NewzIntel.com

Category: Economy

  • MIL-OSI Security: Arizona Couple Pleads Guilty to $1.2B Health Care Fraud

    Source: United States Attorneys General 7

    An Arizona couple pleaded guilty for causing over $1.2 billion of false and fraudulent claims to be submitted to Medicare and other health insurance programs for expensive, medically unnecessary wound grafts that were applied to elderly and terminally ill patients.

    According to court documents, Alexandra Gehrke, 39, and her husband, Jeffrey King, 46, both of Phoenix, conspired with others to orchestrate the massive scheme. Gehrke ran two companies, Apex Medical LLC and Viking Medical Consultants LLC, that contracted with medically untrained “sales representatives” to locate elderly patients, including hospice patients, who had wounds at any stage and order amniotic wound grafts from a specific graft distributor. Gehrke instructed and financially incentivized the sales representatives to order grafts only in sizes 4×6 centimeters or larger, even if the wound was much smaller, to maximize health insurance reimbursement. Gehrke, through companies she owned and controlled, received over $279 million in illegal kickbacks from the distributor of the grafts in exchange for the orders. Gehrke in turn paid the sales representatives tens of millions of dollars in unlawful kickbacks. Gehrke then referred the patients to a company co-owned by King, which contracted with nurse practitioners to apply the grafts. King’s company fraudulently billed Medicare, TRICARE (the health care program for U.S. service members and their families), CHAMPVA (the health care program for spouses and children of permanently disabled veterans), and commercial insurance plans for the grafts. Gehrke and King, who had no medical training, directed the nurse practitioners to suspend their own medical judgment and apply all grafts ordered by the sales representatives, even when medically unreasonable and unnecessary, which resulted in the application of grafts to infected wounds, wounds that had already healed, and wounds that were not responding to the grafts.

    From November 2022 through May 2024, Gehrke, King, and others, through companies they owned, operated, and controlled, submitted $1,212,005,778 in false and fraudulent claims to health insurance plans. This included over $960 million in false and fraudulent claims to the federal health care programs — Medicare, TRICARE, and CHAMPVA. The federal and private health care insurers paid $614,990,420 based on the false and fraudulent claims.

    In their plea agreements, Gehrke and King agreed to pay restitution in the amounts of $614,990,420 and $605,690,110, respectively. They also agreed collectively to forfeit over $410 million in funds that they obtained from the fraud. To date, the government has seized nearly $100 million in assets that Gehrke and King accumulated from the scheme, including bank account balances exceeding $68 million, four luxury vehicles valued over $980,000, $22 million of life insurance annuities, and jewelry and precious metals.

    Gehrke pleaded guilty on Oct. 24, 2024, to conspiracy to commit health care fraud and wire fraud. She is scheduled to be sentenced on Feb. 11 and faces a maximum penalty of 20 years in prison. King pleaded guilty on Jan. 31 to conspiracy to commit health care fraud and wire fraud and faces a maximum penalty of 20 years in prison. His sentencing date has not yet been scheduled. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division; U.S. Attorney Gary M. Restaino for the District of Arizona; Acting Special Agent in Charge Sean Burke of the FBI Atlanta Field Office; Deputy Inspector General Christian J. Schrank of the Department of Health and Human Services Office of Inspector General (HHS-OIG); Director Kelly Mayo of the Department of Defense Office of Inspector General, Defense Criminal Investigative Service (DCIS); and Special Agent in Charge Kris Raper of the Department of Veterans Affairs Office of Inspector General (VA-OIG) South Central Field Office made the announcement.

    The FBI, HHS-OIG, DCIS, and VA-OIG investigated the case.

    Trial Attorney Shane Butland of the National Rapid Response Strike Force of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Matthew Williams for the District of Arizona are prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI USA: Kaine & Coons Introduce Legislation to Require Congressional Approval of New Tariffs on U.S. Allies Ahead of Expected Trump Tariffs

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – U.S. Senators Tim Kaine (D-VA), and Chris Coons (D-DE), both members of the Senate Foreign Relations Committee, introduced the Stopping Tariffs on Allies and Bolstering Legislative Exercise of (STABLE) Trade Policy Act to rein in chaos that President Trump could create by unilaterally imposing tariffs on trading partners.
    The STABLE Trade Policy Act would institute a requirement of Congressional approval before a president could impose new tariffs on U.S. allies and free trade agreement (FTA) partners. Currently, the president can impose tariffs on any nation using authorities that Congress created to combat national security risks and address international emergencies. The bill reinstates Congressional authority over trade policy and limits the president’s ability to unilaterally impose tariffs on our allies.
    “Virginians want costs to go down, not up. But President Trump’s plans to impose broad-based tariffs would raise the price of everyday goods and hurt our economy,” said Kaine. “It’s time for Congress to make it clear that no president should abuse existing tariff authorities designed to protect America’s national security from threats posed by our adversaries to slap tariffs on our allies and closest trading partners. I’m proud to introduce this legislation with Senator Coons to take that step to protect Americans’ pocketbooks from sharp price hikes and safeguard our relationships with our allies.”
    The introduction of STABLE Trade Policy Act comes shortly before President Trump’s across-the-board tariffs on Canada and Mexico are expected to be announced. On his first day in office, President Trump pledged to implement 25% tariffs on Mexico and Canada. The two nations, both members a trade agreement that President Trump negotiated, accounted for almost one-third of all U.S. goods imports last year. The tariffs set to go into effect soon are expected to raise the costs of gasoline, cars, groceries, and home goods.
    Specifically, the STABLE Trade Policy Act would:
    Require the president to explain to Congress any proposal to impose tariffs on allies and FTA partners.
    The president must explain why challenges with allies cannot be better addressed through diplomacy or other mechanisms.
    The president must assess of how tariffs will impact the U.S. economy and U.S. foreign policy interests. 

    Require Congressional approval for new or additional tariffs on imports from allies and FTA partners.
    The bill constrains tariff authorities created by Congress to combat national security risks and address international economic emergencies. 
    The executive branch retains full authority to impose safeguard tariffs to combat unfair trade practices.

    Kaine is committed to protecting Virginian families from price hikes imposed by tariffs. Last week, he introduced the Protecting Americans from Tax Hikes on Imported Goods Act to shield American families and businesses from increased costs by limiting the president’s authority to impose unlimited tariffs under the International Emergency Economic Powers Act (IEEPA).
    The full bill text is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Kehoe Fills Pettis County Clerk Vacancy

    Source: US State of Missouri

    JANUARY 31, 2025

    Jefferson City — Today, Governor Mike Kehoe announced the appointment of Megan Page, of Sedalia, as Pettis County Clerk.

    Ms. Page is the owner of Heckart, Meisenheimer, and Scrivner Morrow Funeral Homes as well as Memorial Park and Highland Sacred Gardens Cemeteries. She has considerable experience in finance and business management, having previously served as a bank manager, personal banker, teller, and mortgage loan officer. Beyond her professional expertise, Page has demonstrated a strong commitment to community involvement. From 2017 to 2020, she served as the 4th Ward Councilwoman for the City of Sedalia. She currently serves on several boards, including the Sedalia Area Chamber of Commerce, Business Network International, State Fair Community College Foundation Board, and the Boys & Girls Club of West Central Missouri Board.

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    MIL OSI USA News –

  • MIL-OSI USA: Former Senior Adviser for the Federal Reserve Indicted on Charges of Economic Espionage

    Source: US State of North Dakota

    John Harold Rogers, 63, of Vienna, Virginia, a former Senior Adviser for the Federal Reserve Board of Governors (FRB), was arrested today on charges that he conspired to steal Federal Reserve trade secrets for the benefit of the People’s Republic of China (PRC).

    In furtherance of the conspiracy, allegedly made false statements to the Office of Inspector General for the Board of Governors of the Federal Reserve System and the Consumer Financial Protection Bureau (FRB-OIG), and those false statements had a material impact on its investigation.

    “As alleged, the defendant violated the trust placed in him by the Federal Reserve Bank by putting U.S. trade secrets in the hands of his PRC co-conspirators, knowing full well that such information would benefit the PRC Government and PRC instrumentalities,” said Devin DeBacker, head of the Justice Department’s National Security Division. “The Justice Department will continue to use all the tools at its disposal to disrupt economic espionage and protect our national security.”

    “President Trump tasks us with protecting our fellow Americans from all enemies, foreign and domestic. As alleged in the indictment, this defendant leveraged his position within the Federal Reserve to pass sensitive financial information to the Chinese government, a designated adversary,” said U.S. Attorney Edward R. Martin Jr. for the District of Columbia. “Let this indictment serve as a warning to all who seek to betray or exploit the United States: law enforcement will find you and hold you accountable.”

    “As alleged in the indictment, Rogers betrayed his country while employed at the Federal Reserve by providing restricted U.S. financial and economic information to Chinese government intelligence officers,” said Assistant Director Kevin Vorndran of the FBI Counterintelligence Division. “This information could allow adversaries to illegally gain a strategic economic advantage at the expense of the U.S. This indictment sends a clear message that the FBI and our partners will hold accountable those who threaten our national security.”

    “The Chinese Communist Party has expanded its economic espionage campaign to target U.S. government financial policies and trade secrets in an effort to undermine the United States and become the sole superpower,” said Assistant Director in Charge David Sundberg of the FBI Washington Field Office. “Today’s indictment represents the FBI’s unwavering commitment to protect U.S. national security interests and U.S. jobs and bring to justice those who are willing to betray their country for personal gain.”

    “This indictment sends a clear message that those who deliberately misuse sensitive Federal Reserve information for their own personal gain and lie about it to investigators will be held accountable for their actions,” said Special Agent in Charge John T. Perez of the FRB-OIG, Headquarters Operations.

    According to the indictment, Rogers, a U.S. citizen with a Ph.D. in economics, worked as a Senior Adviser in FRB’s Division of International Finance of the FRB from 2010 until 2021, where he was entrusted with confidential FRB information. The confidential information that Rogers allegedly shared with his Chinese co-conspirators, who worked for the intelligence and security apparatus of China and who posed as graduate students at a PRC university, is economically valuable when secret.

    China holds a large amount of U.S. foreign debt (approximately $816 billion as of October 2024). The data Rogers shared with his co-conspirators could allow China to manipulate the U.S. market, in a manner similar to insider trading. Gaining advance knowledge of U.S. economic policy, including advance knowledge of changes to the federal funds rate, could provide China with an advantage when selling or buying U.S. bonds or securities.

    The indictment alleges that, from at least 2018, Rogers allegedly exploited his employment with the FRB by soliciting trade-secret information regarding proprietary economic data sets, deliberations about tariffs targeting China, briefing books for designated governors, and sensitive information about Federal Open Market Committee (FOMC) deliberations and forthcoming announcements. He passed that information electronically to his personal email account, in violation of FRB policy, or printed it prior to traveling to China, in preparation for meetings with his co-conspirators.

    Under the guise of teaching “classes,” Rogers met with his co-conspirators in hotel rooms in China where he conveyed sensitive, trade-secret information that belonged to the FRB and the FOMC. In 2023, Rogers was paid approximately $450,000 as a part-time professor at a Chinese university.

    On Feb. 4, 2020, in response to questioning by the FRB-OIG, Rogers lied about his accessing and passage of sensitive information and his associations with his co-conspirators.

    Rogers is charged with conspiracy to commit economic espionage and with making false statements.

    The FBI Washington Field Office and FRB-OIG are investigating the case.

    Assistant U.S. Attorney Kimberly Paschall for the District of Columbia and Trial Attorneys Nicholas Hunter and Steve Marzen of the National Security Division’s Counterintelligence and Export Section are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Freddie Powell Sims: A Warm Welcome to the 2025 Legislative Session 

    Source: US State of Georgia

    By: Sen. Freddie Powell Sims (D – Dawson)

    The 2025 Legislative Session is officially underway! On Monday, January 13, the Georgia General Assembly reconvened under the Gold Dome, marking the start of this year’s legislative session and the beginning of a new biennium.

    This legislative biennium, I am honored to continue serving on the Senate Committee on Education and Youth as Secretary and on the Senate Committee on Regulated Industries and Utilities as an Ex-Officio. I am similarly honored to serve as a member on the Senate Committees on, Agriculture and Consumer Affairs, Appropriations, Interstate Cooperation, Natural Resources and the Environment, and Urban Affairs.

    During our first week of session, Governor Brian  Kemp delivered his annual State of the State address to a joint session of the Senate and House chambers. I look forward to supporting some of his proposals, including pay raises for teachers, state employees, and first responders and efforts to strengthen our healthcare workforce. We must ensure every Georgian has access to affordable healthcare, expand opportunities for quality public education, invest in renewable energy solutions, and tackle the growing need for affordable housing across the state. These priorities are essential for creating a Georgia where every family can thrive.

    The past two weeks have been busy at the Capitol. Despite the ice and snow that significantly affected Senate District 12 last week, we still have accomplished a great deal. While “Budget Week” was officially postponed, we have continued to hold crucial joint committee meetings to make up for lost time.

    On Tuesday, I recognized the Albany Chamber of Commerce and delegates from Southwest Georgia to the Senate Chamber. The Chamber’s dedication to bolstering the economy and employing numerous Southwest Georgians across District 12 has not gone unnoticed. I commend the Chamber for their work and thank them for making the long drive to spend the day at the Capitol.

    I am proud to have co-sponsored several pieces of legislation since the beginning of the Legislative Session, including Senate Bills (SB) 53 and 54. SB 53, sponsored by Sen. Emanuel Jones (D – Decatur), would increase public education on safe firearm storage for citizens. Senate Bill 54, also sponsored by Sen. Emanuel Jones, would establish a state-wide database for schools to use to report safety threats made to schools. Addressing gun violence is vital not only to the well-being of our students but to all Georgians. We must provide all students with the safest possible learning environment. It continues to be my honor and privilege to represent you under the Gold Dome. Your voice matters, and I encourage you to share your ideas and concerns as we work together to build a stronger, fairer Georgia.

    # # # #

    Sen. Freddie Powell Sims represents the 12th Senate District which includes Baker, Calhoun, Clay, Dougherty, Early, Miller, Mitchell, Quitman, Randolph, Stewart, Sumter, Terrell and Webster County. She may be reached at (404) 463-5259 or by email at freddie.sims@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Chuck Hufstetler: January Under the Gold Dome

    Source: US State of Georgia

    The Georgia General Assembly is back in session and it is a privilege to return to work under the Gold Dome, where I remain steadfast in my commitment to addressing the issues that matter most to Georgians across our great state.

    This legislative session is already off to a strong start. Governor Kemp has laid out a bold vision, focusing on initiatives that include increasing funding for school safety, enhancing our skilled workforce, announcing 100,000 million dollars in relief for families and businesses impacted by Hurricane Helene, and continuing to expand access to affordable healthcare for hardworking Georgians. By investing in high-demand, high-skill, and high-wage career opportunities, we are taking critical steps to secure Georgia’s economic future.

    After an uneventful week due to the snowfall in Atlanta and South Georgia, this week concludes the third week of the 2025 Legislative Session, and we’re staying focused on passing commonsense legislation that puts Georgia families, businesses and communities first.

    Last week’s snowstorm may have delayed budget hearings for a few days, but it didn’t slow us down. The General Assembly has been hard at work in joint sessions, carefully reviewing budget requests to ensure taxpayer dollars are spent wisely. Passing a balanced budget is not only our constitutional duty—it’s the foundation of a responsible government that serves its people.

    One of the most crucial budget proposals this session is Governor Brian P. Kemp’s plan to return $1 billion in surplus funds directly to taxpayers. Thanks to years of conservative budgeting and fiscal responsibility, we’re in a position to give back to the hardworking Georgians who keep our state running. This is just part of the $2.2 billion in statewide allocations designed to benefit families, businesses and communities across Georgia. I’m proud to support Gov. Kemp’s efforts to strengthen our economy by putting more money back in your pockets.

    Another key priority is ensuring communities hit hardest by Hurricane Helene have the resources they need to rebuild. Gov. Kemp has proposed $614.72 million in recovery funding, including $150 million for the Governor’s Emergency Fund to help with debris removal and housing assistance. Another $300 million will go to the Georgia Department of Transportation to restore roads and infrastructure. Many rural counties are still reeling from this storm, and we’re committed to making sure they get the support they need to recover and move forward.

    Back at the Capitol, we hit the ground running this week, advancing legislation that reflects our values and priorities. I’m especially proud to sponsor Senate Bill 34. I introduced Senate Bill 34 in anticipation of technology companies building AI databases in Georgia. AI databases use exorbitant amounts of electricity, and I have introduced this bill to prevent electric providers from including the electric fees of these databases in typical Georgia consumer rates.

    I am honored to be re-appointed as Chairman of the Senate Committee on Finance and Ex-Officio of the Senate Committee on Appropriations, in addition to serving as a member on the Senate Committees on Health and Human Services, Higher Education and Rules. I thank Lt. Governor Jones for these appointments, and I look forward to serving District 52 and Georgia on these committees

    Finally, I encourage students ages 12 to 18 to apply for the Senate Page Program. This is an excellent way for young people to see firsthand how the General Assembly works. If you know a student who might be interested, they can apply on the Senate website here.

    As always, I’m here to listen. If you have any questions, concerns, or ideas about our work at the Capitol, please don’t hesitate to reach out. It’s an honor to serve you, and I appreciate your trust as we work together throughout the remainder of the 2025 legislative session.

    # # # #

    Sen. Chuck Hufstetler serves as Chairman of the Senate Committee on Finance. He represents the 52nd Senate District which includes portions of Bartow, Floyd, and Gordon counties. He can be reached at (404) 656-0034 or via email at chuck.hufstetler@senate.ga.gov.

