AI initiative. The regional development agencies will help support AI start-ups to bring new technology to market. And they will help drive AI adoption by Canadian businesses across the economy. I do want to say to Canadian businesses who are excited about the benefits of AI in their businesses, please think about using a Canadian AI company when you are using AI in your business. This is a great strength we have; take advantage of the great AI companies we have here at home.

    October 22, 2024 – Ottawa, Ontario

    Check against delivery

    Thanks everyone for being here. I want to start by recognizing the work that all the people at Parliamentary Protective Services do to make it possible for all of us to do our jobs. On this anniversary of the death of Corporal Nathan Cirillo, who was shot to death while he was guarding the Tomb of the Unknown Soldier, it’s worth reflecting on how essential they are. They take risks every day. Thank you very much to them.

    I will begin by talking about the Canadian economy, and then I’ll talk about actions we are taking to protect and support Canadian workers, and tariffs, and then new measures on artificial intelligence.

    After that, my colleague, the Honourable Randy Boissonnault (Minister of Employment, Workforce Development and Official Languages), will talk about reforms to the Temporary Foreign Worker Program. After that, my colleague, the Honourable Jean-Yves Duclos (Minister of Public Services and Procurement), will talk more about what we are doing regarding artificial intelligence and promoting its adoption in the whole Canadian economy.  

    Let me start by making a couple of comments about the Canadian economy.

    We have been getting some good news in recent weeks. Last week, we got the September inflation number, which was 1.6 per cent. For nine months now, inflation in Canada has been within the Bank of Canada’s target range. And the September number was a three and a half year low.

    With inflation coming down, we have now seen three interest rate cuts. The Bank of Canada was the first central bank in a G7 country to cut interest rates for the first time. It was the first central bank in a G7 country to cut interest rates for the second time. And it was the first central bank in a G7 country to cut interest rates for the third time.

    Wages have now outpaced inflation for 20 months in a row and in September, we had a good jobs number, with 47,000 jobs created. And the unemployment number actually went down a little bit.

    The International Monetary Fund (IMF) published its World Economic Outlook today. And in that Outlook, the IMF forecasted that Canada will have the strongest economic growth in the G7 in 2025. There is a lot more we need to do, but on the macroeconomic front, we’re seeing some solid progress.

    Now, I want to talk about the tariff measures. The government has imposed a 100 per cent tariff on all electric vehicles manufactured in China and it became effective on October 1st. 

    We also announced that we would put in place a 25 per cent tariff on imports of steel and aluminum products from China. Today is a significant day. Today is the day that our tariffs on Chinese steel and aluminum of 25 per cent enter into force. This is a really important measure. It is to protect these essential Canadian industries, and the Canadians who work there, from unfair Chinese trade practices, and from an intentional policy of Chinese overcapacity in an environment where neither labour nor environmental standards are honoured.

    It’s also really important because it is absolutely essential for the Canadian economy that we can say to our partners in North America that Canada will not be a backdoor for diverted Chinese goods, whether it’s electric vehicles or steel and aluminum.

    We are also announcing today a remissions framework. We know that there are some businesses that are anxious about adjusting to this shift in supply chains. It’s really important for us that these essential measures do not harm Canadian businesses or Canadian workers. So, we are prepared to offer tariff relief in exceptional circumstances and we’re publishing today an email address that Canadian businesses can use to apply for tariff relief and a framework that will guide decisions on remissions.

    A second announcement for today is that we are moving forward on the support for AI and AI adoption, which we announced in the budget in the spring.

    Canada is a global AI superpower. There is no better evidence of this than the fact that Canada’s own, and the University of Toronto’s own, Geoffrey Hinton, was recently awarded a Nobel Prize for his groundbreaking research. That research, that Canadian strength in AI, and the underlying thinking behind it, is a huge advantage for Canada in the economy today.

    Our government knows that helping Canadian businesses adopt AI is a really important part of leveraging the Canadian AI advantage.

    Today we are announcing that we’re going to be investing $300 million of the $2.4 billion for AI that we put forward in the budget in the spring.

    We’re launching a $200 million regional AI initiative. The regional development agencies will help support AI start-ups to bring new technology to market. And they will help drive AI adoption by Canadian businesses across the economy. I do want to say to Canadian businesses who are excited about the benefits of AI in their businesses, please think about using a Canadian AI company when you are using AI in your business. This is a great strength we have; take advantage of the great AI companies we have here at home.

