NewzIntel.com

Category: Intelligence

  • MIL-OSI USA: Three MS-13 Members Charged with Racketeering Conspiracy Involving Murder

    Source: US State of North Dakota

    Three alleged members of the notorious gang La Mara Salvatrucha, commonly known as MS-13, made their initial appearance in the District of Maryland yesterday for their role in a racketeering conspiracy, including murder and drug trafficking.

    “As alleged, the defendants are MS-13 members who carried out a brutal and senseless murder in exchange for promotions within the gang and drugs,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Their actions furthered MS-13’s reign of terror across communities in Maryland. The Criminal Division will continue to pursue charges against MS-13 members and associates and will not relent until this dangerous gang is eradicated from our streets.”

    “The brutal retaliatory murder of this victim is a chilling reminder of the MS-13 gang’s callous disregard for human life,” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “Those who assault and kill others must be brought to justice and ultimately held accountable for their actions. The U.S. Attorney’s Office for the District of Maryland will continue to work relentlessly with our law enforcement partners to dismantle violent criminal organizations that terrorize our communities.”

    “The FBI and our partners are committed to using every tool available to prevent violent criminals from terrorizing the communities they live in,” said Assistant Director Jose A. Perez of the FBI’s Criminal Investigative Division. “We will not let up. We will relentlessly pursue those who engage in violent activity like murder and drug trafficking until they are held accountable.”

    According to court documents, on July 4, 2024, Maxwell Ariel Quijano-Casco, 24, of El Salvador; Daniel Isaias Villanueva-Bautista, 19, of El Salvador; and Josue Mauricio Lainez, 21, of Hyattsville, Maryland, allegedly killed a homeless man as part of their involvement with MS-13. On July 5, 2024, a passerby called 911 after seeing the victim sitting in a blue 2008 Dodge Caravan that was parked in a used car lot in Hyattsville, Maryland. When the police arrived, they found the deceased victim, who appeared to have been stabbed in the neck. Investigators obtained video surveillance from a nearby business that captured the incident.

    The surveillance video shows that at approximately 11:35 p.m Quijano-Casco and another person approach the victim. The video shows the victim wielding what looks like a metal pole at Quijano-Casco, at which point Quijano-Casco and the other person flee on foot and the victim returns to the Dodge Caravan. About 15 minutes later, Quijano-Casco returns with co-defendants Villanueva-Bautista, Lainez, and another person. At approximately 11:48 p.m., the video surveillance shows all four of them approaching the blue Dodge Caravan. 

    The surveillance video then shows Quijano-Casco, Villanueva-Bautista, Lainez, and the unnamed person opening the van’s rear sliding driver’s side door, reaching inside, and moving as if striking someone. 

    The victim does not exit the blue Dodge Caravan after the attack.

    On Aug. 23, 2024, Prince George’s County Police arrested Quijano-Casco and Villanueva-Bautista. Quijano-Casco was in possession of a black Ruger P95DC semi-automatic handgun and about eight grams of cocaine at the time of his arrest. Quijano-Casco and Villanueva both admitted that they were present for the altercation where the victim was murdered. Quijano-Casco allegedly admitted to Prince George’s County Police to stabbing the individual.

    Quijano-Casco, Villanueva-Bautista, and Lainez are each charged with racketeering conspiracy, including the July 4, 2024, murder. If convicted, Quijano-Casco, Villanueva-Bautista, and Lainez face a maximum penalty of life in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The FBI and Prince George’s County Police Department are investigating the case.

    Trial Attorney Christina Taylor of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorney Joel Crespo for the District of Maryland are prosecuting the case.

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

    MIL OSI USA News –

  • MIL-OSI Security: Independence Attorney Sentenced for Tax Evasion

    Source: US FBI

    KANSAS CITY, Mo. – An Independence, Mo., attorney has been sentenced to federal prison for evading payment of $794,540 in income taxes, announced Acting U.S. Attorney Jeffrey P. Ray today.

    John C. Carnes, 70, pleaded guilty to tax evasion on Nov. 25, 2024, and was sentenced to 21 months in federal prison today by U.S. District Judge Howard F. Sachs.  Carnes was also ordered to pay restitution in the amount of $794,540.

    According to court documents, Carnes admitted that he willfully attempted to evade paying his personal income taxes for tax years 2012 through 2018. Carnes kept his income in his attorney trust accounts, then withdrew cash from his attorney trust accounts to pay for personal and business expenses. An attorney trust account is a bank account in which a lawyer has a fiduciary duty to hold property of clients or third persons, including prospective clients. It is for funds that are in a lawyer’s possession in connection with representation, separate from the lawyer’s own property.

    Carnes had two trust fund accounts. He withdrew $444,527 in cash from one account from 2016 through 2019, and he withdrew $144,364 from the second account from 2013 through 2015. Carnes used the cash to gamble and pay personal expenses.

    Carnes deposited $232,000 in fees received for services provided in the sale of the former Rockwood Golf Course property in November 2017 and the Missouri City Power Plant project, and other income, into his attorney trust accounts.

    The total tax loss to the IRS for tax years 2012 through 2018, because of Carnes’s tax evasion, totaled $618,949. In addition, relevant conduct consists of unpaid federal income tax for the tax years 1990-1993, 1996-2003, and 2005, totaling $175,590. The total relevant conduct is $238,513, resulting in a total tax loss of $794,540.

    From 2009 to 2020, the IRS continuously engaged in various forms of investigative and enforcement activity regarding Carnes’s outstanding tax liabilities.

    This case was prosecuted by Assistant U.S. Attorneys Rudolph R. Rhodes IV and Paul S. Becker. It was investigated by IRS-Criminal Investigation.

    MIL Security OSI –

  • MIL-OSI Security: Springfield Man Sentenced to 95 Months for Illegally Possessing Firearm

    Source: US FBI

    SPRINGFIELD, Mo. – A Springfield, Mo., man was sentenced in federal court today for unlawfully possessing a firearm.

    Michael G. Caldwell, 37, was sentenced by U.S. District Court Judge Stephen R. Bough to 95 months in federal prison without parole, to be followed by three years of supervised release.

    Caldwell pleaded guilty to one count of possession of a firearm by a felon on Aug. 29, 2024.

    On April 2, 2024, officers with the Springfield Police Department conducted a traffic stop on a Dodge Charger driven by Caldwell. As the Charger slowed to pull over, officers observed Caldwell making furtive movements and reaching near the center console.

    The officers removed Caldwell from the vehicle and Caldwell physically resisted arrested. After a brief struggle, the officers were ultimately able to detain him. When detectives searched the Charger, they found a Ruger pistol between the center console and front passenger seat. Officers also seized $1,610 in cash from Caldwell.

    The Ruger pistol linked Caldwell to a shooting that occurred in the Springfield, Missouri area, on March 21, 2024, in that the shell casings from that shooting were a presumptive match to the shell casings from the Ruger seized from Caldwell. In addition, cell site data from a cell phone seized from Caldwell on April 2, 2024, confirmed that Caldwell’s cell phone was at the shooting.   

    Under federal law, it is illegal for anyone who is convicted of a felony to be in possession of any firearm or ammunition. Caldwell has prior felony convictions for robbery, possession of a controlled substance, and delivery of a controlled substance.

    This case was prosecuted by Assistant U.S. Attorney Stephanie Wan. It was investigated by the Federal Bureau of Investigation, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Springfield, Mo., Police Department.

    Project Safe Neighborhoods

    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.

    MIL Security OSI –

  • MIL-OSI Security: Kansas City Man Indicted for Possession with Intent to Distribute Cocaine

    Source: US FBI

    KANSAS CITY, Mo. – Ramon Arambula, 44, was indicted by a federal grand jury for possession with intent to distribute cocaine.

    Today’s indictment alleges that on July 9, 2025, Arambula possessed cocaine with the intent to distribute. This charge stems from a vehicle stop conducted on a vehicle being operated by Arambula on July 9. After a drug detection K-9 gave a positive alert on the vehicle, officers recovered 5 brick-shaped packages that contained cocaine. The total amount of cocaine seized was approximately 5,892 grams.

    The charge contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charge must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

    This case is being prosecuted by Assistant U.S. Attorney Megan A. Baker. It was investigated by the Drug Enforcement Administration with assistance from the Federal Bureau of Investigation, Kansas City Missouri Police Department, Missouri State Highway Patrol, Jackson County Drug Task Force and Cass County Sheriff’s Office.

    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 Security: Southwest Missouri Man Sentenced for Unlawful Possession of Stolen Firearm

    Source: US FBI

    SPRINGFIELD, Mo. – A Bolivar, Mo., man was sentenced in federal court today for unlawfully possessing a firearm.

    Timothy E. Parker, 29, was sentenced by U.S. District Court Judge Stephen R. Bough to 48 months in federal prison without parole, to be followed by three years of supervised release.

    On Sept. 25, 2024, Parker pleaded guilty to one count of being a felon in possession of a firearm.

    On Sept. 23, 2023, deputies with the Greene County, Mo., Sheriff’s Office attempted to conduct a traffic stop on a U-Haul that Parker was driving. Instead of stopping, Parker initially fled the area.  Eventually, Parker pulled the vehicle over and when contacted and searched, the deputies located a loaded Taurus G3C pistol concealed in a chest sling holster. Deputies also seized a backpack belonging to Parker that contained a 50-round box of ammunition, a Kydex style gun holster, a lock picking set, and 2.42 grams of methamphetamine during the stop. Police records indicated that the pistol and holster had been reported as stolen earlier that month.

    Under federal law, it is illegal for anyone who is convicted of a felony to be in possession of any firearm or ammunition. Parker has prior felony convictions for property damage, forgery, burglary, driving stolen motor vehicles, and resisting arrest.

    This case was prosecuted by Assistant U.S. Attorney Patrick Carney. It was investigated by the Greene County, Mo., Sheriff’s Office and the Federal Bureau of Investigation.

    Project Safe Neighborhoods

    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.

    MIL Security OSI –

  • MIL-OSI: Say goodbye to cryptocurrency speculation anxiety! Decryption: Get a stable daily income of $9 to $19,494 through ETHRANSACTION cloud mining

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 16, 2025 (GLOBE NEWSWIRE) — Watching the market late at night, heartbeats soaring with the K-line – this is the daily life of retail investors in cryptocurrency trading. When Bitcoin broke through $120,000 and Ethereum fluctuated violently, countless people lost all their money due to leverage liquidation. However, a group of “lazy investors” quietly made money: the numbers on their mobile phone screens jumped steadily every day, $9, $50, and even $9,000… What’s the secret? The answer is ETHRANSACTION, a cloud mining platform that sweeps the world.

    Why did 8 million users give up cryptocurrency trading and choose ETHRANSACTION?

    Traditional cryptocurrency trading is like a casino, and ETHRANSACTION has reshaped the rules – turning fluctuations into daily cash flow. With three core advantages, the platform has become a safe haven for retail and team investors:

    Absolutely stable daily income:
    Regardless of market ups and downs, ETHRANSACTION contracts automatically pay dividends every day. For example:

    $100 trial contract: $18 profit in 2 days, $9 per day

    $33,000 advanced contract: daily profit up to $613.8, principal doubled in 40 days

    Users do not need to analyze the market, and the profit is credited to the account on time like wages, completely saying goodbye to “roller coaster anxiety”.

    “Lazy Revolution” with zero threshold

    ✅ No hardware required: abandon mining machines and sky-high electricity bills, and rent cloud computing power with one click;

    ✅ 3-step start: register → select contract → wait for profit, 24-hour automatic settlement;

    ✅ Mobile first: view profit in real time, withdraw cash at any time, and the interface is simpler than food delivery APP.

    AI-driven mining hegemony:
    ETᕼRANSACTION deeply implants artificial intelligence into ASIC mining machines and GPU chips to achieve:

    Dynamic optimization of computing power, efficiency improvement of 30%;

    Professional team on duty for operation and management throughout the day, with failure rate close to zero;

    Intelligent switching of high-return currencies (supporting BTC, ETH, XRP and other 10+ currencies), and the profit will never fall behind.

    Green computing power: How can mining be more environmentally friendly?
    ETHRANSACTION’s global mines are rewriting the history of high energy consumption:

    100% renewable energy power supply: self-built wind, hydro, and solar power plants, excess power fed back to the city power grid;

    Carbon neutral certification: annual carbon reduction of a single mine ≈ 740,000 trees planted, with both benefits and ecology.

    “The mine is not only a computing power center, but also a green energy hub.” – Platform energy architect revealed

    A safer crypto asset fortress than a bank:

    When hackers ravaged the cryptocurrency field, ETHRANSACTION built an “impossible to break” defense system:

    Fund insurance: Cooperated with London L&G Insurance Company, user assets are fully insured;

    Information encryption: McAfee® security system + Cloudflare® protection, 100% zero-accident operation;

    Take action now: seize the most certain profit opportunity in the bull market
    New user exclusive benefits: Sign up and get a $19 experience bonus, and start a zero-cost trial of earning $0.9 a day immediately!

    The path to wealth only takes 3 steps:
    · Register an account: 30 seconds to complete, no download required;
    · Choose a contract: from $100 short-term contracts to $570,000 whale plans, flexible matching;
    · Wait for income: the system automatically settles income every 24 hours and arrives on time.

    The era of passive income has arrived:
    When others are struggling on the edge of liquidation, ETHRANSACTION users are drinking coffee and collecting interest. Whether it is an office worker, housewife or retiree, you only need a mobile phone to own a “digital money printing machine”.

    “The bull market does not wait for anyone, but you can always be one step ahead of the market.” – The platform is the key to unlocking wealth for investors in 2025; take action now to visit the official website https://ethransaction.vip/ and start your daily income plan!

    Media Details:Email: info@ethransaction.vip/Website: https://ethransaction.vip/

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    The MIL Network –

  • MIL-OSI Analysis: Measles isn’t just dangerous – it may erase your immune system

    Source: The Conversation – UK – By Antony Black, Lecturer, Life Sciences, University of Westminster

    INSAGO/Shutterstock

    Blindness, pneumonia, severe diarrhoea and even death – measles virus infections, especially in children, can have devastating consequences. Fortunately, we have a safe and effective defence. Measles vaccines are estimated to have averted more than 60 million deaths between 2000 and 2023.