    For all media inquiries, please reach out to     SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: U.S. Department of Energy and Environmental Protection Agency Announce $6 Million to Support Development of Advanced Biofuels

    Source: US Office of Energy Efficiency and Renewable Energy

    Today, the U.S. Department of Energy’s (DOE) Bioenergy Technologies Office (BETO) and the U.S. Environmental Protection Agency (EPA) announced $6 million in funding for three projects that will advance biofuel development and support U.S. leadership in energy and emissions innovation. Funded through the Inflation Reduction Act (IRA), the projects will support research to improve performance and reduce costs of high-impact biofuel production technologies; scale up production systems with industry; and support the U.S bioeconomy. Located in three states, the projects will support DOE’s Sustainable Aviation Fuel (SAF) Grand Challenge goals by developing biofuel technologies that use sustainable biomass and waste feedstocks. 
    Biofuels are liquid fuels produced from renewable biological sources, including feedstocks such as plants and algae. When responsibly sourced, U.S. biofuel production can help strengthen the rural economy, move the U.S. toward greater energy independence, and support domestic production of cleaner fuels.
    These projects will provide industry with new technologies to meet EPA’s Renewable Fuel Standard (RFS) Program requirements to reduce greenhouse gas (GHG) emissions and expand the nation’s renewable fuels sector, while reducing reliance on imported transportation fuel, heating oil, and jet fuel. Using agricultural residues and wet wastes, the projects also align with DOE’s BETO: Billion-Ton 2023, an assessment of domestic renewable carbon resources that estimates that the U.S. can sustainably provide 134 million tons of agricultural residues and 32 million tons of wet waste in the near-term.  
    This funding will address the development of advanced biofuels through pre-pilot scale-up of integrated biorefinery technologies. The following projects were selected:

    Air Company Holdings, Brooklyn, New York—Biogenic Carbon Dioxide to Drop-in Sustainable Aviation Fuel
    Erg Bio Inc., Dublin, California—Demonstration of the ASPIRE Feedstock Flexible Biomass Deconstruction and Conversion Technology at the Pre-pilot Scale
    Terragia Biofuels, Hanover, New Hampshire—Continuous Conversion of Corn Stover to Ethanol Using Engineered Thermophilic Bacteria.

    Read more about these selectees and their projects, and visit BETO’s funding opportunities  to learn more about their other funding opportunities.

    About the Renewable Fuel Standard Program

    The RFS program, which is a national regulatory program implemented by the EPA, was created by Congress with the goal of reducing greenhouse gas emissions along with expanding the nation’s renewable fuels sector while reducing reliance on imported oil. The program requires a certain volume of renewable fuel to replace or reduce the quantity of petroleum-based transportation fuel, heating oil, or jet fuel. The four categories of commonly used renewable fuels are: biomass-based diesel, cellulosic biofuel, advanced biofuel and total renewable fuel.
    For more information on the RFS program, visit the EPA’s Renewable Fuel Standard Program webpage.

    MIL OSI USA News –

  • MIL-OSI USA: DOE Launches Second Round of Prize Supporting Grassroots Energy Innovation in Underrepresented Communities

    Source: US Office of Energy Efficiency and Renewable Energy

    The U.S. Department of Energy (DOE) today announced the second round of the Community Energy Innovation Prize, a multi-million-dollar competition supporting grassroots innovation, entrepreneurship, capacity building, and economic development in communities historically underrepresented in clean energy development.

    Through the three phases of the prize, teams have the chance to win part of the $8.42 million prize pool to fund their ongoing activities that address local challenges in clean energy, energy efficiency, manufacturing, materials, and transportation. Successful competitors will demonstrate a strong track record of building trust and strengthening relationships and partnerships within their communities.
    “The most successful solutions are ones that are led by communities themselves,” said Jeff Marootian, principal deputy assistant secretary for DOE’s Office of Energy Efficiency and Renewable Energy. “With this prize, groups and organizations can receive the guidance and financial support they need to solve local challenges and better the lives of residents through job opportunities, less waste, cleaner air and lower energy bills.”
    The Community Energy Innovation Prize is made up of three tracks, each with distinct focus areas, over three phases: 

    Clean Energy Ecosystem Track. In this track, a total prize pool of $3.22 million will be awarded to up to 12 teams for fostering innovation ecosystems and/or technology deployments through activities focusing on community-centric networks and bottom-up solutions for sustainable development, based on the needs of the communities involved. 
    Manufacturing Ecosystem Track. In this track, a total prize pool of $2.6 million will be awarded to up to 10 teams for developing manufacturing innovation ecosystems across government, industry, academia, national labs, and communities to address key challenges in the development and adoption of emerging materials and manufacturing technologies. 
    Vehicles Ecosystem Track. In this track, a total prize pool of $2.6 million will be awarded to up to 10 teams for supporting the deployment of clean transportation technologies in a manner that promotes access to clean transportation technologies, improves health and air quality outcomes, and lowers the burden of transportation impacts on community members.

    Any eligible team may compete in the first phase, CONCEPT, where applicants form their coalitions and develop project ideas. Up to 32 teams across the three tracks will be selected as CONCEPT phase winners and receive an initial prize amount of $75,000 to $100,000 each, along with in-kind mentorship and other support services. Winning teams in the CONCEPT phase will be eligible to compete in subsequent phases. 
    Applications to compete in the CONCEPT phase for all three tracks are now open. The deadline to submit is June 20, 2025. There will be an informational webinar for prospective applicants in the near future. Follow the prize on HeroX for updates.
    The Community Energy Innovation Prize is jointly sponsored by three offices within DOE’s Office of Energy Efficiency and Renewable Energy: the Integrated Strategies Office, the Advanced Materials and Manufacturing Technologies Office, and the Vehicle Technologies Office. The prize is administered by the National Renewable Energy Laboratory and is part of the American-Made program.

    MIL OSI USA News –

  • MIL-OSI USA: DOE Invests $32 Million for Grid-Edge Technology and Smart Charge Management

    Source: US Office of Energy Efficiency and Renewable Energy

    WASHINGTON, D.C.—Today, the U.S. Department of Energy (DOE) announced $32 million for six selected pilot projects that will support new load growth through grid-edge innovations and the ability of energy providers to right-size grid investments for future load growth. These Connected Communities projects in eight states will also provide new strategies and tools for utilities, grid planners and operators, automakers, electric vehicle (EV) smart charge management service providers, and the communities they serve to improve resilience and reduce costs.
    “Providing low-cost, resilient, and reliable energy to all Americans is a top priority for the DOE,” said Jeff Marootian, principal deputy assistant secretary for DOE’s Office of Energy Efficiency and Renewable Energy. “As our nation’s energy system faces unprecedented demand growth, it’s more important than ever to deploy solutions that maximize all our energy resources and deliver the most efficient, reliable, and affordable electricity possible. These pilot projects will leverage the latest grid-edge solutions—like energy efficiency, demand-responsive building systems, energy storage, EV smart charging, and advanced grid-planning strategies—to equip communities and utilities with the tools and data they need to confidently manage our evolving electric grid.”
    DOE continues to evaluate applications for this funding opportunity and intends to award additional projects up to a total of $65 million, as originally announced, with additional selections as reviews are completed. 
    Connected Communities 2.0 builds on the successes and lessons learned from the first cohort of Connected Communities, launched in 2020, and DOE’s original smart neighborhoods in Georgia and Alabama. The first Connected Communities projects focused on integration of distributed energy resources (DERs) to support a more variable grid. The 2.0 version aims to address growing challenges to the grid head-on, ensuring that necessary upgrades are sized correctly to accommodate increasing loads at vehicle charging locations, data centers, buildings, and industrial sites in a way that leverages the flexibility of these new loads. In the process, DOE is selecting a cohort and collecting data needed to build confidence that the grid is highly flexible and resilient.
    Connected Communities 2.0 centers on two major areas:

    Connected Communities (topic 1), focused on integrated grid-edge technical measures in buildings, industry, and transportation to prepare the electric grid for new loads and improve customer benefits and grid resilience.
    Smart Charge Management (subtopic 1A), focused on various unique urban, suburban, and rural-use cases to build confidence in smart charge management as an effective approach for EVs to provide flexibility and value to the electric grid.

    Three projects have been selected in each area.
    The Connected Communities selectees are:

    The Accelerating Community-wide Connected Electric Loads & Energy Reliability Achieved Through Integration with Nationwide Grid (ACCELERATING) Connectivity initiative (Minnesota), led by the Beneficial Electrification League, will advance a nationally scalable approach for building load management. The project will prioritize partnerships with electric cooperatives in Minnesota that advance communications to optimize residential thermal loads as grid assets. (Award amount: $5.3 million)
    Purdue University (Indiana) will demonstrate pathways for rural electric membership cooperatives to improve energy efficiency and resilience in the face of new load growth in collaboration with the National Rural Electric Cooperative Association. Pathways include engaging with rural communities, piloting financial programs, coordinating DERs through systems, and scaling up lessons learned. (Award amount: $5.9 million)
    The Responsive Energy Communities Harnessing Advanced Grid Efficiency (RECHARGE) initiative (California), led by Pacific Gas & Electric, will target residential units, businesses and industry in the city of San Jose and in the Fresno County. RECHARGE will address the growing electric demand and distribution capacity challenges in these communities. (Award amount: $6 million)

    The Smart Charge Management selectees are:

    One Energy Enterprises (Ohio) will pioneer a community charging depot for medium- and heavy-duty truck fleets, which will integrate advanced microgrid technology and DERs to minimize charging investments, while optimizing the grid. The site will be located in Findlay, Ohio, with plans for expansion to support a larger number of class 6–8 electric trucks. (Award amount: $3.2 million)
    Baltimore Gas & Electric Company (Maryland) will use a multi-faceted distributed energy resource management system to unlock grid-aware managed charging functionality. The project will feature technology that reduces residential EV charging peak loads, decreases infrastructure upgrade costs, and adjusts charging schedules to alleviate grid congestion. (Award amount: $5.9 million)
    EV.Energy (California, Florida, Alaska, Rhode Island, and Hawaii) will demonstrate and validate smart charge management solutions in five diverse utility territories across five different states. Smart charge management approaches will include optimization for renewable energy matching, reduced grid congestion, timer peak smoothing, expanded charging access for multifamily housing, and both vehicle-to-home and vehicle-to-grid technologies.  (Award amount: $6 million)

    The six projects selected today will demonstrate the capabilities of grid-edge technologies and integrated power systems that are efficient, resilient, flexible, and affordable, along with distribution and grid-planning strategies that can be replicated across the United States.
    Integration is essential to Connected Communities, and DOE’s Office of Energy Efficiency and Renewable Energy (EERE) and Office of Electricity are collaborating to support integrated energy system planning with a network of technology offices and industry partners. The Connected Communities 2.0 funding announcement is led by EERE’s Building Technologies Office and Vehicle Technologies Office in collaboration with the Solar Energy Technologies Office, Industrial Efficiency and Decarbonization Office, and Geothermal Technologies Office.

    MIL OSI USA News –

  • MIL-OSI USA: DOE Announces Collaboration With Tribal Leaders To Reduce Greenhouse Gas Emissions and Strengthen National Security

    Source: US Department of Energy

    WASHINGTON, D.C. —  The U.S. Department of Energy (DOE) today announced the formation of the Tribal Fossil Energy and Carbon Management Working Group, administered by DOE’s Office of Fossil Energy and Carbon Management (FECM). Tribes play a critical role in helping the United States meet its energy security and climate obligations while working to develop their vast energy, critical minerals and materials, and carbon management potential. As part of this collaboration, the Working Group will provide ongoing advice and expertise to DOE on the best ways to assist Tribal decarbonization efforts and utilization of their natural resources. DOE’s technical assistance will help Tribes spur local economic development; provide workforce training for local, high-wage, middle class jobs; and support Tribal technical capacity for fostering energy, economic, and community development opportunities.

    “The U.S. Department of Energy recognizes that energy is foundational to Tribal self-determination, and we are proud to have Tribal leadership in, and partnership with DOE’s efforts to expand clean energy development,” said U.S. Secretary of Energy Jennifer M. Granholm. “Under the Biden-Harris administration, DOE has invested more money in Tribal clean energy projects than any administration and we are excited to build on this work with a new Working Group aimed at supporting Tribal capacity-building and investments in carbon management, methane mitigation and critical minerals that benefit Tribal communities.”  

    This Fossil Energy and Carbon Management Tribal Working Group marks the fourth working group the DOE has established to collaborate with Tribes. This latest working group will initially include representation from eight federally recognized Tribes with significant fossil energy reserves and reliance on revenue from those resources, including: Jicarilla Apache; Crow Nation; Navajo Nation; Caddo Nation; Hopi Nation; Southern Ute; Arctic North Slope Iñupiat; and Mandan, Hidatsa and Arikara (MHA) Nation. DOE anticipates the number of Tribes formally participating in the working group will grow over time.   

    “The Mandan, Hidatsa, and Arikara Nation is deeply honored to have hosted DOE and the forum participants for a site visit to our MHA Native Green Grow and Bakken operations,” said Chairman Mark N. Fox. “We extend our heartfelt thanks to the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management and the U.S. Energy Association for bringing together such an important gathering. It was a privilege to showcase our innovative initiatives and share our vision for sustainable resource development on tribal lands. The MHA Nation looks forward to continued collaboration through the Tribal Working Group and exploring new opportunities with DOE to ensure that our energy resources are managed responsibly for the benefit of future generations.” 

    “The Caddo Nation is honored to join the FECM Tribal Working Group and participate in this vital initiative,” said Chairman Bobby Gonzalez. “As stewards of our land and resources, we recognize the importance of addressing methane emissions and are exploring new opportunities for mitigation. Our Nation is particularly excited to work with FECM and other partners such as the Oklahoma University along with engineers and chemist and industry leaders on innovative solutions like converting methane to hydrogen, which aligns with our long-term energy goals and our commitment to sustainable development and lower emissions. These discussions within [the] FECM Tribal Working Group will not only benefit our Nation but also help Indian Country and the broader Oklahoma community as we look toward a cleaner, more resilient future.” 

    “The Iñupiat Community of the Arctic Slope is eager to participate in the Tribal Working Group in collaboration with the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management,” said Director of Natural Resources Doreen Leavitt. “As stewards of the vast oil and gas resources on the Alaskan North Slope, we are committed to managing these resources in a way that honors our land and our people, while ensuring the well-being of future generations. We look forward to working together with FECM to explore sustainable practices that balance economic development with environmental protection, so that our communities can thrive for years to come.” 

    “We are committed to advancing practices that will bring long-term benefits to the Navajo Nation as well as other participating Tribes,” said Interim Tribal Co-Chair William D. McCabe. “Our participation in the [Tribal Carbon Management Strategies] forum strengthened our resolve to foster sustainable, responsible management of our natural resources. The Navajo Nation looks forward to actively collaborating within the Tribal Working Group and working alongside FECM to explore and leverage the full suite of technologies under the FECM umbrella. Together, we can harness these innovations to ensure that our resources are utilized in a way that brings economic growth, preserves our lands, and supports the prosperity and well-being of the Navajo people, now and for generations to come.”

    “The Southern Ute Indian Tribe is proud to participate in the Fossil Energy and Carbon Management Tribal Working Group,” said Demi Morishige, Designated Representative. “This partnership enables us to advocate for our community’s priorities and promote sustainable energy initiatives that reflect our unwavering commitment to Tribal sovereignty. We are eager to collaborate with our fellow tribal nations and the U.S. Department of Energy to develop solutions for a safe, affordable, and reliable carbon-neutral future. Our efforts will prioritize promoting economic development across all tribal communities.” 

    “The Crow Nation extends its heartfelt gratitude to the U.S. Department of Energy’s Office of Fossil Energy and Carbon Management and the U.S. Energy Association for the opportunity to participate in the Tribal Carbon Management Strategies Forum held in Medora, North Dakota. We are deeply honored to engage in these meaningful discussions about the future of energy, resource management, and economic development for our people. Our Nation is blessed with significant carbon resources, and we look forward to actively participating in the Tribal Working Group, where we can explore new avenues of cooperation with FECM. Together, we can ensure that the Crow Nation continues to utilize these resources in a manner that fosters prosperity for our people and protects the well-being of future generations.” 

    The Bipartisan Infrastructure Law provides more than $13 billion in funding to directly support Tribal communities and makes Tribes eligible to apply for or request billions in additional funding. The Inflation Reduction Act directs $720 million in climate resilience and energy funding to Tribes, as well as provides hundreds of billions in tax credits for which clean energy and industrial projects on Tribal lands and in Tribal communities are eligible. For this reason, the initial priorities proposed for the working group are to explore technical assistance and capacity-building to leverage these funding opportunities related to FECM’s portfolio and other DOE offices:   

    • Development of carbon capture, transport and storage facilities and infrastructure; 
    • Methane mitigation;   
    • Critical minerals production and processing; and  
    • Repurposing existing energy assets slated for retirement—such as coal, oil, and/or natural gas facilities and accompanying equipment and infrastructure. 

    As a next step, FECM plans to convene representatives of the participating Tribes for a series of virtual information briefings across these identified priorities to prepare for the first formal meeting of the working group in 2025.  

    FECM minimizes environmental and climate impacts of fossil fuels and industrial processes while working to achieve net-zero emissions across the U.S economy. Priority areas of technology work include carbon capture, carbon conversion, carbon dioxide removal, carbon dioxide transport and storage, hydrogen production with carbon management, methane emissions reduction, and critical minerals production. To learn more, visit the FECM website, sign up for FECM news announcements, and visit the National Energy Technology Laboratory website. 

    MIL OSI USA News –

  • MIL-OSI USA: U.S. Department of Energy Invests $45 Million to Support Regional Consortia Focused on Securing Domestic Critical Minerals and Materials

    Source: US Department of Energy

    WASHINGTON, D.C. — The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced $45 million in federal funding for six projects to create regional consortia to accelerate the development of critical mineral and materials supply chains including novel nonfuel carbon-based products from secondary and unconventional feedstocks. Realizing the value of secondary and unconventional feedstocks, such as coal and coal by-products, effluent waters from oil and gas development, and acid mine drainage will enable the United States to rebuild domestic supply chains for critical minerals and materials. By focusing on abundant American secondary and unconventional sources, these investments will support dependable and enduring supplies for American manufacturing and production of technologies essential to clean energy and our nation’s defense. 

