NewzIntel.com

Category: Finance

  • MIL-OSI Security: Owner of Boston Pizzeria Chain Sentenced to More than Eight Years in Prison for Forced Labor

    Source: United States Department of Justice (Human Trafficking)

    BOSTON – The owner of Stash’s Pizza, a pizzeria chain in Massachusetts, was sentenced on Oct. 25, 2024 for forced labor charges. The defendant forced or attempted to force six victims to work for him and comply with excessive workplace demands through violent physical abuse; threats of violence and serious harm; and repeated threats to report the victims to immigration authorities for deportation.

    Stavros Papantoniadis, a/k/a “Steve Papantoniadis,” 49, of Westwood, Mass., was sentenced by Chief U.S. District Judge F. Dennis Saylor IV to 102 months in prison, one year of supervised release and ordered to pay a $35,000 fine. At a jury trial in June 2024, Papantoniadis was convicted of three counts of forced labor and three counts of attempted forced labor. Papantoniadis has remained in custody since his arrest on March 16, 2023.

    “Labor trafficking exploits the vulnerable through fear and intimidation, all in pursuit of the almighty buck. That is what Stavros Papantoniadis did when he violated the rights of the people working in his restaurants. He deliberately hired foreign nationals who lacked authorization to work in the United States and then turned their lack of immigration status against them, threatening them with deportation and violence to keep them under his control,” said Acting United States Attorney Joshua S. Levy. “I commend the bravery of the victims here for speaking out and taking a stand against their trafficker. I hope that their strength to speak out sends a message to others whose rights are being abused that the federal government will not tolerate labor trafficking. The stiff sentence imposed on Mr. Papantoniadis demonstrates that there are grave consequences for employers who engage in this type of conduct.”

    “Stavros Papantoniadis exploited and abused his employees, denying them the basic dignity every person deserves. Today’s significant sentence sends a message to employers — employees deserve to work in safety, free from harassment and abuse and exploitative employers will be held to account,” said Special Agent in Charge Michael J. Krol for Homeland Security Investigations, New England. “Labor exploitation targets the disenfranchised in our society but we want employees to know that they have a voice and HSI is working with our partners to uphold and enforce labor laws.”

    “Stavros Papantoniadis used threats of arrest, deportation, reprisals, and physical violence to ensure his employees worked for wages lower than required by the Fair Labor Standards Act. Today’s sentencing affirms the Office of Inspector General’s commitment to work with our law enforcement and Wage and Hour Division partners to aggressively investigate labor trafficking by individuals who enrich themselves through coercion or force,” said Jonathan Mellone, Special Agent-in-Charge, Northeast Region, U.S. Department of Labor, Office of Inspector General.

    Papantoniadis forced or attempted to force five men and one woman to work for him through violent physical abuse, threats of abuse, and repeated threats to report victims to immigration authorities to have them deported. Papantoniadis thinly staffed his pizza shops, and purposely employed workers without immigration status to work behind the scenes, for 14 or more hours per day and as many as seven days per week. To maintain control of those undocumented workers, he made them believe that he would physically harm them or have them deported. He monitored the workers with surveillance cameras, which he accessed from his cell phone, and constantly demeaned, insulted and harassed them. When Papantoniadis learned that one victim planned to quit, he violently choked him, causing that victim to flee the pizza shop and run to safety in the parking lot. When other victims separately expressed their intentions to quit, Papantoniadis told one victim that he would kill him and call immigration authorities; and he threatened another worker by telling him he knew where the victim lived. When another worker tried to leave and drive away from one of Papantoniadis’ pizza shops, Papantoniadis chased the victim down Route 1 in Norwood, Mass., and falsely reported the victim to the local police in an effort to pressure the victim to return to work at the pizza shop.

    Papantoniadis is the owner and operator of Stash’s Pizza, a chain of pizzerias with locations in Dorchester and Roslindale, and previously had pizzerias in Norwood, Norwell, Randolph (d/b/a Boston Pizza Company), Weymouth (d/b/a Pacini’s Italian Eatery), and Wareham, Mass.

    Members of the public who believe they are a victim of labor trafficking or have information about labor trafficking, please call 888-221-6023, Option 5 or send an email with contact information to USAMA.VictimAssistance@usdoj.gov.

    Acting U.S. Attorney Levy, HSI SAC Krol and DOL-OIG SAC Mellone made the announcement today. Assistance was provided by the Department of Labor, Wage and Hour Division, the Boston Police Department, and the Norwood Police Department. Assistant U.S. Attorneys Timothy E. Moran, Chief of the Organized Crime & Gang Unit, and Brian A. Fogerty of the Civil Rights & Human Trafficking Unit prosecuted the case.
     

    MIL Security OSI –

  • MIL-OSI United Kingdom: Lord Mayor of Leeds to open major Commonwealth trade and investment conference

    Source: City of Leeds

    The Lord Mayor of Leeds, Councillor Abigail Marshall Katung, is set to welcome guests from across the Commonwealth to a major trade and Investment conference in Leeds tomorrow (Tuesday 29 October). 

    The Trade and Investment Opportunities in the Commonwealth conference has been organised by law firm, Womble Bond Dickinson, and is being jointly hosted by Leeds City Council and West Yorkshire Combined Authority.

    The conference will feature a range of speakers including; Megan Wood, Trade Commissioner at the Canadian High Commissioner in London, Dr Olushola Kolawole, lecturer at the University of Bradford’s School of Management, and the Pakistani Consul General in Bradford, Zahid Jatoi. Several influential British-based groups, such as the Ethnic Minority Business and Policy Forum and British Friends of Pakistan, will also attend along with Chief Executive of West & North Yorkshire Chamber of Commerce James Mason.

    The event brings together experts from India, Canada, Pakistan, and Nigeria to reflect on the outcomes of the Commonwealth Heads of Government Meeting (CHOGM) 2024, held in Samoa last week, and will explore how the UK’s commercial links to the Commonwealth can be enhanced. 

    The 56 nations of the Commonwealth are among the UK’s largest and fastest-growing trading partners. The UK exports £83 billion to Commonwealth markets annually, which accounts for 10% of overall UK exports, with significant further trade and investment opportunities for companies in West Yorkshire.

    The event will be an opportunity to encourage further West Yorkshire-Commonwealth trade, upskill businesses on commercial opportunities in the Commonwealth, and highlight the synergies around culture, education, and diasporic communities. It supports our mission to create an economy that works for everyone as set out in the Leeds Inclusive Growth Strategy.

    The Lord Mayor of Leeds, Councillor Abigail Marshall Katung, said: “It gives me the greatest pleasure to welcome our distinguished Commonwealth guests and partners to Leeds.

    “I look forward to discussing furthering trade, culture, and education opportunities for our city, region and the Commonwealth markets. Leeds has a vibrant range of industries that would directly benefit from increasing opportunities with our Commonwealth partners, especially in our professional and financial services, advanced manufacturing, and digital and technology sectors, highlighted as growth-driving sectors in the UK’s recent Modern Industrial Strategy Green Paper.

    “The strength of our city and a driver of its success is its diversity, vibrancy, and people. Forging closer links with our Commonwealth partners is a great opportunity to build on that diversity, create new ideas and investment opportunities and succeed together.”

    Leeds City Council deputy leader and executive member for economy, transport, and sustainable development Councillor Jonathan Pryor said:

    “We are delighted that Leeds is hosting honoured guests from around the world to this trade and investment conference. As a city Leeds is very proud of the diverse make-up of our communities, and this is reflected in our commitment to welcome and support international trade and businesses to invest here.

    “As one of the leading UK cities for private-sector job creation, international investment and supporting business creation and growth across a wide-ranging economy, we very much look forward to this conference and the benefits it can help deliver through further strengthening international relationships and boosting the city and regional economy for all to benefit from.”

    Notes for editors:

    Leeds City Council Inclusive Growth Strategy: https://www.inclusivegrowthleeds.com/ 

    West Yorkshire Trade and Investment Statistics

    • India: 629 West Yorkshire businesses export goods to India at a total value of £126m, and 963 West Yorkshire businesses import goods from India at a total value of £356m. The value of services exported from West Yorkshire is £113m, and the total value of services imported from India to West Yorkshire is £134m. Total bilateral trade in goods and services between West Yorkshire and India is worth £729 million.
    • Indian Tech company Mastek delivers significant UK digital infrastructure projects (including the NHS Spine, and MOD contracts). Mastek has a substantial presence in Leeds including an ambitious new graduate programme. Mastek continues to strengthen its Leeds operation, recently creating an additional 200 new jobs.
    • In 2021 Mphasis launched a new UK Centre of Excellence in Leeds for their insurance clients. In 2022, Mphasis, announced plans to create an additional 1,000 new jobs in West Yorkshire. The investment will be worth tens of millions of pounds to the West Yorkshire economy.
    • Prime Focus Technologies create high-tech AI-enabled software for the media and entertainment industry.  Leeds is home to their UK headquarters and new state-of-the-art Media Centre which delivers Media and Online services for Channel 4 and other media companies.
    • The latest published figures are for the 2021/22 academic year and show the count of Indian students at West Yorkshire institutions to be 4,080. Indian visitors to Yorkshire as a whole spend £14 million annually. British Indian’s make up roughly 2.7% of the population in West Yorkshire which is higher than most groups except for British Pakistani’s (10.7%).
    • Pakistan: Pakistani’s make up the largest West Yorkshire Diaspora group, with 10.7% of the population.
    • Yorkshire and Humber accounted for over 5% of UK exports to Pakistan in 2023, with a value of £23 million and over 7% of imports from Pakistan, valued at £111 million.
    • Pakistan’s trade with the UK is covered by the Developing Countries Trading Scheme, which allows for preferential and tariff free trade on many products. 94% of goods exported from Pakistan to the UK are covered by the scheme, reducing tariffs by £120 million. Trade is expected to double between 2022-25.
    • The UK is Pakistan’s largest export destination in Europe and the third globally.
    • Canada: In 2023, the value of UK goods traded between Yorkshire and the Humber and Canada amounted to £442 million in exports (7.8% of total exports) and £0.3 billion in imports (5.1% of total imports).
    • With both Canada and the UK being signatories of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), 99% of goods traded between CPTPP member countries will be tariff-free. This is projected to diversify both countries’ supply chains within the broader Asia-Pacific region whilst boosting trade, investment and innovation in sectors such as automotive, pharmaceuticals, and machinery.
    • Leeds-based construction company Turner & Townsend have developed a strong presence in Canada with offices in Calgary, Edmonton, Montreal, Ottawa, Toronto and Vancouver.
    • In the UK in 2020-21 the total number of Canadian students was 6615 while the amount of Canadian academic staff amounted to 1635. Academic partnership has seen 40,745 UK publications co-authored with Canadians, between 2018-2021.
    • Nigeria: In 2023, Yorkshire and Humber was the largest UK regional exporter to Nigeria, accounting for 45.5% of exports worth £661 million. In terms of imports, the region imported £29 million of goods from Nigeria during the same period.
    • The UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country and is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023.
    • In 2022/23 Nigerian students were the third largest international group in Yorkshire. Council figures suggest that between 2018/19 and 2022/23 the number of students coming from Nigeria to Leeds Beckett rose from 17 to 677.

    ENDS

    For media enquiries please contact:

    Leeds City Council communications and marketing,

    Email: communicationsteam@leeds.gov.uk

    Tel: 0113 378 6007

    MIL OSI United Kingdom –

  • MIL-OSI Security: New Orleans Man Sentenced for Heroin Trafficking

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

    NEW ORLEANS, LOUISIANA – KEVIN JOHNSON (“JOHNSON”), age 34, a New Orleans resident, was sentenced on October 23, 2024, by U.S. District Judge Mary Ann Vial Lemmon, after previously pleading guilty to conspiracy to distribute, and possess with intent to distribute, heroin, in violation of Title 21, United States Code, Sections 841(a)(1), 841(b)(1)(C), and 846.  JOHNSON was sentenced to 30 months imprisonment, 3 years of supervised release, and a $100 mandatory special assessment fee.

    According to court documents, the Federal Bureau Investigation New Orleans Gang Task Force and the New Orleans Police Department investigated JOHNSON for his involvement in a drug distribution operation in April 2021.  The investigation revealed that JOHNSON conspired with AL VERNON BROWN, CHRISTOPHER JOHNSON, DONALD MYLES, and others to distribute heroin.  On June 22, 2021, agents seized a package containing 485 grams of heroin that was mailed by AL VERNON BROWN from California to New Orleans and intended for JOHNSON.

    The U.S. Federal Bureau of Investigation – New Orleans Gang Task Force, with the assistance of the New Orleans Police Department, the Jefferson Parish Sheriff’s Office, and the Gretna Major Crimes Task Force, led the investigation. The prosecution is being handled by Assistant United States Attorney Rachal Cassagne of the Narcotics Unit.

    MIL Security OSI –

  • MIL-OSI Security: Violet, Louisiana, Man Sentenced for Possessing Firearm to Further Drug Trafficking

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

    NEW ORLEANS, LA – United States Attorney Duane A. Evans announced that MALI WILLIAMS (“WILLIAMS”), age 26, of Violet, Louisiana, was sentenced on October 15, 2024 by United States District Judge Jay C. Zainey to 60 months of imprisonment, three (3) years of supervised release, and a $100 mandatory special assessment fee after previously pleading guilty to possessing a firearm in furtherance of a drug trafficking crime, in violation of Title 18, United States Code, Section 924(c)(1)(A)(i).