    Yet despite this success, measles cases are rising sharply in the UK and around the world. This global surge is the result of several factors, from vaccine hesitancy to missed immunisation campaigns, leaving many children unprotected and vulnerable.

    But there’s more at stake than just measles itself. Emerging research suggests that the measles vaccination may offer surprising additional health benefits. Children who receive the vaccine have been shown to have a significantly lower risk of infections from diseases unrelated to measles.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    One explanation for this broader benefit is the idea of “measles amnesia.” This refers to the ability of the measles virus to erase parts of the body’s immune memory.

    Our immune system contains various cells that protect us from infections. Some produce antibodies that neutralise viruses, while others detect and destroy infected cells. Immune memory allows the body to “remember” past infections and mount faster responses in the future.

    However, measles infection may reduce the number and diversity of these memory cells – leaving children vulnerable to a wide range of diseases they had previously developed immunity to. In other words, the virus doesn’t just make children ill in the short term, it may also undo years of immune protection.

    In one study, researchers found that between 11% and 73% of antibodies targeting other diseases were lost after a measles infection in unvaccinated children. This immune depletion was not observed in children who had received the vaccine, suggesting that vaccination protects against this damaging effect.

    This broad loss of immune protection may explain why measles outbreaks are often followed by spikes in other infectious diseases. Ongoing studies are exploring the impact of measles amnesia in regions such as West Africa, where measles and other infections remain widespread.

    A vaccine that does more?

    Another theory for the vaccine’s broader benefit is known as the “non-specific effect”. Unlike measles amnesia, which explains how the virus weakens immunity, the non-specific effect suggests that the measles vaccine actively strengthens the immune system against a wide range of pathogens.

    Recent research has shown that measles vaccination may enhance the function of certain immune cells, making them more effective at fighting off other diseases. Some scientists believe this effect, rather than protection against amnesia alone, could be the primary reason why vaccinated children have better overall health outcomes.

    The measles vaccine is a live attenuated vaccine, which means it uses a weakened version of the virus to stimulate a strong immune response. Live vaccines, including the BCG vaccine for tuberculosis, are known to provide broad immune training effects, which may explain this non-specific protection.

    Forgotten the dangers

    In the 1960s, before widespread vaccination, measles caused around 2.6 million deaths per year. It’s hard to imagine today, but that’s partly the problem.

    As measles became rare, society began to forget how serious it is. We forgot how contagious it is (one infected person can spread the virus to up to 90% of nearby unvaccinated people) and we forgot how effective vaccination is (two doses provide more than 90% long-term protection).

    And in some circles, this fading memory has been replaced by something more dangerous: mistrust. Misinformation, vaccine myths, and anti-vaccine rhetoric are spreading, just like the virus itself.

    So, whether the additional protection offered by the vaccine is due to prevention of immune amnesia, a non-specific immune boost, or both, the takeaway is the same: Vaccinate children against measles. Because when we protect them from measles, we may also be protecting them from so much more.

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

    – ref. Measles isn’t just dangerous – it may erase your immune system – https://theconversation.com/measles-isnt-just-dangerous-it-may-erase-your-immune-system-261136

    MIL OSI Analysis –

  • MIL-OSI Security: Three MS-13 Members Charged with Racketeering Conspiracy Involving Murder

    Source: United States Attorneys General

    Three alleged members of the notorious gang La Mara Salvatrucha, commonly known as MS-13, made their initial appearance in the District of Maryland yesterday for their role in a racketeering conspiracy, including murder and drug trafficking.

    “As alleged, the defendants are MS-13 members who carried out a brutal and senseless murder in exchange for promotions within the gang and drugs,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Their actions furthered MS-13’s reign of terror across communities in Maryland. The Criminal Division will continue to pursue charges against MS-13 members and associates and will not relent until this dangerous gang is eradicated from our streets.”

    “The brutal retaliatory murder of this victim is a chilling reminder of the MS-13 gang’s callous disregard for human life,” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “Those who assault and kill others must be brought to justice and ultimately held accountable for their actions. The U.S. Attorney’s Office for the District of Maryland will continue to work relentlessly with our law enforcement partners to dismantle violent criminal organizations that terrorize our communities.”

    “The FBI and our partners are committed to using every tool available to prevent violent criminals from terrorizing the communities they live in,” said Assistant Director Jose A. Perez of the FBI’s Criminal Investigative Division. “We will not let up. We will relentlessly pursue those who engage in violent activity like murder and drug trafficking until they are held accountable.”

    According to court documents, on July 4, 2024, Maxwell Ariel Quijano-Casco, 24, of El Salvador; Daniel Isaias Villanueva-Bautista, 19, of El Salvador; and Josue Mauricio Lainez, 21, of Hyattsville, Maryland, allegedly killed a homeless man as part of their involvement with MS-13. On July 5, 2024, a passerby called 911 after seeing the victim sitting in a blue 2008 Dodge Caravan that was parked in a used car lot in Hyattsville, Maryland. When the police arrived, they found the deceased victim, who appeared to have been stabbed in the neck. Investigators obtained video surveillance from a nearby business that captured the incident.

    The surveillance video shows that at approximately 11:35 p.m Quijano-Casco and another person approach the victim. The video shows the victim wielding what looks like a metal pole at Quijano-Casco, at which point Quijano-Casco and the other person flee on foot and the victim returns to the Dodge Caravan. About 15 minutes later, Quijano-Casco returns with co-defendants Villanueva-Bautista, Lainez, and another person. At approximately 11:48 p.m., the video surveillance shows all four of them approaching the blue Dodge Caravan. 

    The surveillance video then shows Quijano-Casco, Villanueva-Bautista, Lainez, and the unnamed person opening the van’s rear sliding driver’s side door, reaching inside, and moving as if striking someone. 

    The victim does not exit the blue Dodge Caravan after the attack.

    On Aug. 23, 2024, Prince George’s County Police arrested Quijano-Casco and Villanueva-Bautista. Quijano-Casco was in possession of a black Ruger P95DC semi-automatic handgun and about eight grams of cocaine at the time of his arrest. Quijano-Casco and Villanueva both admitted that they were present for the altercation where the victim was murdered. Quijano-Casco allegedly admitted to Prince George’s County Police to stabbing the individual.

    Quijano-Casco, Villanueva-Bautista, and Lainez are each charged with racketeering conspiracy, including the July 4, 2024, murder. If convicted, Quijano-Casco, Villanueva-Bautista, and Lainez face a maximum penalty of life in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The FBI and Prince George’s County Police Department are investigating the case.

    Trial Attorney Christina Taylor of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorney Joel Crespo for the District of Maryland are prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Security: Two Men Indicted on 22 Counts for Wire Fraud Conspiracy, Sale of Stolen Vehicles, and Trafficking Stolen Vehicles with Altered VINs

    Source: US FBI

    Greenbelt, Maryland – The U.S. Attorney’s Office for the District of Maryland unsealed a 22-count indictment, charging Jamaican national — Charles Edwards Madden, 39, of New Carrolton, Maryland — and Michael R. Bourne, 33, of New York, New York, with conspiracy, conspiracy to commit wire fraud, operating a chop shop, sale or receipt of stolen vehicles, and trafficking in motor vehicles with altered vehicle identification numbers (VINs).

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the indictment with Assistant Director in Charge Steven J. Jensen, Federal Bureau of Investigation (FBI) – Washington Field Office, and Chief George Nader, Prince George’s County Police Department (PGPD).

    According to the indictment, between at least January 2020, and continuing into June 2024, Madden and Bourne engaged in a conspiracy to buy and sell vehicles that they knew were stolen from various locations across the United States.  As part of the conspiracy, Madden and Bourne altered the VINs to conceal the stolen vehicle scheme and evade law enforcement. 

    Madden and Bourne combined parts from salvaged vehicles and resold them to victim purchasers in Maryland and elsewhere, concealing the prior salvage or damage status and misrepresenting their conditions to buyers.  During the conspiracy, Madden and Bourne obtained dozens of stolen vehicles collectively worth more than $1 million, many of which were transported to and altered in Prince George’s County, Maryland.

    If convicted, Madden and Bourne face a maximum of 20 years in federal prison for wire fraud conspiracy, a maximum of 10 years for sale or receipt of stolen vehicles, and a maximum of 10 years for trafficking in motor vehicles and motor vehicle parts.  Additionally, Madden is charged with operating a chop shop located in Prince George’s County which carries a maximum of 15 years.

    Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.

    An indictment is not a finding of guilt.  Individuals charged by indictment are presumed innocent until proven guilty at a later criminal proceeding.

    U.S. Attorney Hayes commended the FBI and PGPD for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorney Megan S. McKoy and Trial Attorneys Amy Schwartz and Alyssa Levey-Weinstein, Justice Department Violent Crime and Racketeering Section, who are prosecuting this case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, please visit justice.gov/usao-md and justice.gov/usao-md/report-fraud.

    # # #

    MIL Security OSI –

  • MIL-OSI: Big Developments for Drone Stocks as White House Issues Executive Order to Unleash American Drone Dominance

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., July 16, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Two recent actions by the White House and the Department of Defense have been issued to cut the “Red Tape” and Unleash American Drone Dominance. An article in TheHill.com said that: “Secretary of Defense Pete Hegseth issued a new directive to fast-track U.S. drone production and “cut red tape,” he announced in a video posted to social media. A new Pentagon memo outlined the U.S. military’s need to keep pace as global military drone production has skyrocketed lately, and the war between Russia and Ukraine has revealed the increasing importance of using more drones for modern warfare. Hegseth made the announcement of the major overhaul in U.S. military drone policy in a social media video where he can be seen flanked by operating drones. Hegseth said the Pentagon is cutting “red tape” and speeding up production. He also said he wants service members from all branches of the military to be trained in drone operations. “We were brought here to rebuild the military and match capabilities to the threats of today,” said Hegseth. “So while our adversaries have produced millions of cheap drones before us, we were mired in bureaucratic red tape, not anymore.” Also an Executive Order from the White House on June 6, 2025 addressed the issue to Unleash American Drone Dominance. It said, in part: “The Department of Defense must be able to procure, integrate, and train using low-cost, high-performing drones manufactured in the United States.” Active companies in the markets this week include: Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO), ZenaTech, Inc. (NASDAQ: ZENA), Red Cat Holdings, Inc. (NASDAQ: RCAT), AeroVironment, Inc. (NASDAQ: AVAV), Unusual Machines, Inc. (NYSE American: UMAC).

    The order continued: “Within 90 days of the date of this order, the Secretary of Defense shall coordinate with the Secretary of Transportation, acting through the Administrator of the FAA to streamline the approval processes to expand access to airspace for conducting UAS training. Within 90 days of the date of this order, the Secretary of Defense shall, in consultation with the Secretary of Commerce, acting through the Assistant Secretary of Commerce for Communications and Information, and the Federal Communications Commission, submit a report to the President through the Assistant to the President for National Security Affairs (APNSA) describing any unnecessary barriers to accessing electromagnetic spectrum for conducting UAS training.”

    Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) Commander3 XL UAV Selected by Major Branch of the U.S. Department of Defense for Advanced Operation Initiatives – Draganfly Inc. (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning developer of drone solutions, software, and robotics, today announced the successful selection of its Commander3 XL (C3XL) UAV platform, also known as the ‘Swiss Army Knife’ of drones, by a major branch of the United States Department of Defense (DoD). This delivery supports next-generation deployment initiatives focused on advanced reconnaissance in combination with operational capabilities.

    The procurement was facilitated through a known prime contractor, with Draganfly engaging directly with end-user military stakeholders to ensure the platform was tailored to meet real-world mission requirements. The Commander3 XL platform is to be deployed for intelligence, surveillance, and reconnaissance (ISR) missions that require additional operational capabilities underscoring the growing demand for adaptable UAV platforms in active defense scenarios.

    “This delivery further validates the Commander3 XL’s reliability and versatility for frontline applications,” said Cameron Chell, CEO of Draganfly. “We’re honored to support the DoD’s commitment to autonomous and semi-autonomous multi-mission systems that enhance operational effectiveness.”

    The Commander3 XL is renowned for its robust flight performance, modular payload options, and mission-specific adaptability, making it a trusted platform for complex defense, security, and emergency response operations. CONTINUED… Read this full press release and more news for Draganfly at: https://draganfly.com/news/

    Other recent developments in the drone industry of note include:

    ZenaTech, Inc. (NASDAQ: ZENA), a business technology solution provider specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), Enterprise SaaS, and Quantum Computing solutions, recently announced it will accelerate expansion of its Phoenix Arizona-based facilities — including tripling the square footage size — to enable full US drone manufacturing, assembly and testing. This expansion comes earlier than expected due to the recent transformative US policy directives from the White House, the Department of Defense, and the recently passed ‘One Big Beautiful Bill’ that collectively have unlocked federal funding for domestic production, cut outdated certification and procurement barriers, and fast-tracked deployment directly to frontline units without requiring Blue or Green UAS (Unmanned Aerial System) certification.

    These new directives make it dramatically easier and faster for American drone companies—especially those building Group 1 and 2 affordable drone systems—to sell directly to the military, scale production, and innovate without delays from traditional defense procurement bottlenecks. Together, they signal a clear national priority: build drones in America, field them fast, and outpace adversaries.

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently has successfully closed the previously announced registered direct offering with certain institutional investors for the purchase and sale of 6,448,276 shares of common stock resulting in gross proceeds of approximately $46.75 million, before deducting placement agent fees and other offering expenses. The offering closed on June 18, 2025.

    The Company intends to use net proceeds from the offering for general corporate and working capital purposes, including but not limited to operating expenditures related to its new unmanned surface vessel division.

    “We believe this financing positions Red Cat for significant growth in the drone industry and will accelerate our product development and production for our newly formed Unmanned Surface Vessels (USVs) division for the maritime autonomy market,” said Jeff Thompson, Founder, Chairman and Chief Executive Officer of Red Cat.