    “Rebuilding a domestic supply chain for critical minerals and materials here at home will both safeguard our national security and support the continued development of a clean energy and industrial economy,” said Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management. “DOE is investing in collaborative regional projects to help us realize our nation’s full potential for recovery of these vital resources, while creating high-wage jobs and delivering environmental benefits for communities across the United States.”

    Selected projects will build upon the work of DOE’s Carbon Ore, Rare Earth and Critical Minerals (CORE-CM) Initiative, expanding the focus from the basin scale to cover eight regions across the Nation. Teams consist of partners such as private industry; universities; local, state, and federal government; local communities; and Tribes and Tribal organizations who will develop and implement strategies that enable each U.S. region to realize its economic critical minerals and materials potential, including valuable non-fuel carbon-based products.

    • University of Alaska Fairbanks (Fairbanks, Alaska) will work with three state geological surveys from Alaska, Oregon, and Washington to better understand the geologic framework and distribution of underexplored mineral resource deposits in the Northwest.
    • University of Illinois Urbana-Champaign (Champaign, Illinois), through the Illinois State Geological Survey, will work with the geological surveys of Michigan, Kentucky, Iowa, Indiana and Ohio to build the economic case for developing critical minerals and materials from coal and coal wastes in the Upper Midwest.
    • University of Texas at Austin (Austin, Texas) will identify resource potential in the Gulf Coast and Permian Basin areas, including from petroleum industry waste; produced water; coal, coal ash, and other coal mine related waste; and other nonfuel mine and processing wastes.
    • University of Utah (Salt Lake City, Utah) will evaluate critical minerals and materials and carbon associated with coal-related materials, sedimentary-hosted minerals, waste-related materials, and other potential value-added materials in the Rocky Mountain region.
    • University of Wyoming (Laramie, Wyoming) will assess the Great Plains and Interior Highlands, which consists of ten states and four basins, to develop domestic supply chains that use secondary and unconventional critical mineral resources.
    • Virginia Polytechnic Institute and State University (Blacksburg, Virginia) will lead a consortium of academic institutions, research laboratories, federal and state natural resource offices, and consultancies to evaluate critical minerals for potential future extraction in the Appalachian Mountain region.

    DOE’s National Energy Technology Laboratory (NETL), under the purview of FECM, will manage the selected projects. A detailed list of the selected projects can be found here. Additional selections may be made at a later date. 

    FECM reduces emissions from fossil energy production and use and key industrial processes, while strengthening U.S. energy and critical minerals security. To learn more, visit the FECM website, sign up for FECM news announcements, and visit the NETL website.

    MIL OSI USA News –

  • MIL-OSI USA: DOE Invests Over $32 Million to Increase Efficiency of U.S. Critical Minerals Production Through the Co-Manufacture of Value-Added Products

    Source: US Department of Energy

    WASHINGTON, D.C. – The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced $32.75 million for 12 projects that will advance cost effective and environmentally responsible processes to produce and refine critical minerals and materials here in the United States. The funding, provided by the Bipartisan Infrastructure Law, focuses on projects that will develop value-added products, such as graphite or building materials, from feedstocks such as mining waste streams that also contain viable levels of critical minerals and materials. The manufacture of these co-products can improve the economic feasibility of domestically producing critical minerals and materials from these same feedstocks to reduce our dependence on offshore supplies. These projects will help safeguard our national security and build a clean energy and industrial economy, while creating good-paying jobs and supporting communities across the country that historically have depended on mining and energy production.

    “Building reliable and affordable critical mineral and material supply chains is essential to deploying the technologies needed for national defense and to support low-carbon U.S. energy production, manufacturing, and transport,” said Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management. “Through DOE’s strategic investments in projects that help improve the economics of domestic materials production through the manufacture of valuable co-products, we are creating good-paying jobs, increasing U.S. competitiveness, reducing our import reliance, and strengthening our national security and energy independence.”

    According to the U.S. Geological Survey, more than 95% of the U.S. demand for rare earth elements is met by foreign sources. More than 50% of most critical minerals come from foreign sources, and at least 12 critical minerals come exclusively from foreign sources.

    Critical Material Innovation, Efficiency, and Alternatives

    The “Critical Material Innovation, Efficiency, and Alternatives” funding opportunity will provide up to $150 million over several rounds of project selections to help to build a secure, sustainable domestic supply of critical minerals from sources across the United States, including recycled materials, mine waste, industrial waste, and ore deposits. Specifically, the funding opportunity will support bench- and pilot-scale research, development, and demonstration projects to increase the robustness of domestic supply chains and reduce our reliance on foreign supply chains. The following 12 projects selected for negotiation fall under the “Value Added Products” area of interest, and are focused on developing products created from other materials that are also part of the waste streams from which critical minerals and materials are extracted:

    • Ohio University (Athens, Ohio) plans to develop and demonstrate the viability of a novel continuous engineered foaming process to produce value-added carbon building materials from coal and coal waste containing critical minerals and materials.
    • Loukus Technologies, Inc. (Calumet, Michigan) aims to establish a semi-continuous process for conversion of cerium oxide with low-value scrap aluminum machining chips to produce advanced aluminum-cerium alloys.
    • Trustees of the Colorado School of Mines (Golden, Colorado) plans to develop bench-scale continuous processes to produce building materials, specifically geopolymer bricks, lightweight aggregates, and ceramic tiles, from critical minerals and materials found in mine tailings. 
    • Still Bright, Inc. (Newark, New Jersey) seeks develop a novel electrochemical technology to extract metal co-products from copper concentrate. 
    • Lawrence Berkeley National Laboratory (Berkeley, California) will develop a domestic supply of lithium while co-producing up to 10 other critical and valuable metals, graphite, and Portland cement.
    • University of Utah (Salt Lake City, Utah) will establish a process to demonstrate co-production of lithium salt, potassium salt, and magnesium salt from Great Salt Lakes brine. 
    • National Energy Technology Laboratory (Albany, Oregon) will define optimum parameters for chromite concentration and the extraction of platinum group elements needed to enable green hydrogen production.
    • Oak Ridge National Laboratory (Oak Ridge, Tennessee) will repurpose end-of-life graphite recycled from spent lithium-ion batteries into value-added graphitic materials using innovative purification and treatment methods.
    • National Energy Technology Laboratory (Albany, Oregon) will design the process of melting electrodes by electric resistance heating of slag—a by-product of the smelting process in metal extraction and refining—which contains rare earth elements in the form of oxides and/or fluorides.
    • Airtronics, LLC (Tucson, Arizona) will develop efficient recycling technologies to recover critical materials, precious metals, and base metals within electronic waste.
    • Mexichem Fluor Inc. (St. Gabriel, Louisiana) will demonstrate the feasibility of an efficient and sustainable process for graphite anode active material production from both graphite waste from battery recycling and mined graphite flake.
    • Melt Technologies LP (Briggs, Texas) will implement a pilot facility to produce tungsten carbide products—essential for many U.S. industries—from feedstock with greater efficiency and lower cost.

    A detailed list of the selected projects and funding amounts can be found here. DOE plans to make additional selections under the FOA’s remaining areas of interest at a later date. 

    DOE’s selections are subject to environmental review in accordance with the National Environmental Policy Act review process. DOE reserves the right to terminate award negotiations at any time for any reason.

    DOE’s Broader Advancements in Critical Minerals and Materials

    With the selections announced today, FECM has committed an estimated $254 million since January 2021 for projects that support critical minerals and materials exploration, resource identification, production, and processing in traditional mining and fossil fuel-producing communities across the country. 

    FECM reduces emissions from fossil energy production and use and key industrial processes, while strengthening U.S. energy and critical minerals security. To learn more, visit the FECM website, sign up for FECM news announcements, and visit the National Energy Technology Laboratory website.

    MIL OSI USA News –

  • MIL-OSI USA: DOE Invests Nearly $14 Million to Advance Technologies that Transform Carbon Emissions into Valuable Products

    Source: US Department of Energy

    WASHINGTON, D.C. — The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced $13.7 million in federal funding for four projects that will advance large-scale conversion of carbon dioxide (CO2) emissions into environmentally responsible and economically valuable products. With funding provided by the Bipartisan Infrastructure Law, projects will help develop conversion technologies that feasibly produce crucial fuels, building materials, and other carbon-based products from captured carbon emissions. 

    “Chemicals production and petroleum refining industries are vital for the U.S. economy and our nation’s energy security, but are also responsible for significant carbon emissions,” said Brad Crabtree, Assistant Secretary of Fossil Energy and Carbon Management. “DOE’s investments in carbon conversion technology will support new economic opportunities and job creation, while providing lower-emissions carbon product alternatives for these industries at the same time.” 

    The selected projects will support two areas of focus: (1) engineering-scale testing of electrochemical systems for converting carbon dioxide emissions into value-added products, such as engineering polymer/resin precursors, specialty chemicals, and commodity chemicals; and (2) feasibility studies that examine retrofitting refineries and petrochemical facilities for carbon conversion:

    • Dioxide Materials Inc. (Boca Raton, Florida) plans to scale technology for the production of low-greenhouse gas ethanol and mevalonic acid via a combination of electrolysis and bioprocessing. 
       
    • Terraforma Carbon LLC (State College, Pennsylvania) aims to evaluate the technical and economic feasibility of carbon capture and conversion to methanol by modeling a retrofit of Shell’s Norco refinery in St. Charles Parish, Louisiana using molten salt-based capture technology.
       
    • Thiozen Inc. (Pasadena, California) plans to explore the use of a hydrogen sulfide reforming technology to produce low-cost and low-emissions methanol.
       
    • Twelve Benefit Corp. (Berkeley, California) seeks to accelerate the production of low-carbon chemicals and syngas through rapid research, development, and deployment of its CO2 electrolyzers.

    DOE’s National Energy Technology Laboratory (NETL), under the purview of FECM, will manage the selected projects. A detailed list of the selected projects can be found here.

    These projects support the goals of DOE’s Clean Fuels and Products Energy Earthshot, which aims to meet projected 2050 net-zero emissions demands for 100% of aviation fuel; 50% of maritime, rail and off-road fuel; and 50% of carbon-based chemicals by using sustainable carbon resources.

    FECM reduces emissions from fossil energy production and use and key industrial processes, while strengthening U.S. energy and critical minerals security. To learn more, visit the FECM website, sign up for FECM news announcements, and visit the National Energy Technology Laboratory website.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Multistate coalition blocks Trump Administration from freezing essential federal funding

    Source: Washington State News

    OLYMPIA — The U.S. District Court for the District of Rhode Island today granted a request from 22 states, including Washington, for a temporary restraining order halting a White House policy that would block federal agency grants, loans and other financial assistance programs.

    This temporary restraining order extends beyond the administrative stay granted Tuesday by the U.S. District Court for the District of Columbia in response to a lawsuit brought by nonprofit groups that receive federal funds.

    “This outcome reminds us that our country is still governed by the Constitution, even when we have a lawless president determined to sow disorder and eliminate vital programs,” Attorney General Nick Brown said. “Now more than ever, states have a key role in upholding the rule of law.”

    The proposed policy, issued by the president’s Office of Management and Budget on Monday, would have put an indefinite pause on the majority of federal assistance, jeopardizing funds for health care, education, law enforcement, disaster relief, infrastructure and more. The next day, Attorney General Nick Brown and attorneys general from 22 other states sued to immediately stop the enforcement of the OMB policy and preserve trillions of dollars in essential funding.

    While the administration has attempted to rescind the policy, states and organizations that receive federal funding continue to experience major disruptions. Following OMB’s issuance of the policy, Medicaid funds in multiple states were frozen. Head Start programs across the country were cut off from funds, leading some childcare centers to close. Despite the District Court for the District of Columbia’s stay, disruptions to critical funds are continuing to be reported across the country.

    The White House signaled Wednesday they would be re-issuing the order in some form, but today’s temporary restraining order restrains and prohibits the administration from doing that for now as well.

    The lawsuit was led by the attorneys general of New York, California, Illinois, Massachusetts, New Jersey and Rhode Island. Joining the lawsuit are the attorneys general of Arizona, Colorado, Connecticut, Delaware, Hawaii, Maine, Maryland, Michigan, Minnesota, Nevada, New Mexico, North Carolina, Oregon, Vermont, Washington, Wisconsin and the District of Columbia.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta, 22 State Attorneys General Secure Court Order Temporarily Blocking Federal Funding Freeze

    Source: US State of California

    Friday, January 31, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    OAKLAND – California Attorney General Rob Bonta today issued the following statement on the U.S. District Court for the District of Rhode Island’s decision granting a temporary restraining order to prevent a pause on critical federal assistance funding from going into effect:

    “Today’s court order ensures our communities are able to continue to access necessary federal funding for disaster recovery, including for California’s wildfire recovery efforts; education; public health and safety; and infrastructure projects. While the OMB directive was rescinded, the Administration has made clear that it intends to proceed with its plans to freeze federal funding – that’s why we went to court to get this emergency pause. 

    The Trump Administration is intentionally creating chaos through its public actions and statements, attempting to sow fear and confusion in our communities. We will not fall for this bait and switch. California has too much at stake. 

    I am grateful for the court’s decision, and I will continue fighting to ensure that the President’s disastrous federal funding freeze never sees the light of day.” 

    Attorney General Bonta co-led a multistate coalition in filing a lawsuit seeking to block the federal funding freeze on Tuesday.

    Today’s decision institutes a temporary restraining order while the states seek a preliminary injunction. While the order is in effect, the Trump Administration may not pause, freeze, impede, block, cancel, or terminate its awards or obligations to provide federal financial assistance unless specifically allowed under the law. The order also blocks the Trump Administration from reissuing, adopting, implementing, or otherwise giving effect to the OMB directive under any other name or title, such as the continued implementation identified by the White House Press Secretary’s statement on January 29, 2025. 

    The Trump Administration is required to give written notice of this order to all agencies and their employees, contractors, and grantees by Monday, February 3, 2025, at 9 a.m. ET. 

    This order extends beyond the administrative stay granted by the U.S. District Court for the District of Columbia in response to a lawsuit brought by nonprofit groups that receive federal funds. 

    A copy of the decision is available here.

    # # #

    MIL OSI USA News –

  • MIL-OSI Security: Utah and California Businessmen Indicted for Defrauding Millions of Dollars from Investors

    Source: Office of United States Attorneys

    ST. GEORGE, Utah – An indictment was unsealed today after a fraudster was arrested following a federal grand jury’s return of an indictment this week charging him and his business partner with multiple financial crimes.

    According to court documents, Thomas Paul Madden, 66, of Washington City, Utah; and Jeremy Tyler Grabow, 54, of Ladera Ranch, California, engaged in a scheme from September 2017 to the present, to defraud investors in Cascade IR, LLC and Savitar Systems LLC. Using his entity, Cascade, Madden lied to investors about his ability and intent to sell them penny stocks, repeatedly using investors’ money for Ponzi payments and personal expenses. This part of the scheme resulted in Madden taking in over $23 million from over 200 investors.

    Beginning in 2021, Madden and Madden and Grabow used their entity Savitar, to further defraud investors. They told investors that Savitar was working with various partners on a large casino and resort project in Mexico that would generate high returns on investments. But Savitar did not have the represented business partnership and lacked any legitimate business operations. Instead, Madden and Grabow diverted investors’ money to the Ponzi scheme. The Savitar scheme resulted in Madden and Grabow obtaining over $2 million from at least 10 investors.

    Madden is charged with four counts of wire fraud. Madden and Grabow are both charged with wire fraud conspiracy and money laundering conspiracy. Madden’s initial appearance on the indictment is February 3, 2025, at 10:00 a.m. before a U.S. Magistrate Judge in St. George. Grabow’s initial appearance is scheduled for February 24, 2025, at 10:00 a.m. before a U.S. Magistrate Judge in St. George.

    United States Attorney Trina A. Higgins for the District of Utah made the announcement.

    The case is being investigated jointly by the Utah Division of Securities and the FBI Salt Lake City Field Office.

    Assistant United States Attorneys Stephen P. Dent and Joseph M. Hood of the U.S. Attorney’s Office for the District of Utah are prosecuting the case.

    If you think you are a victim in this case, information can be found on the U.S. Attorney’s Office Victim Witness Assistance page.

    An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 
     

    MIL Security OSI –

  • MIL-OSI: Pathfinder Bancorp, Inc. Announces Financial Results for Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Fourth quarter results include EPS of $0.69, deposit growth, commercial loan growth, a gain on the sale of its insurance agency, and strong contributions from new and established
    Pathfinder Bank teams across Central New York

    OSWEGO, N.Y., Jan. 31, 2025 (GLOBE NEWSWIRE) — Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the fourth quarter and year ended December 31, 2024.

    The holding company for Pathfinder Bank (“the Bank”) earned net income attributable to common shareholders of $4.3 million or $0.69 per share in the fourth quarter of 2024, including a benefit of approximately $1.4 million from a gain on the previously announced sale of its insurance agency, net of taxes and transaction-related expenses.

    The Company reported a net loss of $4.6 million or $0.75 per share in the third quarter of 2024, reflecting $9.0 million in provision expense that primarily resulted from a comprehensive loan portfolio review the Bank elected to undertake as part of its ongoing commitment to continuously improve its credit risk management approach, and net income of $2.5 million or $0.41 per share in the fourth quarter of 2023. For the full year, the Company earned net income of $3.8 million or $0.60 per share in 2024 and $9.3 million or $1.51 per share in 2023.