    According to court documents, on October 12, 2023, New Orleans Police Officers saw WILLIAMS selling marijuana in the Central Business District of New Orleans.  While attempting to flee from police, WILLIAMS dropped his backpack that contained marijuana and tapentadol tablets.  When apprehended, WILLIAMS possessed a Taurus Model G3C, nine-millimeter semi-automatic pistol.   

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

    U.S. Attorney Evans praised the work of the Federal Bureau of Investigation and the New Orleans Police Department in investigating this matter.  The case is being prosecuted by Special Assistant U.S. Attorney James Ollinger of the Violent Crime Unit.

    MIL Security OSI –

  • MIL-OSI Security: New Orleans Man Sentenced for Firearm and Drug Offense

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

    NEW ORLEANS, LOUISIANA – JEREL CLAVO (“CLAVO”), age 36, of New Orleans, was sentenced on October 15, 2024 by U.S. District Judge Brandon S. Long to 62 months incarceration, five (5) years of supervised release, and a $200 mandatory special assessment fee, after previously pleading guilty to possession with the intent to distribute marijuana, in violation of Title 21, United States Code, 841(a)(1) and 841(b)(1)(D) (Count 1); and possession of a firearm in furtherance of a drug trafficking crime, in violation of Title 18, United States Code, Sections 924(c)(1)(A)(i) (Count 2).

    According to court documents, on November 27, 2021, the New Orleans Police Department (NOPD) received a call regarding shots being fired near North Claiborne Avenue and Columbus Street.  NOPD Officers arrived at the scene and discovered a deceased black female.  Officers learned that the victim had been riding in a gray Dodge Charger driven by CLAVO when she was shot.  An NOPD officer present at University Medical Center (UMC) saw CLAVO pull up outside the emergency room driving a gray Dodge Charger with several bullet holes in the front windshield.  CLAVO sustained multiple gunshot wounds, including to his neck and right arm.  NOPD Detectives executed a state search warrant for the Dodge Charger and located two firearms and marijuana inside the vehicle.  CLAVO admitted possessing the marijuana for later sale.  Additionally, CLAVO possessed the firearms to further his marijuana sales activities.

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

    The case was investigated by the Federal Bureau of Investigation and the New Orleans Police Department and prosecuted by Assistant U.S. Attorney Mike Trummel of the Violent Crime Unit.

    MIL Security OSI –

  • MIL-OSI Security: Lewiston Man Arrested, Charged with Possessing Cocaine with Intent to Distribute and Illegally Possessing Firearm

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

    PORTLAND, Maine:  A Lewiston man was arrested on Wednesday and charged by criminal complaint today with possessing controlled substances with the intent to distribute and unlawfully possessing a firearm.

    According to the criminal complaint filed in the case and other court documents, Nasir Kenya-Malik White (aka Biggie), 24, was arrested at his residence in Lewiston on Wednesday evening on probable cause following a search of his apartment. Investigators recovered more than 300 grams of suspected cocaine during the search. Ten firearms, including several assault-style rifles, were also recovered. The complaint alleges that White is precluded from possessing firearms as a result of a 2023 conviction in Androscoggin County Superior Court for reckless conduct with a firearm or dangerous weapon. White was scheduled to make his first appearance in U.S. District Court in Portland today.

    The FBI’s Safe Streets Task Force is investigating the case with assistance from the Lewiston Police Department and the Maine Drug Enforcement Agency.

    A criminal complaint is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

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    MIL Security OSI –

  • MIL-OSI Security: Wapato Man Who Attempted to Avoid Arrest and Pointed Loaded Gun at Federal Officers Sentenced to Federal Prison

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Yakima, Washington – On October 24, 2024, United States District Judge James L. Robart sentenced Leo John Yallup, age 38, of Wapato, Washington, to 10 years in federal prison for assaulting a federal officer with a deadly weapon. Judge Robart also imposed 3 years of supervised release.

    According to court documents and information presented at the sentencing hearing, on March 2, 2023, four officers with a U.S. Marshals Service task force traveled to a house at 1161 Donald Wapato Road, in Wapato, Washington, to arrest Yallup on an outstanding warrant.

    When Yallup saw the officers pull into his driveway, he took off running behind the house, pursued by the officers. At the back of the property, Yallup drew a firearm and pointed it at the officers. One of the officers fired his service weapon, hitting Yallup in the head, causing him to fall to the ground.

    Officers handcuffed Yallup and began to render medical aid. During this process, officers turned Yallup on his back. As officers turned him over, they saw Yallup had been lying on the weapon he pointed at officers. The gun was loaded and had a live round in the chamber. Officers also discovered Yallup was armed with a second weapon in a shoulder holster.

    “Mr. Yallup attempted to escape arrest, and in the process, pointed a loaded gun at federal officers, putting their lives, and the lives of others, at great risk,” stated Vanessa R. Waldref, United States Attorney for the Eastern District of Washington. “I am grateful for the brave men and women of law enforcement who put their lives on the line everyday to keep our communities safe and strong. My office will continue to hold offenders accountable to who threaten the safety of those who protect and serve the people of Eastern Washington.”

    “A law enforcement officer does not want to shoot someone.” said Kelly M. Smith, Assistant Special Agent in Charge of the FBI’s Seattle field office. “However, Mr. Yallup left no other option when he drew his weapon and pointed it at officers. Fortunately, he lived and no officers were hurt. This case is a reminder of the personal sacrifice our law enforcement officers make on a daily basis.”

    Craig Thayer, United States Marshal for the Eastern District of Washington commented, “Deputy U. S. Marshals in the Eastern District of Washington, and throughout the nation, serve thousands of federal, state, and local arrest warrants for the most violent offenders in the criminal justice system. They face extraordinary dangers in order to protect our communities while professionally, safely, and efficiently bringing these wanted persons before a court of law.  When a wanted person, like Leo John Yallup, draws a firearm, and points it at law enforcement officers, those officers will apply necessary force to stop the threat.  It should be noted that these Deputies immediately rendered aid to Yallup once his deadly threat was stopped.  With his sentence today, he now faces the consequences of his violent behaviors. The fugitive apprehension mission is one of the primary responsibilities of the United States Marshals Service.”

    This case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorneys Courtney R. Pratten and Todd M. Swensen. 

    MIL Security OSI –

  • MIL-OSI: Old National, Axletree Solutions Collaborate for New Level of Secure Transaction Messaging Leveraging Swift

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Old National Bancorp (“Old National”) and Axletree Solutions today announced an innovative collaboration whereby Axletree will host Old National Bank’s Swift architecture, providing a new level of highly-secure transaction messaging. This will ensure end-to-end control and complete transparency of banking transactions via Swift (Society for Worldwide Interbank Financial Telecommunication).

    Axletree Solutions, a “Software as a Service” provider specializing in connectivity and integration, is Old National’s Swift Service Bureau, providing the bank with access to Swift without the internal burden and costs of managing the requisite Swift technology and infrastructure. Axletree also provides value-added services to Old National that include creating, enriching and transporting various Swift message types from legacy back-office systems with routing rules to achieve internal efficiencies and enhance revenue. Through Axletree, Old National also has access to track international payments in real time leveraging Swift APIs, for the benefit of its customers through an end-to-end secure environment.

    “Our partnership with Axletree allows Old National to meet the technology needs of many of our financial institution and corporate customers,” said Joe Wicklander, President of Treasury Management, Merchant Services and Financial Institutions for Old National Bank. “Our clients continue to invest in automation to leverage their ERP systems, treasury workstations, and accounting platforms, and we thank Axletree for their commitment to providing innovative solutions that allow our clients to be even more successful.”

    Swift provides a single secure channel rather than requiring multiple proprietary connections. Swift is a member-owned cooperative providing safe and secure financial transactions for funds and funds administrators, brokers and dealers, clearing firms and financial market infrastructures, payment processors, and asset and wealth managers.

    Swift messaging supported by Old National will include Single Customer Credit Transfer, General Financial Institution Transfer, Bank to Bank Free Format Message, Confirmation of Debit, Confirmation of Credit, Customer Summary Statement Message, and Customer Detailed Statement Message. Swift connects multiple domestic and global institutions through a single, secure channel. Messaging capabilities include:

    • Wire transfer payments and confirmations
    • ACH payments and confirmations
    • Prior-day and current-day information reporting in BAI2 format
    • Integrated payable files in ISO 20022, CSV and EDI formats

    “We are thrilled to partner with Old National Bank to improve its secure financial messaging experience via Swift,” said Jeff Ferguson, Director of Business Development for Axletree Solutions. “Through the use of our solution Symmetree by Axletree®, Axletree was able to help Old National Bank’s legacy systems create, translate and transport Swift-ready messages to facilitate its secure financial messaging needs. Axletree’s connection with Swift will also allow Old National customers to trace their cross-border Swift transactions in real-time. We thank Old National Bank for allowing us to show how Axletree provides its customers with ‘peace of mind.’”

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $53 billion of assets and $30 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    ABOUT AXLETREE
    Axletree Solutions, a premier financial technology provider since 2002, empowers businesses with seamless bank connectivity and enterprise integration. As North America’s first SWIFT Service Bureau for Banks and Corporates, Axletree has evolved into a global leader in financial transaction and payments solutions. Processing over $100 billion USD daily, Axletree transmits transactions from any system, across any network, anywhere in the world. The company’s innovative technology and client-centric approach have established it as a trusted partner for secure, mission-critical services, reinforcing Axletree’s role as the central communication pathway for its clients’ financial operations. With a comprehensive solution suite covering the entire payment lifecycle, Axletree enables organizations to realize efficiencies and reduce costs by replacing complex manual processes with automation. As the company expands its global presence through the Americas, Europe, Middle East, and Asia-Pacific, Axletree continues to drive efficiency and integration for the world’s largest organizations, guaranteeing seamless connectivity and peace of mind.

    ABOUT SWIFT
    Swift is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. They provide communities with a platform for messaging and standards for communicating and offer products and services to facilitate access and integration, identification, analysis and regulatory compliance. Their messaging platform, products and services connect more than 11,500 banking and securities organizations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, they enable a global community of users to communicate securely, exchanging standardized financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world. Headquartered in Belgium, Swift’s international governance and oversight reinforces the globally inclusive character of its cooperative structure. Swift’s global office network ensures an active presence in all the major financial centers.

    Investor Relations:
    Lynell Durchholz
    (812) 464-1366
    lynell.durchholz@oldnational.com

    Media Relations:
    Rick Vach
    (904) 535-9489
    rick.vach@oldnational.com

    The MIL Network –

  • MIL-OSI Security: Career Offender Sentenced to 20 Years in Prison for Bank Robbery

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

    MIAMI – Today, Terry Meach, 43, was sentenced to 240 months in federal prison following a guilty to plea to two counts of bank robbery and one count of attempted bank robbery earlier this year.

    As part of his guilty plea, Meach admitted that on Feb. 23, 2024, he entered a Truist Bank in Hollywood, Fla., demanded money and claimed that he had a gun. The teller complied with his demands, and Meach made off with $2,419.

    Four days later, on Feb. 27, 2024, Meach entered a Fifth Third Bank in Fort Lauderdale, Fla., and approached the teller with his hand in his pocket. Meach said words to the effect of “give me the money, I have a bomb.” The teller backed away and Meach fled the bank empty handed. Undeterred, Meach continued down the street about 100 yards to a Truist Bank, which he entered and approached the teller saying words to the effect of “give me the money, I have a gun.” The teller complied, and this time Meach made off with $2,379.

    Prior to robbing the banks in February 2024, Meach had been convicted of robbing or attempting to rob four other banks charged in two separate federal cases. In April 2012, Meach robbed a TD Bank in Fort Lauderdale, and two days later attempted to rob a Suntrust Bank in Miami. Meach pled guilty to both charges and was sentenced to 54 months in federal prison in October 2012 (Case No. 12-cr-20302). Meach was released from prison on March 14, 2016.

    Eight days after his release, on March 22, 2016, Meach robbed a Suntrust Bank in Fort Lauderdale. Two days after that, Meach robbed a Chase Bank in Doral. Meach pled guilty to both robberies in November 2016, and was sentenced to 99 months in federal prison (Case No. 16-cr-60087). Meach was released from prison on Feb. 9, 2024.

    Fourteen days later, Meach committed the first of the robberies for which he was sentenced in this case.

    U.S. Attorney Markenzy Lapointe for the Southern District of Florida and Special Agent in Charge Jeffrey B. Veltri of the FBI, Miami Field Office, made the announcement.

    FBI Miami investigated the case. Assistant U.S. Attorney Corey O’Neal prosecuted the case.

    You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at www.justice.gov/usao-sdfl.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-60100.

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    MIL Security OSI –

  • MIL-OSI Security: Online Chats with Minor Females Lead to Federal Prison Sentences for Two Men

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

    LAFAYETTE, La. – United States Attorney Brandon B. Brown announced the sentencing of two men on child pornography charges. 

    Jason Matthew Miller, 26, of Eunice, Louisiana, was sentenced by United States District Judge S. Maurice Hicks, Jr. to 210 months (17 years, 6 months) in prison, followed by a lifetime of supervised release. Miller was charged in an indictment and pleaded guilty to attempted production of child pornography. Law enforcement agents began an investigation after receiving information that Miller had communicated with a 13 year old female through Instagram, a social media platform. Through their investigation, it was revealed that in July 2018, Miller had a conversation through Instagram and on his cell phone with the minor female and he told her he was a 15 year old male, when in truth and in fact he was 20 years old at the time. Miller asked the minor female to send him sexually explicit photos of herself and she did so. At the guilty plea hearing on June 26, 2024, Miller admitted to communicating with the minor female and asking for and receiving sexually explicit photos of her. 