    AeroVironment, Inc. (NASDAQ: AVAV) recently announced that its Wildcat uncrewed aircraft system (UAS) has achieved a series of development milestones in support of the Defense Advanced Research Projects Agency’s (DARPA) Early VTOL Aircraft Demonstration (EVADE). Wildcat has successfully completed VTOL-to-forward-flight transitions, validated its core flight and propulsion systems, and begun integrating critical mission payloads—demonstrating rapid progress toward an operationally relevant capability.

    Wildcat is a Group 3, tail-sitting vertical take-off and landing (VTOL) aircraft designed for launch and recovery from ship decks in denied and distributed maritime environments. Its compact footprint, autonomous launch and recovery, and robust flight performance across high sea states make it a flexible and scalable solution for contested littoral operations.

    Unusual Machines, Inc. (NYSE American:UMAC), a leader in drone technology and component manufacturing, recently announced the appointment of Tim Manton, CPA, as Corporate Controller, reporting to Chief Financial Officer Brian Hoff. Manton brings more than 15 years of experience in financial operations, M&A, and reporting across high-growth and acquisition-driven companies.

    “Tim brings strong financial acumen and experience critical to dynamic, scaling environments,” said Hoff. “His background in M&A, systems integration, and financial oversight makes him a valuable addition as we sharpen our focus on execution and operational efficiency.”

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    The MIL Network –

  • MIL-OSI: Plumas Bancorp Reports Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., July 16, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced earnings during the second quarter of 2025 of $6.3 million or $1.07 per share, a decrease of $465 thousand from $6.8 million or $1.15 per share during the second quarter of 2024. Diluted earnings per share decreased to $1.05 per share during the three months ended June 30, 2025 down from $1.14 per share during the quarter ended June 30, 2024.

    Return on average assets was 1.56% during the current quarter, down from 1.67% during the second quarter of 2024. Return on average equity decreased to 13.4% for the three months ended June 30, 2025, down from 17.1% during the second quarter of 2024.

    Net interest income decreased by $222 thousand from $18.4 million during the three months ended June 30, 2024, to $18.2 million during the current quarter. The provision for credit losses decreased from $925 thousand during the second quarter of 2024 to $860 thousand during the current quarter.

    Non-interest income increased by $159 thousand from $2.2 million during the three months ended June 30, 2024 to $2.4 million during the second quarter of 2025.

    Non-interest expense increased by $616 thousand from $10.4 million during the second quarter of 2024 to $11.0 million during the current quarter. Of this amount, $481 thousand relates to costs associated with our acquisition of Cornerstone Community Bancorp. We signed a definitive agreement to acquire Cornerstone Community Bancorp on January 28, 2025 and we completed the merger on July 1, 2025. Merger transaction costs that facilitate the merger are not deductible for income tax purposes. Of the $481 thousand in merger related costs, $239 thousand is estimated to be not deductible for state and federal income tax.

    The provision for income taxes decreased by $149 thousand from $2.5 million, 26.9% of pre-tax income, during the three months ended June 30, 2024 to $2.4 million, or 27.1% of pre-tax income, during the current quarter.

    For the six months ended June 30, 2025, the Company reported net income of $13.5 million or $2.28 per share, an increase of $461 thousand from $13.0 million or $2.21 per share earned during the six months ended June 30, 2024. Earnings per diluted share increased to $2.25 during the six months ended June 30, 2025, up $0.06 from $2.19 during the first six months of 2024.     

    Return on average assets was 1.67% during the six months ended June 30, 2025, up from 1.61% during the first half of 2024. Return on average equity decreased to 14.7% for the six months ended June 30, 2025, down from 16.7% during the first half of 2024.

    Net interest income increased by $860 thousand from $35.9 million during the six months ended June 30, 2024, to $36.7 million during the current period. The provision for credit losses decreased from $1.7 million during the first half of 2024 to $1.1 million during the current period.

    Non-interest income increased by $1.2 million from $4.3 million during the six months ended June 30, 2024 to $5.5 million during the first half of 2025 related primarily to a legal settlement totaling $1.1 million. This settlement related to the Dixie Fire which swept through the town of Greenville, California in August of 2021. The fire caused severe damage to the Greenville area, including the telecommunications infrastructure which adversely affected our ability to service our customers in this area during the last few years.

    Non-interest expense increased by $1.7 million from $20.8 million during the first half of 2024 to $22.5 million during the current period. Of this amount, $1.1 million relates to costs associated with our pending acquisition of Cornerstone Community Bancorp. Of the $1.1 million in merger related costs, $801 thousand is estimated to be not deductible for state and federal income tax.

    The provision for income taxes increased by $583 thousand from $4.6 million, or 26.2% of pre-tax income, during the six months ended June 30, 2024 to $5.2 million, or 27.8% of pre-tax income, during the current period.

    Balance Sheet Highlights
    June 30, 2025 compared to June 30, 2024

    • Gross loans increased by $21 million, or 2%, to $1.0 billion.
    • Total deposits increased by $62 million, or 5%, to $1.4 billion.
    • Borrowings decreased by $105 million, or 88% to $15 million.
    • Total equity increased by $28 million, or 17%, to $193 million.
    • Book value per share increased by $4.53, or 16%, to $32.54.

    President’s Comments

    Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, announced, “The third quarter of 2025 began with a major development for Plumas; we successfully completed our acquisitions of Cornerstone Community Bank and Bancorp, expanding our presence in California’s northern Sacramento Valley. We are thrilled to have Ken Robison, formerly a director at Cornerstone, join the boards of Plumas Bancorp and Bank. We also welcome Matt Moseley, former President and CEO of Cornerstone Community Bank, to the executive team as Market President. Their extensive leadership experience and market knowledge will be instrumental in the ongoing success of our combined organization.”

    Ryback continued, “Beyond the acquisition, we have also been focused on internal advancements. We are expanding our treasury management services to provide comprehensive, personalized banking solutions with enhanced security features. Simultaneously, we have gained efficiency in our lending process through on-going refinements to our lending platforms and department structures.”

    Ryback concluded, “We extend a warm welcome to the clients, employees, and shareholders of Cornerstone. We look forward to providing long-term value to our expanded shareholders, clients, team members, and communities.”

    Loans, Deposits, Investments and Cash

    Gross loans increased by $21 million, or 2%, from $997 million at June 30, 2024, to $1.0 billion at June 30, 2025. Increases in loans included $85 million in commercial real estate loans and $3 million in equity lines of credit; these items were partially offset by decreases of $29 million in automobile loans, $27 million in construction loans, $10 million in agricultural loans and $1 million in residential real estate loans.

    On   June 30, 2025, approximately 78% of the Company’s loan portfolio was comprised of variable rate loans. The rates of interest charged on variable rate loans are set at specific increments in relation to the Company’s lending rate or other indexes such as the published prime interest rate or U.S. Treasury rates and vary with changes in these indexes. The frequency at which variable rate loans reprice can vary from one day to several years. Most of our commercial real estate portfolio reprices every five years. Approximately 76% of the variable rate loans are indexed to the five year T-Bill rate and reprice every five years. Loans indexed to the prime interest rate were approximately 21% of the Company’s variable rate loan portfolio; these loans reprice within one day to three months of a change in the prime rate.

    Total deposits increased by $62 million to $1.4 billion at June 30, 2025 from $1.3 billion at June 30, 2024. The increase in deposits includes increases of $67 million in money market accounts and $29 million in time deposits. Partially offsetting these increases were decreases of $2 million in demand deposits and $32 million in savings deposits. We attribute much of the increase in money market accounts to higher rate public entity deposits. At June 30, 2025, 49% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company had no brokered deposits at June 30, 2025 and June 30, 2024.

    Total investment securities decreased by $5 million from $445 million at June 30, 2024, to $440 million at June 30, 2025. The Bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities. Cash and due from banks decreased by $31 million from $110 million at June 30, 2024, to $79 million at June 30, 2025.

    Asset Quality

    Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at June 30, 2025 were $13.7 million, up from $9.1 million at June 30, 2024. Nonperforming assets as a percentage of total assets increased to 0.84% at June 30, 2025 up from 0.56% at June 30, 2024. OREO decreased by $50 thousand from $141 thousand at June 30, 2024 to $91 thousand at June 30, 2025. Nonperforming loans were $13.6 million at June 30, 2025 and $9.0 million at June 30, 2024. Nonaccrual loans totaled $13.6 million at June 30, 2025 and $2.5 million at June 30, 2024. At June 30, 2025 there were no loans 90 days or more past due that were not on nonaccrual. The difference between the $2.5 million in nonaccrual loans at June 30, 2024 and the $9 million in nonperforming loans in 2024 were loans that were over 90 days past due, but not on nonaccrual. Nonperforming loans as a percentage of total loans increased to 1.34% at June 30, 2025, up from 0.90% at June 30, 2024. The increase in nonperforming loans is related to one agricultural loan relationship of 15 loans totaling $9.9 million. The borrower on these loans was unable to meet his commitments under modified loan agreements and therefore during the quarter we placed the loans on nonaccrual status. Interest reversed on these loans during the current quarter totaled $344 thousand and specific loan loss reserves totaling $931 thousand were applied against the loans.

    During the first half of 2025 we recorded a provision for credit losses of $1.1 million consisting of a provision for credit losses on loans of $1.1 million and a decrease in the reserve for unfunded commitments of $40 thousand. The $1.1 million mostly relates to the specific loan loss reserves noted in the previous paragraph. This compares to a provision for credit losses of $1.7 million consisting of a provision for credit losses on loans of $1.8 million and a decrease in the reserve for unfunded commitments of $79 thousand during the six months ended June 30, 2024.

    Net charge-offs totaled $137 thousand and $610 thousand during the six months ended June 30, 2025 and 2024, respectively. The allowance for credit losses totaled $14.2 million at June 30, 2025 and $14.1 million at June 30, 2024. The allowance for credit losses as a percentage of total loans was 1.39% and 1.41% at June 30, 2025 and 2024.

    The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the six months ended June 30, 2025 and 2024 (in thousands).

    Allowance for Credit Losses   June 30, 2025     June 30, 2024
    Balance, beginning of period $ 13,196     $ 12,867  
    Provision charged to operations   1,150       1,825  
    Losses charged to allowance   (506 )     (1,010 )
    Recoveries                                   369       400  
    Balance, end of period $     14,209     $     14,082  
    Reserve for Unfunded
    Commitments    		  

    June 30, 2025

    		    

    June 30, 2024
    Balance, beginning of period $                                620     $ 799  
    Provision charged to operations   (40 )     (79 )
    Balance, end of period $                                 580     $ 720  

    Shareholders’ Equity

    Total shareholders’ equity increased by $27.9 million from $165.2 million at June 30, 2024, to $193.1 million at June 30, 2025. The $27.9 million includes earnings during the twelve-month period totaling $29.1 million, a decrease in accumulated other comprehensive loss of $4.4 million and restricted stock and stock option activity totaling $1.1 million. These items were partially offset by the payment of cash dividends totaling $6.7 million.

    Bank Term Funding Program (BTFP)

    At June 30, 2024, the Company had outstanding borrowings under BTFP totaling $105 million. All BTFP borrowings were paid off during 2024. Interest expense recognized on the BTFP borrowings for the three and six-months ended June 30, 2024, was $1.3 million and $2.5 million, respectively.

    Liquidity

    The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers’ borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive rates on deposit products and the use of established credit lines.

    The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB) and can borrow up to $255 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $439 million. The Company is also eligible to borrow at the Federal Reserve Bank (FRB) Discount Window. At June 30, 2025, the Company could borrow up to $98 million at the Discount Window secured by investment securities with a fair value of $101 million. In addition to its FHLB borrowing line and the Discount Window, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB Discount Window or the correspondent banks at June 30, 2025 and 2024.

    Customer deposits are the Company’s primary source of funds. Total deposits increased by $62 million to $1.4 billion at June 30, 2025 from $1.3 billion at June 30, 2024. Deposits are held in various forms with varying maturities. The Company estimates that it has approximately $516 million in uninsured deposits which include uninsured deposits of Plumas Bancorp. Of this amount, $206 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

    The Company’s securities portfolio, Discount Window advances, FHLB advances, and cash and due from banks serve as the primary sources of liquidity, providing adequate funding for loans during periods of high loan demand. During periods of decreased lending, funds obtained from the maturing or sale of investments, loan payments, and new deposits are invested in short-term earning assets, such as cash held at the FRB and investment securities, to serve as a source of funding for future loan growth. Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations in the near future.

    Net Interest Income and Net Interest Margin – Three Months Ended June 30, 2025

    Net interest income was $18.2 million for the three months ended June 30, 2025, a decrease of $222 thousand from the same period in 2024. The decrease in net interest income includes a decrease of $527 thousand in interest income partially offset by a decrease of $305 thousand in interest expense. Interest and fees on loans increased by $200 thousand related to growth in the loan portfolio partially offset by a decline in yield.

    Average loan balances increased by $39 million, while the average yield on these loans decreased by 18 basis points from 6.32% during the second quarter of 2024 to 6.14% during the current quarter. Of the 18 basis points decrease, 13 basis points relate to the reversal of $344 thousand in interest previously described under “Asset Quality” The average prime interest rate decreased from 8.5% during the second quarter of 2024 to 7.5% during the current quarter. Approximately 16% of the Company’s loans are tied to the prime interest rate and most of these reprice within one to three months with a change in prime. Additionally, during the second quarter of 2024 we recovered $316 thousand in interest on loans that were classified as nonaccrual and which were paid off in full during the quarter which elevated loan yield during the 2024 quarter. The effect of these items was partially offset by an increase in average yield on the bank’s fixed rate portfolio which includes growth in fixed rate SBA loans which totaled $75 million at June 30, 2025, and $62 million at June 30, 2024. The weighted average rate earned on this portfolio at June 30, 2025, was 8.3%. The Bank is also benefiting from the repricing of a portion of our Commercial Real Estate loans. Most of these loans are indexed to the 5-year Treasury note and reprice every five years.