    We have an economic plan, a plan for affordability, to build more housing faster and for economic growth. Our priority is to give a fair chance to every generation. Thank you.

    MIL OSI Canada News –

    January 25, 2025
  • MIL-OSI USA: Governor Murphy Announces Creation of Economic Council

    Source: US State of New Jersey

    TRENTON – Governor Murphy today signed an Executive Order establishing a new Economic Council, which will be supported by a newly established Development Coordination Committee. Under the executive order, the Economic Council will provide a regular forum for the business community and state government to discuss, collaborate, and solve issues important to the public and private sectors, and stimulate economic growth and prosperity. The new Development Coordination Committee will support the Council’s work in advancing development projects that require multiple state, county and local government approvals. 

    “The Economic Council will ensure that we continue to have a healthy collaboration between the business community and the state government,” said Governor Murphy. “Deepening our Administration’s strong relationship with various sectors across our state will stimulate growth within our economy. I look forward to the forum for ongoing dialogue, collaboration, and problem-solving to advance our shared economic goals.” 

    Since the beginning of the Murphy Administration, state officials have worked with legislative partners and industry stakeholders on policies to improve the role and function of the government in facilitating economic development. Since 2018, New Jersey has seen small businesses increase by over 40,000 or 19%, despite the effects of the global COVID-19 pandemic.

    The Economic Council’s co-chairs will be the Deputy Chief of Staff for Economic Growth and the Chief Executive Officer of the New Jersey Economic Development Authority. The co-chairs will designate representatives from industry to participate in working group discussions with the Council. Along with the co-chairs, the Council will also consist of the Governor’s Chief of Staff, Chief Counsel, Chief Policy Advisor, the State Treasurer; and the Executive Director of the Business Action Center, or their respective designees.

    “New Jersey’s economy has grown stronger under Governor Murphy’s leadership, and the Economic Council will build upon the progress we’ve made over the past seven years,” said NJEDA Chief Executive Officer Tim Sullivan. “I’m honored to co-chair the Economic Council and look forward to working with our government partners and key stakeholders to help meet the ambitious economic goals of the administration.”

    “The establishment of the Economic Council is a giant step forward in Governor Murphy’s relationship with the business community,” said Deputy Chief of Staff for Economic Growth Eric Brophy. “Over the past several years, at the governor’s urging, we have made doing business in New Jersey easier. We learned early on that working closely with the business community and legislators is the best way to grow New Jersey’s economy. The Economic Council will further cultivate our ambition to make business in New Jersey less complicated.”

    “Addressing the future economy of our state is vitally important to unleashing our enormous economic potential – as is the need to generate additional organic, reliable revenue to fund our growing state budgets,” said Tom Bracken, President & CEO, New Jersey Chamber of Commerce. “The New Jersey Chamber of Commerce has been advocating for the creation of an economic council for many years to accomplish that goal. Today’s announcement, hopefully, will put in place a mechanism to bring together government and the business community to address collective thoughts and strategies to create a more vibrant, competitive economic landscape. With the Economic Council and Development Coordination Committee structure in place, it will now be up to its organizers to ensure it will quickly and effectively deliver the results we desperately need. We thank Gov. Murphy for creating this forum that we hope transcends administrations – and we look forward to working with the administration and being part of this opportunity.” 

    Within the Council, the Executive Order also establishes a Development Coordination Committee as a subcommittee that will focus on ways to streamline the intergovernmental review of complex development projects, improve communication amongst state, county and local government financing and permitting entities with respect to projects that require a coordinated review. This will enhance information sharing by and between government agencies and project developers.

    The Development Coordination Committee will consist of the Deputy Chief of Staff for Economic Growth; the State Treasurer; the Commissioners of the Departments of Community Affairs, Environmental Protection, and Transportation; and the Executive Directors of the EDA, New Jersey Housing and Mortgage Finance Agency, Schools Development Authority, and Infrastructure Bank, or their respective designees. The Committee will also be tasked with reporting to the Council on recommended policies, initiatives or reforms that may be undertaken to reduce barriers to development or construction project disruptions or delays.

    Read Executive Order No.369 here.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI New Zealand: Pacific Trade Invest – Investment Webinar: EXPANDING the HORIZON for Women in Technology

    Source: Pacific Trade Invest NZ

    Pacific Trade Invest NZ is delighted to invite you to our upcoming hour-long webinar, Expanding the Horizon for Women in Technology.