    In a separate and unrelated case, Michael Rios, 30, of San Antonio, Texas, was sentenced by United States District Judge David C. Joseph to 120 months (10 years) in prison for attempting to produce child pornography.  Rios will serve 20 years of supervised release after his release from prison. At the guilty plea hearing on July 23, 2024, Rios admitted to communicating with an undercover agent who was posing as a 13 year old female on the chat application “Meet24.”  In December 2022 and continuing through the spring of 2023, Rios chatted with who he believed to be a 13 year old female living in Lafayette, Louisiana. During the online conversation with the purported minor female, Rios asked her to send sexually explicit pictures and videos of herself to him and he sent sexually explicit images of himself to her. In addition, he discussed the possibility of traveling to Louisiana on numerous occasions so he and the minor female could meet at a hotel and engage in sex. Rios was subsequently arrested and charged with the offense of attempted production of child pornography.

    These cases were investigated by the Federal Bureau of Investigation and prosecuted by Assistant United States Attorney J. Luke Walker.

    # # #

    MIL Security OSI –

  • MIL-OSI Africa: Saudi Export-Import Bank (Saudi EXIM) Bank and Africa Finance Corporation Sign Memorandum of Understanding (MoU) to Enhance Export Activities in the Middle East and Africa

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

    WASHINGTON D.C., United States of America, October 28, 2024/APO Group/ —

    The Saudi Export-Import Bank (Saudi EXIM) and Africa Finance Corporation(AFC) (www.Africafc.org), Africa’s leading infrastructure solutions provider, have signed a Memorandum of Understanding (MOU) to collaborate on initiatives to boost exports in both the Kingdom of Saudi Arabia and AFC’s member countries This MoU, signed on the sidelines of the ongoing 2024 IMF/World Bank Annual Meetings, will also promote exchange of information, technical expertise and knowledge sharing between both institutions.  

    His Excellency Eng. Saad Al-Khalb commented: “The MoU with the Africa Finance Corporation comes as part of the bank’s commitment to enhancing international economic and trade relations. The agreement will cover several areas of cooperation, including exploring opportunities to support joint projects between companies in the Kingdom and the member countries of Africa Finance Corporation (AFC), by providing credit solutions that support companies and institutions of all sizes and activities. It will also pave the way for local investors to benefit from promising investment opportunities in Africa, thereby enhancing the flow of non-oil Saudi exports to expand into various African markets, in line with empowering the non-oil national economy and creating a diverse and inclusive economy in line with Saudi Vision 2030.” 

    Samaila Zubairu, President & CEO of AFC, commented on the partnership: “Strategic partnerships are vital for economic transformation, and in today’s world, no nation can tackle sustainable development alone. As such, AFC is pleased to partner with the Saudi Exim Bank, marking a major milestone in strengthening ties between Africa and Saudi Arabia. Leveraging our collective expertise and resources, we aim to contribute significantly to driving industrialization, facilitating trade and creating jobs for a dynamic economic ecosystem that benefits both regions.”  

    It is worth noting that the Saudi Export-Import Bank is a development bank affiliated with the National Development Fund, working to contribute to diversifying the economic base of the Kingdom by enhancing the efficiency of the export system for non-oil national products and services, addressing financing gaps, and reducing export risks. This supports the growth of the non-oil national economy in line with Saudi Vision 2030. 

    At the heart of AFC’s mission is a commitment to delivering impactful solutions for Africa, across its core sectors of power, natural resources, transport and logistics, heavy industry, and technology. The Corporation has an unwavering commitment to realising transformative projects across Africa including infrastructure projects such as the Red Sea Power Wind Farm in Djibouti, the Arise IIP industrial zones and the Lobito transport corridor that are reshaping the landscape, fostering sustainable development for local communities, and altering the economic trajectory of countries. 

    MIL OSI Africa –

  • MIL-OSI USA: Congressman Cohen Announces $8.6 Million Grant to Vanderbilt University Intermodal Mobility Consortium

    Source: United States House of Representatives – Congressman Steve Cohen (TN-09)

    MEMPHIS – Congressman Steve Cohen (TN-9), a senior member of the Committee on Transportation and Infrastructure, today announced that a project he supported at Vanderbilt University will receive a grant of $8,666,053 from the Federal Highway Administration (FHWA) to accelerate integrated multimodal mobility operations in Memphis, Knoxville, Nashville and Chattanooga. The consortium will foster collaborative efforts in tracking intermodal transportation issues, enabling efficient data sharing and pooling statewide resources to develop models and strategies. The funding came from the Infrastructure Investment and Jobs Act that Congressman Cohen voted for.

    Congressman Cohen made the following statement:

    “Multimodal freight transportation is the future and investments in its efficiencies across Tennessee makes sense. I was pleased to endorse Vanderbilt’s use of advanced technologies and innovation to improve the transportation of goods across our state.”

    # # #

    MIL OSI USA News –

  • MIL-OSI Security: Windsor Mill Woman Sentenced to More Than Five Years’ Imprisonment in Connection with Conspiracy Involving Fraudulently Obtaining and Attempting to Obtain More Than $3 Million in COVID-19 Cares Act Loans

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

    Glenn Used COVID-19 CARES Act Funds to Pay for a Vacation to Jamaica, a Mercedes-Benz, Luxury Jewelry, including a 31 Carat Diamond Necklace and items from Luis Vuitton, Neiman Marcus, Dior, Cartier, Gucci, Chanel and Hermes.

    Baltimore, Maryland – On October 23, 2024, Tomeka Glenn, a/k/a “Tomeka Harris” and “Tomeka Davis,” age 47, of Windsor Mill, Maryland, was sentenced by United States District Judge Richard D. Bennett to 65 months’ imprisonment and 3 years of supervised release in connection with her conviction on conspiracy to commit wire fraud relating to the submission of millions of dollars in fraudulent COVID-19 CARES Act Paycheck Protection Program and Economic Injury Disaster Loan applications.  Judge Bennett also directed Glenn to pay restitution in the amount of $3,016,275.62.

    Glenn’s co-defendant Kevin Davis, age 43, also of Windsor Mill, Maryland, pleaded guilty on January 25, 2024 to being a felon in possession of a firearm and ammunition.  Judge Bennett on May 22, 2024 sentenced him to 24 months’ imprisonment.

    The sentence was announced by Erek L. Barron, U.S. Attorney for the District of Maryland; Special Agent in Charge William J. Delbagno of the Federal Bureau of Investigation (“FBI”) Baltimore Field Office; and Chief Robert McCullough of the Baltimore County Police Department.

    Financial assistance offered through the CARES Act included forgivable loans to small businesses for job retention and certain other expenses through the Paycheck Protection Program, administered through the Small Business Administration (“SBA”).  The SBA also offered an Economic Injury Disaster Loan (EIDL) and/or an EIDL advance to help businesses meet their financial obligations.  An EIDL advance did not have to be repaid, and small businesses could receive an advance, even if they were not approved for an EIDL loan. The maximum advance amount was $10,000.

    According to Glenn’s plea agreement, beginning in June 2020 and continuing through March 2021,  Glenn and various co-conspirators prepared numerous false and fraudulent EIDL and PPP loan applications for various businesses (including some that did not exist in any legitimate capacity)  that included false information concerning, among other things, number of employees, monthly payroll costs, and revenue.  The PPP applications also routinely included false and fraudulent Internal Revenue Service (“IRS”) tax forms and bank statements, which were submitted by Glenn to substantiate the false representations made in the applications. 

    Glenn admitted that she received kickback payments from the loan borrowers in exchange for her assistance in connection with the submission of fraudulent PPP and EIDL applications, ultimately receiving more than $400,000 in kickbacks in connection with the scheme.  These kickbacks typically amounted to 10% to 20% of the loan amount.  In total, the kickback scheme resulted in the disbursement of at least $2,715,649.12 in fraudulently obtained PPP and EIDL funds in connection with 23 fraudulent PPP and EIDL loans.

    According to Glenn’s plea agreement, Glenn and Davis, received $300,726.50 in PPP/EIDL funds for various entities that they controlled, and Glenn attempted to obtain $601,511.20 in additional fraudulent PPP and EIDL funds too. 

    Glenn used the fraudulently obtained funds to pay for a luxury vacation at a resort in Jamaica, to purchase a 2021 Mercedes-Benz S580 sedan valued at $148,171.60, to buy thousands of dollars in luxury jewelry, as well as numerous other luxury goods, including items from Luis Vuitton, Neiman Marcus, Dior, Cartier, Gucci, Chanel, and Hermes.

    At the time of her scheme, neither Glenn nor Davis had any legitimate source of income, and in May 2020, each applied for unemployment insurance benefits in the State of Maryland.  In addition, as detailed in Davis and Glenn’s plea agreements, on January 6, 2023, law enforcement executed a federal search warrant at their residence.  Davis and Glenn were present at the residence at the time of the search and were arrested in connection with the fraudulent COVID-19 CARES Act loans.  According to Davis’s plea agreement, during the execution of the search warrant, law enforcement found and seized four firearms loaded with ammunition—a 9mm firearm, and three .40 caliber firearms.  Later investigation revealed that  one of the .40 caliber firearms had earlier been reported stolen by its owner.  As further detailed in Davis’s plea, the firearms were hidden by Davis in the air ducts of the residence: two firearms were hidden in the main bedroom air duct where Davis slept and kept his personal effects; the other two firearms were in the air duct of the bathroom closets to the main bedroom.  Moreover, two of the firearms were further stuffed in socks in an attempt to hide them.  Davis admitted that he possessed and secreted the firearms in the air ducts of his home (and in the socks) in an attempt to conceal them from law enforcement after learning that federal agents had a warrant to search his home.  As admitted to at his plea, Davis’s concealment of the firearms constitutes attempted obstruction of the administration of justice with respect to the investigation.  Each of the four firearms recovered from Davis’s home on January 6, 2023 were later found to have his DNA on them.  A later review of Davis’s iCloud account revealed the existence of, among other things, a series of videos depicting Davis handling firearms, including a shotgun and an assault rifle.  Davis knew that his previous felony conviction prohibited him from possessing firearms or ammunition.

    As part of their plea agreements, Glenn and Davis will be required to forfeit their interest in any assets derived from or obtained by them as a result of, or used to facilitate the commission of, their illegal activities. Specifically, Glenn is required to forfeit a money judgment in the amount of at least $700,726.50; the 2021 Mercedes-Benz; cash in bank accounts she controlled that were held in the names of business entities; and jewelry, including her 3.03 carat yellow diamond engagement ring, Rolex, Cartier and Breitling watches, and a Diamond Miami Cuban Link Chain with 31.5 carats of VS1 diamonds.  Davis must forfeit the firearms and ammunition.

    The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.  The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.  Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    U.S. Attorney Barron commended the FBI, the SBA-OIG, and the Baltimore County Police Department for their work in the investigation.  Mr. Barron thanked Assistant U.S. Attorney Paul A. Riley, who is prosecuting the case.  He also recognized the assistance of the Maryland COVID-19 Strike Force Paralegal Specialist Joanna B.N. Huber and Paralegal Specialist Juliette Jarman. 

    For more information on the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao/md.

    # # #

     

    MIL Security OSI –

  • MIL-OSI Security: Pharmacy Owner Sentenced for Role in $6.9 Million Scheme to Bill Insurance for Medications Not Dispensed

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

    DETROIT – A licensed pharmacist from Dearborn Heights was sentenced to 2 years in federal prison for submitting claims to Medicare, Medicaid, and Blue Cross Blue Shield of Michigan for her role in a scheme to defraud health care insurers by submitting claims for pharmaceuticals that were not actually purchased, United States Attorney Dawn N. Ison announced.

    Ison was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson of the FBI’s Detroit Division and Mario M. Pinto, Special Agent in Charge of the Chicago Region of the U.S. Department of Health and Human Services Office of Inspector General.

    In addition to the prison term, United States District Judge Nancy G. Edmunds also ordered Zeinab Makki, 61, to pay $6.9 million in restitution imposed of a forfeiture judgment of $6.9 million.

    According to court records, Makki was the pharmacist in charge from 2001 through 2021 at New Millennium Drugs and Western Wayne Pharmacy. She admitted that she led a scheme to defraud Medicare, Medicaid, and Blue Cross Blue Shield of Michigan by submitting claims for pharmaceuticals which New Millenium Drugs and Western Wayne Pharmacy did not actually purchase.

    “Fraud by health care professionals will be aggressively pursued by our office,” said U.S. Attorney Ison.  “We hope that prosecutions like this one will deter health care professionals from stealing money from those who genuinely need it to order to line their own pockets.”

    “This sentencing underscores our commitment to holding those who defraud Federal health care programs accountable,” said Mario M. Pinto, Special Agent in Charge of the U.S. Department of Health and Human Services Office of Inspector General. “Our agency remains dedicated to working with our law enforcement partners to identify and investigate fraud allegations.”

    “False medical claims divert much needed funding away from patients in need of life-saving services and Ms. Makki will serve her sentence for orchestrating and participating in this scheme,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “The FBI is proud to work alongside our law enforcement partners and pursue justice against medical professionals who defraud government healthcare programs.

    The case was investigated by Special Agents of the HHS and FBI, with cooperation and assistance from the Michigan Department of Health and Human Services – Office of Inspector General. The case is being prosecuted by Assistant United States Attorney Philip A. Ross. Assistant United States Attorney Jessica Nathan is prosecuting the related asset forfeiture matters.

    MIL Security OSI –

  • MIL-OSI Security: Real Estate Developer Sentenced to Prison for Bribing Former Taylor Mayor

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

    DETROIT –Real estate developer was sentenced to one year and a day in prison for bribing former Mayor of Taylor Richard Sollars with cash, home renovations, and other things of value in exchange for obtaining tax-foreclosed properties from the City of Taylor for redevelopment, United States Attorney Dawn N. Ison announced. 