    Interest on investment securities decreased by $30 thousand as yield on these securities decreased slightly from 4.11% during the 2024 quarter to 4.08% during the current quarter and average investment securities declined from $444 million during the three months ended June 30, 2024 to $442 million during the current quarter.

    Interest on cash balances decreased by $697 thousand related to a decline in average balance of $42 million and a decrease in average rate paid on cash balances of 104 basis points from 5.51% during the second quarter of 2024 to 4.47% during the current quarter. This decline in yield was mostly related to a decline in rate paid on balances held at the FRB. The average rate earned on FRB balances decreased from 5.40% during the second quarter of 2024 to 4.40% during the current quarter.

    Interest expense decreased by $305 thousand, related to the repayment of the BTFP borrowings as discussed earlier. The average rate paid on interest bearing liabilities decreased from 1.44% during the 2024 quarter to 1.33% in 2025 related to the decrease in these borrowings.

    Interest paid on deposits increased by $968 thousand and is broken down by product type as follows: money market accounts – $815 thousand, savings deposits – $83 thousand and time deposits $70 thousand. The increase in interest paid on money market accounts mostly relates to an increase in public entity balances and the rate earned on these balances. During the second half of 2024 and continuing into 2025, we have offered a premium money market rate on large balances of public entities in our service area, matching the rate they could earn from the California local agency investment fund. This has led to the significant increase in balances and rate paid on money market accounts. The average balance of money market accounts during the current quarter was $288 million, an increase of $72 million from $216 million during the three months ended June 30, 2024. The average rate paid on money market accounts increased 92 basis points to 1.79%. The increase in interest on savings accounts was driven by an increase in the average rate paid of 12 basis points to 34 basis points. The increase in interest on time deposits includes an increase in average balance of $23 million partially offset by a decline in average rate paid of 33 basis points to 2.53% as promotional time deposits issued in 2024 matured. Many of these promotional time deposits were renewed at lower rates. The average rate paid on interest-bearing deposits increased from 0.84% during the second quarter of 2024 to 1.30% during the current quarter. The average balance of interest-bearing deposits increased from $633 million during the three months ended June 30, 2024 to $705 million during the quarter.

    Net interest margin for the three months ended June 30, 2025 decreased 6 basis points to 4.83%, down from 4.89% for the same period in 2024. Excluding the $344 thousand in interest reversed described earlier, net interest margin for the three months ended June 30, 2025 would have been 4.93%.

    Net Interest Income and Net Interest Margin – Six Months Ended June 30, 2025

    Net interest income for the six months ended June 30, 2025 was $36.7 million, an increase of $860 thousand from the $35.9 million earned during the same period in 2024. The increase in net interest income includes an increase of $36 thousand in interest income and a reduction in interest expense of $824 thousand.

    Interest and fees on loans increased by $1.0 million related to an increase in average balance partially offset by a decline in yield. The average balance of loans during the six months ended June 30, 2025 was $1.0 billion, an increase of $44 million from $972 million during the same period in 2024. The average yield on loans decreased by 6 basis points from 6.21% during the first six months of 2024 to 6.15% during the current period.

    Interest on investment securities increased by $84 thousand related to an increase in yield of 21 basis points to 4.10% partially offset by a decline in average balance. The increase in investment yields is consistent with the increase in market rates and the restructuring of the investment portfolio in February of 2024. Average investment securities declined from $462 million during the six months ended June 30, 2024 to $443 million during the current period.

    Interest on cash balances declined by $1.1 million related to both a decline in balance and a decline in yield. The rate earned on cash balances declined by 104 basis points to 4.5% and the average balance declined from $81.8 million during the first six months of 2024 to $53.8 million during the current period.

    Related to a $2.5 million decline in interest on BTFP borrowings partially offset by an increase in interest bearing deposits and an increase in the cost of these deposits, interest expense decreased from $5.3 million during the six months ended June 30, 2024 to $4.5 million during the current period. The average rate paid on interest bearing liabilities decreased from 1.39% during the 2024 period to 1.24% in 2025.

    Interest paid on deposits increased by $1.7 million and is broken down by product type as follows: money market accounts – $1.6 million and savings deposits – $109 thousand. The average rate paid on interest-bearing deposits increased from 0.79% during the six months ended June 30, 2024 to 1.21% during the current period. Average interest-bearing deposits totaled $698 million during the first half of 2025 an increase of $62 million from $636 million during the first half of 2024.

    Net interest margin for the six months ended June 30, 2025 increased 13 basis points to 4.89%, up from 4.76% for the same period in 2024.

    Non-Interest Income/Expense – Three Months Ended June 30, 2025

    Non-interest income increased by $159 thousand to $2.4 million during the current quarter. The largest increase was related to a $184 thousand adjustment to the value of our stock holdings in one of our correspondent banks.

    During the three months ended June 30, 2025, total non-interest expense increased by $616 thousand from $10.4 million during the second quarter of 2024 to $11.0 million during the current quarter. The largest components of this increase were merger related expenses of $481 thousand and salary and benefit expense of $270 thousand. The increase in salary and benefit expense includes an increase in salary expense of $216 thousand related primarily to merit and promotional salary increases. A decrease in deferred loan origination fees of $144 thousand was offset by a decline in commission expense of $180 thousand. Both items mostly relate to a decline in SBA loan production during the comparison quarters.

    Non-Interest Income/Expense – Six Months Ended June 30, 2025

    During the six months ended June 30, 2025, non-interest income totaled $5.6 million, an increase of $1.2 million from the six months ended June 30, 2024. The largest component of this increase was a legal settlement totaling $1.1 million related to the Dixie Fire in August of 2021.

    During the six months ended June 30, 2025, total non-interest expense increased by $1.7 million from $20.8 million during the first half of 2024 to $22.5 million during the current period. The largest components of this increase were merger related expenses of $1.1 million, salary and benefit expenses of $784 thousand and occupancy and equipment expenses of $425 thousand. The increase in salary and benefit expense included an increase in salary expense of $484 thousand related primarily to merit and promotional salary increases. A decrease in deferred loan origination fees of $257 thousand was offset by a decline in commission expense of $317 thousand. Both items mostly relate to a decline in SBA loan production during the comparison periods. The increase in occupancy and equipment expense mostly relates to an increase in rent expense of $374 thousand related to the February 2024 sales/leaseback transaction. Partially offsetting these increases in expense were several reductions in non-interest expense the largest of which was a reduction in professional fees of $320 thousand. Included in professional fees during the six months ended June 30, 2024 were legal expenses totaling $188 thousand related to a litigation matter that was settled in the second half of 2024.

    Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates nineteen branches: seventeen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sutter and Tehama and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

    Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

    Contact: Jamie Huynh
    Investor Relations
    Plumas Bancorp
    5525 Kietzke Lane Ste. 100
    Reno, NV 89511
    775.786.0907 x8908
    investorrelations@plumasbank.com

    PLUMAS BANCORP
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
      As of June 30,        
      2025   2024   Dollar
    Change    		   Percentage
    Change
    ASSETS              
    Cash and due from banks $ 79,266   $ 109,852   $ (30,586)   (27.8)%
    Investment securities 439,676   445,132   (5,456)   (1.2)%
    Loans, net of allowance for credit losses 1,006,873   986,517   20,356   2.1%
    Premises and equipment, net 12,065   12,868   (803)   (6.2)%
    Right-of-use assets 23,912   24,975   (1,063)   (4.3)%
    Bank owned life insurance 16,736   16,310   426   2.6%
    Real estate acquired through foreclosure 91   141   (50)   (35.5)%
    Goodwill 5,502   5,502   –   0.0%
    Accrued interest receivable and other assets 44,396   40,800   3,596   8.8%
    Total assets $ 1,628,517   $ 1,642,097   $ (13,580)   (0.8)%
                   
    LIABILITIES AND              
       SHAREHOLDERS’ EQUITY  
    Deposits $ 1,366,827   $ 1,304,587   $ 62,240   4.8%
    Accrued interest payable and other liabilities 53,611   52,355   1,256   2.4%
    Borrowings 15,000   120,000   (105,000)   (87.5)%
    Total liabilities 1,435,438   1,476,942   (41,504)   (2.8)%
    Common stock 29,803   28,656   1,147   4.0%
    Retained earnings 183,954   161,608   22,346   13.8%
    Accumulated other comprehensive loss, net (20,678)   (25,109)   4,431   17.6%
    Shareholders’ equity 193,079   165,155   27,924   16.9%
    Total liabilities and shareholders’ equity $ 1,628,517   $ 1,642,097   $ (13,580)   (0.8)%
                   
                   
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
                   
    FOR THE THREE MONTHS ENDED JUNE 30, 2025   2024   Dollar
    Change    		   Percentage
    Change
                   
    Interest income $ 20,633   $ 21,160   $ (527)   (2.5)%
    Interest expense 2,450   2,755   (305)   (11.1)%
    Net interest income before provision for credit losses 18,183   18,405   (222)   (1.2)%
    Provision for credit losses 860   925   (65)   (7.0)%
    Net interest income after provision for credit losses 17,323   17,480   (157)   (0.9)%
    Non-interest income 2,361   2,202   159   7.2%
    Non-interest expense 11,012   10,396   616   5.9%
    Income before income taxes 8,672   9,286   (614)   (6.6)%
    Provision for income taxes 2,351   2,500   (149)   (6.0)%
    Net income $ 6,321   $ 6,786   $ (465)   (6.9)%
                   
    Basic earnings per share $ 1.07   $ 1.15   $ (0.08)   (7.0)%
    Diluted earnings per share $ 1.05   $ 1.14   $ (0.09)   (7.9)%
                   
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
              Dollar   Percentage
    FOR THE SIX MONTHS ENDED JUNE 30, 2025   2024   Change   Change
                   
    Interest income $ 41,223   $ 41,187   $ 36   0.1%
    Interest expense 4,501   5,325   (824)   (15.5)%
    Net interest income before provision for credit losses 36,722   35,862   860   2.4%
    Provision for credit losses 1,110   1,746   (636)   (36.4)%
    Net interest income after provision for credit losses 35,612   34,116   1,496   4.4%
    Non-interest income 5,574   4,342   1,232   28.4%
    Non-interest expense 22,477   20,793   1,684   8.1%
    Income before income taxes 18,709   17,665   1,044   5.9%
    Provision for income taxes 5,208   4,625   583   12.6%
    Net income $ 13,501   $ 13,040   $ 461   3.5%
                   
    Basic earnings per share $ 2.28   $ 2.21   $ 0.07   3.2%
    Diluted earnings per share $ 2.25   $ 2.19   $ 0.06   2.7%
             
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands, except per share data)
    (Unaudited)
                       
      Three Months Ended   Six Months Ended
      6/30/2025   3/31/2025   6/30/2024   6/30/2025   6/30/2024
    EARNINGS PER SHARE                  
    Basic earnings per share $ 1.07     $ 1.21     $ 1.15     $ 2.28     $ 2.21  
    Diluted earnings per share $ 1.05     $ 1.20     $ 1.14     $ 2.25     $ 2.19  
    Weighted average shares outstanding   5,929       5,911       5,896       5,920       5,892  
    Weighted average diluted shares outstanding   6,006       6,002       5,946       6,006       5,946  
    Cash dividends paid per share 1 $ 0.30     $ 0.30     $ 0.27     $ 0.60     $ 0.54  
                       
    PERFORMANCE RATIOS (annualized for the three months)            
    Return on average assets   1.56 %   1.79 %   1.67 %   1.67 %     1.61 %
    Return on average equity   13.4 %   16.0 %   17.1 %   14.7 %     16.7 %
    Yield on earning assets   5.48 %   5.50 %   5.62 %   5.49 %     5.46 %
    Rate paid on interest-bearing liabilities   1.33 %   1.14 %   1.44 %   1.24 %     1.39 %
    Net interest margin   4.83 %   4.95 %   4.89 %   4.89 %     4.76 %
    Noninterest income to average assets   0.58 %   0.80 %   0.54 %   0.69 %     0.54 %
    Noninterest expense to average assets   2.72 %   2.85 %   2.56 %   2.79 %     2.57 %
    Efficiency ratio 2   53.6 %   52.7 %   50.4 %   53.1 %     51.7 %
                       
      6/30/2025   3/31/2025   6/30/2024   12/31/2024   12/31/2023
    CREDIT QUALITY RATIOS AND DATA                  
    Allowance for credit losses $ 14,209     $ 13,319     $ 14,082     $ 13,196     $ 12,867  
    Allowance for credit losses as a percentage of total loans   1.39 %     1.32 %     1.41 %     1.30 %     1.34 %
    Nonperforming loans $ 13,652     $ 3,686     $ 8,974     $ 4,105     $ 4,820  
    Nonperforming assets $ 13,747     $ 3,787     $ 9,148     $ 4,307     $ 5,315  
    Nonperforming loans as a percentage of total loans   1.34 %     0.36 %     0.90 %     0.40 %     0.50 %
    Nonperforming assets as a percentage of total assets   0.84 %     0.23 %     0.56 %     0.27 %     0.33 %
    Year-to-date net charge-offs $ 137     $ 127     $ 610     $ 1,046     $ 954  
    Year-to-date net charge-offs as a percentage of average   0.03 %     0.05 %     0.13 %   0.11 %     0.10 %
    loans (annualized)      
                       
    CAPITAL AND OTHER DATA                  
    Common shares outstanding at end of period   5,934       5,922       5,896       5,903       5,872  
    Shareholders’ equity $ 193,079     $ 187,603     $ 165,155     $ 177,899     $ 147,317  
    Book value per common share $ 32.54     $ 31.68     $ 28.01     $ 30.14     $ 25.09  
    Tangible common equity3 $ 186,874     $ 181,354     $ 158,763     $ 171,606     $ 140,823  
    Tangible book value per common share4 $ 31.49     $ 30.62     $ 26.93     $ 29.07     $ 23.98  
    Tangible common equity to total assets   11.5 %     11.1 %     9.7 %     10.6 %     8.7 %
    Gross loans to deposits   74.7 %     73.6 %     76.4 %     74.1 %     71.9 %
                       
    PLUMAS BANK REGULATORY CAPITAL RATIOS              
    Tier 1 Leverage Ratio   12.7 %     12.3 %     11.3 %     11.9 %     10.8 %
    Common Equity Tier 1 Ratio   17.9 %     17.8 %     16.4 %     17.3 %     15.7 %
    Tier 1 Risk-Based Capital Ratio   17.9 %     17.8 %     16.4 %     17.3 %     15.7 %
    Total Risk-Based Capital Ratio   19.2 %     19.0 %     17.6 %     18.5 %     16.9 %
    (1) The Company paid a quarterly cash dividend of $0.30 per share on February 17, 2025, May 15, 2025 and a quarterly cash dividend of $0.27 per share on February 15, 2024, May 15, 2024, August 15, 2024 and November 15, 2024 and a quarterly cash dividend of $0.25 per share on February 15, 2023, May 15, 2023 , August 15, 2023 and November 15, 2023.
    (2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).   
    (3) Tangible common equity is defined as common equity less core deposit intangibles and goodwill.      
    (4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.    
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                             
    The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders’ equity.
                             