    Join us on Thursday 7 November 2024 at 2:00 PM New Zealand time as industry experts and thought leaders discuss their involvement in the technology sector; what’s on the horizon and the investment possibilities the sector presents for investors.  

     

    Register here    https://shorturl.at/C34uL

     

    A great line-up of speakers is confirmed:
     
    Julia Arnott-Nene and Eteroa Lafaele, Co-Founders and Directors Fibre Fale

    Julia and Eteroa are an award-winning changemaker team in tech, on a mission for Digital Equity and increased representation of Pacific people in technology. Fibre Fale is an innovative Aotearoa collective creating pathways into technology for Pacific people. Fibre Fale builds future tech leaders and prepares the future of the technology industry in the Blue Pacific.

    Priyanka Brahmbhatt, Executive Director, Bankai Group and CEO Bankai Technology

    Global leader in technology and investments; a member of the Forbes Council. As a UN Youth Delegate she’s advocated for climate action, women in tech, mental health awareness, and socio-economic empowerment of marginalized communities.

    Tenanoia Simona, CEO Tuvalu Telecommunications Corporation

    An innovator and leader in implementing effective technology in the Blue Pacific. Simona has spearheaded initiatives from satellites, xGPON fibre network roll-out, and 4G LTE deployment in remote islands. She firmly believes that diversity and inclusion are vital for driving innovation and achieving meaningful progress in small island nations.

     

    The speakers will discuss topics such as: 

      • Technology as a rewarding career path for women
      • The positive role of government and educational institutions, in contributing to this transformation
      • The Fibre Fale model 
      • How technology has evolved over time.
      • Investing in women in technology

    Register here    https://shorturl.at/C34uL

     

    ABOUT PACIFIC TRADE INVEST NZ

    • Is part of the Pacific Trade Invest Global Network of offices operating in Sydney, Australia; Beijing, People’s Republic of China; Geneva, Switzerland and Auckland, New Zealand.
    • An agency of Pacific Islands Forum Secretariat (PIFS) and is funded by New Zealand’s Ministry of Foreign Affairs and Trade (MFAT).
    • Supports the 16 Forum Island countries and Territories: Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Republic of the Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.

    MIL OSI New Zealand News –

    January 25, 2025
  • MIL-OSI: Medallion Financial Corp. Reports 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as offers loan products and services through fintech strategic partners, announced today its results for the quarter ended September 30, 2024.

    2024 Third Quarter Highlights

    • Net income was $8.6 million, or $0.37 per share, compared to $11.2 million, or $0.48 per share, in the prior year quarter.
    • Net interest income grew 8% to $52.7 million from $48.8 million in the prior year quarter.
    • Net interest margin on gross loans was 8.11%, compared to 8.35% in the prior year quarter, and on net loans it was 8.42%, compared to 8.64% in the prior year quarter.
    • Loan originations were $275.6 million, compared to $217.4 million in the prior year quarter.
    • Loans grew 13% to $2.5 billion as of September 30, 2024, compared to $2.2 billion a year ago.
    • The credit loss provision increased to $20.2 million from $14.5 million in the prior year quarter.
    • The Company repurchased 122,344 shares of common stock at an average cost of $7.89 per share.
    • Subsequent to September 30, 2024, the Board of Directors increased the quarterly cash dividend 10% to $0.11 per share.

    Executive Commentary – Andrew Murstein, President of Medallion

    “We continue to be pleased with our quarterly performance. The earnings were strong despite lower taxi medallion related recoveries and the absence of equity gains, both of which we experienced in the prior year quarter. At $0.37 per share, our earnings included approximately $0.07 per share of additional allowance tied to the growth of our consumer lending segments, which saw recreation and home improvement loans grow 4% and 5% from the previous quarter to a combined $2.4 billion, with over $235 million in originations this quarter. We continue to be comfortable with the overall credit performance of these two consumer segments, which carry weighted average coupons of 14.92% for recreation loans and 9.76% for home improvement loans. During the quarter we originated recreation loans at an average rate of 16.33% and home improvement loans at an average rate of 10.75%.

    Our net interest income reached $52.7 million during the quarter, up 6% from just a quarter ago. We remain cautiously optimistic that the solid performance of our loan portfolio will continue. Our net interest margin during the quarter was 8.11%, decreasing only 1 basis point from the prior quarter, as we continue to increase our yield to offset the rise in our average cost of borrowings.