    Ison was joined in the announcement by Cheyvoryea Gibson, Special Agent-in-Charge of the Detroit Field Office of the Federal Bureau of Investigation.

    Shady Awad, 44, of Allen Park was sentenced by United States District Judge Mark A. Goldsmith.

    According to court documents, between 2016 and 2018,  Awad provided a steady stream of bribes to then-mayor Sollars in the form of cash, home improvements to Sollars’ home and lake house, appliances, and other items of value.  Awad also agreed to charge more than $19,000 to his credit cards, and then convert the charges to cash for Sollars. In total, Awad provided Sollars with goods and services valued at $85,011.73, in exchange for being permitted to acquire tax-foreclosed properties to redevelop through the City of Taylor’s Right of First Refusal (ROFR) program. This was a program designed to allow Taylor to acquire tax-foreclosed properties from Wayne County for redevelopment.  As a result of the bribes Awad paid to Sollars, Sollars recommended to City Council that Awad be awarded the vast majority of the City’s ROFR properties.  

    “Mr. Awad’s conviction and sentence should send a strong message that not only will public officials who accept bribes be brought to justice by my office, but also, those who seek to gain an advantage by bribing public officials will face serious consequences as well,” stated U.S. Attorney Ison.

    “Mr. Awad and the former Mayor of Taylor unlawfully corrupted the City of Taylor’s real estate redevelopment program, meant to benefit the city and its residents, for their own private gain,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “FBI Michigan’s Detroit Area Corruption Task Force remains committed to rigorously investigating public corruption, especially individuals who cheat the system by bribing public officials.”

    The investigation of this case was conducted by the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorneys Frances Carlson and Robert Moran.

    MIL Security OSI –

  • MIL-OSI Security: Former Taylor Mayor Sentenced to Nearly Six Years in Prison for Bribery Conspiracy

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

    DETROIT –Richard Sollars was sentenced to 71 months in prison for conspiring to accept bribes and engaging in wire fraud while he was the Mayor of the City of Taylor, announced United States Attorney Dawn N. Ison.

    Ison was joined in the announcement by Cheyvoryea Gibson, Special Agent-in-Charge of the Detroit Field Office of the Federal Bureau of Investigation.

    Between 2016 and 2018, Sollars, 50, exercised his authority and influence as Mayor and recommended to the Taylor City Council that Realty Transition, a company owned by his co-defendant, Shady Awad, be awarded the vast majority of the tax-foreclosed properties that the City had or would acquire under its Right of First Refusal (ROFR) program. This was a program designed to allow Taylor to acquire tax-foreclosed properties from Wayne County for redevelopment. Sollars recommended Realty Transition for the ROFR program, intending to be influenced and rewarded by the free home renovations and other items of value that Awad provided to Sollars for his personal residence, office, and lake house. After an evidentiary hearing, the Court found that Sollars received bribes from Awad totaling $85,011.73 as part of this bribery scheme. The bribes included items such as home renovations, a humidor, kitchen appliances, a washer and dryer, a Dyson vacuum cleaner, a camera, and cash.

    In addition, as part of his election efforts, Sollars established a campaign account entitled, “Committee to Elect Richard Sollars, Jr.” Sollars engaged in a scheme to defraud his donors by fraudulently using donated funds for his personal benefit rather than for his political campaign.  In furtherance of the fraudulent scheme, Sollars directed his campaign treasurer to provide him with signed blank checks from his campaign account. Sollars then made those checks payable to Dominick’s Market in various amounts, each purporting to represent payment for catering services provided to the campaign. As known to Sollars, the owner of Dominick’s Market, Hadir Altoon, prepared false invoices for catering services that were not actually provided. Instead, Altoon would provide Sollars with some or all of the proceeds from the cashed fraudulent checks for Sollars’s personal use. After an evidentiary hearing, the Court found that Sollars received $70,362.98 from this, and other, wire fraud schemes related to his campaign account.

    “Sollars, as the Mayor of the City of Taylor, pledged to represent the best interests of the citizens he represented and the voters who supported him. Instead, he used his elected office to award city contracts and spend campaign funds for his own personal financial enrichment,” stated U.S. Attorney Ison. “Sollars’s conviction and sentence demonstrate my office’s commitment to ensuring that those elected officials who place their own greed above their duties to the citizens in the community will be held to answer for their breach of trust.”

    “The diligent work of the FBI’s Detroit Area Corruption Task Force, working in collaboration with the United States Attorney’s Office for the Eastern District of Michigan, resulted in the conviction of Richard Sollars, the former mayor of the City of Taylor,” said FBI Special Agent in Charge Gibson. “This betrayal of public trust is a stark reminder of the importance of integrity and accountability in public office. We remain committed to upholding the principles of justice and transparency, ensuring that such actions do not go unpunished. Today’s sentencing of Mr. Sollars brings closure to a lengthy and thorough investigation of the former mayor’s administration.”

    The investigation of this case was conducted by the Federal Bureau of Investigation. The case is being prosecuted by Assistant U.S. Attorneys Frances Carlson and Robert Moran.

    MIL Security OSI –

  • MIL-OSI Security: Jury Convicts Mexican National of $4.7 Million Methamphetamine Heroin Conspiracy

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

    KANSAS CITY, Mo. – A Mexican national who worked with a drug-trafficking organization tied to the Cárteles Unidos cartel in Michoacán, Mexico, was convicted by a federal trial jury today of his role in a $4.7 million conspiracy to distribute more than 335 kilograms of methamphetamine and 22 kilograms of heroin in the Kansas City, Mo., metropolitan area and throughout the United States.

    Luis Eduardo Pineda-Zarao, 29, a citizen of Mexico residing in Lebanon, Tennessee, was found guilty of participating in a conspiracy to distribute methamphetamine and heroin from Feb. 28, 2020, to June 1, 2022.

    The indictment alleges the conspiracy involved the distribution of more than 335.5 kilograms of methamphetamine, with an average street price of $300 per ounce, and more than 22.1 kilograms of heroin, with an average street price of $1,500 per ounce.

    During the investigation, federal agents with Homeland Security Investigations conducted two undercover bulk cash pickups totaling $308,775 and seized $610,400 in bulk cash, over 56 kilograms of methamphetamine, 5.5 kilograms of heroin, 2.6 kilograms of marijuana, and at least eight firearms, two of which were stolen. Law enforcement officers also seized $277,863 during a vehicle stop and $114,863 while executing search warrants at four Kansas City, Mo., residences.

    Pineda-Zarao is among 44 defendants charged in this case. Nine co-defendants have been sentenced and 34 co-defendants have pleaded guilty and await sentencing.

    Following the presentation of evidence, the jury in the U.S. District Court in Kansas City, Mo., deliberated for less than an hour before returning guilty verdicts to U.S. District Judge Greg Kays, ending a trial that began Monday, Oct. 21.

    Under federal statutes, Pineda-Zarao is subject to a mandatory minimum sentence of 10 years in federal prison without parole, up to a sentence of life in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

    This case is being prosecuted by Assistant U.S. Attorneys Patrick C. Edwards and Megan Baker. It was investigated by Homeland Security Investigations, U.S. Customs and Border Protection, the Drug Enforcement Administration, the Jackson County Drug Task Force, IRS-Criminal Investigation, the Kansas Bureau of Investigation, the Kansas City, Mo., Police Department, the Kansas City, Kan., Police Department, the Missouri State Highway Patrol, the Kansas Highway Patrol, the Independence, Mo., Police Department, the Minnesota Bureau of Criminal Apprehension, the Minnesota State Patrol, the Olmsted County, Minn., Sheriff’s Office, the Texas Department of Public Safety, the FBI, the Clay County, Mo., Sheriff’s Department, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the U.S. Marshals Service.

    Organized Crime and Drug Enforcement Task Force

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    KC Metro Strike Force

    This prosecution was brought as a part of the Department of Justice’s Organized Crime Drug Enforcement Task Forces (OCDETF) Co-located Strike Forces Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations against a continuum of priority targets and their affiliate illicit financial networks. These prosecutor-led co-located Strike Forces capitalize on the synergy created through the long-term relationships that can be forged by agents, analysts, and prosecutors who remain together over time, and they epitomize the model that has proven most effective in combating organized crime. The principal mission of the OCDETF program is to identify, disrupt, and dismantle the most serious drug trafficking organizations, transnational criminal organizations, and money laundering organizations that present a significant threat to the public safety, economic, or national security of the United States.

    MIL Security OSI –

  • MIL-OSI USA: Eppley Airfield Receives an Additional $2.9 Million Grant from Infrastructure Bill

    Source: United States House of Representatives – Congressman Don Bacon (2nd District of Nebraska)

    Omaha, Neb. – Rep. Don Bacon (NE-02) today responded to the announcement that Eppley Airport will receive an additional $2.9 million Federal Aviation Administration (FAA) grant from the bipartisan Infrastructure Investment and Jobs Act. This allocation will pay for approximately five Passenger Boarding Bridges at Eppley Airfield, as part of the OMA Terminal Modernization Program.

    Bacon voted in favor of the legislation in 2021, which will allocate $550 billion for roads and bridges, railroads, broadband access, power grid repair, water systems projects, public transportation, airports, and seaports. The other half of the bill’s funding, approximately $650 billion of unspent COVID-19 funds, includes reauthorization of the Highway Trust Fund, Inland Waterways Trust Fund, and others which provides dedicated funds from existing taxes and fees for infrastructure that would automatically be spent with or without the bipartisan infrastructure bill.

    “Eppley Airfield serves approximately five million people per year, with more than 200 daily arrivals and departures,” said Rep. Bacon. “This federal funding continues to improve our aging infrastructure and advances our efforts to enhance Nebraska. The OMA Terminal Modernization Program will improve the customer service experience, thoroughly expand the facilities within the airport, and speed up reconstruction.”  

    “The Omaha Airport Authority was pleased to be notified by Congressman Bacon’s office that Eppley Airfield will be receiving a grant for the Build OMA Terminal Modernization Program. We are happy to be the recipient of $2.9 million in Federal Aviation Administration funding from the Bipartisan Infrastructure Law Airport Terminal Program,” said Dave Roth, Chief Executive Officer of the Omaha Airport Authority. “This grant funding will create benefits for travelers from Omaha and throughout Nebraska. The funds will support continued improvements at Eppley Airfield including increased capacity, improved throughput, and an enhanced customer experience for decades to come.” 

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Browning Woman Admits Assaulting Child on Blackfeet Indian Reservation

    Source: Federal Bureau of Investigation (FBI) State Crime News

    GREAT FALLS — A Browning woman accused of beating and injuring child in a residence on the Blackfeet Indian Reservation admitted to child abuse and assault charges today, U.S. Attorney Jesse Laslovich said.

    The defendant, Micah Lynn Brown, 25, pleaded guilty to felony child abuse and to assault resulting in substantial bodily injury of an individual under 16 years, as indicted. Brown faces a maximum of 10 years in prison, a $50,000 fine and three years of supervised release on the child abuse charge and a maximum of five years in prison, a $250,000 fine and three years in prison on the assault charge.

    Chief U.S. District Judge Brian M. Morris presided. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing was set for Feb. 19, 2025. Brown was detained pending further proceedings.

    In court documents, the government alleged that on March 21, Brown was drinking when she returned home to a residence she shared with a boyfriend and children. The boyfriend confronted Brown about her drinking and then left the house to use the phone at a nearby residence. When he returned about 10 minutes later, the front door was blocked by a couch that had been moved. Upon entering, the boyfriend heard the victim, identified as Jane Doe, who was under the age of three, screaming and found her injured in a backroom. Brown was in the same room but didn’t say anything. The boyfriend removed the children from the home and called law enforcement. Witnesses told law enforcement that the victim had soiled her diaper and threw it on the ground, angering Brown, who then assaulted the child. The victim was treated for injuries at the Browning Community Hospital.

    The U.S. Attorney’s Office is prosecuting the case. Blackfeet Law Enforcement Services and the FBI conducted the investigation.

    XXX

    MIL Security OSI –

  • MIL-OSI: GraniteShares Announces Reverse Split of NVD

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — GraniteShares has announced it will execute a reverse share split for one of its ETFs. The total market value of the shares outstanding will not be affected as a result of the transaction.

    Reverse split will be executed on GraniteShares 2x Short NVDA Daily ETF.

    After the close of the markets on November 01, 2024 (the “Payable Date”), the Fund will effect a reverse split of its issued and outstanding shares as follows:

    Please note the CUSIP change, effective November 04, 2024:

    As a result of the reverse split, every twenty-five shares of the Fund will be exchanged for one share of the Fund. Accordingly, the total number of the issued and outstanding shares for the Fund will decrease by the approximate percentage indicated above. In addition, the per share net asset value (“NAV”) and next day’s opening market price will be approximately twenty-five-times higher for the Fund. Shares of the Fund will begin trading on the NASDAQ Stock Market. (the “NASDAQ”) on a split-adjusted basis on November 04, 2024.