        For the Three Months Ended   For the Three Months Ended
        6/30/2025   6/30/2024
        Average       Yield/   Average       Yield/
        Balance   Interest   Rate   Balance   Interest   Rate
    Interest-earning assets:                        
    Loans (2) (3)   $ 1,020,004   $ 15,612   6.14 %   $ 980,723   $ 15,412   6.32 %
    Investment securities     369,624     3,913   4.25 %     367,841     3,932   4.30 %
    Non-taxable investment securities (1)     72,719     591   3.26 %     76,275     602   3.17 %
    Interest-bearing deposits     46,368     517   4.47 %     88,607     1,214   5.51 %
    Total interest-earning assets     1,508,715     20,633   5.48 %     1,513,446     21,160   5.62 %
    Cash and due from banks     26,880             26,859        
    Other assets     87,117             90,092        
    Total assets   $ 1,622,712           $ 1,630,397        
                             
    Interest-bearing liabilities:                        
    Money market deposits     287,707     1,283   1.79 %     215,614     468   0.87 %
    Savings deposits     298,989     257   0.34 %     322,919     174   0.22 %
    Time deposits     118,057     744   2.53 %     94,684     674   2.86 %
    Total deposits     704,753     2,284   1.30 %     633,217     1,316   0.84 %
    Borrowings     15,000     146   3.90 %     120,000     1,431   4.80 %
    Other interest-bearing liabilities     17,265     20   0.46 %     16,809     8   0.19 %
    Total interest-bearing liabilities     737,018     2,450   1.33 %     770,026     2,755   1.44 %
    Non-interest-bearing deposits     659,554             663,094        
    Other liabilities     37,112             37,794        
    Shareholders’ equity     189,028             159,483        
    Total liabilities & equity   $ 1,622,712           $ 1,630,397        
    Cost of funding interest-earning assets (4)           0.65 %           0.73 %
    Net interest income and margin (5)       $ 18,183   4.83 %       $ 18,405   4.89 %
                             
    (1) Not computed on a tax-equivalent basis.            
    (2) Average nonaccrual loan balances of $4.1 million for 2025 and $4.2 million for 2024 are included in average loan balances for computational purposes.  
    (3) Net costs included in loan interest income for the three-month periods ended June 30, 2025 and 2024 were $196 thousand and $338 thousand, respectively.  
    (4) Total annualized interest expense divided by the average balance of total earning assets.        
    (5) Annualized net interest income divided by the average balance of total earning assets.        
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                             
    The following table presents for the six-month periods indicated the distribution of consolidated average assets, liabilities and shareholders’ equity.
                             
        For the Six Months Ended   For the Six Months Ended
        6/30/2025   6/30/2024
        Average       Yield/   Average       Yield/
        Balance   Interest   Rate   Balance   Interest   Rate
    Interest-earning assets:                        
    Loans (2) (3)   $ 1,016,008   $ 31,008   6.15 %   $ 972,427   $ 30,005   6.21 %
    Investment securities     369,376     7,840   4.28 %     369,815     7,537   4.10 %
    Non-taxable investment securities (1)     73,795     1,174   3.21 %     92,225     1,393   3.04 %
    Interest-bearing deposits     53,845     1,201   4.50 %     81,807     2,252   5.54 %
    Total interest-earning assets     1,513,024     41,223   5.49 %     1,516,274     41,187   5.46 %
    Cash and due from banks     26,679             26,722        
    Other assets     86,732             85,300        
    Total assets   $ 1,626,435           $ 1,628,296        
                             
    Interest-bearing liabilities:                        
    Money market deposits     283,469     2,429   1.73 %     213,399     844   0.80 %
    Savings deposits     311,151     463   0.30 %     329,242     354   0.22 %
    Time deposits     103,304     1,288   2.51 %     93,092     1,304   2.82 %
    Total deposits     697,924     4,180   1.21 %     635,733     2,502   0.79 %
    Borrowings     15,000     290   3.90 %     117,170     2,798   4.80 %
    Other interest-bearing liabilities     19,216     31   0.33 %     19,260     25   0.26 %
    Total interest-bearing liabilities     732,140     4,501   1.24 %     772,163     5,325   1.39 %
    Non-interest-bearing deposits     670,961             668,441        
    Other liabilities     37,602             31,118        
    Shareholders’ equity     185,732             156,574        
    Total liabilities & equity   $ 1,626,435           $ 1,628,296        
    Cost of funding interest-earning assets (4)           0.60 %           0.70 %
    Net interest income and margin (5)       $ 36,722   4.89 %       $ 35,862   4.76 %
                             
    (1) Not computed on a tax-equivalent basis.            
    (2) Average nonaccrual loan balances of $3.9 million for 2025 and $4.8 million for 2024 are included in average loan balances for computational purposes.  
    (3) Net costs included in loan interest income for the six-month periods ended June 30, 2025 and 2024 were $471 thousand and $682 thousand, respectively.  
    (4) Total annualized interest expense divided by the average balance of total earning assets.        
    (5) Annualized net interest income divided by the average balance of total earning assets.        
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                   
    The following table presents the components of non-interest income for the three-month periods ended June 30, 2025 and 2024.
                   
      For the Three Months Ended        
      June 30,        
        2025     2024   Dollar
    Change    		   Percentage
    Change
    Interchange income $ 784   $ 782     2     0.3 %
    Service charges on deposit accounts   781     743     38     5.1 %
    Loan servicing fees   148     186     (38 )   (20.4 )%
    FHLB Dividends   135     136     (1 )   (0.7 )%
    Earnings on life insurance policies   108     104     4     3.8 %
    Other   405     251     154     61.4 %
    Total non-interest income $ 2,361   $ 2,202   $ 159     7.2 %
                   
    The following table presents the components of non-interest expense for the three-month periods ended June 30, 2025 and 2024.
                   
      For the Three Months Ended        
      June 30,        
        2025     2024   Dollar
    Change    		   Percentage
    Change
    Salaries and employee benefits $ 5,553   $ 5,283   $ 270     5.1 %
    Occupancy and equipment   2,050     1,949     101     5.2 %
    Outside service fees   1,160     1,184     (24 )   (2.0 )%
    Merger and acquisition expenses   481     –     481     100.0 %
    Advertising and shareholder relations   273     214     59     27.6 %
    Armored car and courier   224     220     4     1.8 %
    Professional fees   219     329     (110 )   (33.4 )%
    Business development   188     210     (22 )   (10.5 )%
    Deposit insurance   180     185     (5 )   (2.7 )%
    Director compensation and expense   155     199     (44 )   (22.1 )%
    Telephone and data communication   124     204     (80 )   (39.2 )%
    Loan collection expenses   51     117     (66 )   (56.4 )%
    Amortization of Core Deposit Intangible   44     51     (7 )   (13.7 )%
    Other   310     251     59     23.5 %
    Total non-interest expense $ 11,012   $ 10,396   $ 616     5.9 %
                   
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                   
    The following table presents the components of non-interest income for the six-month periods ended June 30, 2025 and 2024.
                   
      For the Six Months Ended        
      June 30,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Service charges on deposit accounts $ 1,486   $ 1,458     $ 28     1.9 %
    Interchange income   1,474     1,522       (48 )   (3.2 )%
    Loan servicing fees   334     388       (54 )   (13.9 )%
    FHLB Dividends   272     273       (1 )   (0.4 )%
    Earnings on life insurance policies   217     200       17     8.5 %
    Gain (loss) on sale of investment securities   3     (19,826 )     19,829     (100.0 )%
    Gain on sale of buildings   –     19,854       (19,854 )   (100.0 )%
    Other   1,788     473       1,315     278.0 %
    Total non-interest income $ 5,574   $ 4,342     $ 1,232     28.4 %
                   
    The following table presents the components of non-interest expense for the six-month periods ended June 30, 2025 and 2024.
                   
      For the Six Months Ended        
      June 30,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Salaries and employee benefits $ 11,433   $ 10,649     $ 784     7.4 %
    Occupancy and equipment   4,064     3,639       425     11.7 %
    Outside service fees   2,424     2,316       108     4.7 %
    Merger and acquisition expenses   1,050     –       1,050     100.0 %
    Advertising and shareholder relations   535     458       77     16.8 %
    Professional fees   448     768       (320 )   (41.7 )%
    Armored car and courier   441     422       19     4.5 %
    Deposit insurance   362     372       (10 )   (2.7 )%
    Business development   355     363       (8 )   (2.2 )%
    Director compensation and expense   321     366       (45 )   (12.3 )%
    Telephone and data communication   298     426       (128 )   (30.0 )%
    Loan collection expenses   122     221       (99 )   (44.8 )%
    Amortization of Core Deposit Intangible   87     102       (15 )   (14.7 )%
    Other   537     691       (154 )   (22.3 )%
    Total non-interest expense $ 22,477   $ 20,793     $ 1,684     8.1 %
                   
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                     
    The following table shows the distribution of loans by type at June 30, 2025 and 2024.
                     
            Percent of       Percent of
            Loans in Each       Loans in Each
        Balance at End Category to   Balance at End Category to
        of Period   Total Loans   of Period   Total Loans
        6/30/25   6/30/25   6/30/24   6/30/24
    Commercial   $ 81,118   8.0 %   $ 81,170   8.1 %
    Agricultural     113,850   11.2 %     123,661   12.4 %
    Real estate – residential     11,053   1.1 %     11,755   1.2 %
    Real estate – commercial     673,129   66.1 %     588,332   59.0 %
    Real estate – construction & land     40,798   4.0 %     67,960   6.8 %
    Equity Lines of Credit     41,620   4.1 %     38,446   3.9 %
    Auto     51,487   5.1 %     80,751   8.1 %
    Other     4,791   0.4 %     5,259   0.5 %
    Total Gross Loans   $ 1,017,846   100 %   $ 997,334   100 %
                     
    The following table shows the distribution of Commercial Real Estate loans at June 30, 2025 and 2024.
                     
            Percent of       Percent of
            Loans in Each       Loans in Each
        Balance at End Category to   Balance at End Category to
        of Period   Total Loans   of Period   Total Loans
        6/30/25   6/30/25   6/30/24   6/30/24
    Owner occupied   $ 294,765   43.8 %   $ 240,346   40.9 %
    Investor     378,364   56.2 %     347,986   59.1 %
    Total real estate – commercial   $ 673,129   100 %   $ 588,332   100 %
                     
                     
    The following table shows the distribution of deposits by type at June 30, 2025 and 2024.
                     
            Percent of       Percent of
            Deposits in Each     Deposits in Each
        Balance at End Category to   Balance at End Category to
        of Period   Total Deposits   of Period   Total Deposits
        6/30/25   6/30/25   6/30/24   6/30/24
    Non-interest bearing   $ 668,086   48.9 %   $ 670,652   51.4 %
    Money Market     281,516   20.6 %     214,063   16.4 %
    Savings     290,440   21.2 %     322,081   24.7 %
    Time     126,785   9.3 %     97,791   7.5 %
    Total Deposits   $ 1,366,827   100 %   $ 1,304,587   100 %
                     

    The MIL Network –

  • MIL-OSI: Plumas Bancorp Reports Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., July 16, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced earnings during the second quarter of 2025 of $6.3 million or $1.07 per share, a decrease of $465 thousand from $6.8 million or $1.15 per share during the second quarter of 2024. Diluted earnings per share decreased to $1.05 per share during the three months ended June 30, 2025 down from $1.14 per share during the quarter ended June 30, 2024.

    Return on average assets was 1.56% during the current quarter, down from 1.67% during the second quarter of 2024. Return on average equity decreased to 13.4% for the three months ended June 30, 2025, down from 17.1% during the second quarter of 2024.

    Net interest income decreased by $222 thousand from $18.4 million during the three months ended June 30, 2024, to $18.2 million during the current quarter. The provision for credit losses decreased from $925 thousand during the second quarter of 2024 to $860 thousand during the current quarter.

    Non-interest income increased by $159 thousand from $2.2 million during the three months ended June 30, 2024 to $2.4 million during the second quarter of 2025.

    Non-interest expense increased by $616 thousand from $10.4 million during the second quarter of 2024 to $11.0 million during the current quarter. Of this amount, $481 thousand relates to costs associated with our acquisition of Cornerstone Community Bancorp. We signed a definitive agreement to acquire Cornerstone Community Bancorp on January 28, 2025 and we completed the merger on July 1, 2025. Merger transaction costs that facilitate the merger are not deductible for income tax purposes. Of the $481 thousand in merger related costs, $239 thousand is estimated to be not deductible for state and federal income tax.

    The provision for income taxes decreased by $149 thousand from $2.5 million, 26.9% of pre-tax income, during the three months ended June 30, 2024 to $2.4 million, or 27.1% of pre-tax income, during the current quarter.

    For the six months ended June 30, 2025, the Company reported net income of $13.5 million or $2.28 per share, an increase of $461 thousand from $13.0 million or $2.21 per share earned during the six months ended June 30, 2024. Earnings per diluted share increased to $2.25 during the six months ended June 30, 2025, up $0.06 from $2.19 during the first six months of 2024.     