    Fourth Quarter and Full Year 2024 Highlights and Key Developments

    • Provision expense was $988,000 in the fourth quarter of 2024, compared to $9.0 million in the linked quarter and $265,000 in the fourth quarter of 2023, while the allowance for credit losses (“ACL) increased to 1.88% of loans from 1.87% on September 30, 2024 and 1.78% on December 31, 2023.
    • Net interest income was $10.8 million, compared to the $11.7 million in the linked quarter that benefited from a $887,000 catch-up interest payment, and $9.2 million in the fourth quarter of 2023. Full-year net interest income was $41.4 million in 2024 and $38.9 million in 2023.
    • Net interest margin (“NIM”) was 3.15% in the fourth quarter of 2024, compared to the 3.34% in the third quarter that benefited by 25 basis points from the catch-up interest payment, and 2.74% in the year-ago period.
    • Non-interest income was $4.9 million, including a gross, pre-tax gain of $3.2 million on the October 2024 sale of the Company’s insurance agency, compared to $1.7 million in the linked quarter and $1.3 million in the year-ago period. Full-year non-interest income was $9.6 million in 2024 and $5.2 million in 2023.
    • Non-interest expense was $8.5 million with $155,000 in October 2024 insurance agency transaction-related costs, $10.3 million in the linked quarter with $1.6 million in July 2024 branch acquisition-related costs, and $7.0 million in the year-ago period. Full-year non-interest expense was $34.4 million in 2024 and $29.4 million in 2023.
    • Pre-tax, pre-provision (“PTPP”) net income grew to $3.8 million, compared to $3.4 million in the linked and year-ago periods. PTPP net income, which is not a financial metric under generally accepted accounting principles (“GAAP”), is a measure that the Company believes is helpful to understanding profitability without giving effect to income taxes and provision for credit losses. Full-year PTPP net income was $13.5 million in 2024 and $14.7 million in 2023.
    • Total deposits were $1.20 billion at period end, growing by $8.1 million or 2.7% annualized from September 30, 2024 and $84.3 million or 7.5% from December 31, 2023. The Bank’s loan-to-deposit ratio was 76.3% on December 31, 2024.
    • Total loans were $919.0 million at period end, compared to $921.7 million on September 30, 2024 and $897.2 million on December 31, 2023. Commercial loans were $539.7 million at period end, $534.5 million on September 30, 2024 and $524.2 million on December 31, 2023.

    “Pathfinder’s core net interest income growth and net interest margin expansion were key contributors to fourth quarter earnings, and are a product of disciplined asset and liability pricing, the Bank’s valuable core deposit franchise, and our relationship-based commercial and retail lending in Central New York,” said President and Chief Executive Officer James A. Dowd. “In addition, we continue to invest in talent to serve middle market businesses throughout the Syracuse area, building on our foundation in this community. The East Syracuse branch acquired last summer, and our operations throughout the area, made important contributions to Pathfinder’s performance in the fourth quarter, and we look forward to further enhancing the breadth and depth of our commercial and other customer relationships in this important growth market.”

    Dowd added, “We also intend to maintain a sharp focus on managing operating expenses, along with our ongoing efforts to continuously enhance the Company’s proactive credit risk management approach. While there may be short-term variability in measures of operating efficiency and asset quality, our leadership team is fully committed to taking the steps necessary to make sustainable improvements over the long term and continue building franchise value for the benefit of our shareholders.”

    Net Interest Income and Net Interest Margin
    Fourth quarter 2024 net interest income was $10.8 million, a decrease of 7.8% from the third quarter of 2024, or a decrease of 0.2% when excluding an $887,000 third quarter catch-up interest payment associated with purchased loan pool positions. A decrease in interest and dividend income of $1.7 million was primarily attributed to average yield decreases of 44 basis points on loans including 39 basis points from the catch-up interest payment, 108 basis points on tax-exempt investment securities, and 28 basis points on taxable investment securities. The corresponding decreases in income from loan interest, tax-exempt investment securities, and taxable investment securities were $902,000, $24,000, and $337,000, respectively. A decrease in interest expense of $761,000 was attributed to intentional reductions in the cost of time deposits and other interest-bearing deposits, as well as reductions in borrowings expense.

    Net interest margin was 3.15% in the fourth quarter of 2024, compared to 3.34% in the linked quarter. The decrease was due to the 25 basis points of linked quarter NIM attributed to the third quarter 2024 catch-up interest payment.

    Fourth quarter 2024 net interest income was $10.8 million, an increase of 18.1% from the fourth quarter of 2023. An increase in interest and dividend income of $1.2 million was primarily attributed to average yield increases of 33 basis points on loans, 4 basis points on taxable investment securities, and 404 basis points on fed funds sold and interest-earning deposits. The corresponding increase in loan interest income, taxable investment securities, and federal funds sold and interest-earning deposits was $1.1 million, $152,000, and $13,000, respectively. A decrease in interest expense of $463,000 was attributed to changes in the Bank’s deposit mix, repricing of deposits in a lower rate environment, and reductions in borrowings expense.

    Net interest margin was 3.15% in the fourth quarter of 2024 compared to 2.74% in the same period the year prior. The increase of 41 basis points was driven by reductions in borrowing and funding costs.

    Noninterest Income
    Noninterest income totaled $4.9 million in the fourth quarter of 2024, including the $3.2 million pre-tax gain on the insurance agency sale, which represents the gross amount that is required to be 100% consolidated within the Company’s financial statements, despite Pathfinder’s 51% interest in the business sold in October 2024. Noninterest income growth from the third quarter of 2024 was $3.2 million, or $30,000 when excluding the agency sale gain. Noninterest income growth from the fourth quarter of 2023 was $3.6 million, or $419,000 when excluding the agency sale gain.

    The insurance agency sold in October contributed $49,000 in revenue to noninterest income in the fourth quarter of 2024, $367,000 in the third quarter of 2024 and $303,000 in the fourth quarter of 2023.

    Compared to the linked quarter, fourth quarter 2024 noninterest income also included increases of $16,000 in loan servicing fees and $12,000 in service charges on deposit accounts, a decrease of $194,000 in earnings and gain on bank owned life insurance (“BOLI”) after recording a $175,000 third quarter net death benefit on BOLI, and a $36,000 decrease in debit card interchange fees. Noninterest income growth from the linked quarter also reflected an increase of $438,000 in net realized gains on sales and redemptions of investment securities and $104,000 in net realized gains on sales of marketable equity securities, as well as a decrease of $51,000 in gains on sales of loans and foreclosed real estate.

    Compared to the year-ago period, fourth quarter 2024 noninterest income also included increases of $103,000 in interchange fees, $68,000 in service charges on deposit accounts, $26,000 in loan servicing fees, and $3,000 in earnings and gain on BOLI. Noninterest income growth from the year-ago quarter also reflected increases of $248,000 increase in net realized losses on sales and redemptions of investment securities, $213,000 in net realized gains on sales of marketable equity securities, and $41,000 in gains on sales of loans and foreclosed real estate.

    Noninterest Expense
    Noninterest expense totaled $8.5 million in the fourth quarter of 2024, decreasing $1.7 million from the linked quarter and increasing $1.5 million from the year-ago period.

    Fourth quarter 2024 noninterest expense included $456,000 associated with the Company’s insurance agency sale in October 2024, including $155,000 in transaction-related items. The insurance agency incurred $308,000 of noninterest expense in the third quarter of 2024 and $216,000 in the fourth quarter of 2023.

    Third quarter 2024 noninterest expense included $1.6 million in transaction-related expenses for Pathfinder’s acquisition of the East Syracuse branch acquisition in July 2024.

    Salaries and benefits were $4.1 million in the fourth quarter of 2024, decreasing $839,000 from the linked quarter and increasing $446,000 from the year-ago period. The decrease from the linked quarter reflected elevated non-exempt-employee hours for projects related to the successful third quarter closing and integration of the East Syracuse branch acquisition, as well as some personnel vacancies that were open in the fourth quarter. The increase from the fourth quarter of 2023 was primarily attributed to increased headcount and lower salary deferrals than in the prior year period.

    Building and occupancy was $1.3 million in the fourth quarter of 2024, increasing $117,000 and $390,000 from the linked and year-ago quarters, respectively. These increases were due to ongoing facilities-related costs of approximately $322,000 associated with operating the branch acquired in July 2024.

    Professional and other services expense was $608,000 in the fourth quarter of 2024, decreasing $1.2 million from the linked quarter and increasing $120,000 from the year-ago period. The decrease from the third quarter of 2024 was primarily attributed to one-time costs associated with the East Syracuse branch acquisition. The increase from the fourth quarter of 2023 was primarily attributed to a $136,000 increase in technology project implementation services and other outsourced consulting services.

    Annualized noninterest expense, including transaction-related costs, represented 2.33% of average assets in the fourth quarter of 2024, compared to 2.75% and 2.01% in the linked and year-ago periods. The efficiency ratio, including transaction-related costs, was 69.42% in the fourth quarter of 2024, compared to 75.28% and 67.25% in the linked and year-ago periods. The efficiency ratio, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.

    Statement of Financial Condition
    As of December 31, 2024, the Company’s statement of financial condition reflects total assets of $1.47 billion, compared to $1.48 billion and $1.47 billion recorded on September 30, 2024 and December 31, 2023, respectively.

    Loans totaled $919.0 million on December 31, 2024, decreasing 0.3% during the fourth quarter and increasing 2.4% from one year prior. Consumer and residential loans totaled $380.9 million, decreasing 2.0% during the fourth quarter and increasing 1.9% from one year prior. Commercial loans totaled $539.7 million, increasing 1.0% during the fourth quarter and 3.0% from one year prior.

    With respect to liabilities, deposits totaled $1.20 billion on December 31, 2024, increasing 0.7% during the fourth quarter and 7.5% from one year prior. The Company also utilized its lower cost liquidity to reduce total borrowings, which were $88.1 million on December 31, 2024 as compared to $100.1 million on September 30, 2024 and $175.6 million on December 31, 2023.

    Shareholders’ equity totaled $121.9 million on December 31, 2024, increasing $1.6 million or 1.3% in the fourth quarter and increasing $2.4 million or 2.0% from one year prior. The fourth quarter 2024 increase primarily reflects a $4.5 million increase in retained earnings, partially offset by a $2.4 million increase in accumulated other comprehensive loss (“AOCL”) and a $481,000 decrease in additional paid in capital. The full-year 2024 increase in shareholders’ equity primarily reflects a $2.1 increase in retained earnings and a $461,000 decrease in AOCL, partially offset by a $364,000 decrease in additional paid in capital.  The noncontrolling interest included in equity on the Statements of Financial Condition was eliminated with the October 2024 sale of the 51% ownership interest in the Company’s insurance agency.

    Asset Quality
    Pathfinder’s asset quality metrics reflect ongoing efforts the Bank is undertaking as part of its commitment to continuously improve its credit risk management approach.

    Nonperforming loans were $22.1 million or 2.40% of total loans on December 31, 2024, $16.2 million or 1.75% of total loans on September 30, 2024 and $17.2 million or 1.92% of total loans on December 31, 2023.

    Net charge offs (“NCOs”) after recoveries were $1.0 million or an annualized 0.44% of average loans in the fourth quarter of 2024, with gross charge offs for consumer loans, purchased loan pools, and one commercial loan offsetting recoveries in each of these categories. NCOs were $8.7 million or an annualized 3.82% of average loans in the linked quarter, following the loan portfolio review completed in September, and $108,000 or 0.05% in the prior year period.

    Provision for credit loss expense was $988,000 in the fourth quarter of 2024, reflecting NCOs in the period and qualitative factors in the Company’s reserve model. Third quarter of 2024 provision was $9.0 million, primarily to replenish commercial loan reserves and adjust the lifetime loss estimate for solar purchased loan pool positions following the loan portfolio review completed in September. Fourth quarter 2023 provision was $265,000.

    The Company believes it is sufficiently collateralized and reserved, with an Allowance for Credit Losses (“ACL”) of $17.2 million on December 31, 2024, compared to $17.3 million on September 30, 2024 and $16.0 million on December 31, 2023. As a percentage of total loans, ACL represented 1.88% on December 31, 2024, 1.87% on September 30, 2024, and 1.78% on December 31, 2023.

    Liquidity
    The Company has diligently ensured a strong liquidity profile as of December 31, 2024 to meet its ongoing financial obligations. The Bank’s liquidity management, as evaluated by its cash reserves and operational cash flows from loan repayments and investment securities, remains robust and is effectively managed by the institution’s leadership.

    The Bank’s analysis indicates that expected cash inflows from loans and investment securities are more than sufficient to meet all projected financial obligations. Total deposits were $1.20 billion on December 31, 2024, $1.20 billion on September 30, 2024, and $1.12 billion on December 31, 2023. Core deposits represented 76.87% of total deposits on December 31, 2024, 77.45% on September 30, 2024, and 69.83% on December 31, 2023. The Bank’s continues to implement strategic initiatives to enhance its core deposit franchise, including targeted marketing campaigns and customer engagement programs aimed at deepening banking relationships and enhancing deposit stability.

    At the end of the current quarter, Pathfinder Bancorp had an available additional funding capacity of $113.8 million with the Federal Home Loan Bank of New York, which complements its liquidity reserves. Moreover, the Bank maintains additional unused credit lines totaling $43.3 million, which provide a buffer for additional funding needs. These facilities, including access to the Federal Reserve’s Discount Window, are part of a comprehensive liquidity strategy that ensures flexibility and readiness to respond to any funding requirements.

    Cash Dividend Declared
    On December 23, 2024, Pathfinder’s Board of Directors declared a cash dividend of $0.10 per share for holders of both voting common and non-voting common stock.

    In addition, this dividend also extends to the notional shares of the Company’s warrants. Shareholders registered by January 17, 2025 will be eligible for the dividend, which is scheduled for disbursement on February 7, 2025. This distribution aligns with Pathfinder Bancorp’s philosophy of consistent and reliable delivery of shareholder value.

    Evaluating the Company’s market performance, the closing stock price as of December 31, 2024 stood at $17.50 per share. This positions the dividend yield at an attractive 2.29%.

    About Pathfinder Bancorp, Inc.

    Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is the commercial bank holding company for Pathfinder Bank, which serves Central New York customers throughout Oswego, Syracuse, and their neighboring communities. Strategically located branches averaging over $100 million in deposits per location, as well as diversified consumer, mortgage and commercial loan portfolios, reflect the state-chartered Bank’s commitment to in-market relationships and local customer service. The Company also offers investment services to individuals and businesses. At December 31, 2024, the Oswego-headquartered Company had assets of $1.47 billion, loans of $919.0 million, and deposits of $1.20 billion. More information is available at pathfinderbank.com and ir.pathfinderbank.com.

    Forward-Looking Statements
    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are based on current beliefs and expectations of the Company’s and the Bank’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s and the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; fiscal and monetary policies of the U.S. Government; inflation; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov.

    This release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant’s historical or future financial performance, financial position, or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet, or statement of cash flows (or equivalent statements) of the registrant; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the release of the non-GAAP financial measures to the most directly comparable GAAP financial.

    Investor/Media Contacts
    James A. Dowd, President, CEO
    Justin K. Bigham, Senior Vice President, CFO
    Telephone: (315) 343-0057

    PATHFINDER BANCORP, INC.                              
    Selected Financial Information (Unaudited)                              
    (Amounts in thousands, except per share amounts)                              
                                   
        2024     2023  
    SELECTED BALANCE SHEET DATA:   December 31,     September 30,     June 30,     March 31,     December 31,  
    ASSETS:                              
    Cash and due from banks   $ 13,963     $ 18,923     $ 12,022     $ 13,565     $ 12,338  
    Interest-earning deposits     17,609       16,401       19,797       15,658       36,394  
    Total cash and cash equivalents     31,572       35,324       31,819       29,223       48,732  
    Available-for-sale securities, at fair value     269,331       271,977       274,977       279,012       258,716  
    Held-to-maturity securities, at amortized cost     158,683       161,385       166,271       172,648       179,286  
    Marketable equity securities, at fair value     4,076       3,872       3,793       3,342       3,206  
    Federal Home Loan Bank stock, at cost     4,590       5,401       8,702       7,031       8,748  
    Loans     918,986       921,660       888,263       891,531       897,207  
    Less: Allowance for credit losses     17,243       17,274       16,892       16,655       15,975  
    Loans receivable, net     901,743       904,386       871,371       874,876       881,232  
    Premises and equipment, net     19,009       18,989       18,878       18,332       18,441  
    Assets held-for-sale     –       –       3,042       3,042       3,042  
    Operating lease right-of-use assets     1,391       1,425       1,459       1,493       1,526  
    Finance lease right-of-use assets     16,676       16,873       4,004       4,038       4,073  
    Accrued interest receivable     6,881       6,806       7,076       7,170       7,286  
    Foreclosed real estate     –       –       60       82       151  
    Intangible assets, net     5,989       6,217       76       80       85  
    Goodwill     5,056       5,752       4,536       4,536       4,536  
    Bank owned life insurance     24,727       24,560       24,967       24,799       24,641  
    Other assets     25,150       20,159       25,180       23,968       22,097  
    Total assets   $ 1,474,874     $ 1,483,126     $ 1,446,211     $ 1,453,672     $ 1,465,798  
                                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                              
    Deposits:                              
    Interest-bearing deposits   $ 990,674     $ 986,103     $ 932,132     $ 969,692     $ 949,898  
    Noninterest-bearing deposits     213,719       210,110       169,145       176,421       170,169  
    Total deposits     1,204,393       1,196,213       1,101,277       1,146,113       1,120,067  
    Short-term borrowings     61,000       60,315       127,577       91,577       125,680  
    Long-term borrowings     27,068       39,769       45,869       45,869       49,919  
    Subordinated debt     30,107       30,057       30,008       29,961       29,914  
    Accrued interest payable     234       236       2,092       1,963       2,245  
    Operating lease liabilities     1,591       1,621       1,652       1,682       1,711  
    Finance lease liabilities     16,745       16,829       4,359       4,370       4,381  
    Other liabilities     11,876       16,986       9,203       9,505       11,625  
    Total liabilities     1,353,014       1,362,026       1,322,037       1,331,040       1,345,542  
    Shareholders’ equity:                              
    Voting common stock shares issued and outstanding     4,742,841       4,719,788       4,719,788       4,719,788       4,719,288  
    Voting common stock     47       47       47       47       47  
    Non-Voting common stock     14       14       14       14       14  
    Additional paid in capital     52,750       53,231       53,182       53,151       53,114  
    Retained earnings     78,193       73,670       78,936       77,558       76,060  
    Accumulated other comprehensive loss     (9,144 )     (6,716 )     (8,786 )     (8,862 )     (9,605 )
    Unearned ESOP shares     –       –       (45 )     (90 )     (135 )
    Total Pathfinder Bancorp, Inc. shareholders’ equity     121,860       120,246       123,348       121,818       119,495  
    Noncontrolling interest     –       854       826       814       761  
    Total equity     121,860       121,100       124,174       122,632       120,256  
    Total liabilities and shareholders’ equity   $ 1,474,874     $ 1,483,126     $ 1,446,211     $ 1,453,672     $ 1,465,798  
                                             