    Our total interest income of $76.4 million, net interest income of $52.7 million, and total assets of $2.9 billion were all record highs. Our fintech strategic partnership program at Medallion Bank had its highest volume quarter ever with $40 million of new loans, up from $24 million in the second quarter of this year. As a result, we are optimistic about the quarters ahead and are hopeful to continue delivering meaningful growth in origination volumes in our newest business line.

    Lastly, we are pleased to announce that our board of directors has authorized an increase of our quarterly dividend to $0.11 per share beginning with the upcoming payment next month, reflecting our strong financial performance and ongoing commitment to delivering value to our shareholders. This increase underscores our confidence in the Company’s future growth and stability, as well as our focus on returning capital to investors.”

    Business Segment Highlights

    Recreation Lending Segment

    • Originations were $139.1 million during the quarter, compared to $92.6 million a year ago.
    • Recreation loans grew 15% to $1.6 billion as of September 30, 2024, compared to $1.3 billion a year ago.
    • Recreation loans were 63% of total loans as of September 30, 2024, compared to 61% a year ago.
    • Net interest income grew 9% to $38.9 million for the quarter, from $35.6 million in the prior year quarter.
    • The average interest rate was 14.92% at quarter-end, compared to 14.73% a year ago.
    • Recreation loans 90 days or more past due were $7.5 million, or 0.50% of gross recreation loans, as of September 30, 2024, compared to $5.9 million, or 0.45%, a year ago.
    • Allowance for credit loss rate was 4.53% as of September 30, 2024, compared to 4.24% a year ago.

    Home Improvement Lending Segment

    • Originations were $96.5 million during the quarter, compared to $79.3 million a year ago.
    • Home improvement loans grew 8% to $814.1 million as of September 30, 2024, compared to $750.5 million a year ago.
    • Home improvement loans were 33% of total loans as of September 30, 2024, compared to 34% a year ago.
    • Net interest income grew 5% to $12.0 million for the quarter, from $11.4 million in the prior year quarter.
    • The average interest rate was 9.76% at quarter-end, compared to 9.38% a year ago.
    • Home improvement loans 90 days or more past due were $1.6 million, or 0.19% of gross home improvement loans, as of September 30, 2024, compared to $1.0 million, or 0.13%, a year ago.
    • Allowance for credit loss rate was 2.42% as of September 30, 2024, compared to 2.31% a year ago.

    Commercial Lending Segment

    • Commercial loans were $110.1 million at September 30, 2024, compared to $100.3 million a year ago.
    • The average interest rate on the portfolio was 12.90%, compared to 12.91% a year ago.

    Taxi Medallion Lending Segment

    • The Company collected $4.1 million of cash on taxi medallion-related assets during the quarter.
    • Total net taxi medallion assets declined to $8.8 million (comprised of $1.9 million of loans net of allowance for credit losses and $6.9 million of loan collateral in process of foreclosure), a 46% reduction from a year ago, and represented less than half a percent of the Company’s total assets as of September 30, 2024.

    Capital Allocation

    Quarterly Dividend

    • The Board of Directors declared a quarterly dividend of $0.11 per share, payable on November 27, 2024 to shareholders of record at the close of business on November 15, 2024.

    Stock Repurchase Plan

    • During the third quarter, the Company repurchased 122,344 shares of its common stock at an average cost of $7.89 per share, for a total of $1.0 million.
    • As of September 30, 2024, the Company had $15.4 million remaining under its $40 million share repurchase program.

    Conference Call Information

    The Company will host a conference call to discuss its third quarter financial results tomorrow, Wednesday, October 30, 2024 at 9:00 a.m. Eastern time.

    In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.

    How to Participate

    • Date: Wednesday, October 30, 2024
    • Time: 9:00 a.m. Eastern time
    • U.S. dial-in number: (833) 816-1412
    • International dial-in number: (412) 317-0504
    • Live webcast: Link to Webcast of 3Q24 Earnings Call

    A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

    Replay Information

    The webcast replay will be available at the Company’s IR website until the next quarter’s results are announced.

    The conference call replay will be available following the end of the call through Wednesday, November 6.

    • U.S. dial-in number: (844) 512-2921
    • International dial-in number: (412) 317-6671
    • Access ID: 1019 3247

    About Medallion Financial Corp.

    Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

    Forward-Looking Statements
    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, the impact of the pending SEC litigation, expectations regarding our loan portfolio, including collections on our medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control. In addition to risks relating to the current economy, a description of certain risks to which Medallion is or may be subject, including risks related to the pending SEC litigation, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2023 Annual Report on Form 10-K.