    The next day’s opening market value of the Fund’s issued and outstanding shares, and thus a shareholder’s investment value, will not be affected by the reverse split. The table below illustrates the effect of a hypothetical one-for- twenty-five reverse split anticipated for the Fund:

    1-for-25 Reverse Split 

    Period # of Shares Owned Hypothetical NAV Total Market Value
    Pre-Reverse Split 1,000 $ 1 $ 1,000
    Post-Reverse Split 40 $ 25 $ 1,000

    Redemption of Fractional Shares and Tax Consequences of the Reverse Split

    As a result of the reverse split, a shareholder of the Fund’s shares potentially could hold a fractional share. However, fractional shares cannot trade on the NASDAQ. Thus, the Fund will redeem for cash a shareholder’s fractional shares at the Fund’s split-adjusted NAV as of the Effective Date. Such redemption may have tax implications for those shareholders and a shareholder could recognize a gain or loss in connection with the redemption of the shareholder’s fractional shares. Otherwise, the reverse split will not result in a taxable transaction for holders of Fund shares. No transaction fee will be imposed on shareholders for such redemption.

    The GraniteShares ETF Trust’s transfer agent will notify the Depository Trust Company (“DTC”) of the reverse split and instruct DTC to adjust each shareholder’s investment(s) accordingly. DTC is the registered owner of the Fund’s shares and maintains a record of the Fund’s record owners.

    All GraniteShares leveraged and inverse ETFs are intended only for investors with an in-depth understanding of the risks associated with seeking leveraged investment results, and who plan to actively monitor and manage their positions. There is no guarantee these ETFs will meet their objective.

    About GraniteShares

    GraniteShares is an independent ETF issuer headquartered in New York City.

    GraniteShares current ETF offering is presented below:

    ETF NAME   TICKER     UNDERLYING STOCK   MANAGEMENT FEE/TOTAL EXPENSES  
    GraniteShares 2x Long AAPL Daily ETF     AAPB     Apple Inc.     0.99%/1.15 %
    GraniteShares 2x Long AMD Daily ETF     AMDL     Advanced Micro Devices, Inc.     0.99%/1.15 %
    GraniteShares 1x Short AMD Daily ETF     AMDS     Advanced Micro Devices, Inc.     0.99%/1.15 %
    GraniteShares 2x Long AMZN Daily ETF     AMZZ     Amazon.com, Inc.     0.99%/1.15 %
    GraniteShares 2x Long BABA Daily ETF     BABX     Alibaba Group Holding Limited     0.99%/1.15 %
    GraniteShares 2x Long COIN Daily ETF     CONL     Coinbase Global Inc     0.99%/1.15 %
    GraniteShares 1x Short COIN Daily ETF     CONI     Coinbase Global Inc     1.30%/1.50 %
    GraniteShares 2x Long META Daily ETF     FBL     Meta Platforms Inc     0.99%/1.15 %
    GraniteShares 2x Long MSFT Daily ETF     MSFL     Microsoft Corp     0.99%/1.15 %
    GraniteShares 2x Long NVDA Daily ETF     NVDL     Nvidia Corporation     0.99%/1.15 %
    GraniteShares 2x Short NVDA Daily ETF     NVD     Nvidia Corporation     1.30%/1.50 %
    GraniteShares 2x Long PLTR Daily ETF     PTIR     Palantir technologies Inc     0.99%/1.15 %
    GraniteShares 1.25x Long TSLA Daily ETF     TSL     Tesla Inc     0.99%/1.15 %
    GraniteShares 2x Long TSLA Daily ETF     TSLR     Tesla Inc     0.95%/0.95 %
    GraniteShares 2x Short TSLA Daily ETF     TSDD     Tesla Inc     0.95%/0.95 %
    GraniteShares 2x Long UBER Daily ETF     UBRL     Uber Technologies Inc     0.99%/1.15 %
    ETF NAME   TICKER     EXPOSURE   MANAGEMENT FEE/TOTAL EXPENSES  
    GraniteShares Gold Trust     BAR     Gold     0.17 %
    GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF     COMB     Broad Commodities     0.25 %
    GraniteShares HIPS US High Income ETF     HIPS     High Income     0.70%/1.99 %
    GraniteShares Platinum Trust     PLTM     Platinum     0.50 %
    GraniteShares Nasdaq Select Disruptors ETF     DRUP     U.S. Large Cap     0.60 %

    Gregory FCA for GraniteShares
    Kathleen Elicker, 484-889-6597
    graniteshares@gregoryfca.com

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (844) 476 8747 or visit www.graniteshares.com. Read the prospectus or summary prospectus carefully before investing.

    The investment program of the funds is speculative, entails substantial risks and include asset classes and investment techniques not employed by more traditional mutual funds.

    PRINCIPAL FUND RISKS (see the Prospectus for more information)

    GraniteShares Leveraged Long and Inverse Daily ETFs are not suitable for all investors. The funds seek daily leveraged investment results and are intended to be used as short-term trading vehicles. The funds pursue daily leveraged investment objectives, which means that the funds are riskier than alternatives that do not use leverage because the fund magnifies the performance of the underlying security. The volatility of the underlying security may affect the fund return as much as, or more than, the return of the underlying security. Investors who do not understand the Funds, or do not intend to actively manage their funds and monitor their investments, should not buy the Funds. The Funds are designed to be utilized only by traders and sophisticated investors who understand the potential consequences of seeking daily inverse and/or leveraged investment results, understand the risks associated with the use of leverage and/or short sales and are willing to monitor their portfolios frequently. For periods longer than a single day, the Funds will lose money if the underlying stock’s performance is flat, and it is possible that the Funds will lose money even if the underlying stock’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day. The Funds track the price of a single stock rather than an index, eliminating the benefits of diversification that most mutual funds and exchange-traded funds offer. Although the Funds will be listed and traded on an exchange, an investment in a Fund may not be suitable for every investor. The Funds pose risks that are unique and complex.

    This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

    THE FUNDS ARE DISTRIBUTED BY ALPS DISTRIBIUTORS, INC. GRANITESHRES IS NOT AFFILIATED WITH ALPS DISTRIBUTORS, INC

    The MIL Network –

  • MIL-OSI: Rubis: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 21 to 25 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, 28 October 2024, 06:00pm
      

    Issuer Name: Rubis (LEI: 969500MGFIKUGLTC9742)
    Category of securities: Ordinary shares (ISIN: FR0013269123)
    Period: From 21 to 25 October 2024

    In accordance with the authorisation granted by the Ordinary Shareholders’ Meeting held on 11 June 2024 to implement a share buyback programme, the Company operated, between 21 and 25 October 2024, the purchases of its own shares in view of their cancelation presented below.

    Aggregate presentation per day and per market

    Name of issuer Identification code of issuer (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares * Market (MIC Code)
    RUBIS 969500MGFIKUGLTC9742 21/10/2024 FR0013269123 1,926 24.8716 AQEU
    RUBIS 969500MGFIKUGLTC9742 21/10/2024 FR0013269123 18,222 25.0016 CEUX
    RUBIS 969500MGFIKUGLTC9742 21/10/2024 FR0013269123 236 24.9000 TQEX
    RUBIS 969500MGFIKUGLTC9742 21/10/2024 FR0013269123 32,134 25.0057 XPAR
    RUBIS 969500MGFIKUGLTC9742 22/10/2024 FR0013269123 1,934 24.9800 AQEU
    RUBIS 969500MGFIKUGLTC9742 22/10/2024 FR0013269123 17,445 24.7951 CEUX
    RUBIS 969500MGFIKUGLTC9742 22/10/2024 FR0013269123 2,082 24.9595 TQEX
    RUBIS 969500MGFIKUGLTC9742 22/10/2024 FR0013269123 32,115 24.8554 XPAR
    RUBIS 969500MGFIKUGLTC9742 23/10/2024 FR0013269123 2,000 24.8600 AQEU
    RUBIS 969500MGFIKUGLTC9742 23/10/2024 FR0013269123 19,645 24.8445 CEUX
    RUBIS 969500MGFIKUGLTC9742 23/10/2024 FR0013269123 2,185 24.8602 TQEX
    RUBIS 969500MGFIKUGLTC9742 23/10/2024 FR0013269123 35,343 24.8299 XPAR
    RUBIS 969500MGFIKUGLTC9742 24/10/2024 FR0013269123 2,000 24.9800 AQEU
    RUBIS 969500MGFIKUGLTC9742 24/10/2024 FR0013269123 18,500 25.0168 CEUX
    RUBIS 969500MGFIKUGLTC9742 24/10/2024 FR0013269123 2,000 24.9800 TQEX
    RUBIS 969500MGFIKUGLTC9742 24/10/2024 FR0013269123 36,000 25.0313 XPAR
    RUBIS 969500MGFIKUGLTC9742 25/10/2024 FR0013269123 2,000 24.9800 AQEU
    RUBIS 969500MGFIKUGLTC9742 25/10/2024 FR0013269123 19,000 24.8760 CEUX
    RUBIS 969500MGFIKUGLTC9742 25/10/2024 FR0013269123 3,000 24.9200 TQEX
    RUBIS 969500MGFIKUGLTC9742 25/10/2024 FR0013269123 28,469 24.9479 XPAR
    * Four-digit rounding after the decimal TOTAL 276,236 24.9247  

    Detailed presentation per transaction

    Detailed information on the transactions carried out from 21 to 25 October 2024 is available on the Company’s website (www.rubis.fr) in the section “Investors – Regulated information – Share buyback programme”.

      Contact
      RUBIS – Legal Department
      Tel. : + 33 (0)1 44 17 95 95

    Attachment

    The MIL Network –

  • MIL-OSI: StoneX Expands with IIBX Membership, New Offices in Pune and Bengaluru, India

    Source: GlobeNewswire (MIL-OSI)

    BENGALURU, India, Oct. 28, 2024 (GLOBE NEWSWIRE) — StoneX Group Inc., a Nasdaq-listed Fortune 100 financial services firm, has announced the opening of its new offices in Pune and Bengaluru, with a collective capacity of 800 seats. This marks a significant expansion of its operations in India, and is part of StoneX’s strategy to leverage India’s deep talent pool.

    Since establishing its Global Capability Centre in India in 2019, StoneX has experienced remarkable growth, and now employs over 550 staff in-country, contributing to its global workforce of more than 4,300 employees.

    Greg Kallinikos, APAC CEO, StoneX, emphasised India’s pivotal role in the Group’s technological advancements. “India has consistently been at the forefront of technological innovation across various sectors, making it a natural choice for expanding our technology and support operations. The robust talent pool in the financial services sector has been another point of attraction in establishing our Global Capability Centres in Bangalore and Pune“, Kallinikos stated.

    Abbey Perkins, Chief Information Officer, StoneX, reiterated the company’s commitment to the Indian market. “This is a growing firm. We are a hiring firm, and our commitment to this market is strong“, Perkins said.

    Manu Dhir, General Manager, StoneX India, highlighted the company’s journey and future aspirations. “We started in India with one technology team for our Global Payments business, and have now matured into a cross-functional Global Capability Centre. We have been growing rapidly in terms of headcount numbers: almost 40% year-on-year. We offer substantial career growth opportunities, including leadership roles to our employees, and are also focused on recruiting top talent from local universities“, Dhir explained.

    GIFT City
    In addition to strengthening its Global Capability Centre presence in India, StoneX has established an office in GIFT City (Gujarat International Finance Tec-City) to facilitate trading in precious metals. StoneX successfully commenced operations in June 2024, trading in precious metals on the IIBX (India International Bullion Exchange), becoming the first international entity to be a trading and self-clearing member on IIBX.

    About StoneX Group Inc.:
    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service and deep expertise. The company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents.

    For more information please contact:
    Manu Dhir, General Manager, SNEX Technology Services Private Limited
    Manu.dhir@stonex.com
    www.stonex.com
    NASDAQ: SNEX

    The MIL Network –

  • MIL-OSI USA: Congressman Deluzio Cosponsors Legislation to Rein in Corporate Landlords and Lower Housing Costs

    Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)

    CARNEGIE, PA – This week, Representatives Chris Deluzio (PA-17) joined as an original co-sponsor of the Stop Wall Street Landlords Act reintroduced by Ro Khanna (CA-17), Katie Porter (CA-47), and Mark Takano (CA-39). This bill would end large institutional investors’ ability to use taxpayer dollars to subsidize the acquisition of single-family residential homes.  

    Since the 2008 housing crash and subsequent foreclosure crisis, increased investor activity in America’s housing market has normalized excessive fees and abusive practices while artificially driving up housing and rent prices. Investors bought 18% of all homes that sold in the fourth quarter of this year and 26% of the most affordable homes. In California, Nevada, Florida, Georgia, and other states where corporate landlords own a large concentration of single-family homes used as rental properties, investors are driving up the cost of rent.  

    “Low- and middle-income families in Western PA and across the country are being pushed out because of predatory practices by large corporate landlords buying up homes in our communities,” said Representative Chris Deluzio (PA-17). “Too many Wall Street investors are not good landlords; they have neglected maintenance, local taxes, and more—all while taking homes off the market. That is why I am proud to be an original co-sponsor of the Stop Wall Street Landlords Act—to help level the playing field and bring down housing costs in America.” 

    “Homes should be owned by people, not wealthy corporate landlords who are buying up affordable single-family homes and pushing the dream of homeownership out of reach for ordinary Americans,” said Rep. Ro Khanna (CA-17). “Affordable housing is one of the most pressing issues in my district and across the state. The Stop Wall Street Landlords Act will ensure that taxpayer dollars are not being used to fuel the housing crisis with more subsidies to corporate landlords. I’m proud to lead this effort with Representatives Porter and Takano to put affordable housing for families first.”  

    “As a single mom of three, it’s heartbreaking when my kids question whether they’ll be able to afford a home in the future,” said Rep. Katie Porter (CA-47). “Americans across the country, especially in my home state of California, are counting on lawmakers to lower the cost of housing. I’m helping lead the Stop Wall Street Landlords Act to crack down on wealthy corporate landlords who drive up the cost of housing and push families out of the market—all to line their own pockets. Every American deserves to have a fair shot at homeownership, and this bill will help level the playing field.” 