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

        Years Ended December 31,     2024     2023  
    SELECTED INCOME STATEMENT DATA:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Interest and dividend income:                                          
    Loans, including fees   $ 52,705     $ 47,348     $ 13,523     $ 14,425     $ 12,489     $ 12,268     $ 12,429  
    Debt securities:                                          
    Taxable     22,319       17,500       5,312       5,664       5,736       5,607       5,092  
    Tax-exempt     1,920       1,947       445       469       498       508       506  
    Dividends     620       573       164       149       178       129       232  
    Federal funds sold and interest-earning deposits     793       295       82       492       121       98       69  
    Total interest and dividend income     78,357       67,663       19,526       21,199       19,022       18,610       18,328  
    Interest expense:                                          
    Interest on deposits     30,050       23,265       7,380       7,633       7,626       7,411       7,380  
    Interest on short-term borrowings     4,176       2,688       700       1,136       1,226       1,114       1,064  
    Interest on long-term borrowings     733       850       136       202       201       194       231  
    Interest on subordinated debt     1,966       1,941       490       496       489       491       494  
    Total interest expense     36,925       28,744       8,706       9,467       9,542       9,210       9,169  
    Net interest income     41,432       38,919       10,820       11,732       9,480       9,400       9,159  
    Provision for (benefit from) credit losses:                                          
    Loans     11,106       2,991       988       9,104       304       710       316  
    Held-to-maturity securities     (94 )     (98 )     (4 )     (31 )     (74 )     15       (74 )
    Unfunded commitments     (39 )     37       4       (104 )     60       1       23  
    Total provision for credit losses     10,973       2,930       988       8,969       290       726       265  
    Net interest income after provision for credit losses     30,459       35,989       9,832       2,763       9,190       8,674       8,894  
    Noninterest income:                                          
    Service charges on deposit accounts     1,436       1,249       405       392       330       309       336  
    Earnings and gain on bank owned life insurance     854       630       169       361       167       157       164  
    Loan servicing fees     375       307       96       79       112       88       69  
    Net realized (losses) gains on sales and redemptions of investment securities     (71 )     62       249       (188 )     16       (148 )     2  
    Gain on asset sale 1 & 2     3,169       –       3,169       –       –       –       –  
    Net realized gains (losses) on sales of marketable equity securities     197       (255 )     166       62       (139 )     108       (47 )
    Gains on sales of loans and foreclosed real estate     187       181       39       90       40       18       (2 )
    Loss on sale of premises and equipment     (13 )     –       –       (36 )     –       –       –  
    Debit card interchange fees     875       616       265       300       191       119       161  
    Insurance agency revenue 1     1,073       1,304       49       367       260       397       303  
    Other charges, commissions & fees     1,479       1,096       299       280       234       689       332  
    Total noninterest income     9,561       5,190       4,906       1,707       1,211       1,737       1,318  
    Noninterest expense:                                          
    Salaries and employee benefits     17,810       15,920       4,123       4,959       4,399       4,329       3,677  
    Building and occupancy     4,118       3,563       1,254       1,134       914       816       864  
    Data processing     2,471       2,018       721       672       550       528       499  
    Professional and other services     3,686       2,019       608       1,820       696       562       488  
    Advertising     604       671       218       165       116       105       155  
    FDIC assessments     916       885       231       228       228       229       222  
    Audits and exams     539       735       123       123       123       170       259  
    Insurance agency expense 1     1,281       1,033       456       308       232       285       216  
    Community service activities     130       200       19       20       39       52       49  
    Foreclosed real estate expenses     102       111       20       27       30       25       35  
    Other expenses     2,760       2,240       771       803       581       605       580  
    Total noninterest expense     34,417       29,395       8,544       10,259       7,908       7,706       7,044  
    Income (loss) before provision for income taxes     5,603       11,784       6,194       (5,789 )     2,493       2,705       3,168  
    Provision (benefit) for income taxes     398       2,362       558       (1,173 )     481       532       590  
    Net income (loss) attributable to noncontrolling interest and Pathfinder Bancorp, Inc.     5,205       9,422       5,636       (4,616 )     2,012       2,173       2,578  
    Net income attributable to noncontrolling interest 1     1,445       129       1,352       28       12       53       42  
    Net income (loss) attributable to Pathfinder Bancorp Inc.   $ 3,760     $ 9,293     $ 4,284     $ (4,644 )   $ 2,000     $ 2,120     $ 2,536  
    Voting Earnings per common share – basic and diluted   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Series A Non-Voting Earnings per common share- basic and diluted   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Dividends per common share (Voting and Series A Non-Voting)   $ 0.40     $ 0.36     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.09  

    1 Although the Company owned 51% of its membership interest in FitzGibbons Agency, LLC (“Agency”) the Company is required to consolidate 100% of the Agency within the consolidated financial statements.
    2 The $3,169,000 consolidated gain on asset sale equals $1,616,000 associated with the Company’s 51% interest in the Agency plus $1,553,000 associated with the 49% noncontrolling interest.

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

        Years Ended December 31,     2024     2023  
    FINANCIAL HIGHLIGHTS:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Selected Ratios:                                          
    Return on average assets     0.26 %     0.67 %     1.17 %     -1.25 %     0.56 %     0.59 %     0.72 %
    Return on average common equity     3.06 %     8.09 %     14.09 %     -14.79 %     6.49 %     7.01 %     8.72 %
    Return on average equity     3.06 %     8.09 %     14.09 %     -14.79 %     6.49 %     7.01 %     8.72 %
    Return on average tangible common equity 1     3.23 %     8.43 %     15.54 %     -15.28 %     6.78 %     7.32 %     9.01 %
    Net interest margin     3.01 %     2.95 %     3.15 %     3.34 %     2.78 %     2.75 %     2.74 %
    Loans / deposits     76.30 %     80.10 %     76.30 %     77.05 %     80.66 %     77.79 %     80.10 %
    Core deposits/deposits 2     76.87 %     69.83 %     76.87 %     77.45 %     67.98 %     69.17 %     69.83 %
    Annualized non-interest expense / average assets     3.17 %     2.11 %     2.33 %     2.75 %     2.19 %     2.16 %     2.01 %
    Commercial real estate / risk-based capital 3     186.73 %     162.21 %     186.73 %     189.47 %     169.73 %     163.93 %     162.21 %
    Efficiency ratio 1     71.86 %     66.74 %     69.42 %     75.28 %     74.08 %     68.29 %     67.25 %
                                               
    Other Selected Data:                                          
    Average yield on loans     5.83 %     5.26 %     5.87 %     6.31 %     5.64 %     5.48 %     5.55 %
    Average cost of interest bearing deposits     3.08 %     2.45 %     2.94 %     3.11 %     3.21 %     3.07 %     3.10 %
    Average cost of total deposits, including non-interest bearing     2.59 %     2.07 %     2.44 %     2.59 %     2.72 %     2.61 %     2.63 %
    Deposits/branch 4   $ 100,366     $ 101,824     $ 100,366     $ 99,684     $ 100,116     $ 104,192     $ 101,824  
    Pre-tax, pre-provision net income 1   $ 13,478     $ 14,652     $ 3,764     $ 3,368     $ 2,767     $ 3,579     $ 3,431  
    Total revenue 1   $ 47,895     $ 44,047     $ 12,308     $ 13,627     $ 10,675     $ 11,285     $ 10,475  
                                               
    Share and Per Share Data:                                          
    Cash dividends per share   $ 0.40     $ 0.36     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.09  
    Book value per common share   $ 19.90     $ 19.59     $ 19.90     $ 19.71     $ 20.22     $ 19.97     $ 19.59  
    Tangible book value per common share 1   $ 18.10     $ 18.83     $ 18.10     $ 17.75     $ 19.46     $ 19.21     $ 18.83  
    Basic and diluted weighted average shares outstanding – Voting     4,714       4,653       4,732       4,714       4,708       4,701       4,693  
    Basic and diluted earnings per share – Voting 5   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Basic and diluted weighted average shares outstanding – Series A Non-Voting     1,380       1,380       1,380       1,380       1,380       1,380       1,380  
    Basic and diluted earnings per share – Series A Non-Voting 5   $ 0.60     $ 1.51     $ 0.69     $ (0.75 )   $ 0.32     $ 0.34     $ 0.41  
    Common shares outstanding at period end     6,123       6,100       6,123       6,100       6,100       6,100       6,100  
                                               
    Pathfinder Bancorp, Inc. Capital Ratios:                                          
    Company tangible common equity to tangible assets 1     7.57 %     7.86 %     7.57 %     7.36 %     8.24 %     8.09 %     7.86 %
    Company Total Core Capital (to Risk-Weighted Assets)     15.70 %     16.17 %     15.70 %     15.55 %     16.19 %     16.23 %     16.17 %
    Company Tier 1 Capital (to Risk-Weighted Assets)     12.04 %     12.30 %     12.04 %     11.84 %     12.31 %     12.33 %     12.30 %
    Company Tier 1 Common Equity (to Risk-Weighted Assets)     11.55 %     11.81 %     11.55 %     11.33 %     11.83 %     11.85 %     11.81 %
    Company Tier 1 Capital (to Assets)     8.69 %     9.35 %     8.69 %     8.29 %     9.16 %     9.16 %     9.35 %
                                               
    Pathfinder Bank Capital Ratios:                                          
    Bank Total Core Capital (to Risk-Weighted Assets)     14.70 %     15.05 %     14.70 %     14.52 %     16.04 %     15.65 %     15.05 %
    Bank Tier 1 Capital (to Risk-Weighted Assets)     13.44 %     13.80 %     13.44 %     13.26 %     14.79 %     14.39 %     13.80 %
    Bank Tier 1 Common Equity (to Risk-Weighted Assets)     13.44 %     13.80 %     13.44 %     13.26 %     14.79 %     14.39 %     13.80 %
    Bank Tier 1 Capital (to Assets)     9.69 %     10.11 %     9.69 %     9.13 %     10.30 %     10.13 %     10.11 %

    1 Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
    2 Non-brokered deposits excluding certificates of deposit of $250,000 or more.
    3 Construction and development, multifamily, and non-owner occupied CRE loans as a percentage of Pathfinder Bank total capital.
    4 Includes 11 full-service branches and one motor bank for December 31 and September 30, 2024, respectively. Includes 10 full-service branches and one motor bank for all periods prior.
    5 Basic and diluted earnings per share are calculated based upon the two-class method. Weighted average shares outstanding do not include unallocated ESOP shares.

    The above information is preliminary and based on the Company’s data available at the time of presentation.
        Years Ended December 31,     2024     2023  
    ASSET QUALITY:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Total loan charge-offs   $ 10,183     $ 4,221     $ 1,191     $ 8,812     $ 112     $ 68     $ 211  
    Total recoveries     345       355       171       90       46       38       103  
    Net loan charge-offs     9,838       3,866       1,020       8,722       66       30       108  
    Allowance for credit losses at period end     17,243       15,975       17,243       17,274       16,892       16,655       15,975  
    Nonperforming loans at period end     22,084       17,227       22,084       16,170       24,490       19,652       17,227  
    Nonperforming assets at period end   $ 22,084     $ 17,378     $ 22,084     $ 16,170     $ 24,550     $ 19,734     $ 17,378  
    Annualized net loan charge-offs to average loans     1.09 %     0.43 %     0.44 %     3.82 %     0.03 %     0.01 %     0.05 %
    Allowance for credit losses to period end loans     1.88 %     1.78 %     1.88 %     1.87 %     1.90 %     1.87 %     1.78 %
    Allowance for credit losses to nonperforming loans     78.08 %     92.73 %     78.08 %     106.83 %     68.98 %     84.75 %     92.73 %
    Nonperforming loans to period end loans     2.40 %     1.92 %     2.40 %     1.75 %     2.76 %     2.20 %     1.92 %
    Nonperforming assets to period end assets     1.50 %     1.19 %     1.50 %     1.09 %     1.70 %     1.36 %     1.19 %
                                                             
        2024       2023  
    LOAN COMPOSITION:   December 31,     September 30,     June 30,     March 31,     December 31,  
    1-4 family first-lien residential mortgages   $ 251,373     $ 255,235     $ 250,106     $ 252,026     $ 257,604  
    Residential construction     4,864       4,077       309       1,689       1,355  
    Commercial real estate     377,619       378,805       370,361       363,467       358,707  
    Commercial lines of credit     67,602       64,672       62,711       67,416       72,069  
    Other commercial and industrial     89,800       88,247       90,813       91,178       89,803  
    Paycheck protection program loans     113       125       136       147       158  
    Tax exempt commercial loans     4,544       2,658       3,228       3,374       3,430  
    Home equity and junior liens     51,948       52,709       35,821       35,723       34,858  
    Other consumer     72,710       76,703       75,195       77,106       79,797  
    Subtotal loans     920,573       923,231       888,680       892,126       897,781  
    Deferred loan fees     (1,587 )     (1,571 )     (417 )     (595 )     (574 )
    Total loans   $ 918,986     $ 921,660     $ 888,263     $ 891,531     $ 897,207  
                                             
        2024     2023  
    DEPOSIT COMPOSITION:   December 31,     September 30,     June 30,     March 31,     December 31,  
    Savings accounts   $ 128,752     $ 129,053     $ 106,048     $ 111,465     $ 113,543  
    Time accounts     360,586       352,729       368,262       378,103       377,570  
    Time accounts in excess of $250,000     142,473       140,181       117,021       114,514       95,272  
    Money management accounts     11,583       11,520       12,154       11,676       12,364  
    MMDA accounts     239,016       250,007       193,915       215,101       224,707  
    Demand deposit interest-bearing     101,080       97,344       128,168       134,196       119,321  
    Demand deposit noninterest-bearing     213,719       210,110       169,145       176,434       170,169  
    Mortgage escrow funds     7,184       5,269       6,564       4,624       7,121  
    Total deposits   $ 1,204,393     $ 1,196,213     $ 1,101,277     $ 1,146,113     $ 1,120,067  
                                             

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

        Years Ended December 31,     2024     2023  
    SELECTED AVERAGE BALANCES:   2024     2023     Q4     Q3     Q4  
    Interest-earning assets:                              
    Loans   $ 903,941     $ 899,605     $ 920,855     $ 914,467     $ 896,439  
    Taxable investment securities     423,475       379,600       412,048       415,751       403,411  
    Tax-exempt investment securities     30,861       30,318       34,918       30,382       27,941  
    Fed funds sold and interest-earning deposits     16,379       11,730       5,115       42,897       11,630  
    Total interest-earning assets     1,374,656       1,321,253       1,372,936       1,403,497       1,339,421  
    Noninterest-earning assets:                              
    Other assets     102,582       100,319       112,654       103,856       102,940  
    Allowance for credit losses     (16,670 )     (17,870 )     (17,145 )     (16,537 )     (17,359 )
    Net unrealized losses on available-for-sale securities     (9,769 )     (13,600 )     (8,534 )     (9,161 )     (15,653 )
    Total assets   $ 1,450,799     $ 1,390,102     $ 1,459,911     $ 1,481,655     $ 1,409,349  
    Interest-bearing liabilities:                              
    NOW accounts   $ 101,336     $ 92,223     $ 102,862     $ 102,868     $ 87,210  
    Money management accounts     11,679       14,116       11,371       11,828       12,518  
    MMDA accounts     227,597       239,182       257,429       227,247       231,957  
    Savings and club accounts     118,965       124,617       128,169       127,262       115,984  
    Time deposits     517,352       480,867       504,008       514,049       505,554  
    Subordinated loans     30,002       29,815       30,076       30,025       29,883  
    Borrowings     114,471       105,471       68,391       122,129       124,780  
    Total interest-bearing liabilities     1,121,402       1,086,291       1,102,306       1,135,408       1,107,886  
    Noninterest-bearing liabilities:                              
    Demand deposits     184,572       172,950       206,521       195,765       169,340  
    Other liabilities     21,923       16,037       29,491       24,856       15,858  
    Total liabilities     1,327,897       1,275,278       1,338,318       1,356,029       1,293,084  
    Shareholders’ equity     122,902       114,824       121,593       125,626       116,265  
    Total liabilities & shareholders’ equity   $ 1,450,799     $ 1,390,102     $ 1,459,911     $ 1,481,655     $ 1,409,349  
                                             