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    MEDALLION FINANCIAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
     
    (Dollars in thousands, except share and per share data)   September 30, 2024     December 31, 2023     September 30, 2023  
    Assets                  
    Cash, cash equivalents, and federal funds sold   $ 187,929     $ 149,845     $ 127,642  
    Investment and equity securities     66,651       65,712       63,717  
    Loans     2,485,279       2,215,886       2,203,038  
    Allowance for credit losses     (96,518 )     (84,235 )     (79,133 )
    Net loans receivable     2,388,761       2,131,651       2,123,905  
    Goodwill and intangible assets, net     170,311       171,394       171,755  
    Property, equipment, and right-of-use lease asset, net     14,172       14,076       13,278  
    Accrued interest receivable     14,108       13,538       13,593  
    Loan collateral in process of foreclosure     8,818       11,772       15,923  
    Other assets     29,302       29,839       28,814  
    Total assets   $ 2,880,052     $ 2,587,827     $ 2,558,627  
    Liabilities                  
    Deposits   $ 2,108,132     $ 1,866,657     $ 1,855,096  
    Long-term debt     232,037       235,544       218,137  
    Short-term borrowings     49,000       8,000       18,489  
    Deferred tax liabilities, net     20,598       21,207       23,131  
    Operating lease liabilities     5,534       7,019       7,075  
    Accrued interest payable     6,888       6,822       4,624  
    Accounts payable and accrued expenses     26,687       30,804       34,813  
    Total liabilities     2,448,876       2,176,053       2,161,365  
    Total stockholders’ equity     362,388       342,986       328,474  
    Non-controlling interest in consolidated subsidiaries     68,788       68,788       68,788  
    Total equity     431,176       411,774       397,262  
    Total liabilities and equity   $ 2,880,052     $ 2,587,827     $ 2,558,627  
    Number of shares outstanding     23,084,277       23,449,646       23,363,731  
    Book value per share   $ 15.70     $ 14.63     $ 14.06  
                             
    MEDALLION FINANCIAL CORP.‌
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)‌
     
        Three Months Ended September 30,     Nine Months Ended September 30,  
    (Dollars in thousands, except share and per share data)   2024     2023     2024     2023  
    Total interest income   $ 76,409     $ 65,886     $ 214,183     $ 183,455  
    Total interest expense     23,672       17,102       63,661       44,379  
    Net interest income     52,737       48,784       150,522       139,076  
    Provision for credit losses     20,151       14,532       55,929       27,045  
    Net interest income after provision for credit losses     32,586       34,252       94,593       112,031  
    Other income (loss)                        
    (Loss) gain on equity investments     (519 )     2,180       3,136       2,189  
    Gain on sale of loans and taxi medallions     340       1,417       1,170       4,578  
    Write-down of loan collateral in process of foreclosure     (19 )     (30 )     (19 )     (303 )
    Other income     785       739       2,802       1,868  
    Total other income, net     587       4,306       7,089       8,332  
    Other expenses                        
    Salaries and employee benefits     9,456       9,630       28,347       27,805  
    Loan servicing fees     2,790       2,501       7,951       7,084  
    Collection costs     1,673       1,583       4,799       4,729  
    Regulatory fees     961       1,021       2,826       2,484  
    Professional fees     818       1,148       3,434       4,223  
    Rent expense     664       629       2,019       1,855  
    Amortization of intangible assets     361       361       1,084       1,084  
    Other expenses     2,272       2,216       6,755       7,220  
    Total other expenses     18,995       19,089       57,215       56,484  
    Income before income taxes     14,178       19,469       44,467       63,879  
    Income tax provision     4,055       6,727       14,196       18,582  
    Net income after taxes     10,123       12,742       30,271       45,297  
    Less: income attributable to the non-controlling interest     1,512       1,512       4,535       4,536  
    Total net income attributable to Medallion Financial Corp.   $ 8,611     $ 11,230     $ 25,736     $ 40,761  
    Basic net income per share   $ 0.38     $ 0.50     $ 1.14     $ 1.81  
    Diluted net income per share   $ 0.37     $ 0.48     $ 1.09     $ 1.77  
    Weighted average common shares outstanding                        
    Basic     22,490,792       22,596,982       22,576,446       22,469,968  
    Diluted     23,447,929       23,392,901       23,555,065       23,067,944  
    Dividends declared per common share   $ 0.10     $ 0.08     $ 0.30     $ 0.24  

    The MIL Network –

    January 25, 2025
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