    Return on average assets was 1.67% during the six months ended June 30, 2025, up from 1.61% during the first half of 2024. Return on average equity decreased to 14.7% for the six months ended June 30, 2025, down from 16.7% during the first half of 2024.

    Net interest income increased by $860 thousand from $35.9 million during the six months ended June 30, 2024, to $36.7 million during the current period. The provision for credit losses decreased from $1.7 million during the first half of 2024 to $1.1 million during the current period.

    Non-interest income increased by $1.2 million from $4.3 million during the six months ended June 30, 2024 to $5.5 million during the first half of 2025 related primarily to a legal settlement totaling $1.1 million. This settlement related to the Dixie Fire which swept through the town of Greenville, California in August of 2021. The fire caused severe damage to the Greenville area, including the telecommunications infrastructure which adversely affected our ability to service our customers in this area during the last few years.

    Non-interest expense increased by $1.7 million from $20.8 million during the first half of 2024 to $22.5 million during the current period. Of this amount, $1.1 million relates to costs associated with our pending acquisition of Cornerstone Community Bancorp. Of the $1.1 million in merger related costs, $801 thousand is estimated to be not deductible for state and federal income tax.

    The provision for income taxes increased by $583 thousand from $4.6 million, or 26.2% of pre-tax income, during the six months ended June 30, 2024 to $5.2 million, or 27.8% of pre-tax income, during the current period.

    Balance Sheet Highlights
    June 30, 2025 compared to June 30, 2024

    • Gross loans increased by $21 million, or 2%, to $1.0 billion.
    • Total deposits increased by $62 million, or 5%, to $1.4 billion.
    • Borrowings decreased by $105 million, or 88% to $15 million.
    • Total equity increased by $28 million, or 17%, to $193 million.
    • Book value per share increased by $4.53, or 16%, to $32.54.

    President’s Comments

    Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, announced, “The third quarter of 2025 began with a major development for Plumas; we successfully completed our acquisitions of Cornerstone Community Bank and Bancorp, expanding our presence in California’s northern Sacramento Valley. We are thrilled to have Ken Robison, formerly a director at Cornerstone, join the boards of Plumas Bancorp and Bank. We also welcome Matt Moseley, former President and CEO of Cornerstone Community Bank, to the executive team as Market President. Their extensive leadership experience and market knowledge will be instrumental in the ongoing success of our combined organization.”

    Ryback continued, “Beyond the acquisition, we have also been focused on internal advancements. We are expanding our treasury management services to provide comprehensive, personalized banking solutions with enhanced security features. Simultaneously, we have gained efficiency in our lending process through on-going refinements to our lending platforms and department structures.”

    Ryback concluded, “We extend a warm welcome to the clients, employees, and shareholders of Cornerstone. We look forward to providing long-term value to our expanded shareholders, clients, team members, and communities.”

    Loans, Deposits, Investments and Cash

    Gross loans increased by $21 million, or 2%, from $997 million at June 30, 2024, to $1.0 billion at June 30, 2025. Increases in loans included $85 million in commercial real estate loans and $3 million in equity lines of credit; these items were partially offset by decreases of $29 million in automobile loans, $27 million in construction loans, $10 million in agricultural loans and $1 million in residential real estate loans.

    On   June 30, 2025, approximately 78% of the Company’s loan portfolio was comprised of variable rate loans. The rates of interest charged on variable rate loans are set at specific increments in relation to the Company’s lending rate or other indexes such as the published prime interest rate or U.S. Treasury rates and vary with changes in these indexes. The frequency at which variable rate loans reprice can vary from one day to several years. Most of our commercial real estate portfolio reprices every five years. Approximately 76% of the variable rate loans are indexed to the five year T-Bill rate and reprice every five years. Loans indexed to the prime interest rate were approximately 21% of the Company’s variable rate loan portfolio; these loans reprice within one day to three months of a change in the prime rate.

    Total deposits increased by $62 million to $1.4 billion at June 30, 2025 from $1.3 billion at June 30, 2024. The increase in deposits includes increases of $67 million in money market accounts and $29 million in time deposits. Partially offsetting these increases were decreases of $2 million in demand deposits and $32 million in savings deposits. We attribute much of the increase in money market accounts to higher rate public entity deposits. At June 30, 2025, 49% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company had no brokered deposits at June 30, 2025 and June 30, 2024.

    Total investment securities decreased by $5 million from $445 million at June 30, 2024, to $440 million at June 30, 2025. The Bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities. Cash and due from banks decreased by $31 million from $110 million at June 30, 2024, to $79 million at June 30, 2025.

    Asset Quality

    Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at June 30, 2025 were $13.7 million, up from $9.1 million at June 30, 2024. Nonperforming assets as a percentage of total assets increased to 0.84% at June 30, 2025 up from 0.56% at June 30, 2024. OREO decreased by $50 thousand from $141 thousand at June 30, 2024 to $91 thousand at June 30, 2025. Nonperforming loans were $13.6 million at June 30, 2025 and $9.0 million at June 30, 2024. Nonaccrual loans totaled $13.6 million at June 30, 2025 and $2.5 million at June 30, 2024. At June 30, 2025 there were no loans 90 days or more past due that were not on nonaccrual. The difference between the $2.5 million in nonaccrual loans at June 30, 2024 and the $9 million in nonperforming loans in 2024 were loans that were over 90 days past due, but not on nonaccrual. Nonperforming loans as a percentage of total loans increased to 1.34% at June 30, 2025, up from 0.90% at June 30, 2024. The increase in nonperforming loans is related to one agricultural loan relationship of 15 loans totaling $9.9 million. The borrower on these loans was unable to meet his commitments under modified loan agreements and therefore during the quarter we placed the loans on nonaccrual status. Interest reversed on these loans during the current quarter totaled $344 thousand and specific loan loss reserves totaling $931 thousand were applied against the loans.

    During the first half of 2025 we recorded a provision for credit losses of $1.1 million consisting of a provision for credit losses on loans of $1.1 million and a decrease in the reserve for unfunded commitments of $40 thousand. The $1.1 million mostly relates to the specific loan loss reserves noted in the previous paragraph. This compares to a provision for credit losses of $1.7 million consisting of a provision for credit losses on loans of $1.8 million and a decrease in the reserve for unfunded commitments of $79 thousand during the six months ended June 30, 2024.

    Net charge-offs totaled $137 thousand and $610 thousand during the six months ended June 30, 2025 and 2024, respectively. The allowance for credit losses totaled $14.2 million at June 30, 2025 and $14.1 million at June 30, 2024. The allowance for credit losses as a percentage of total loans was 1.39% and 1.41% at June 30, 2025 and 2024.

    The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the six months ended June 30, 2025 and 2024 (in thousands).

    Allowance for Credit Losses   June 30, 2025     June 30, 2024
    Balance, beginning of period $ 13,196     $ 12,867  
    Provision charged to operations   1,150       1,825  
    Losses charged to allowance   (506 )     (1,010 )
    Recoveries                                   369       400  
    Balance, end of period $     14,209     $     14,082  
    Reserve for Unfunded
    Commitments    		  

    June 30, 2025

    		    

    June 30, 2024
    Balance, beginning of period $                                620     $ 799  
    Provision charged to operations   (40 )     (79 )
    Balance, end of period $                                 580     $ 720  

    Shareholders’ Equity

    Total shareholders’ equity increased by $27.9 million from $165.2 million at June 30, 2024, to $193.1 million at June 30, 2025. The $27.9 million includes earnings during the twelve-month period totaling $29.1 million, a decrease in accumulated other comprehensive loss of $4.4 million and restricted stock and stock option activity totaling $1.1 million. These items were partially offset by the payment of cash dividends totaling $6.7 million.

    Bank Term Funding Program (BTFP)

    At June 30, 2024, the Company had outstanding borrowings under BTFP totaling $105 million. All BTFP borrowings were paid off during 2024. Interest expense recognized on the BTFP borrowings for the three and six-months ended June 30, 2024, was $1.3 million and $2.5 million, respectively.

    Liquidity

    The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers’ borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive rates on deposit products and the use of established credit lines.

    The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB) and can borrow up to $255 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $439 million. The Company is also eligible to borrow at the Federal Reserve Bank (FRB) Discount Window. At June 30, 2025, the Company could borrow up to $98 million at the Discount Window secured by investment securities with a fair value of $101 million. In addition to its FHLB borrowing line and the Discount Window, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB Discount Window or the correspondent banks at June 30, 2025 and 2024.

    Customer deposits are the Company’s primary source of funds. Total deposits increased by $62 million to $1.4 billion at June 30, 2025 from $1.3 billion at June 30, 2024. Deposits are held in various forms with varying maturities. The Company estimates that it has approximately $516 million in uninsured deposits which include uninsured deposits of Plumas Bancorp. Of this amount, $206 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

    The Company’s securities portfolio, Discount Window advances, FHLB advances, and cash and due from banks serve as the primary sources of liquidity, providing adequate funding for loans during periods of high loan demand. During periods of decreased lending, funds obtained from the maturing or sale of investments, loan payments, and new deposits are invested in short-term earning assets, such as cash held at the FRB and investment securities, to serve as a source of funding for future loan growth. Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations in the near future.

    Net Interest Income and Net Interest Margin – Three Months Ended June 30, 2025

    Net interest income was $18.2 million for the three months ended June 30, 2025, a decrease of $222 thousand from the same period in 2024. The decrease in net interest income includes a decrease of $527 thousand in interest income partially offset by a decrease of $305 thousand in interest expense. Interest and fees on loans increased by $200 thousand related to growth in the loan portfolio partially offset by a decline in yield.

    Average loan balances increased by $39 million, while the average yield on these loans decreased by 18 basis points from 6.32% during the second quarter of 2024 to 6.14% during the current quarter. Of the 18 basis points decrease, 13 basis points relate to the reversal of $344 thousand in interest previously described under “Asset Quality” The average prime interest rate decreased from 8.5% during the second quarter of 2024 to 7.5% during the current quarter. Approximately 16% of the Company’s loans are tied to the prime interest rate and most of these reprice within one to three months with a change in prime. Additionally, during the second quarter of 2024 we recovered $316 thousand in interest on loans that were classified as nonaccrual and which were paid off in full during the quarter which elevated loan yield during the 2024 quarter. The effect of these items was partially offset by an increase in average yield on the bank’s fixed rate portfolio which includes growth in fixed rate SBA loans which totaled $75 million at June 30, 2025, and $62 million at June 30, 2024. The weighted average rate earned on this portfolio at June 30, 2025, was 8.3%. The Bank is also benefiting from the repricing of a portion of our Commercial Real Estate loans. Most of these loans are indexed to the 5-year Treasury note and reprice every five years.

    Interest on investment securities decreased by $30 thousand as yield on these securities decreased slightly from 4.11% during the 2024 quarter to 4.08% during the current quarter and average investment securities declined from $444 million during the three months ended June 30, 2024 to $442 million during the current quarter.

    Interest on cash balances decreased by $697 thousand related to a decline in average balance of $42 million and a decrease in average rate paid on cash balances of 104 basis points from 5.51% during the second quarter of 2024 to 4.47% during the current quarter. This decline in yield was mostly related to a decline in rate paid on balances held at the FRB. The average rate earned on FRB balances decreased from 5.40% during the second quarter of 2024 to 4.40% during the current quarter.

    Interest expense decreased by $305 thousand, related to the repayment of the BTFP borrowings as discussed earlier. The average rate paid on interest bearing liabilities decreased from 1.44% during the 2024 quarter to 1.33% in 2025 related to the decrease in these borrowings.

    Interest paid on deposits increased by $968 thousand and is broken down by product type as follows: money market accounts – $815 thousand, savings deposits – $83 thousand and time deposits $70 thousand. The increase in interest paid on money market accounts mostly relates to an increase in public entity balances and the rate earned on these balances. During the second half of 2024 and continuing into 2025, we have offered a premium money market rate on large balances of public entities in our service area, matching the rate they could earn from the California local agency investment fund. This has led to the significant increase in balances and rate paid on money market accounts. The average balance of money market accounts during the current quarter was $288 million, an increase of $72 million from $216 million during the three months ended June 30, 2024. The average rate paid on money market accounts increased 92 basis points to 1.79%. The increase in interest on savings accounts was driven by an increase in the average rate paid of 12 basis points to 34 basis points. The increase in interest on time deposits includes an increase in average balance of $23 million partially offset by a decline in average rate paid of 33 basis points to 2.53% as promotional time deposits issued in 2024 matured. Many of these promotional time deposits were renewed at lower rates. The average rate paid on interest-bearing deposits increased from 0.84% during the second quarter of 2024 to 1.30% during the current quarter. The average balance of interest-bearing deposits increased from $633 million during the three months ended June 30, 2024 to $705 million during the quarter.

    Net interest margin for the three months ended June 30, 2025 decreased 6 basis points to 4.83%, down from 4.89% for the same period in 2024. Excluding the $344 thousand in interest reversed described earlier, net interest margin for the three months ended June 30, 2025 would have been 4.93%.

    Net Interest Income and Net Interest Margin – Six Months Ended June 30, 2025

    Net interest income for the six months ended June 30, 2025 was $36.7 million, an increase of $860 thousand from the $35.9 million earned during the same period in 2024. The increase in net interest income includes an increase of $36 thousand in interest income and a reduction in interest expense of $824 thousand.

    Interest and fees on loans increased by $1.0 million related to an increase in average balance partially offset by a decline in yield. The average balance of loans during the six months ended June 30, 2025 was $1.0 billion, an increase of $44 million from $972 million during the same period in 2024. The average yield on loans decreased by 6 basis points from 6.21% during the first six months of 2024 to 6.15% during the current period.

    Interest on investment securities increased by $84 thousand related to an increase in yield of 21 basis points to 4.10% partially offset by a decline in average balance. The increase in investment yields is consistent with the increase in market rates and the restructuring of the investment portfolio in February of 2024. Average investment securities declined from $462 million during the six months ended June 30, 2024 to $443 million during the current period.