        Years Ended December 31,     2024     2023  
    SELECTED AVERAGE YIELDS:   2024     2023     Q4     Q3     Q4  
    Interest-earning assets:                              
    Loans     5.83 %     5.26 %     5.87 %     6.31 %     5.55 %
    Taxable investment securities     5.42 %     4.76 %     5.32 %     5.59 %     5.28 %
    Tax-exempt investment securities     6.22 %     6.42 %     5.10 %     6.17 %     7.24 %
    Fed funds sold and interest-earning deposits     4.84 %     2.51 %     6.41 %     4.59 %     2.37 %
    Total interest-earning assets     5.70 %     5.12 %     5.69 %     6.04 %     5.47 %
    Interest-bearing liabilities:                              
    NOW accounts     1.10 %     0.58 %     1.19 %     1.09 %     1.02 %
    Money management accounts     0.11 %     0.11 %     0.11 %     0.10 %     0.10 %
    MMDA accounts     3.52 %     2.80 %     3.23 %     3.54 %     3.72 %
    Savings and club accounts     0.26 %     0.22 %     0.26 %     0.25 %     0.26 %
    Time deposits     3.98 %     3.27 %     3.90 %     4.09 %     3.89 %
    Subordinated loans     6.55 %     6.51 %     6.52 %     6.61 %     6.61 %
    Borrowings     4.29 %     3.35 %     4.89 %     4.38 %     4.15 %
    Total interest-bearing liabilities     3.29 %     2.65 %     3.16 %     3.34 %     3.31 %
    Net interest rate spread     2.41 %     2.47 %     2.53 %     2.70 %     2.16 %
    Net interest margin     3.01 %     2.95 %     3.15 %     3.34 %     2.74 %
    Ratio of average interest-earning assets to average interest-bearing liabilities     122.58 %     121.63 %     124.55 %     123.61 %     120.90 %
                                             

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

        Years Ended December 31,     2024     2023  
    NON-GAAP RECONCILIATIONS:   2024     2023     Q4     Q3     Q2     Q1     Q4  
    Tangible book value per common share:                                          
    Total equity               $ 121,860     $ 120,246     $ 123,348     $ 121,818     $ 119,495  
    Intangible assets                 (11,045 )     (11,969 )     (4,612 )     (4,616 )     (4,621 )
    Tangible common equity (non-GAAP)                 110,815       108,277       118,736       117,202       114,874  
    Common shares outstanding                 6,123       6,100       6,100       6,100       6,100  
    Tangible book value per common share (non-GAAP)               $ 18.10     $ 17.75     $ 19.46     $ 19.21     $ 18.83  
    Tangible common equity to tangible assets:                                          
    Tangible common equity (non-GAAP)               $ 110,815     $ 108,277     $ 118,736     $ 117,202     $ 114,874  
    Tangible assets                 1,463,829       1,471,157       1,441,599       1,449,056       1,461,177  
    Tangible common equity to tangible assets ratio (non-GAAP)                 7.57 %     7.36 %     8.24 %     8.09 %     7.86 %
    Return on average tangible common equity:                                          
    Average shareholders’ equity   $ 122,902     $ 114,824     $ 121,593     $ 125,626     $ 123,211     $ 121,031     $ 116,265  
    Average intangible assets     6,468       4,629       11,907       4,691       4,614       4,619       4,623  
    Average tangible equity (non-GAAP)     116,434       110,195       109,686       120,935       118,597       116,412       111,642  
    Net income (loss)     3,760       9,293       4,284       (4,644 )     2,000       2,120       2,536  
    Net income (loss), annualized   $ 3,760     $ 9,293     $ 17,043     $ (18,475 )   $ 8,044     $ 8,527     $ 10,061  
    Return on average tangible common equity (non-GAAP) 1     3.23 %     8.43 %     15.54 %     -15.28 %     6.78 %     7.32 %     9.01 %
    Revenue, pre-tax, pre-provision net income, and efficiency ratio:                                          
    Net interest income   $ 41,432     $ 38,919     $ 10,820     $ 11,732     $ 9,480     $ 9,400     $ 9,159  
    Total noninterest income     9,561       5,190       4,906       1,707       1,211       1,737       1,318  
    Net realized (gains) losses on sales and redemptions of investment securities     (71 )     62       249       (188 )     16       (148 )     2  
    Gain on asset sale     3,169       –       3,169       –       –       –       –  
    Revenue (non-GAAP) 2     47,895       44,047       12,308       13,627       10,675       11,285       10,475  
    Total non-interest expense     34,417       29,395       8,544       10,259       7,908       7,706       7,044  
    Pre-tax, pre-provision net income (non-GAAP) 3   $ 13,478     $ 14,652     $ 3,764     $ 3,368     $ 2,767     $ 3,579     $ 3,431  
    Efficiency ratio (non-GAAP) 4     71.86 %     66.74 %     69.42 %     75.28 %     74.08 %     68.29 %     67.25 %

    1 Return on average tangible common equity equals annualized net income (loss) divided by average tangible equity
    2 Revenue equals net interest income plus total noninterest income less net realized gains or losses on sales and redemptions of investment securities and gain on sale of insurance agency
    3 Pre-tax, pre-provision net income equals revenue less total non-interest expense
    4 Efficiency ratio equals noninterest expense divided by revenue

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

    The MIL Network –

  • MIL-OSI: Apollo to Present at the 2025 UBS Financial Services Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 31, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Martin Kelly, Chief Financial Officer, will participate in a fireside chat at the UBS Financial Services Conference on Monday, February 10, 2025 at 9:40 am ET.

    A live webcast of the event will be available on Apollo’s Investor Relations website at ir.apollo.com. For those unable to join live, a replay will be available shortly after the event.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

    Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com

    The MIL Network –

  • MIL-OSI: Territorial Bancorp Inc. Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • The Company’s tier one leverage and risk-based capital ratios were 11.68% and 28.96%, respectively, and the Company is considered to be “well-capitalized” at December 31, 2024.
    • Ratio of non-performing assets to total assets of 0.09% at December 31, 2024.

    HONOLULU, Jan. 31, 2025 (GLOBE NEWSWIRE) — Territorial Bancorp Inc. (NASDAQ: TBNK) (the Company), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, reported a net loss of $1.72 million, or $0.20 per diluted share, for the three months ended December 31, 2024. Results reflect $1.53 million of pre-tax merger-related expenses.

    The Board of Directors approved a dividend of $0.01 per share. The dividend is expected to be paid on February 28, 2025, to stockholders of record as of February 14, 2025.

    Hope Bancorp, Inc. Merger Agreement

    As previously announced in a joint news release issued April 29, 2024, Hope Bancorp, Inc. (NASDAQ: HOPE) (Hope Bancorp) and the Company signed a definitive merger agreement. Under the terms of the merger agreement, Company stockholders will receive a fixed exchange ratio of 0.8048 share of Hope Bancorp common stock in exchange for each share of Company common stock they own, in a 100% stock-for-stock transaction valued at approximately $78.60 million, based on the closing price of Hope Bancorp’s common stock on April 26, 2024. The transaction is intended to qualify as a tax-free reorganization for Territorial stockholders.

    Upon completion of the transaction, Hope Bancorp intends to maintain the Territorial franchise in Hawaii and preserve the 100-plus year legacy of the Territorial Savings Bank brand name, culture and commitment to the local communities. The branches will continue to do business under the Territorial Savings Bank brand, as a trade name of Bank of Hope.

    The transaction is subject to regulatory approvals and the satisfaction of other customary closing conditions.

    Interest Income

    Net interest income decreased by $2.21 million for the three months ended December 31, 2024, compared to the three months ended December 31, 2023. Total interest income was $17.91 million for the three months ended December 31, 2024, compared to $17.69 million for the three months ended December 31, 2023. The $217,000 increase in total interest income was primarily due to a $274,000 increase in interest earned on loans and a $245,000 increase in interest earned on other investments. The $274,000 increase in interest income on loans resulted from a 14 basis point increase in the average loan yield, partially offset by a $20.63 million decrease in the average loan balance. The increase in interest income on other investments is primarily due to a $28.86 million increase in the average cash balance with the Federal Reserve Bank of San Francisco (FRB), offset by a 45 basis point decrease in the average interest rate paid on cash balances. The increases in interest income on loans and other investments during the quarter were partially offset by a $302,000 decrease in interest on investment securities, which occurred because of a $40.21 million decrease in the average securities balances.

    Interest Expense and Provision for Credit Losses

    As a result of prolonged increases in short-term interest rates, total interest expense increased by $2.42 million for the three months ended December 31, 2024, compared to the three months ended December 31, 2023. Interest expense on deposits increased by $2.51 million for the three months ended December 31, 2024, primarily due to an increase in interest expense on certificates of deposit (CD) and savings accounts. Interest expense on CDs rose by $1.61 million for the three months ended December 31, 2024, due to a 17 basis point increase in the average cost of CDs and a $132.90 million increase in the average CD balance. Interest expense on savings accounts rose by $892,000 for the three months ended December 31, 2024, due to a 58 basis point increase in the average cost of savings accounts which was partially offset by a $72.23 million decrease in the average balance. The increase in the average cost of CDs and savings accounts occurred as interest rates were raised in response to the increases in market interest rates over that period. The increase in the average balance of CDs and the decrease in the average balance of savings accounts occurred as customers transferred balances from lower rate savings accounts to higher rate CDs. Interest expense on Federal Home Loan Bank (FHLB) borrowings declined by $285,000 for the three months ended December 31, 2024, as the Company paid off $82.00 million in advances from the FHLB during 2024. Interest expense on Federal Reserve Bank (FRB) borrowings rose by $230,000 for the three months ended December 31, 2024, as the Company obtained a $50.00 million advance from the FRB in the fourth quarter of 2023 to enhance the Company’s liquidity and to fund deposit withdrawals. The FRB advances were paid off during the three months ended December 31, 2024.

    The Company had a $51,000 provision for credit losses for the three months ending December 31, 2024, compared to a $144,000 provision for the three months ending December 31, 2023. The decrease in the provision for credit losses was due to a decrease in the mortgage loan portfolio, which was partially offset by an increase in provision related to growth in the consumer loan portfolio.

    Noninterest Income

    Noninterest income increased by $139,000 for the three months ended December 31, 2024 compared to the three months ended December 31, 2023, primarily due to a $129,000 decrease in pension expenses related to an increase in the return on the pension plan’s assets.

    Noninterest Expense

    Noninterest expense increased by $1.42 million for the three months ended December 31, 2024, compared to the three months ended December 31, 2023, primarily due to a $1.34 million increase in general and administrative expenses. General and administrative expenses included $1.53 million of merger-related legal and consulting expenses. Federal Deposit Insurance Corporation (FDIC) premium expense rose by $141,000 for the quarter because of an increase in the FDIC insurance premium rates. The increase in other general and administrative expenses and FDIC premiums was offset by a $170,000 decrease in occupancy expense during the quarter. The decrease was due to a one-time reversal of a previously accrued charge.

    Income Taxes

    Income tax benefit for the three months ended December 31, 2024 was $1.28 million with an effective tax rate of (42.53)% compared to income tax expense of $61,000 with an effective tax rate of 15.44% for the three months ended December 31, 2023. The change from income tax expense to income tax benefit was primarily due to a $3.40 million change in net operating income during the quarter.

    Balance Sheet

    Total assets were $2.17 billion at December 31, 2024 and $2.24 billion at December 31, 2023. Investment securities, including available for sale securities, decreased by $41.74 million to $664.16 million at December 31, 2024 from $705.90 million at December 31, 2023. The decrease in investment securities occurred because of principal repayments on mortgage-backed securities. Loans receivable decreased by $21.89 million to $1.29 billion at December 31, 2024 from $1.31 billion at December 31, 2023. The decrease in loans receivable occurred as loan repayments and sales exceeded new loan originations. Cash and cash equivalents decreased by $3.14 million to $123.52 million at December 31, 2024 from $126.66 million at December 31, 2023 due to repayments of advances from the FHLB, FRB and repurchase agreements, which were offset by increases in deposits and principal repayments on mortgage-backed securities and on loans receivable.

    Deposits increased by $81.06 million from $1.64 billion at December 31, 2023 to $1.72 billion at December 31, 2024. The increase in deposits is primarily due to deposits from state and local governments. The increase in deposits was used with principal repayments on mortgage-backed securities and loans receivable to pay off $82.00 million of maturing FHLB advances, $50.00 million of FRB advances and $10.00 million of repurchase agreements.

    Asset Quality

    Credit quality continues to be extremely important as the Company adheres to its strict underwriting standards. The Company had $1.22 million in delinquent mortgage loans 90 days or more past due at December 31, 2024, compared to $227,000 at December 31, 2023. Non-performing assets totaled $1.93 million at December 31, 2024, compared to $2.26 million at December 31, 2023. The ratio of non-performing assets to total assets was 0.09% at December 31, 2024, compared to 0.10% at December 31, 2023. The allowance for credit losses was $5.11 million at December 31, 2024, compared to $5.12 million at December 31, 2023, representing 0.40% of total loans at December 31, 2024, compared to 0.39% of total loans at December 31, 2023. The ratio of the allowance for credit losses to non-performing loans was 264.56% at December 31, 2024, compared to 226.59% at December 31, 2023.

    About Us

    Territorial Bancorp Inc., headquartered in Honolulu, Hawaii, is the stock holding company for Territorial Savings Bank. Territorial Savings Bank is a state-chartered savings bank which was originally chartered in 1921 by the Territory of Hawaii. Territorial Savings Bank conducts business from its headquarters in Honolulu, Hawaii and has 28 branch offices in the state of Hawaii. For additional information, please visit the Company’s website at: https://www.tsbhawaii.bank.

    Forward-looking statements

    This earnings release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to:

    • statements of our goals, intentions and expectations;
    • statements regarding our business plans, prospects, growth and operating strategies;
    • statements regarding the asset quality of our loan and investment portfolios; and
    • estimates of our risks and future costs and benefits.

    These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this earnings release.

    The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

    • factors related to the proposed transaction with Hope Bancorp, including the receipt of regulatory approvals, and other customary closing conditions;
    • general economic conditions, either internationally, nationally or in our market areas, that are worse than expected;
    • competition among depository and other financial institutions;
    • inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
    • adverse changes in the securities markets;
    • changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;
    • changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
    • our ability to enter new markets successfully and capitalize on growth opportunities;
    • our ability to successfully integrate acquired entities, if any;
    • changes in consumer demand, spending, borrowing and savings habits;
    • changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
    • changes in our organization, compensation and benefit plans;
    • the timing and amount of revenues that we may recognize;
    • the value and marketability of collateral underlying our loan portfolios;
    • our ability to retain key employees;
    • cyberattacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information, destroy data or disable our systems;
    • technological change that may be more difficult or expensive than expected;
    • the ability of third-party providers to perform their obligations to us;
    • the ability of the U.S. Government to manage federal debt limits;
    • the quality and composition of our investment portfolio;
    • the effect of any pandemic disease, natural disaster, war, act of terrorism, accident or similar action or event;
    • changes in market and other conditions that would affect our ability to repurchase our common stock; and
    • changes in our financial condition or results of operations that reduce capital available to pay dividends.

    Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

    Contact: Walter Ida
    (808) 946-1400

    Territorial Bancorp Inc. and Subsidiaries
    Consolidated Statements of Operations (Unaudited)
    (Dollars in thousands, except per share data)
               
        Three Months Ended   Year Ended
        December 31,   December 31,
        2024
    		   2023   2024   2023
    Interest income:                    
    Loans   $ 12,280     $ 12,006   $ 48,820     $ 47,043  
    Investment securities     4,104       4,406   16,857     17,918  
    Other investments     1,524       1,279   6,628     4,127  
    Total interest income     17,908       17,691   72,305     69,088  
                         
    Interest expense:                    
    Deposits     8,731       6,223   31,389     19,484  
    Advances from the Federal Home Loan Bank     1,569       1,854   6,899     6,636  
    Advances from the Federal Reserve Bank     384       154   2,173     183  
    Securities sold under agreements to repurchase     15       46   152     154  
    Total interest expense     10,699       8,277   40,613     26,457  
                         
    Net interest income     7,209       9,414   31,692     42,631  
    Provision (reversal of provision) for credit losses     51       144   73     (3 )
                         
    Net interest income after provision (reversal of provision) for credit losses     7,158       9,270   31,619     42,634  
                         
    Noninterest income:                    
    Service and other fees     285       305   1,170     1,327  
    Income on bank-owned life insurance     257       227   1,007     855  
    Net gain on sale of loans     —       —   19     10  
    Other     200       71   415     279  
    Total noninterest income     742       603   2,611     2,471  
                         
    Noninterest expense:                    
    Salaries and employee benefits     5,181       5,109   19,787     20,832  
    Occupancy     1,539       1,709   6,858     6,910  
    Equipment     1,320       1,278   5,307     5,156  
    Federal deposit insurance premiums     386       245   1,667     982  
    Other general and administrative expenses     2,474       1,137   7,325     4,388  
    Total noninterest expense     10,900       9,478   40,944     38,268  
                         
    (Loss) Income before income taxes     (3,000 )     395   (6,714 )   6,837  
    Income tax (benefit) expense     (1,276 )     61   (2,415 )   1,810  
    Net (loss) income   $ (1,724 )   $ 334   $ (4,299 )   $ 5,027  
                         
    Basic (loss) earnings per share   $ (0.20 )   $ 0.04   $ (0.50 )   $ 0.58  
    Diluted (loss) earnings per share   $ (0.20 )   $ 0.04   $ (0.50 )   $ 0.57  
    Cash dividends declared per common share   $ 0.01     $ 0.05   $ 0.08     $ 0.74  
    Basic weighted-average shares outstanding     8,630,432       8,575,902   8,610,706     8,636,495  
    Diluted weighted-average shares outstanding     8,630,432       8,603,843   8,610,706     8,684,092  
                         
    Territorial Bancorp Inc. and Subsidiaries
    Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands, except per share data)
                 