    “With big corporations and private equity using their pricing power to raise costs on everything from groceries to gas, it is no wonder they are also targeting single-family homes,” said Rep. Mark Takano (CA-39). “Not only are “Wall Street landlords driving up the cost of housing by monopolizing ownership of single-family residences, but they are doing so by using taxpayer dollars. It’s time we put the people’s bottom line first—not private equity’s. The Stop Wall Street Landlords Act, which I am proud to lead with Representatives Khanna and Porter, will keep corporations out of the single-family housing market for good.” 

    “Owning a home has always been a big part of the American dream,” said Rep. Bonnie Watson Coleman (NJ-12). “But because corporate investors buy up whole neighborhoods of single-family homes, leading to a rapid increase in the cost of housing, the idea of owning a home for many families across New Jersey remains just a dream. I’m proud to co-sponsor the Stop Wall Street Landlords Act to put a stop to this predatory practice, and give everyone a fair shot at a stable future for themselves and their families.” 

    Specifically, the Stop Wall Street Landlords Act will:  

    • End large institutional investors’ ability to benefit from tax breaks reserved for homeowners – namely mortgage interest, insurance, and depreciation deductions.  

    • Direct the Federal Housing Financial Agency (FHFA) and related agencies Fannie Mae, Freddie Mac and Ginnie Mae to (a) prohibit large institutional investors from purchasing mortgages on single-family residential (SFR) homes – or any interest in such a mortgage – and (b) from newly lending on a security or securitizing any SFR mortgage under which the mortgagee meets the bill definition of a specified large investor. 

    The bill makes exceptions for mom-and-pop landlords, housing providers that participate in federal affordable housing programs, nonprofits and developers committed to building and supplying affordable single-family homes to owner occupiers in the American housing market.  

    For the full text of the bill, click here. 

    Cosponsors: Representatives Chris Deluzio, Katie Porter, Mark Takano, Raúl M. Grijalva, Maxwell Alejandro Frost, Barbara Lee, Sheila Cherfilus-McCormick, Bonnie Watson Coleman, Jonathan L. Jackson. 

    Endorsing groups: California Democratic Renters Council, Churches United For Fair Housing, Consumer Action, Destination: Home, National Coalition for the Homeless, Private Equity Stakeholder Project, Sacramento Regional Coalition to End Homelessness. 

    ### 

    MIL OSI USA News –

  • MIL-OSI: Skyward Specialty Announces Time Change for Third Quarter Earnings Call on Wednesday, October 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 28, 2024 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) (“Skyward Specialty” or “the Company”) today announced a time change of its previously announced third quarter earnings call. The conference call and webcast will still be held on Wednesday, October 30, but will now begin at 9:30 a.m. EDT, rather than the previously scheduled time of 8:30 a.m EDT.

    As previously communicated, Skyward Specialty will issue its third quarter 2024 earnings results after the market closes on Tuesday, October 29. The earnings results will be available on the Company website at investors.skywardinsurance.com/ under Quarterly Results.

    Investors may access the live audio webcast via the link on the Company’s investor site at investors.skywardinsurance.com/ under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    A webcast replay will be available two hours following the call in the same location on the Company’s investor website.

    About Skyward Specialty

    Skyward Specialty (NASDAQ: SKWD) is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through eight underwriting divisions — Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S.

    Skyward Specialty’s subsidiary insurance companies consist of Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with a stable outlook by A.M. Best Company. For more information about Skyward Specialty, its people, and its products, please visit skywardinsurance.com.

    For investor relations information contact:

    Natalie Schoolcraft
    nschoolcraft@skywardinsurance.com
    614-494-4988

    The MIL Network –

  • MIL-OSI: Coface SA: Fitch affirms Coface AA- rating, with ‘stable’ outlook

    Source: GlobeNewswire (MIL-OSI)

    Fitch affirms Coface AA- rating, with ‘stable’ outlook

    Paris, 28 October 2024 – 18.45

    The rating agency Fitch affirmed today Coface AA- Insurer Financial Strength (IFS) rating. The outlook remains stable.

    Fitch has also affirmed Coface SA’s Long-Term Issuer Default Rating (IDR) at ‘A+’, with a stable outlook.

    The rating action reflects “Coface’s very strong company profile and capitalisation, as well as a strong profitability through the cycle”. The stable outlook reflects Fitch’s view that “Coface continues to maintain sufficient rating headroom to withstand weaker macro-economic conditions and rising corporate default risk over the next 12-24 months”.

    In Fitch’s press release, the rating agency recognises Coface’s “very strong, well established and geographically diversified franchise in the global trade credit insurance sector”. Fitch highlights also that “factoring, information services and other fee-based activities enhance Coface’s business diversification”.

    Fitch views Coface’s financial performance “as strong across the economic cycle, underpinned by underwriting profitability and effective risk management and reinsurance”.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    2024 FINANCIAL CALENDAR
    9M-2024 results: 5 November 2024 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website:
    http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    With over 75 years of experience and the most extensive international network, Coface is a leader in Trade Credit Insurance & risk management, and a recognised provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface’s experts work to the beat of the global economy, helping ~100,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface’s insight and advice, these companies can make informed decisions. The Group’ solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2023, Coface employed ~4,970 people and registered a turnover of €1.87 billion.

    www.coface.com

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN: FR0010667147 / Mnémonique: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2022 Universal Registration Document filed with AMF on 6 April 2023 under the number D.23-0244 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Biden-Harris Administration, alongside Congresswoman Wilson, Announce $389 million towards Miami-Dade County’s Northeast Corridor Rapid Transit Project

    Source: United States House of Representatives – Congresswoman Frederica S Wilson (24th District of Florida)

    The Federal Transit Administration, alongside Congresswoman Frederica Wilson (FL-24), announced that it is advancing the Miami-Dade County Northeast Corridor Rapid Transit Project into the Engineering phase of the Capital Investment Grants (CIG) program. 

    This means the Federal Transit Administration will invest $389,474,434 in Miami-Dade County. The total project plan is $927.3 million, and under this plan, the Federal Transit Administration will provide $389.4 million, Miami Dade County will provide 337.9 million, and the State of Florida will commit $200 million.

    Congresswoman Wilson, a senior member of the Transportation and Infrastructure Committee, said, “The Federal Transit Administration’s announcement is a game-changer for Miami-Dade County and brings our community much closer to seeing the Northeast Corridor become a reality. Traffic and transit options have been issues across Miami-Dade County for as long as I can remember, especially in areas like Wynwood, Aventura, Little Haiti, and North Miami. I’m proud to have worked with our county officials and federal partners at the Federal Transit Administration to help secure these funds for Miami-Dade County. Constructing the Northeast Corridor will help reduce traffic, provide more transportation options, create jobs, contribute to our efforts to combat the climate crisis, and allow Miami-Dade County to become the modern, transit-connected community it deserves to be. While more work lies ahead, today marks a large milestone in our efforts to construct the Northeast Corridor.”

    Congresswoman Wilson represents the areas where the Northeast Corridor would be constructed, including North Miami, Aventura, and Little Haiti. She has been a consistent advocate for the Northeast Corridor and has previously requested $454 million in funds from the federal government for the Northeast Corridor Rapid Transit Project. She was also one of five cosponsors of the Bipartisan Infrastructure Act, which helped allow this funding for the Northeast Corridor.

    “We are grateful to the Biden-Harris administration and U.S. Secretary of Transportation Pete Buttigieg for continuing to support this critical project and our SMART Program to offer more affordable transportation options to our community,” said Miami-Dade Mayor Daniella Levine Cava. “The Northeast Corridor and its local commuter rail service will help reduce traffic and give many residents, especially in underserved areas, more options to access jobs, education and opportunities. This service will be a gamechanger for those who need it most as we continue building the future of transit in Miami-Dade.”

    Next, the project will need a second rating from the Federal Transit Administration, considering factors such as mobility improvements, land use, and environmental benefits. Miami-Dade Transportation and Public Works already scored well enough on the first review to move into the Engineering phase and grant preliminary approval for a Capital Investment Grant. If they receive a strong score again and complete all engineering work, they’ll be able to secure a Full Funding Grant Agreement (FFGA) with the Federal Transit Administration. This agreement would commit the Federal Transit Administration to provide $389.3 million for the project, pending the availability of funding through annual appropriations, as this transit program relies on the General Fund instead of guaranteed Highway Trust Fund dollars.

    No congressional approval is needed on a project-specific level, but Congress will have to approve funds for all Capital Investment Grants projects as part of the annual Congressional appropriations process to ensure the funds for this project.

    “The Federal Transit Administration’s $389 million investment in Miami-Dade’s Northeast Corridor is a monumental step forward in our efforts to create a modern, connected transit system that serves our residents and visitors,” said Miami-Dade County Commissioner Eileen Higgins. “This funding is a testament to our community’s vision and the commitment from leaders like Congresswoman Federica Wilson to make that vision a reality. With stops in places like Wynwood, Little Haiti, and at the FIU Biscayne Bay campus, expanding and improving our transit options means less traffic congestion, a cleaner environment, and enhanced access to jobs, healthcare, and educational opportunities for thousands. I am proud to advocate for this vital project alongside our congressional partners and look forward to the progress that will transform how we move across Miami-Dade.”

    Miami-Dade County Commissioner Eileen Higgins, who represents the area where the Northeast Corridor would be constructed, has traveled numerous times between Miami-Dade and Washington, D.C., to advocate for this funding.

    Miami-Dade County Commission Chairman Oliver Gilbert said, “This announcement by the FTA marks a commitment to a more accessible, resilient, and inclusive Miami-Dade County. Whether it’s jobs, housing, or educational opportunities, the federal support for the Northeast Corridor will bring transformative change and make it easier for people to connect with what matters most in their lives.”

    Cathy Dos Santos, Executive Director of Transit Alliance Miami, said, “In August of 2024, 80% of Miami-Dade voters gave our elected officials a mandate to expand mass rapid transit, the Northeast Corridor delivers. This rail project is a giant step towards a robust, competitive transit network that secures the economic well-being of Miami-Dade. For our workers and families, this commuter rail will be a completely new way of moving that’s safe, fast, affordable, and enjoyable, compared to the traffic nightmare of the I-95. We commend Congresswoman Frederica Wilson and Commissioner Higgins for fighting to secure this funding and Miami-Dade’s future!”

    For the approval letter from the Federal Transit Administration, click here.

    For the details on the Federal Transit Administration’s announcement, click here.

    The Northeast Corridor Rapid Transit Project includes 13.5 miles of commuter rail, with 7 stations, including Miami Central, Wynwood, Design District, Little Haiti, North Miami, FIU/Biscayne, and West Aventura.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Wittman Hosts Veterans Seminar in Midlothian

    Source: United States House of Representatives – Congressman Rob Wittman (VA-01)

    MIDLOTHIAN, Va. – Congressman Rob Wittman (VA-01) today hosted a community seminar at American Legion Post 354 in Midlothian to convene veterans, their families, support organizations, and community members to provide resources and discuss the challenges faced by the veterans community in Virginia’s First District. The seminar was a follow-up to a similar event the congressman hosted in Mechanicsville earlier this month.

    Watch the livestream here.

    “Our veterans made great sacrifices for us on the battlefield, and we owe them a debt of gratitude for that service,” said Rep. Wittman. “These heroes and their families deserve access to the highest level of care, employment and educational opportunities, and support from their community. Our veterans have earned their benefits through sacrifice, service, and hardship, and I believe they should receive the most efficient delivery of benefits possible. I remain committed to protecting these hard-earned benefits for our nation’s heroes.”

    The congressman was joined by Harry Schein, veterans service representative at the Virginia Department of Veterans Services, and Bill Barksdale, assistant director of the U.S. Department of Veteran Affairs’ Roanoke Regional Office. 

    Virginia’s First District is home to many veterans, with over 700,000 veterans residing in the Commonwealth of Virginia. Throughout his time in Congress, Rep. Wittman has reintroduced multiple pieces of legislation that would remove administrative roadblocks to U.S. Department of Veterans Affairs (VA) services and to bring accountability to the VA by increasing transparency:

    • Voted for the PACT Act

      • Expands VA health care to veterans exposed to toxic burn pits during their military service. 

      • Extends the period of time post-9/11 combat veterans have to enroll in VA health care from five to 10 years post-discharge. 

      • Requires veterans enrolled in VA health care to be screened regularly for toxic exposure related concerns.

      • Invests in VA health care facilities by authorizing 31 major medical health clinics and research facilities in 19 states.

      • Requires VA to conduct outreach to any veteran who had previously filed a claim for benefits related to toxic exposure and was denied ensuring they are aware of the opportunity to refile.

    ###

    MIL OSI USA News –

  • MIL-OSI: Orezone Provides Notice of Q3-2024 Results and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Oct. 28, 2024 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone”) will announce its third quarter 2024 results on November 5, 2024, after market close. A conference call and audio webcast to discuss the results will take place on November 6, 2024, at 8:00 am PT (11:00 am ET).