    Interest on cash balances declined by $1.1 million related to both a decline in balance and a decline in yield. The rate earned on cash balances declined by 104 basis points to 4.5% and the average balance declined from $81.8 million during the first six months of 2024 to $53.8 million during the current period.

    Related to a $2.5 million decline in interest on BTFP borrowings partially offset by an increase in interest bearing deposits and an increase in the cost of these deposits, interest expense decreased from $5.3 million during the six months ended June 30, 2024 to $4.5 million during the current period. The average rate paid on interest bearing liabilities decreased from 1.39% during the 2024 period to 1.24% in 2025.

    Interest paid on deposits increased by $1.7 million and is broken down by product type as follows: money market accounts – $1.6 million and savings deposits – $109 thousand. The average rate paid on interest-bearing deposits increased from 0.79% during the six months ended June 30, 2024 to 1.21% during the current period. Average interest-bearing deposits totaled $698 million during the first half of 2025 an increase of $62 million from $636 million during the first half of 2024.

    Net interest margin for the six months ended June 30, 2025 increased 13 basis points to 4.89%, up from 4.76% for the same period in 2024.

    Non-Interest Income/Expense – Three Months Ended June 30, 2025

    Non-interest income increased by $159 thousand to $2.4 million during the current quarter. The largest increase was related to a $184 thousand adjustment to the value of our stock holdings in one of our correspondent banks.

    During the three months ended June 30, 2025, total non-interest expense increased by $616 thousand from $10.4 million during the second quarter of 2024 to $11.0 million during the current quarter. The largest components of this increase were merger related expenses of $481 thousand and salary and benefit expense of $270 thousand. The increase in salary and benefit expense includes an increase in salary expense of $216 thousand related primarily to merit and promotional salary increases. A decrease in deferred loan origination fees of $144 thousand was offset by a decline in commission expense of $180 thousand. Both items mostly relate to a decline in SBA loan production during the comparison quarters.

    Non-Interest Income/Expense – Six Months Ended June 30, 2025

    During the six months ended June 30, 2025, non-interest income totaled $5.6 million, an increase of $1.2 million from the six months ended June 30, 2024. The largest component of this increase was a legal settlement totaling $1.1 million related to the Dixie Fire in August of 2021.

    During the six months ended June 30, 2025, total non-interest expense increased by $1.7 million from $20.8 million during the first half of 2024 to $22.5 million during the current period. The largest components of this increase were merger related expenses of $1.1 million, salary and benefit expenses of $784 thousand and occupancy and equipment expenses of $425 thousand. The increase in salary and benefit expense included an increase in salary expense of $484 thousand related primarily to merit and promotional salary increases. A decrease in deferred loan origination fees of $257 thousand was offset by a decline in commission expense of $317 thousand. Both items mostly relate to a decline in SBA loan production during the comparison periods. The increase in occupancy and equipment expense mostly relates to an increase in rent expense of $374 thousand related to the February 2024 sales/leaseback transaction. Partially offsetting these increases in expense were several reductions in non-interest expense the largest of which was a reduction in professional fees of $320 thousand. Included in professional fees during the six months ended June 30, 2024 were legal expenses totaling $188 thousand related to a litigation matter that was settled in the second half of 2024.

    Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates nineteen branches: seventeen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sutter and Tehama and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

    Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

    Contact: Jamie Huynh
    Investor Relations
    Plumas Bancorp
    5525 Kietzke Lane Ste. 100
    Reno, NV 89511
    775.786.0907 x8908
    investorrelations@plumasbank.com

    PLUMAS BANCORP
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
      As of June 30,        
      2025   2024   Dollar
    Change    		   Percentage
    Change
    ASSETS              
    Cash and due from banks $ 79,266   $ 109,852   $ (30,586)   (27.8)%
    Investment securities 439,676   445,132   (5,456)   (1.2)%
    Loans, net of allowance for credit losses 1,006,873   986,517   20,356   2.1%
    Premises and equipment, net 12,065   12,868   (803)   (6.2)%
    Right-of-use assets 23,912   24,975   (1,063)   (4.3)%
    Bank owned life insurance 16,736   16,310   426   2.6%
    Real estate acquired through foreclosure 91   141   (50)   (35.5)%
    Goodwill 5,502   5,502   –   0.0%
    Accrued interest receivable and other assets 44,396   40,800   3,596   8.8%
    Total assets $ 1,628,517   $ 1,642,097   $ (13,580)   (0.8)%
                   
    LIABILITIES AND              
       SHAREHOLDERS’ EQUITY  
    Deposits $ 1,366,827   $ 1,304,587   $ 62,240   4.8%
    Accrued interest payable and other liabilities 53,611   52,355   1,256   2.4%
    Borrowings 15,000   120,000   (105,000)   (87.5)%
    Total liabilities 1,435,438   1,476,942   (41,504)   (2.8)%
    Common stock 29,803   28,656   1,147   4.0%
    Retained earnings 183,954   161,608   22,346   13.8%
    Accumulated other comprehensive loss, net (20,678)   (25,109)   4,431   17.6%
    Shareholders’ equity 193,079   165,155   27,924   16.9%
    Total liabilities and shareholders’ equity $ 1,628,517   $ 1,642,097   $ (13,580)   (0.8)%
                   
                   
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
                   
    FOR THE THREE MONTHS ENDED JUNE 30, 2025   2024   Dollar
    Change    		   Percentage
    Change
                   
    Interest income $ 20,633   $ 21,160   $ (527)   (2.5)%
    Interest expense 2,450   2,755   (305)   (11.1)%
    Net interest income before provision for credit losses 18,183   18,405   (222)   (1.2)%
    Provision for credit losses 860   925   (65)   (7.0)%
    Net interest income after provision for credit losses 17,323   17,480   (157)   (0.9)%
    Non-interest income 2,361   2,202   159   7.2%
    Non-interest expense 11,012   10,396   616   5.9%
    Income before income taxes 8,672   9,286   (614)   (6.6)%
    Provision for income taxes 2,351   2,500   (149)   (6.0)%
    Net income $ 6,321   $ 6,786   $ (465)   (6.9)%
                   
    Basic earnings per share $ 1.07   $ 1.15   $ (0.08)   (7.0)%
    Diluted earnings per share $ 1.05   $ 1.14   $ (0.09)   (7.9)%
                   
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
              Dollar   Percentage
    FOR THE SIX MONTHS ENDED JUNE 30, 2025   2024   Change   Change
                   
    Interest income $ 41,223   $ 41,187   $ 36   0.1%
    Interest expense 4,501   5,325   (824)   (15.5)%
    Net interest income before provision for credit losses 36,722   35,862   860   2.4%
    Provision for credit losses 1,110   1,746   (636)   (36.4)%
    Net interest income after provision for credit losses 35,612   34,116   1,496   4.4%
    Non-interest income 5,574   4,342   1,232   28.4%
    Non-interest expense 22,477   20,793   1,684   8.1%
    Income before income taxes 18,709   17,665   1,044   5.9%
    Provision for income taxes 5,208   4,625   583   12.6%
    Net income $ 13,501   $ 13,040   $ 461   3.5%
                   
    Basic earnings per share $ 2.28   $ 2.21   $ 0.07   3.2%
    Diluted earnings per share $ 2.25   $ 2.19   $ 0.06   2.7%
             
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands, except per share data)
    (Unaudited)
                       
      Three Months Ended   Six Months Ended
      6/30/2025   3/31/2025   6/30/2024   6/30/2025   6/30/2024
    EARNINGS PER SHARE                  
    Basic earnings per share $ 1.07     $ 1.21     $ 1.15     $ 2.28     $ 2.21  
    Diluted earnings per share $ 1.05     $ 1.20     $ 1.14     $ 2.25     $ 2.19  
    Weighted average shares outstanding   5,929       5,911       5,896       5,920       5,892  
    Weighted average diluted shares outstanding   6,006       6,002       5,946       6,006       5,946  
    Cash dividends paid per share 1 $ 0.30     $ 0.30     $ 0.27     $ 0.60     $ 0.54  
                       
    PERFORMANCE RATIOS (annualized for the three months)            
    Return on average assets   1.56 %   1.79 %   1.67 %   1.67 %     1.61 %
    Return on average equity   13.4 %   16.0 %   17.1 %   14.7 %     16.7 %
    Yield on earning assets   5.48 %   5.50 %   5.62 %   5.49 %     5.46 %
    Rate paid on interest-bearing liabilities   1.33 %   1.14 %   1.44 %   1.24 %     1.39 %
    Net interest margin   4.83 %   4.95 %   4.89 %   4.89 %     4.76 %
    Noninterest income to average assets   0.58 %   0.80 %   0.54 %   0.69 %     0.54 %
    Noninterest expense to average assets   2.72 %   2.85 %   2.56 %   2.79 %     2.57 %
    Efficiency ratio 2   53.6 %   52.7 %   50.4 %   53.1 %     51.7 %
                       
      6/30/2025   3/31/2025   6/30/2024   12/31/2024   12/31/2023
    CREDIT QUALITY RATIOS AND DATA                  
    Allowance for credit losses $ 14,209     $ 13,319     $ 14,082     $ 13,196     $ 12,867  
    Allowance for credit losses as a percentage of total loans   1.39 %     1.32 %     1.41 %     1.30 %     1.34 %
    Nonperforming loans $ 13,652     $ 3,686     $ 8,974     $ 4,105     $ 4,820  
    Nonperforming assets $ 13,747     $ 3,787     $ 9,148     $ 4,307     $ 5,315  
    Nonperforming loans as a percentage of total loans   1.34 %     0.36 %     0.90 %     0.40 %     0.50 %
    Nonperforming assets as a percentage of total assets   0.84 %     0.23 %     0.56 %     0.27 %     0.33 %
    Year-to-date net charge-offs $ 137     $ 127     $ 610     $ 1,046     $ 954  
    Year-to-date net charge-offs as a percentage of average   0.03 %     0.05 %     0.13 %   0.11 %     0.10 %
    loans (annualized)      
                       
    CAPITAL AND OTHER DATA                  
    Common shares outstanding at end of period   5,934       5,922       5,896       5,903       5,872  
    Shareholders’ equity $ 193,079     $ 187,603     $ 165,155     $ 177,899     $ 147,317  
    Book value per common share $ 32.54     $ 31.68     $ 28.01     $ 30.14     $ 25.09  
    Tangible common equity3 $ 186,874     $ 181,354     $ 158,763     $ 171,606     $ 140,823  
    Tangible book value per common share4 $ 31.49     $ 30.62     $ 26.93     $ 29.07     $ 23.98  
    Tangible common equity to total assets   11.5 %     11.1 %     9.7 %     10.6 %     8.7 %
    Gross loans to deposits   74.7 %     73.6 %     76.4 %     74.1 %     71.9 %
                       
    PLUMAS BANK REGULATORY CAPITAL RATIOS              
    Tier 1 Leverage Ratio   12.7 %     12.3 %     11.3 %     11.9 %     10.8 %
    Common Equity Tier 1 Ratio   17.9 %     17.8 %     16.4 %     17.3 %     15.7 %
    Tier 1 Risk-Based Capital Ratio   17.9 %     17.8 %     16.4 %     17.3 %     15.7 %
    Total Risk-Based Capital Ratio   19.2 %     19.0 %     17.6 %     18.5 %     16.9 %
    (1) The Company paid a quarterly cash dividend of $0.30 per share on February 17, 2025, May 15, 2025 and a quarterly cash dividend of $0.27 per share on February 15, 2024, May 15, 2024, August 15, 2024 and November 15, 2024 and a quarterly cash dividend of $0.25 per share on February 15, 2023, May 15, 2023 , August 15, 2023 and November 15, 2023.
    (2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).   
    (3) Tangible common equity is defined as common equity less core deposit intangibles and goodwill.      
    (4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.    
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                             
    The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders’ equity.
                             
        For the Three Months Ended   For the Three Months Ended
        6/30/2025   6/30/2024
        Average       Yield/   Average       Yield/
        Balance   Interest   Rate   Balance   Interest   Rate
    Interest-earning assets:                        
    Loans (2) (3)   $ 1,020,004   $ 15,612   6.14 %   $ 980,723   $ 15,412   6.32 %
    Investment securities     369,624     3,913   4.25 %     367,841     3,932   4.30 %
    Non-taxable investment securities (1)     72,719     591   3.26 %     76,275     602   3.17 %
    Interest-bearing deposits     46,368     517   4.47 %     88,607     1,214   5.51 %
    Total interest-earning assets     1,508,715     20,633   5.48 %     1,513,446     21,160   5.62 %
    Cash and due from banks     26,880             26,859        
    Other assets     87,117             90,092        
    Total assets   $ 1,622,712           $ 1,630,397        
                             
    Interest-bearing liabilities:                        
    Money market deposits     287,707     1,283   1.79 %     215,614     468   0.87 %
    Savings deposits     298,989     257   0.34 %     322,919     174   0.22 %
    Time deposits     118,057     744   2.53 %     94,684     674   2.86 %
    Total deposits     704,753     2,284   1.30 %     633,217     1,316   0.84 %
    Borrowings     15,000     146   3.90 %     120,000     1,431   4.80 %
    Other interest-bearing liabilities     17,265     20   0.46 %     16,809     8   0.19 %
    Total interest-bearing liabilities     737,018     2,450   1.33 %     770,026     2,755   1.44 %
    Non-interest-bearing deposits     659,554             663,094        
    Other liabilities     37,112             37,794        
    Shareholders’ equity     189,028             159,483        
    Total liabilities & equity   $ 1,622,712           $ 1,630,397        
    Cost of funding interest-earning assets (4)           0.65 %           0.73 %
    Net interest income and margin (5)       $ 18,183   4.83 %       $ 18,405   4.89 %
                             
    (1) Not computed on a tax-equivalent basis.            
    (2) Average nonaccrual loan balances of $4.1 million for 2025 and $4.2 million for 2024 are included in average loan balances for computational purposes.  
    (3) Net costs included in loan interest income for the three-month periods ended June 30, 2025 and 2024 were $196 thousand and $338 thousand, respectively.  
    (4) Total annualized interest expense divided by the average balance of total earning assets.        
    (5) Annualized net interest income divided by the average balance of total earning assets.        
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                             
    The following table presents for the six-month periods indicated the distribution of consolidated average assets, liabilities and shareholders’ equity.
                             