        December 31,   December 31,
        2024    2023 
    ASSETS            
    Cash and cash equivalents   $ 123,523     $ 126,659  
    Investment securities available for sale, at fair value     18,492       20,171  
    Investment securities held to maturity, at amortized cost (fair value of $513,499 and $568,128 at December 31,2024 and 2023, respectively)     645,669       685,728  
    Loans receivable     1,286,662       1,308,552  
    Allowance for credit losses     (5,114 )     (5,121 )
    Loans receivable, net of allowance for credit losses     1,281,548       1,303,431  
    Federal Home Loan Bank stock, at cost     8,542       12,192  
    Federal Reserve Bank stock, at cost     3,189       3,180  
    Accrued interest receivable     5,800       6,105  
    Premises and equipment, net     7,278       7,185  
    Right-of-use asset, net     12,523       12,371  
    Bank-owned life insurance     49,645       48,638  
    Income taxes receivable     2,082       344  
    Deferred income tax assets, net     1,877       2,457  
    Prepaid expenses and other assets     9,547       8,211  
    Total assets   $ 2,169,715     $ 2,236,672  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits   $ 1,717,663     $ 1,636,604  
    Advances from the Federal Home Loan Bank     160,000       242,000  
    Advances from the Federal Reserve Bank     —       50,000  
    Securities sold under agreements to repurchase     —       10,000  
    Accounts payable and accrued expenses     19,403       23,334  
    Lease liability     17,967       17,297  
    Advance payments by borrowers for taxes and insurance     6,331       6,351  
    Total liabilities     1,921,364       1,985,586  
                 
    Stockholders’ Equity:            
    Preferred stock, $0.01 par value; authorized 50,000,000 shares, no shares issued or outstanding     —       —  
    Common stock, $0.01 par value; authorized 100,000,000 shares; issued and outstanding            
    8,832,210 and 8,826,613 shares at December 31, 2024 and 2023, respectively     88       88  
    Additional paid-in capital     48,367       48,022  
    Unearned ESOP shares     (1,957 )     (2,447 )
    Retained earnings     206,693       211,644  
    Accumulated other comprehensive loss     (4,840 )     (6,221 )
    Total stockholders’ equity     248,351       251,086  
    Total liabilities and stockholders’ equity   $ 2,169,715     $ 2,236,672  
                 
    Territorial Bancorp Inc. and Subsidiaries
    Selected Financial Data (Unaudited)
                       
                  Three Months Ended
                  December 31,
                    2024       2023  
                       
    Performance Ratios (annualized):            
      Return on average assets         -0.32 %     0.06 %
      Return on average equity         -2.75 %     0.53 %
      Net interest margin on average interest earning assets   1.39 %     1.78 %
      Efficiency ratio (1)           137.09 %     94.62 %
                       
                  At   At
                  December   December
                    31, 2024       31, 2023  
                       
    Selected Balance Sheet Data:            
      Book value per share (2)       $ 28.12     $ 28.45  
      Stockholders’ equity to total assets       11.45 %     11.23 %
                       
                       
    Asset Quality                
    (Dollars in thousands):              
      Delinquent loans 90 days past due and not accruing $ 1,219     $ 227  
      Non-performing assets (3)       $ 1,933     $ 2,260  
      Allowance for credit losses       $ 5,114     $ 5,121  
      Non-performing assets to total assets       0.09 %     0.10 %
      Allowance for credit losses to total loans       0.40 %     0.39 %
      Allowance for credit losses to non-performing assets   264.56 %     226.59 %
                       
                       
    Note:                
                       
    (1) Efficiency ratio is equal to noninterest expense divided by the sum of net interest income and noninterest income
    (2) Book value per share is equal to stockholders’ equity divided by number of shares issued and outstanding
    (3) Non-performing assets consist of non-accrual loans and real estate owned. Amounts are net of charge-offs

    The MIL Network –

  • MIL-OSI USA: Merritt: Kicking off the 2025 Legislative Session 

    Source: US State of Georgia

    The 2025 Legislative Session is officially underway! On Monday, January 13, the Georgia General Assembly reconvened under the Gold Dome, marking the start of this year’s legislative session and the beginning of a new biennium. Over the next 40 legislative days, I’m committed to fighting for policies that create a more equitable and inclusive Georgia for all its residents.

    I am honored to continue serving on the Senate Committees on Government Oversight, Health and Human Services, Insurance and Labor, Natural Resources and the Environments and Urban Affairs where we will address pressing issues such as healthcare reform, firearm violence, and increasing literacy.

    As we enter the heart of the legislative session this week, the work under the Gold Dome is moving full speed ahead. Even as ice and snow swept across South Georgia and Atlanta last week, our commitment to serving the people of Georgia never wavered.

    When we returned to the Capitol this past Monday, we hit the ground running. Some highlights included Chamber of Commerce Day. I want to thank the Gwinnett Chamber of Commerce for joining Tuesday’s General Assembly at the Capitol. I appreciate all the Chamber does for Gwinnett County’s economy, small businesses, and emerging business leaders and entrepreneurs. These events are always exciting, and it’s refreshing to see so many Georgians getting involved in our state government.

    As budget hearings for the next fiscal year continue over the remainder of the legislative session in the form of committee meetings, we have a critical opportunity to shape investments that will directly impact our communities. Governor Brian Kemp’s proposed budget includes $50 million in security grants for individual schools—an essential step toward keeping students safe. However, proper school safety goes beyond physical security; it requires a commitment to addressing the broader issues affecting student well-being. I will continue advocating for a budget that supports working families, invests in underserved communities, and ensures every Georgian has the opportunity to succeed at every turn.

    My fellow Senators and I recognize that our constituents and families deserve to send their children to school without fear, and that is why we are introducing legislation to tackle school gun violence in Georgia. I am proud to co-sponsor SB 49, introduced by Sen. Elena Parent, which aims to address gun violence by making it a punishable offense in Georgia to allow children access to firearms. This legislation would require parents to take greater responsibility for securely storing their firearms, reducing children’s exposure to guns and helping keep our schools safe.

    On Tuesday, Senate Democrats announced several key legislative priorities for this session. We introduced SB 50, a bipartisan effort to close health insurance gaps, expand access to mental health and maternal care and ensure working families can afford quality healthcare. Too many Georgians rely on emergency rooms for primary care because they lack affordable insurance. We believe every Georgian deserves reliable, accessible healthcare, and we will continue pushing for solutions that lower costs and expand coverage. In the coming weeks, we will introduce bills to raise the state minimum wage, improve public schools, and expand access to affordable childcare. Our focus remains on legislation that puts people first, and I am proud to sponsor legislation that does just that.

    I encourage students between the ages of 12 and 18 to apply to spend a day as a Senate Page. This program allows students to participate actively in the legislative process at our State Capitol for a day during the legislative session. This program is an invaluable experience, and I encourage my younger constituents to participate. Interested students may apply for the program here.

    The weeks ahead will be eventful, with key debates and legislation shaping Georgia’s future. I’m committed to keeping you informed and ensuring your voice is heard. Thank you for your trust—I encourage you to stay engaged as we work toward a stronger, fairer Georgia.

    ####

    Sen. Nikki Merritt represents the 9th Senate District which includes portions of Gwinnett County. She may be reached at (404) 463-2260 or via email at nikki.merritt@senate.ga.gov

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: COLUMN: Walker: Weeks Two and Three Under the Gold Dome

    Source: US State of Georgia

    By: Sen. Larry Walker, III (R–Perry)

    The third week of the 2025 Legislative Session has wrapped up, and we’re staying focused on passing commonsense legislation that puts Georgia families, businesses and communities first.

    Last week’s snowstorm may have delayed budget hearings for a few days, but it didn’t slow us down. The General Assembly has been hard at work in joint sessions, carefully reviewing budget requests to ensure taxpayer dollars are spent wisely. Passing a balanced budget is not only our constitutional duty—it’s the foundation of a responsible government that serves its people.

    One of the most crucial budget proposals this session is Governor Brian P. Kemp’s plan to return $1 billion in surplus funds directly to taxpayers. Thanks to years of conservative budgeting and fiscal responsibility, we’re in a position to give back to the hardworking Georgians who keep our state running. This is just part of the $2.2 billion in statewide allocations designed to benefit families, businesses and communities across Georgia. I’m proud to support Gov. Kemp’s efforts to strengthen our economy by putting more money back in your pockets.

    Another key priority is ensuring communities hit hardest by Hurricane Helene have the resources they need to rebuild. Gov. Kemp has proposed $614.72 million in recovery funding, including $150 million for the Governor’s Emergency Fund to help with debris removal and housing assistance. Another $300 million will go to the Georgia Department of Transportation to restore roads and infrastructure. Many rural counties are still reeling from this storm, and we’re committed to making sure they get the support they need to recover and move forward.

    Back at the Capitol, we hit the ground running this week, advancing legislation that reflects our values and priorities. One of the bills I’m proud to sponsor, Senate Bill (SB) 35, would increase the number of days’ notice that a policyholder must be given before his or her homeowners’ insurance policy is not renewed. The previous 30 days’ notice of nonrenewal is not enough time for the homeowner to avoid any lapses in coverage or properly address concerns with their insurance company. With this in mind, SB 35’s proposed 60 days’ notice will give Georgians and their insurance agent sufficient time to find replacement coverage and make sure that their home is protected.

    I’m also proud to support Senate Bill (SB) 52. This legislation, also known as the Timberlands Recovery, Exemption and Earnings Stability (TREES) Act, would allow local governments to provide tax relief for the timber industry. Timber is one of Georgia’s most important industries, and communities like those in the 20th Senate District depend on timber as an agricultural investment and a source of tax revenue. The devastation wrought by Hurricane Helene has left that industry in desperate need of relief, and with the TREES Act, we will waive the timber harvest tax in hurricane ravaged counties to help these communities recover from the catastrophe of this unprecedented storm.

    As committee meetings pick up, we’re working hard on issues that matter most to our communities, from protecting our schools to strengthening local infrastructure. I chaired the first meeting of the Senate Committee on Insurance and Labor this week, and I look forward to the committee’s regular meetings in the coming weeks.

    Finally, I encourage students ages 12 to 18 to apply for the Senate Page Program. This is an excellent way for young people to see firsthand how the General Assembly works. If you know a student who might be interested, they can apply on the Senate website here.

    As always, I’m here to listen. If you have any questions, concerns, or ideas about our work at the Capitol, please don’t hesitate to reach out. It’s an honor to serve you, and I appreciate your trust as we work together throughout the remainder of the 2025 legislative session.

    # # # #

    Sen. Larry Walker serves as Secretary of the Majority Caucus and Chairman of the Senate Committee on Insurance and Labor. He represents the 20th Senate District, which includes Bleckley, Dodge, Dooly, Laurens, Treutlen, Pulaski and Wilcox counties, as well as portions of Houston County.  He may be reached by phone at (404) 656-0095 or by email at Larry.Walker@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorney’s Office Collects More than $4M in Civil and Criminal Actions Plus Nearly $2M in Forfeited Assets in Fiscal Year 2024

    Source: Office of United States Attorneys

    TULSA, Okla. – U.S. Attorney Clint Johnson announced today that the Northern District of Oklahoma (NDOK) collected $4,029,804.93 in criminal and civil actions in Fiscal Year 2024. Of this amount, $2,572,450.48 was collected in criminal actions, and $1,457,354.45 was collected in civil actions. Additionally, the NDOK worked with partner agencies and divisions to collect $1,726,442 in asset forfeiture actions in FY 2024.

    “The Asset Recovery Unit and Asset Forfeiture teams consist of federal prosecutors, investigators, and professional support staff. In 2024, they collected more than $4 million on behalf of victims and collected nearly $2 million in assets, said U.S. Attorney, Clint Johnson. “Both teams diligently work to recover court ordered restitution to victims and process court ordered forfeiture. This funding not only impacts the Crime Victims Fund, but also goes towards law enforcement programs.”   

    Examples of Asset Recovery…
    In March 2024, the Northern District recovered $106,994.94 in U.S. v. Shane Hannaford, 21-CR-111. A veteran of the U.S. Marines, Hannaford devised a fraudulent investment scheme, defrauding fellow veterans he had served with in Iraq. Hannaford pled guilty to Bank Fraud, and the Court ordered him to pay $806,607.14 in restitution to his victims. The Northern District captured a significant payment towards restitution by intercepting proceeds from Hannaford’s sale of his home.

    In September 2024, the Northern District recovered $287,521.53 in U.S. v. Keven Ellis Partin, 19-CR-121. Partin pled guilty to Offering or Paying Healthcare Kickbacks. The Court ordered him to pay $338,805 in restitution to Department of Labor, TRICARE, Department of Veteran Affairs, and Medicare. Through liens and other enforcement tools, the Northern District recovered full restitution for these federal agencies.

    In May 2024, the Northern District of Oklahoma recovered $62,000 in U.S. v. Leslie Ellen Mansfield, 23-CR-170. Mansfield, an attorney, oversaw special needs trust accounts for intellectually challenged adults. Mansfield pled guilty to Bank Fraud, and the Court ordered her to pay $137,240.95 in restitution. The Northern District recovered full restitution for the living victims.

    Examples of Asset Forfeiture…
    In March 2024, the Northern District recovered $35,000 in U.S. v. Jesus Salazar-Lares, et al., 22-CR-339. In Aug. 2024, Salazar-Lares and others, traveled from Chicago to Tulsa and delivered more than 10 pounds of methamphetamine.  Salazar-Lares pled guilty to distribution of methamphetamine. The court authorized the seizure of $35,000 in cash.

    In April 2024, the Northern District recovered $84,788.42 in U.S. v. Melvin Brown, 22-CR-419. From July 2020 through May 2021, Brown conspired with others to distribute cocaine. Romero pled guilty to drug conspiracy. The court authorized the seizure of Romero’s bank account that had approximately $84,788.42.

    In June 2024, the Northern District recovered $620,000 in U.S. v. Jose Romero, et al., 22-CR-339. From Oct. 2019 through Oct. 2022, Romero conducted financial transactions with funds received through drug trafficking. Romero pled guilty to 18 counts of money laundering. The court authorized the forfeiture of $20,297 in cash, 18 vehicles, one firearm, approximately $50,076.31 from seized bank accounts, and four real estate properties.

    The U.S. Attorneys’ Offices, along with the department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the U.S. and criminal debts owed to federal crime victims. The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss. While restitution is paid to the victim, criminal fines and felony assessments are paid to the department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

    Forfeited assets deposited into the Department of Justice Assets Forfeiture Fund are used to restore funds to crime victims and for a variety of law enforcement purposes. 

    MIL Security OSI –

  • MIL-OSI Economics: Paraguay President: Any multilateralism crisis can only be solved with more multilateralism

    Source: World Trade Organization

    President Peña noted that Paraguay is one of the most open economies in the world, firmly anchored in the belief that “free commerce is a bedrock of civilized peoples.” In fact, Paraguay is the second most open economy in Latin America, with no significant restrictions on trade, a simple tax system and a markedly pro-business stance, he said. As a landlocked country and primarily an agricultural exporter, producing food for ten times its population, Paraguay has no other alternative, he added.

    “We understand both the opportunities and vulnerabilities of global trade. Our experience has shown us that the path to development requires not isolation but deeper integration into global markets – guided by clear, fair and enforceable rules. For middle-sized economies like Paraguay, the multilateral trading system is not just one option among many, it is simply essential for our development and prosperity. This is why I believe that any crisis of multilateralism can only be solved by one thing: more multilateralism,” he declared.

    President Peña stressed that Paraguay’s commitment to the WTO stems from its experience as a country which has constructed a stable democracy with consistent economic policies and its unique perspective as a bridge between countries with different levels of development. It also comes from the deep conviction that multilateralism remains the most effective path to sustainable development, he added.

    Referring to the historic decision to establish multilateral institutions after the Second World War, President Peña noted that it is precisely during difficult times that organizations like the WTO have the unique opportunity not only to show the world their crucial importance but to justify their existence. “The creation of an international organization which seeks to put order into chaos in the world of commerce was not only a sound decision but a brilliant and endurable insight. … The WTO has been, is and will be a great idea,” he added.

    In his address to WTO ambassadors, heads of intergovernmental organizations, representatives of non-governmental organizations, business and academia, President Peña also underscored that WTO members must be proactive in order to overcome the challenges faced by the system.

    He pointed to the need to make meaningful progress on agricultural reform to achieve less distorted markets and enhance food security, and to the importance of restoring a fully functioning dispute settlement system accessible to all members. He also called on members to ensure that environmental measures enhance, rather than hinder, international trade, and to secure justice, fairness and equality, the most fundamental principles of international commerce.

    The lecture – titled “Sustaining Multilateralism in Uncertain Times: The Role of Middle Powers” – was preceded by opening remarks by WTO Director-General Ngozi Okonjo-Iweala, who stressed that under President Peña Paraguay registered South America’s strongest rates of GDP growth in 2023 and 2024, according to IMF data, with a positive outlook for 2025 as well.

    DG Okonjo-Iweala noted that as a landlocked developing country, Paraguay faces challenges familiar to many WTO members. In the case of Paraguay, these challenges have to do with diversifying its exports beyond meat, soybeans and electricity, and the vulnerability to climate change of the Paraguay-Parana River waterway that connects the country to world markets for goods.

    DG Okonjo-Iweala referred to the fifth WTO Trade Policy Review (TPR) of Paraguay undertaken in November 2024 and the recognition by other members of Paraguay’s active and constructive engagement at the WTO, particularly in agriculture negotiations. She noted that at the TPR meeting, members praised Paraguay’s broadly open trade and investment environment and noted its reliance on regional and global trade to drive development and poverty reduction.

    DG Okonjo-Iweala also drew attention to the current challenging environment and the potential for the world to become more fragmented. “We have lived in that world before in the 1930s. It was poorer and more violent. So we owe it to our children and grandchildren,” she said, to preserving the benefits of multilateralism whilst fixing its shortcomings. “This would help us build them a better future,” she added.

    A recording of the event can be viewed here.

    About the WTO’s Presidential Lecture Series

    The WTO’s Presidential Lecture Series provides a platform for distinguished speakers from around the world to deliver lectures on various aspects of multilateral cooperation and global governance. Several events are held each year.

    More information on the lecture series is available here.