    Webcast

    Conference Call
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 9776163

    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Vanessa Pickering
    Manager, Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945 8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    The MIL Network –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $12.7 million, or $0.97 per basic share and $0.95 per diluted share, for the three months ended September 30, 2024 compared to net income of $11.8 million, or $0.80 per basic and diluted share, for the three months ended September 30, 2023. In addition, the Company generated net income of $36.9 million, or $2.81 per basic share and $2.78 per diluted share, for the nine months ended September 30, 2024 compared to net income of $34.2 million, or $2.42 per basic share and $2.41 per diluted share, for the nine months ended September 30, 2023.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated, “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio.   Despite the challenging high interest rate environment during 2023 that continued into most of 2024, offset by a reduction in interest rates towards the end of the third quarter of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”

    Highlights for the three months and nine months ended September 30, 2024 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.62%, a return on average shareholders’ equity ratio of 16.48%, and an efficiency ratio of 36.04% for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the Company generated a return on average total assets ratio of 2.61%, a return on average shareholders’ equity ratio of 16.55%, and an efficiency ratio of 36.37%.
    • Net interest income increased by $1.2 million and $5.5 million, or 4.6% and 7.7%, respectively, for the three months and nine months ended September 30, 2024 compared to the same periods in 2023.
    • Our commitments, loans-in-process, and standby letters of credit outstanding totaled $659.0 million at September 30, 2024 compared to $719.6 million at December 31, 2023.

    Balance Sheet Summary

    Total assets increased $203.8 million, or 11.6%, to $2.0 billion at September 30, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to an increase in net loans of $173.6 million and an increase in cash and cash equivalents of $29.1 million.

    Cash and cash equivalents increased $29.1 million, or 42.4%, to $97.8 million at September 30, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $228.0 million, partially offset by a decrease in borrowings of $57.0 million, an increase of $173.6 million in net loans, and stock repurchases of $2.4 million.

    Equity securities increased $2.4 million, or 13.5%, to $20.5 million at September 30, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $2.0 million in equity securities during the third quarter of 2024 and market appreciation of $445,000 due to market interest rate volatility during the nine months ended September 30, 2024.

    Securities held-to-maturity decreased $799,000, or 5.0%, to $15.1 million at September 30, 2024 from $15.9 million at December 31, 2023 due to $810,000 in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.

    Loans, net of the allowance for credit losses, increased $173.6 million, or 11.0%, to $1.8 billion at September 30, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $569.2 million during the nine months ended September 30, 2024, consisting primarily of $499.7 million in construction loans with respect to which approximately 34.1% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the nine months ended September 30, 2024, we originated $44.7 million in commercial and industrial loans, $14.0 million in non-residential loans, $4.2 million in multi-family loans, and $600,000 in mixed-use loans.

    Loan originations during the nine months ended September 30, 2024 resulted in a net increase of $148.8 million in construction loans, $14.4 million in commercial and industrial loans, $9.2 million in non-residential loans, $3.6 million in multi-family loans, and $788,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $1.7 million in residential loans and $1.2 million in mixed-use loans, coupled with normal pay-downs and principal reductions.

    The allowance for credit losses related to loans decreased to $4.8 million as of September 30, 2024 from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to a credit to the provision for credit losses totaling $145,000 and charge-offs of $115,000.  

    Premises and equipment decreased $507,000, or 2.0%, to $24.9 million at September 30, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.

    Investments in Federal Home Loan Bank stock decreased $217,000, or 23.4%, to $712,000 at September 30, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $315,000 in connection with the maturity of $7.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.

    Bank owned life insurance (“BOLI”) increased $486,000, or 1.9%, to $25.6 million at September 30, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.

    Accrued interest receivable increased $1.2 million, or 9.4%, to $13.5 million at September 30, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.

    Real estate owned decreased $478,000, or 32.8%, to $978,000 at September 30, 2024 from $1.5 million at December 31, 2023 due to a charge-off of $478,000 resulting from a decrease in the estimated fair value of the foreclosed property.

    Right of use assets — operating decreased $422,000, or 9.2%, to $4.1 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Other assets decreased $548,000, or 6.8%, to $7.5 million at September 30, 2024 from $8.0 million at December 31, 2023 due to decreases in tax assets of $671,000, prepaid expenses of $56,000, miscellaneous assets of $4,000, and securities receivables of $1,000, partially offset by increase in suspense accounts of $184,000.

    Total deposits increased $228.0 million, or 16.3%, to $1.6 billion at September 30, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $230.5 million, or 30.3%, and NOW/money market accounts increased $83.5 million, or 57.4%, partially offset by decreases in savings account balances of $53.4 million, or 27.7%, and non-interest bearing demand deposits of $32.6 million, or 10.9%.

    Federal Home Loan Bank advances decreased $7.0 million, or 50.0%, to $7.0 million at September 30, 2024 from $14.0 million at December 31, 2023 due to the maturity of borrowings in 2024. Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 were paid-off during the nine months ended September 30, 2024.

    Advance payments by borrowers for taxes and insurance increased $442,000, or 21.9%, to $2.5 million at September 30, 2024 from $2.0 million at December 31, 2023 due primarily to accumulation of real estate tax payments by borrowers.

    Lease liability – operating decreased $384,000, or 8.3%, to $4.2 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Accounts payable and accrued expenses increased $2.4 million, or 17.8%, to $16.0 million at September 30, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable of $3.2 million and deferred compensation of $395,000, partially offset by a decrease in accrued expense of $810,000. The allowance for credit losses for off-balance sheet commitments decreased $130,000, or 12.5%, to $908,000 at September 30, 2024 from $1.0 million at December 31, 2023.

    Stockholders’ equity increased $30.3 million, or 10.8% to $309.6 million at September 30, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $36.9 million for the nine months ended September 30, 2024, the amortization expense of $1.4 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, a reduction of $652,000 in unearned employee stock ownership plan shares coupled with an increase of $532,000 in earned employee stock ownership plan shares, an exercise of stock options totaling $14,000, and $10,000 in other comprehensive income, partially offset by stock repurchases totaling $2.5 million and dividends paid and declared of $6.7 million.

    Results of Operations for the Three Months Ended September 30, 2024 and 2023

    Net Interest Income

    Net interest income was $26.3 million for the three months ended September 30, 2024, as compared to $25.1 million for the three months ended September 30, 2023. The increase in net interest income of $1.2 million, or 4.6%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases in 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the three months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balances on our savings and club deposits.

    Total interest and dividend income increased $6.0 million, or 17.2%, to $41.2 million for the three months ended September 30, 2024 from $35.1 million for the three months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $282.6 million, or 18.0%, to $1.9 billion for the three months ended September 30, 2024 from $1.6 billion for the three months ended September 30, 2023, partially offset by a decrease in the yield on interest earning assets by 6 basis points from 8.95% for the three months ended September 30, 2023 to 8.89% for the three months ended September 30, 2024.

    Interest expense increased $4.9 million, or 48.9%, to $14.9 million for the three months ended September 30, 2024 from $10.0 million for the three months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 59 basis points from 3.86% for the three months ended September 30, 2023 to 4.45% for the three months ended September 30, 2024 and an increase in average interest bearing liabilities of  $301.8 million, or 29.1%, to $1.3 billion for the three months ended September 30, 2024 from $1.0 billion for the three months ended September 30, 2023.

    Our net interest margin decreased 72 basis points, or 11.3%, to 5.68% for the three months ended September 30, 2024 compared to 6.40% for the three months ended September 30, 2023. The decrease in the net interest margin was due to the increase in the cost of interest-bearing liabilities outpacing the increase in the yield on interest-earning assets.

    Credit Loss Expense

    The Company recorded a provision for credit loss of $105,000 for the three months ended September 30, 2024 compared to a provision for credit loss of $156,000 for the three months ended September 30, 2023. The credit loss expense of $105,000 for the three months ended September 30, 2024 was comprised of a credit loss expense for off-balance sheet commitments of $105,000 primarily attributable to an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments. The credit loss expense of $156,000 for the three months ended September 30, 2023 was comprised of credit loss for loans of $438,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $278,000 and credit loss expense reduction for held-to-maturity securities of $4,000.

    With respect to the allowance for credit losses for loans, we charged-off $82,000 during the three months ended September 30, 2024 as compared to charge-offs of $71,000 during the three months ended September 30, 2023. These charge-offs during the three months ended September 30, 2024 and 2023 were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the three months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the three months ended September 30, 2024 was $1.3 million compared to non-interest income of $221,000 for the three months ended September 30, 2023. The increase of $1.1 million, or 510.4%, in total non-interest income was primarily due to increases of $977,000 in unrealized gain on equity securities, $225,000 in other loan fees and service charges, $26,000 in miscellaneous other non-interest income, and $14,000 in BOLI income, partially offset by a decrease of $114,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 compared to an unrealized loss of $430,000 on equity securities during the three months ended September 30, 2023. The unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 was due to market interest rate volatility during the quarter ended September 30, 2024.

    The increase of $225,000 in other loan fees and service charges was due to an increase of $210,000 in other loan fees and loan servicing fees and an increase of $15,000 in ATM/debit card/ACH fees.

    The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $1.0 million, or 11.7%, to $10.0 million for the three months ended September 30, 2024 from $8.9 million for the three months ended September 30, 2023. The increase resulted primarily from increases of $477,000 in real estate owned expense, $435,000 in salaries and employee benefits, $119,000 in occupancy expense, and $112,000 in outside data processing expense, partially offset by decreases of $53,000 in equipment expense, $39,000 in other operating expense, and $5,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $4.9 million and $4.4 million for the three months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024, we had approximately $203,000 in tax exempt income, compared to approximately $187,000 in tax exempt income for the three months ended September 30, 2023. Our effective income tax rates were 27.8% and 27.3% for the three months ended September 30, 2024 and 2023, respectively.

    Results of Operations for the Nine Months Ended September 30, 2024 and 2023

    Net Interest Income

    Net interest income was $77.5 million for the nine months ended September 30, 2024 as compared to $72.0 million for the nine months ended September 30, 2023. The increase in net interest income of $5.5 million, or 7.7%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the nine months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the balances of our savings and club deposits.

    Total interest and dividend income increased $24.2 million, or 25.4%, to $119.5 million for the nine months ended September 30, 2024 from $95.4 million for the nine months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $332.7 million, or 22.7%, to $1.8 billion for the nine months ended September 30, 2024 from $1.5 billion for the nine months ended September 30, 2023 and an increase in the yield on interest earning assets by 19 basis points from 8.66% for the nine months ended September 30, 2023 to 8.85% for the nine months ended September 30, 2024.

    Interest expense increased $18.7 million, or 79.9%, to $42.0 million for the nine months ended September 30, 2024 from $23.4 million for the nine months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 101 basis points from 3.35% for the nine months ended September 30, 2023 to 4.36% for the nine months ended September 30, 2024, and an increase in average interest bearing liabilities of $355.6 million, or 38.2%, to $1.3 billion for the nine months ended September 30, 2024 from $931.5 million for the nine months ended September 30, 2023.

    Net interest margin decreased 80 basis points, or 12.2%, for the nine months ended September 30, 2024 to 5.74% compared to 6.54% for the nine months ended September 30, 2023.

    Credit Loss Expense

    The Company recorded a credit loss expense reduction totaling $286,000 for the nine months ended September 30, 2024 compared to a credit loss expense totaling $767,000 for the nine months ended September 30, 2023. The credit loss expense reduction of $286,000 for the nine months ended September 30, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense reduction for off-balance sheet commitments of $130,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for loans of $145,000 for the nine months ended September 30, 2024 was primarily attributed to favorable trends in the economy.   The credit loss expense reduction for off-balance sheet commitments of $130,000 for the nine months ended September 30, 2024 was primarily attributed to a reduction of $69.1 million in the level of off-balance sheet commitments, partially offset by an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments during the quarter ended September 30, 2024.

    The credit loss expense of $767,000 for the nine months ended September 30, 2023 was comprised of credit loss expense for loans of $1.2 million, partially offset by a credit loss expense reduction for off-balance sheet commitments of $395,000 and credit loss expense reduction for held-to-maturity investment securities of $1,000.

    We charged-off $115,000 during the nine months ended September 30, 2024 as compared to charge-offs of $285,000 during the nine months ended September 30, 2023. The charge-offs of $115,000 during the nine months ended September 30, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $285,000 during the nine months ended September 30, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party subsequent to June 30, 2023 at a loss of $159,000. The remaining charge-offs of $126,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the nine months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the nine months ended September 30, 2024 was $2.6 million compared to non-interest income of $2.4 million for the nine months ended September 30, 2023. The increase of $277,000, or 11.8%, in total non-interest income was primarily due to increases of $772,000 in unrealized gains on equity securities, $196,000 in other loan fees and service charges, and $23,000 in miscellaneous other non-interest income, offset by decreases of $371,000 in BOLI income and $343,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $445,000 on equity securities during the nine months ended September 30, 2024 compared to an unrealized loss of $327,000 on equity securities during the nine months ended September 30, 2023. The unrealized gain of $445,000 on equity securities during the 2024 period was due to market interest rate volatility during the nine months ended September 30, 2024.

    The increase of $196,000 in other loan fees and service charges was due to increases of $164,000 in other loan fees and loan servicing fees, $27,000 in ATM/debit card/ACH fees, and $5,000 in savings account fees.

    The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the nine months ended September 30, 2023. The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $3.2 million, or 12.1%, to $29.1 million for the nine months ended September 30, 2024 from $26.0 million for the nine months ended September 30, 2023. The increase resulted primarily from increases of $1.7 million in salaries and employee benefits, $800,000 in other operating expense, $475,000 in real estate owned expense, $286,000 in outside data processing expense, and $226,000 in occupancy expense, partially offset by decreases of $183,000 in equipment expense and $110,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $14.4 million and $13.4 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, we had approximately $597,000 in tax exempt income, compared to approximately $956,000 in tax exempt income for the nine months ended September 30, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the nine months ended September 30, 2023. Our effective income tax rates were 28.1% and 28.2% for the nine months ended September 30, 2024 and 2023, respectively.

    Asset Quality

    Non-performing assets were $5.4 million at September 30, 2024 compared to $5.8 million at December 31, 2023. At September 30, 2024 and December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. The other non-performing assets consisted of one foreclosed property at September 30, 2024 and December 31, 2023. Our ratio of non-performing assets to total assets remained low at 0.27% at September 30, 2024 as compared to 0.33% at December 31, 2023.

    The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of September 30, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at September 30, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at September 30, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $908,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 15.73% as of September 30, 2024.   At September 30, 2024, the Company had the ability to borrow $832.1 million from the Federal Reserve Bank of New York, $14.8 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of September 30, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of September 30, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT: Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE: (914) 684-2500
       
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
     
      September 30,   December 31,
      2024   2023
      (In thousands, except share
      and per share amounts)
    ASSETS          
    Cash and amounts due from depository institutions $ 16,023     $ 13,394  
    Interest-bearing deposits   81,766       55,277  
    Total cash and cash equivalents   97,789       68,671  
    Certificates of deposit   100       100  
    Equity securities   20,547       18,102  
    Securities held-to-maturity (net of allowance for credit losses of $126 and $136, respectively)   15,061       15,860  
    Loans receivable   1,760,504       1,586,721  
    Deferred loan (fees) costs, net   (245 )     176  
    Allowance for credit losses   (4,833 )     (5,093 )
    Net loans   1,755,426       1,581,804  
    Premises and equipment, net   24,945       25,452  
    Investments in restricted stock, at cost   712       929  
    Bank owned life insurance   25,568       25,082  
    Accrued interest receivable   13,463       12,311  
    Real estate owned   978       1,456  
    Property held for investment   1,380       1,407  
    Right of Use Assets – Operating   4,144       4,566  
    Right of Use Assets – Financing   348       351  
    Other assets   7,496       8,044  
    Total assets $ 1,967,957     $ 1,764,135  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities:          
    Deposits:          
    Non-interest bearing $ 267,592     $ 300,184  
    Interest bearing   1,360,475       1,099,852  
    Total deposits   1,628,067       1,400,036  
    Advance payments by borrowers for taxes and insurance   2,462       2,020  
    Borrowings   7,000       64,000  
    Lease Liability – Operating   4,241       4,625  
    Lease Liability – Financing   599       571  
    Accounts payable and accrued expenses   15,965       13,558  
    Total liabilities   1,658,334       1,484,810  
               
    Stockholders’ equity:          
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,020,602 shares and 14,144,856 shares outstanding, respectively   140       142  
    Additional paid-in capital   109,368       109,924  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (5,911 )     (6,563 )
    Retained earnings   205,699       175,505  
    Accumulated other comprehensive income   327       317  
    Total stockholders’ equity   309,623       279,325  
    Total liabilities and stockholders’ equity $ 1,967,957     $ 1,764,135  
               
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
                  (In thousands, except per share amounts)
    INTEREST INCOME:                      
    Loans $ 39,484   $ 33,757     $ 114,821     $ 91,826  
    Interest-earning deposits   1,472     1,181       4,058       2,886  
    Securities   227     199       662       650  
    Total Interest Income   41,183     35,137       119,541       95,362  
    INTEREST EXPENSE:                      
    Deposits   14,630     9,889       40,459       23,050  
    Borrowings   257     109       1,559       299  
    Financing lease   10     10       29       28  
    Total Interest Expense   14,897     10,008       42,047       23,377  
    Net Interest Income   26,286     25,129       77,494       71,985  
    Provision for (reversal of) credit loss   105     156       (286 )     767  
    Net Interest Income after Provision for (Reversal of) Credit Loss   26,181     24,973       77,780       71,218  
    NON-INTEREST INCOME:                      
    Other loan fees and service charges   589     364       1,613       1,417  
    Earnings on bank owned life insurance   167     153       486       857  
    Investment advisory fees   –     114       –       343  
    Unrealized gain (loss) on equity securities   547     (430 )     445       (327 )
    Other   46     20       90       67  
    Total Non-Interest Income   1,349     221       2,634       2,357  
    NON-INTEREST EXPENSES:                      
    Salaries and employee benefits   5,135     4,700       15,738       14,079  
    Occupancy expense   735     616       2,116       1,890  
    Equipment   187     240       661       844  
    Outside data processing   681     569       1,924       1,638  
    Advertising   128     133       310       420  
    Real estate owned expense   488     11       527       52  
    Other   2,607     2,646       7,864       7,064  
    Total Non-Interest Expenses   9,961     8,915       29,140       25,987  
    INCOME BEFORE PROVISION FOR INCOME TAXES   17,569     16,279       51,274       47,588  
    PROVISION FOR INCOME TAXES   4,883     4,436       14,416       13,413  
    NET INCOME $ 12,686   $ 11,843     $ 36,858     $ 34,175  
                           
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      (In thousands, except per share amounts)   (In thousands, except per share amounts)
    Per share data:                      
    Earnings per share – basic $ 0.97     $ 0.80     $ 2.81     $ 2.42  
    Earnings per share – diluted   0.95       0.80       2.78       2.41  
    Weighted average shares outstanding – basic   13,075       14,743       13,108       14,143  
    Weighted average shares outstanding – diluted   13,417       14,822       13,279       14,192  
    Performance ratios/data:                      
    Return on average total assets   2.62 %     2.87 %     2.61 %     2.95 %
    Return on average shareholders’ equity   16.48 %     17.26 %     16.55 %     16.95 %
    Net interest income $ 26,286     $ 25,129     $ 77,494     $ 71,985  
    Net interest margin   5.68 %     6.40 %     5.74 %     6.54 %
    Efficiency ratio   36.04 %     35.17 %     36.37 %     34.96 %
    Net charge-off ratio   0.02 %     0.02 %     0.01 %     0.03 %
                           
    Loan portfolio composition:               September 30, 2024     December 31, 2023
    One-to-four family             $ 3,507     $ 5,252  
    Multi-family               202,516       198,927  
    Mixed-use               28,399       29,643  
    Total residential real estate               234,422       233,822  
    Non-residential real estate               30,312       21,130  
    Construction               1,368,222       1,219,413  
    Commercial and industrial               125,520       111,116  
    Consumer               2,028       1,240  
    Gross loans               1,760,504       1,586,721  
    Deferred loan (fees) costs, net               (245 )     176  
    Total loans             $ 1,760,259     $ 1,586,897  
    Asset quality data:                      
    Loans past due over 90 days and still accruing             $ –     $ –  
    Non-accrual loans               4,413       4,385  
    OREO property               978       1,456  
    Total non-performing assets             $ 5,391     $ 5,841  
                           
    Allowance for credit losses to total loans               0.27 %     0.32 %
    Allowance for credit losses to non-performing loans               109.52 %     116.15 %
    Non-performing loans to total loans               0.25 %     0.28 %
    Non-performing assets to total assets               0.27 %     0.33 %
                           
    Bank’s Regulatory Capital ratios:                      
    Total capital to risk-weighted assets               14.04 %     14.11 %
    Common equity tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 leverage ratio               14.76 %     16.21 %
                               
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Three Months Ended September 30, 2024   Three Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,717,875     $ 39,484     9.19 %   $ 1,446,946     $ 33,757     9.33 %
    Securities   34,920       212     2.43 %     33,754       181     2.14 %
    Federal Home Loan Bank stock   712       15     8.43 %     929       18     7.75 %
    Other interest-earning assets   98,903       1,472     5.95 %     88,156       1,181     5.36 %
    Total interest-earning assets   1,852,410       41,183     8.89 %     1,569,785       35,137     8.95 %
    Allowance for credit losses   (4,914 )                 (4,404 )            
    Non-interest-earning assets   90,313                   85,133              
    Total assets $ 1,937,809                 $ 1,650,514              
                                       
    Interest-bearing demand deposit $ 228,975     $ 2,423     4.23 %   $ 78,768     $ 522     2.65 %
    Savings and club accounts   140,047       848     2.42 %     235,613       1,624     2.76 %
    Certificates of deposit   946,290       11,359     4.80 %     707,142       7,743     4.38 %
    Total interest-bearing deposits   1,315,312       14,630     4.45 %     1,021,523       9,889     3.87 %
    Borrowed money   23,603       267     4.52 %     15,631       119     3.05 %
    Total interest-bearing liabilities   1,338,915       14,897     4.45 %     1,037,154       10,008     3.86 %
    Non-interest-bearing demand deposit   271,207                   322,213              
    Other non-interest-bearing liabilities   19,758                   16,694              
    Total liabilities   1,629,880                   1,376,061              
    Equity   307,929                   274,453              
    Total liabilities and equity $ 1,937,809                 $ 1,650,514              
                                       
    Net interest income / interest spread       $ 26,286     4.44 %         $ 25,129     5.09 %
    Net interest rate margin               5.68 %                 6.40 %
    Net interest earning assets $ 513,495                 $ 532,631              
    Average interest-earning assets                                  
    to interest-bearing liabilities   138.35 %                 151.36 %            
                                           
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,672,582     $ 114,821     9.15 %   $ 1,353,446     $ 91,826     9.05 %
    Securities   34,071       607     2.38 %     39,375       589     1.99 %
    Federal Home Loan Bank stock   752       55     9.75 %     1,002       61     8.12 %
    Other interest-earning assets   93,417       4,058     5.79 %     74,308       2,886     5.18 %
    Total interest-earning assets   1,800,822       119,541     8.85 %     1,468,131       95,362     8.66 %
    Allowance for credit losses   (4,977 )                 (4,640 )            
    Non-interest-earning assets   90,087                   83,200              
    Total assets $ 1,885,932                 $ 1,546,691              
                                       
    Interest-bearing demand deposit $ 202,097     $ 6,300     4.16 %   $ 84,920     $ 1,433     2.25 %
    Savings and club accounts   160,296       3,032     2.52 %     262,977       5,373     2.72 %
    Certificates of deposit   880,741       31,127     4.71 %     567,378       16,244     3.82 %
    Total interest-bearing deposits   1,243,134       40,459     4.34 %     915,275       23,050     3.36 %
    Borrowed money   43,916       1,588     4.82 %     16,216       327     2.69 %
    Total interest-bearing liabilities   1,287,050       42,047     4.36 %     931,491       23,377     3.35 %
    Non-interest-bearing demand deposit   282,786                   329,993              
    Other non-interest-bearing liabilities   19,163                   16,373              
    Total liabilities   1,588,999                   1,277,857              
    Equity   296,933                   268,834              
    Total liabilities and equity $ 1,885,932                 $ 1,546,691              
                                       
    Net interest income / interest spread       $ 77,494     4.49 %         $ 71,985     5.31 %
    Net interest rate margin               5.74 %                 6.54 %
    Net interest earning assets $ 513,772                 $ 536,640              
    Average interest-earning assets                                  
    to interest-bearing liabilities   139.92 %                 157.61 %            

    The MIL Network –

  • MIL-OSI USA: Senator Collins Announces Nearly $133 Million for Bridge Replacements in Penobscot, Kennebec Counties

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Washington, D.C. – Today, U.S. Senator Susan Collins, Vice Chair of the Senate Appropriations Committee, announced that the Maine Department of Transportation (MaineDOT) has been awarded $132,676,036 for two projects in Penobscot and Kennebec County. This funding will assist in the rehabilitation or replacement of six bridges on Interstate-395 between Bangor and Brewer, and the replacement of six aging overpasses on Interstate-95 near Augusta. This funding was awarded through the U.S. Department of Transportation’s (USDOT) Bridge Investment Program (BIP). With these two awards, the State of Maine is receiving more than 20% of the nearly $635 million being awarded nationwide through the BIP this funding round. Senator Collins sent a letter to Transportation Secretary Pete Buttigieg in support of MaineDOT’s grant requests.

    In 2021, Senator Collins, then the Ranking Member of the Transportation Appropriations Subcommittee, was part of the core group of 10 Senators who negotiated the text of the bipartisan infrastructure law. This law established the BIP, which is the single largest dedicated investment in bridge infrastructure since the construction of the Interstate highway system.

    “This funding will make our roadways safer and more resilient by addressing bridges that are crucial to Maine’s infrastructure,” said Senator Collins. “Upgrading these routes will ensure that vital travel corridors remain accessible for residents, businesses, and commercial transport alike.”

    “This funding will help fund a dozen significant bridge projects in Kennebec County and the Greater Bangor area,” said Bruce Van Note, Commissioner of the Maine Department of Transportation. “Our team will replace six deteriorating bridges in Sidney and Waterville that do not provide enough vertical clearance for interstate traffic. We will also make major improvements on six bridges along the I-395 corridor in Bangor and Brewer, including the rehabilitation of the Veterans Remembrance Bridge spanning the Penobscot River. These investments in our transportation system support safety, reliability, and economic opportunity. We thank Senator Collins and Maine’s entire Congressional delegation for their ongoing commitment to supporting critical infrastructure projects in our state.”

    The funding is allocated as follows:

    • I-395 Bridge Bundle Project – $63,016,563 to rehabilitate or replace six deteriorating bridges along I-395 to enhance safety and improve driving conditions for those traveling between Bangor and Brewer, benefiting both local and regional mobility.
    • I-95 Accessibility Improvements Minimizing Heavy-Truck Impacts Project – $69,659,473 to replace six outdated bridges over I-95, bringing structures up to modern standards, allowing for safer heavy-truck passage, and reducing long-term maintenance needs on this critical route in Kennebec County.

    According to the USDOT, the BIP provides funding for bridge replacement, rehabilitation, preservation, and protection projects that reduce the number of bridges in poor condition, or in fair condition at risk of declining into poor condition.

    Since 2009, when Senator Collins became a member of the Appropriations Committee, she has secured more than $1 billion in competitive transportation grants for the State of Maine.

    MIL OSI USA News –