    Share

    MIL OSI Economics –

  • MIL-OSI NGOs: Extradition Hearing for Alleged Exxon Linked Hacker Underscores Big Oil’s War to Avoid Accountability

    Source: Greenpeace Statement –

    WASHINGTON, DC (January 31, 2025) — In response to ongoing legal developments regarding the Department of Justice’s effort to extradite an alleged hacker linked to cyberattacks against climate organizations including Greenpeace USA, Greenpeace USA Deputy Climate Program Director, John Noël said:

    “The latest bombshell revelations in the hack-for-hire case expose a brazen attack on democracy. Defense documents submitted to the court now allegedly link the DCI Group—a lobbying firm hired by Exxon—to a covert hacking operation aimed at undermining climate advocacy organizations, campaigners, journalists and derailing momentum for climate liability lawsuits by stealing private communications.

    “This apparent corporate espionage scandal is staggering—millions of dollars, international intelligence firms, shadowy hackers, and apparently Big Oil at its center. As one of the key suspects faces extradition to the U.S., even more revelations could still emerge. Those responsible must be fully pursued to expose the depths of this scheme and deliver justice.

    “Big Oil is escalating its playbook of manipulation and intimidation—deploying hacking schemes, SLAPP lawsuits, and a tidal wave of disinformation—to silence demands for accountability and climate justice. The fossil fuel industry’s relentless attempts to suppress the truth and crush legal efforts to hold them responsible must not be allowed to stall or derail the urgent fight for a livable future for working families everywhere.”

    Contact: Gigi Singh, Communications Manager at Greenpeace USA
    (+1)  631-404-9977, [email protected]  

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

  • MIL-OSI Canada: Amid global uncertainty, minister meets with economic forecast council

    Source: Government of Canada regional news

    The impacts of potential U.S. tariffs are adding uncertainty to the global and domestic outlook, but private-sector forecasters indicate British Columbia is well positioned to take on whatever comes next.

    At their annual meeting with the finance minister on Friday, Jan. 31, 2025, the 13 independent private sector forecasters from across Canada that make up B.C.’s Economic Forecast Council (EFC) noted that, like all provinces, B.C.’s economic outlook is affected by global and domestic forces, including federal immigration targets. Forecasters reaffirmed that in the absence of tariffs, they had expected steady economic growth for B.C.

    Members said a diverse export network and a resource-rich environment give B.C. an advantage over other provinces, while some were encouraged by B.C.’s work to date to address housing supply, skills training and affordability challenges.

    “We are in times of significant global uncertainty, and we can expect this instability to continue through the next four years,” said Brenda Bailey, Minister of Finance. “Our approach is to stand up for British Columbians by strengthening our economy, and continuing to diversify our trading network, while supporting the people that need it most. Our Economic Forecast Council has noted that while the uncertainty of threats from the south can make the planning and budgeting process more challenging than typical, with a diverse economy, B.C. remains well-positioned to attract new investment, skilled workers, and development opportunities. While there are challenges ahead, we have everything we need here to thrive.”

    The Economic Forecast Council estimates that real GDP in B.C. grew by 1.2% in 2024, higher than the Province’s projection in the Fall 2024 Economic and Fiscal Update. In early January, the council forecast B.C. real GDP growth of 1.9% in 2025, in line with the ministry’s outlook, and steady economic growth of 2.0% annually on average through 2029. These projections do not fully include the impact of potential U.S. tariffs.

    Economic Forecast Council members will have an opportunity to revise their forecasts before the budget.

    B.C.’s finance minister meets each year with the Economic Forecast Council, whose forecasts and feedback help inform the Province as it prepares the next provincial budget. The budget will be released on March 4, 2025.

    Learn More:

    To access the Fall 2024 Economic and Fiscal Update, visit: https://www2.gov.bc.ca/gov/content/governments/finances/reports/quarterly-reports

    MIL OSI Canada News –

  • MIL-OSI USA: DBEDT NEWS RELEASE: $6.3 MILLION RELEASED FOR TOURISM RECOVERY CAMPAIGN

    Source: US State of Hawaii

    DBEDT NEWS RELEASE: $6.3 MILLION RELEASED FOR TOURISM RECOVERY CAMPAIGN

    Posted on Jan 31, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    $6.3 MILLION RELEASED FOR TOURISM RECOVERY CAMPAIGN

    FOR IMMEDIATE RELEASE

    January 31, 2025

    HONOLULU — Governor Josh Green, M.D., has released $6.3 million to the Department of Business, Economic Development and Tourism (DBEDT) to support a tourism recovery campaign to address the continued economic impacts from the August 2023 Maui wildfires and the expected downturn due to the January 2025 Southern California wildfires. Governor Green, at the request of DBEDT Director James Kunane Tokioka, has released a restriction from within the DBEDT budget.

    The campaign will be a continuation of the state’s Maui economic recovery efforts and with the current California wildfires, also manage the anticipated impacts to the state’s largest source market for visitors. Governor Green and DBEDT Director Tokioka met with members of the Hawai‘i Hotel Owners and Operators Roundtable and Hawai‘i Hotel Alliance for industry input.

    “I want to acknowledge the leadership of the Hawai‘i Hotel Owners and Operators Roundtable and Hawai‘i Hotel Alliance who discussed this idea with DBEDT Director Tokioka and I to provide resources to support the state’s tourism recovery,” said Governor Green.

    “We are all aware of the sustained effects of the Maui wildfires on our state’s tourism industry and the continued slump in West Maui hotel occupancies,” said DBEDT Director Tokioka. “As we also foresee that visitor arrivals will be impacted by the Los Angeles wildfires, the tourism recovery campaign is intended to drive the visitor traffic needed to sustain local businesses and support jobs. We look forward to working on the next steps with our industry partners.”

    About the Department of Business, Economic Development and Tourism (DBEDT)

    DBEDT is Hawai‘i’s resource center for economic and statistical data, business development opportunities, energy and conservation information, as well as foreign trade advantages. DBEDT’s mission is to achieve a Hawai‘i economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawai‘i’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments and promotes innovation-sector job growth.

    # # #

     

     

    Media Contact:

     

    Laci Goshi

    Department of Business, Economic Development and Tourism

    Cell: 808-518-5480

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI Economics: Fresh start after the storm: Verizon erases $10M in debt for Western North Carolina Families with ForgiveCo

    Source: Verizon

    Headline: Fresh start after the storm: Verizon erases $10M in debt for Western North Carolina Families with ForgiveCo

    CHARLOTTE, NC – Verizon is teaming with ForgiveCo to eliminate $10 million in consumer debt for 6,500 Western North Carolinians. The debt relief campaign is part of Verizon’s ongoing commitment to recovery following Hurricane Helene’s sweeping devastation.

    Hundreds of North Carolina families are currently learning that Verizon has cleared their medical, financial, and other debts of necessity. The debt relief was implemented by ForgiveCo, whose “random acts of kindness” model purchases consumer debt in the affected areas, with no applications required, and notifies recipients through life-changing surprise letters, emails, and text messages.

    As if a phone call learning that your debt has been cleared isn’t exciting enough, Basketball Hall of Fame coach and Asheville (N.C.) native, Roy Williams, has signed on to be the one to share the news with the impacted families.

    In a press conference today, at Verizon’s South Asheville store, the organizations announced all applicable debt has been forgiven. No further action is required by the beneficiaries. This random act of kindness is in addition to Verizon’s $400,000 donation to United Way of North Carolina immediately following the storm.

    Leigh Anne Lanier, Atlantic South Market President, Verizon: “Verizon believes in the power of connection, not only through our technology but through the bonds we build with the communities we serve. To the 6,500 individuals impacted by this initiative and the broader Western North Carolina community, we are with you. We will always stand by you, not just as a business, but as a partner and a neighbor.”

    Roy Williams, North Carolina native, resident, philanthropist and Basketball Hall of Fame coach: “Verizon’s random acts of kindness will lift up thousands of North Carolinians that were left vulnerable to Hurricane Helene’s devastation. These are challenging times, but I’ve seen the strength and resilience of this community. Verizon’s support is a powerful reminder that no one is alone, and together, we’ll rise stronger. It’s a privilege to share this message of hope with the incredible people of North Carolina.”

    Craig Antico, Founder and CEO, ForgiveCo: “Unpayable debt is a heavy burden that causes hardship for countless hardworking Americans. Often triggered by sudden medical events or accidents, the impact of natural disasters can further destabilize families and limit opportunities for generations. Through this effort, Verizon will bring transformative change to the lives of North Carolinians in crisis, leaving a lasting mark on future generations.”

    MIL OSI Economics –

  • MIL-OSI USA: Lee Introduces the Achieving Choice in Education (ACE) Act

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    WASHINGTON – Sen. Mike Lee (R-UT) has introduced the Achieving Choice in Education (ACE) Act to bolster educational choices for American families. This bill addresses growing concerns among parents about the ideological influences in public education and the economic barriers to alternative schooling options. Senator Ted Budd (R-NC) is a co-sponsor. Rep. Eric Burlison (R-MO) has introduced the legislation in the House of Representatives.

    “It is the fundamental right of parents to choose the educational path that is most suitable for their children,” said Sen. Lee. “The ACE Act ensures that our tax system reflects this principle and provides real support to those seeking alternatives to public schooling.”

    “As a father of three children who were homeschooled, I know that kids benefit from an education that is uniquely suited to their needs,” said Sen. Budd. “I’m proud to cosponsor the ACE Act, which will give more parents the option to choose the education that is best for their children.”

    “Across the country, and especially in Southwest Missouri, school choice is already benefitting many of our nation’s young children.” said Rep. Burlison. “Through 529 education saving accounts, families are freed from the arbitrary link between where they live and which school their child can attend.”

    Sen. Lee’s legislation builds upon a provision of the 2017 Tax Cuts and Jobs Act and enhances federal tax incentives for the enactment of state-level school choice legislation.

    Key provisions of the ACE Act include:

    • Doubling the allowable level of tax-exempt 529 account distributions for qualified educational expenses to $20,000 per taxable year.
    • Gift tax exclusions up to $20,000 per year for contributions to 529 accounts.
    • Adjusted federal tax exemption on municipal bonds based on state school choice laws, incentivizing states to adopt such measures. 

    Under the ACE Act, states with no qualifying school choice laws will see the tax-exempt status of municipal bonds for local projects, such as new school construction, revoked. States that adopt school choice laws will benefit from a 50% tax exemption on bond interest income, while states fully embracing school choice will enjoy a complete tax exemption.

    ENDORSEMENTS

    “American families deserve the best education options available without financial barriers to access them. Expanding school choice provides students with an opportunity to break out of a ‘one-size-fits-all’ education system. The Achieving Choice in Education Act would incentivize states to give more American families the flexibility to educate their children according to their needs and values.” -Heritage Action for America

    “Over the past several years, a growing number of parents have realized that the one-size-fits-all model provided by public schools doesn’t meet their family’s needs – be it because of concerns over quality, safety, or values. American students deserve to find educational options that work for them, and we are grateful that Sen. Lee’s ACE Act will make that path easier for families around the country.” -Parents Defending Education Action

    “A family’s income level shouldn’t determine whether or not a child gets a good education. Instead of having their tax dollars go straight to the public schools, families should be allowed to spend their money on the education system that they’re actually using. The ACE Act uses Congress’s powerful purse strings to encourage states to be more school-choice friendly. It is common sense policy that is good for kids, good for families, and good for the future of America. We are thankful for Sen. Lee’s leadership on this issue.” -Penny Nance, President and CEO of Concerned Women for America Legislative Action Committee

    “On behalf of Association of Christian Schools International, our 2,500 member schools, and the thousands of families who can enjoy high quality, Christian education as a result of school choice, we thank Senator Lee for his leadership in introducing the ACE Act. Over 20 years of research has found that students who exercise school choice have dramatically better educational outcomes. By encouraging school choice at the state level, more students will be empowered to access the education that best suits their needs and be set up for a lifetime of success.” -P. George Tryfiates, Vice President for Public Policy and Legal Affairs, Association of Christian Schools International

    “HSLDA Action supports the ACE act because it will help homeschool families pay for their children’s education. By increasing the contribution limits, and expanding 529s for homeschool use, parents will be able to save more of their own money for educational purposes in a tax advantaged way. This furthers opportunities for homeschoolers and opens the door to enable more parents to educate their children at home.” -Home School Legal Defense Association Action

    “A good education is the foundation of the American Dream. And every child—no matter their background or zip code—deserves the chance to learn and grow in an environment that is steeped in learning and free from radical ideology. Senator Lee’s ACE Act would be a monumental win for parents across the country who want the opportunity and financial freedom to give their kids the education that will set them up for success.” -Tarren Bragdon, President and CEO of the Foundation for Government Accountability.

    For bill text, click HERE.
    For a one-pager, click HERE.

    MIL OSI USA News –

  • MIL-OSI Europe: Miha Švent appointed as EIB Representative to Bosnia and Herzegovina

    Source: European Investment Bank

    • The EU Bank announces appointment of its new representative and remains committed to strengthening Bosnia and Herzegovina’s sustainable connectivity, climate action, energy security, and market competitiveness.
    • To date, EIB Global has provided €3.5 billion in affordable financial support and technical assistance to the country for strategic projects.

    The European Investment Bank (EIB Global) has appointed Miha Švent as its new representative for Bosnia and Herzegovina (BiH). Under the new stewardship, the EU bank will remain committed to supporting the country’s green transition, connectivity and progress on its EU accession path to build on the achievements made during the tenure of the outgoing EIB representative, Sandrine Friscia, whose mandate ended in 2024.

    Miha Švent brings nearly 30 years of experience in international development, public infrastructure financing and private business development. Prior to this appointment, he was a senior member of the EIB Advisory Department, where he led the advancement of advisory partnerships with international financial institutions, governments and development banks. Before joining the EIB, he worked for the European Bank for Reconstruction and Development, leading business advisory programmes in the Western Balkans and other regions. A Slovenian national, he holds master’s degrees from the Universities of Sheffield and Ljubljana.

    EIB Vice-President Robert de Groot, who is responsible for the Western Balkans, stated: “With the European Commission and our partners in Bosnia and Herzegovina, we are supporting projects that lead to improved road safety, a more secure and diversified energy supply, better water supply across municipalities, modern healthcare facilities, and new jobs. With €3.5 billion invested so far, we have increased the country’s climate and economic resilience, while creating conditions for more successful regional and EU market integration. Now, with the EU’s Growth Plan and our new representative, we hope to propel these initiatives even further.”

    Expressing his vision for the role, Miha Švent, the new EIB representative for Bosnia and Herzegovina, said: “I am honoured to take on this new role and look forward to further strengthening cooperation with all our partners in the country. Coming from the EIB advisory team, I would like to emphasise the importance of technical support in preparing strategic projects, which is often a prerequisite for accessing available EU funds, including grants under the Western Balkans Investment Framework. Therefore, as well as providing favourable financing, our priority for the country remains to strengthen the capacities of local project management teams, develop and implement new viable investments for the benefit of people and local businesses.”

    Among the milestones achieved in EIB-supported projects in 2024, the Herzegovina Bridge was inaugurated last September – the largest bridge on Corridor Vc in BiH, spanning nearly 1 km across the Neretva river. Additionally, Sarajevo has new state-of-the-art trams, 40 years after they were replaced, as part of the urban transport rehabilitation project.

    Background information:

    About the EIB and EIB Global

    The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to local people, companies and institutions through our offices around the world.

    About the EIB in BiH

    The EU bank has been active in BiH since 1977. To date, it has invested €3.5 billion, mostly in support of the transportation sector and small and medium businesses. For more information regarding the EIB’s projects in BiH, please refer to: https://www.eib.org/en/projects/regions/enlargement/the-western-balkans/bosnia-herzegovina/index.htm

    The EIB is one of the leading international financiers in the Western Balkans. For detailed information on the EIB’s activities in the Western Balkans, visit www.eib.org/en/publications/the-eib-in-the-western-balkans.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: The Economic survey aptly reflects the robust expansion of India’s power sector, which has witnessed significant strides under our government’s initiatives: Shri Manohar Lal

    Source: Government of India (2)

    The Economic survey aptly reflects the robust expansion of India’s power sector, which has witnessed significant strides under our government’s initiatives: Shri Manohar Lal

    We are committed to ensuring uninterrupted and affordable electricity for every citizen while steering India towards becoming a major energy exporter by 2047: Shri Manohar Lal

    Posted On: 31 JAN 2025 6:05PM by PIB Delhi

    The Economic Survey 2024-25, presented in Parliament today, underscores the remarkable progress of India’s power sector, driven by transformative policy measures and sustained reforms, remarked Union Minister for Power and Housing & Urban Affairs Shri Manohar Lal .

    Hon’ble Minister for Power and Housing & Urban Affairs, Shri Manohar Lal, lauded the sector’s achievements, emphasizing its financial viability and environmental sustainability.

    India’s installed power capacity grew by 7.2% YoY, reaching 456.7 GW in November 2024, with renewable energy contributing 47% (209.4 GW). Under ₹1.85 lakh crore investments, 18,374 villages were electrified, benefiting 2.9 crore households. The Revamped Distribution Sector Scheme (₹3 lakh crore) focuses on power supply and smart meters. PM Surya Ghar: Muft Bijli Yojana targets 40-45 GW rooftop solar by 2027, while ₹7,453 crore VGF supports offshore wind energy. The Green Energy Corridor added 9,136 circuit km transmission lines, improving power supply (urban: 23.4 hrs/day, rural: 21.9 hrs/day) and reducing the energy gap to 0.1%.

    “The survey aptly reflects the robust expansion of India’s power sector, which has witnessed significant strides under our government’s initiatives. We are committed to ensuring uninterrupted and affordable electricity for every citizen while steering India towards becoming a major energy exporter by 2047, in line with the vision of Viksit Bharat,” the Union Minister stated.

    ****

    JN /SK

     

    (Release ID: 2098095) Visitor Counter : 10

    MIL OSI Asia Pacific News –