        For the Six Months Ended   For the Six Months Ended
        6/30/2025   6/30/2024
        Average       Yield/   Average       Yield/
        Balance   Interest   Rate   Balance   Interest   Rate
    Interest-earning assets:                        
    Loans (2) (3)   $ 1,016,008   $ 31,008   6.15 %   $ 972,427   $ 30,005   6.21 %
    Investment securities     369,376     7,840   4.28 %     369,815     7,537   4.10 %
    Non-taxable investment securities (1)     73,795     1,174   3.21 %     92,225     1,393   3.04 %
    Interest-bearing deposits     53,845     1,201   4.50 %     81,807     2,252   5.54 %
    Total interest-earning assets     1,513,024     41,223   5.49 %     1,516,274     41,187   5.46 %
    Cash and due from banks     26,679             26,722        
    Other assets     86,732             85,300        
    Total assets   $ 1,626,435           $ 1,628,296        
                             
    Interest-bearing liabilities:                        
    Money market deposits     283,469     2,429   1.73 %     213,399     844   0.80 %
    Savings deposits     311,151     463   0.30 %     329,242     354   0.22 %
    Time deposits     103,304     1,288   2.51 %     93,092     1,304   2.82 %
    Total deposits     697,924     4,180   1.21 %     635,733     2,502   0.79 %
    Borrowings     15,000     290   3.90 %     117,170     2,798   4.80 %
    Other interest-bearing liabilities     19,216     31   0.33 %     19,260     25   0.26 %
    Total interest-bearing liabilities     732,140     4,501   1.24 %     772,163     5,325   1.39 %
    Non-interest-bearing deposits     670,961             668,441        
    Other liabilities     37,602             31,118        
    Shareholders’ equity     185,732             156,574        
    Total liabilities & equity   $ 1,626,435           $ 1,628,296        
    Cost of funding interest-earning assets (4)           0.60 %           0.70 %
    Net interest income and margin (5)       $ 36,722   4.89 %       $ 35,862   4.76 %
                             
    (1) Not computed on a tax-equivalent basis.            
    (2) Average nonaccrual loan balances of $3.9 million for 2025 and $4.8 million for 2024 are included in average loan balances for computational purposes.  
    (3) Net costs included in loan interest income for the six-month periods ended June 30, 2025 and 2024 were $471 thousand and $682 thousand, respectively.  
    (4) Total annualized interest expense divided by the average balance of total earning assets.        
    (5) Annualized net interest income divided by the average balance of total earning assets.        
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                   
    The following table presents the components of non-interest income for the three-month periods ended June 30, 2025 and 2024.
                   
      For the Three Months Ended        
      June 30,        
        2025     2024   Dollar
    Change    		   Percentage
    Change
    Interchange income $ 784   $ 782     2     0.3 %
    Service charges on deposit accounts   781     743     38     5.1 %
    Loan servicing fees   148     186     (38 )   (20.4 )%
    FHLB Dividends   135     136     (1 )   (0.7 )%
    Earnings on life insurance policies   108     104     4     3.8 %
    Other   405     251     154     61.4 %
    Total non-interest income $ 2,361   $ 2,202   $ 159     7.2 %
                   
    The following table presents the components of non-interest expense for the three-month periods ended June 30, 2025 and 2024.
                   
      For the Three Months Ended        
      June 30,        
        2025     2024   Dollar
    Change    		   Percentage
    Change
    Salaries and employee benefits $ 5,553   $ 5,283   $ 270     5.1 %
    Occupancy and equipment   2,050     1,949     101     5.2 %
    Outside service fees   1,160     1,184     (24 )   (2.0 )%
    Merger and acquisition expenses   481     –     481     100.0 %
    Advertising and shareholder relations   273     214     59     27.6 %
    Armored car and courier   224     220     4     1.8 %
    Professional fees   219     329     (110 )   (33.4 )%
    Business development   188     210     (22 )   (10.5 )%
    Deposit insurance   180     185     (5 )   (2.7 )%
    Director compensation and expense   155     199     (44 )   (22.1 )%
    Telephone and data communication   124     204     (80 )   (39.2 )%
    Loan collection expenses   51     117     (66 )   (56.4 )%
    Amortization of Core Deposit Intangible   44     51     (7 )   (13.7 )%
    Other   310     251     59     23.5 %
    Total non-interest expense $ 11,012   $ 10,396   $ 616     5.9 %
                   
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                   
    The following table presents the components of non-interest income for the six-month periods ended June 30, 2025 and 2024.
                   
      For the Six Months Ended        
      June 30,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Service charges on deposit accounts $ 1,486   $ 1,458     $ 28     1.9 %
    Interchange income   1,474     1,522       (48 )   (3.2 )%
    Loan servicing fees   334     388       (54 )   (13.9 )%
    FHLB Dividends   272     273       (1 )   (0.4 )%
    Earnings on life insurance policies   217     200       17     8.5 %
    Gain (loss) on sale of investment securities   3     (19,826 )     19,829     (100.0 )%
    Gain on sale of buildings   –     19,854       (19,854 )   (100.0 )%
    Other   1,788     473       1,315     278.0 %
    Total non-interest income $ 5,574   $ 4,342     $ 1,232     28.4 %
                   
    The following table presents the components of non-interest expense for the six-month periods ended June 30, 2025 and 2024.
                   
      For the Six Months Ended        
      June 30,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Salaries and employee benefits $ 11,433   $ 10,649     $ 784     7.4 %
    Occupancy and equipment   4,064     3,639       425     11.7 %
    Outside service fees   2,424     2,316       108     4.7 %
    Merger and acquisition expenses   1,050     –       1,050     100.0 %
    Advertising and shareholder relations   535     458       77     16.8 %
    Professional fees   448     768       (320 )   (41.7 )%
    Armored car and courier   441     422       19     4.5 %
    Deposit insurance   362     372       (10 )   (2.7 )%
    Business development   355     363       (8 )   (2.2 )%
    Director compensation and expense   321     366       (45 )   (12.3 )%
    Telephone and data communication   298     426       (128 )   (30.0 )%
    Loan collection expenses   122     221       (99 )   (44.8 )%
    Amortization of Core Deposit Intangible   87     102       (15 )   (14.7 )%
    Other   537     691       (154 )   (22.3 )%
    Total non-interest expense $ 22,477   $ 20,793     $ 1,684     8.1 %
                   
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                     
    The following table shows the distribution of loans by type at June 30, 2025 and 2024.
                     
            Percent of       Percent of
            Loans in Each       Loans in Each
        Balance at End Category to   Balance at End Category to
        of Period   Total Loans   of Period   Total Loans
        6/30/25   6/30/25   6/30/24   6/30/24
    Commercial   $ 81,118   8.0 %   $ 81,170   8.1 %
    Agricultural     113,850   11.2 %     123,661   12.4 %
    Real estate – residential     11,053   1.1 %     11,755   1.2 %
    Real estate – commercial     673,129   66.1 %     588,332   59.0 %
    Real estate – construction & land     40,798   4.0 %     67,960   6.8 %
    Equity Lines of Credit     41,620   4.1 %     38,446   3.9 %
    Auto     51,487   5.1 %     80,751   8.1 %
    Other     4,791   0.4 %     5,259   0.5 %
    Total Gross Loans   $ 1,017,846   100 %   $ 997,334   100 %
                     
    The following table shows the distribution of Commercial Real Estate loans at June 30, 2025 and 2024.
                     
            Percent of       Percent of
            Loans in Each       Loans in Each
        Balance at End Category to   Balance at End Category to
        of Period   Total Loans   of Period   Total Loans
        6/30/25   6/30/25   6/30/24   6/30/24
    Owner occupied   $ 294,765   43.8 %   $ 240,346   40.9 %
    Investor     378,364   56.2 %     347,986   59.1 %
    Total real estate – commercial   $ 673,129   100 %   $ 588,332   100 %
                     
                     
    The following table shows the distribution of deposits by type at June 30, 2025 and 2024.
                     
            Percent of       Percent of
            Deposits in Each     Deposits in Each
        Balance at End Category to   Balance at End Category to
        of Period   Total Deposits   of Period   Total Deposits
        6/30/25   6/30/25   6/30/24   6/30/24
    Non-interest bearing   $ 668,086   48.9 %   $ 670,652   51.4 %
    Money Market     281,516   20.6 %     214,063   16.4 %
    Savings     290,440   21.2 %     322,081   24.7 %
    Time     126,785   9.3 %     97,791   7.5 %
    Total Deposits   $ 1,366,827   100 %   $ 1,304,587   100 %
                     

    The MIL Network –

  • MIL-OSI: LIS Technologies Inc. Appoints Distinguished Nuclear Expert Lloyd Jollay as its UF6 Systems Manager

    Source: GlobeNewswire (MIL-OSI)

    Lloyd Jollay’s addition continues LIS Technologies’ initiative to build a management team consisting of veteran nuclear industry specialists and leaders.

    Oak Ridge, Tennessee, July 16, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that Lloyd Jollay, a seasoned nuclear engineering professional with over 30 years of experience in nuclear safety, materials management, and advanced fuel cycle operations, has been appointed as it UF6 Systems Manager.

    “LIST’s patented CRISLA technology has the potential to support the revitalization and growth of the nation’s nuclear-fuel supply chain,” said Lloyd Jollay, UF6Systems Manager of LIS Technologies Inc. “The Company has taken a leading role in this industry’s innovation and decisive steps to rebirth, demonstrate and subsequently commercialize its technology. I look forward to putting my industry experience to work in support of this mission.”

    Former Vice President of Isotopes and Nuclear Fuel Cycle at Boston Government Services, Lloyd Jollay led the development of nuclear safety programs and provided licensing support for emerging advanced reactor and isotope production initiatives. His extensive background includes managing criticality safety programs, supporting the peaceful use and transport of uranium materials, and advising on nuclear nonproliferation strategies within the DOE and NNSA complex.

    Figure 1 – LIS Technologies Inc. Appoints Seasoned Nuclear Engineering Professional Lloyd Jollay as its UF6Systems Manager.

    In his prior roles, Mr. Jollay held multiple leadership positions at the Y-12 National Security Complex in Oak Ridge, Tennessee. His work included directing nuclear material applications, overseeing high-enriched uranium (HEU) supply and return efforts, and managing multimillion-dollar budgets supporting domestic and international nuclear nonproliferation. He also led criticality safety teams, supporting safe nuclear operations through rigorous documentation, evaluations, and compliance with regulatory bodies including NPO, NNSA, and the DNFSB. Mr. Jollay holds an MBA and a B.S. in Engineering Physics from the University of Tennessee, Knoxville, where he also completed coursework toward an M.S. in Nuclear Engineering.

    He is a certified Six Sigma Black Belt, has completed advanced training in SCALE and MCNP, and maintains active membership in the American Nuclear Society and the Institute of Nuclear Materials Management.

    “I’m pleased to welcome Lloyd to LIS Technologies,” said Jay Yu, Executive Chairman and President of LIS Technologies Inc. “Bringing in seasoned leaders is essential as we scale, and Lloyd’s depth of experience in the nuclear sector will strengthen our management team at a critical juncture. His track record and commitment to the industry will be instrumental as we work to position LIST at the forefront of America’s nuclear fuel supply chain revitalization.”

    “Lloyd’s addition comes at a pivotal moment as we move toward the next phase of our technology’s development,” said Christo Liebenberg, CEO and Co-Founder of LIS Technologies Inc. “With decades of experience in nuclear operations and non-proliferation, and his many connections with nuclear entities in the Oak Ridge area and nationwide, he brings along fresh perspective to help guide our work responsibly. Lloyd has consistently championed innovative solutions throughout his career, and I am pleased to have him on the team.”

    About LIS Technologies Inc.

    LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.

    In Dec 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.

    For more information please visit: LaserIsTech.com

    For further information, please contact:

    Email: info@laseristech.com
    Telephone: 800-388-5492
    Follow us on X Platform
    Follow us on LinkedIn

    Forward Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI Europe: Latest news – Ordinary Delegation meeting – 09 July 2025, Strasbourg – Delegation for Northern cooperation and for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee

    Source: European Parliament

    The Delegation for Northern Cooperation and for Relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area Joint Parliamentary Committee met on Wednesday, 9 July from 17.30 until 18.00 in room WEISS N3.5, Strasbourg.

    During the meeting the Vice-Chairs of the Delegation were elected by acclamation:

    MEP Christophe GRUDLER (Renew, FR) as First Vice Chair

    MEP Gheorghe CÂRCIU (S&D, RO) as Second Vice Chair

    MIL OSI Europe News –

  • MIL-OSI Australia: Transcript – Afternoon Briefing with Patricia Karvelas

    Source: Murray Darling Basin Authority

    PATRICIA KARVELAS, HOST: Let’s get some immediate political reaction, not just to this story, but of course the broader child care crisis too and go straight to the Education Minister Jason Clare. 

    Jason Clare, lovely to have you on the show. 

    JASON CLARE, MINISTER FOR EDUCATION: Thanks, PK, great to be here. 

    KARVELAS: Two child care workers have been charged with assault of a toddler in Western Sydney. New South Wales Police have said the child sustained significant bruising and injuries. Of course, this is one case being handled now by the legal system, as it should be —

    CLARE: Yes. 

    KARVELAS: — but does this latest case show that we have a broader crisis? 

    CLARE: What it underlines is if you don’t care about our kids, you shouldn’t be there working in early education and care. 

    In that report you mentioned that those workers are no longer there, that’s a good thing. But we do need to put in place the sort of measures to help to weed people out that aren’t there for the right reasons, whether it’s the sort of penalties that you impose on centres that don’t act when this evidence comes to light, or naming and shaming centres, giving information to parents about the conditions that are in the centres where their children are, or putting in place things like CCTV. 

    I want to make the point if I can, PK, that 99.9 per cent of the people who care for our kids every single day in these centres love them, they care for them, they educate them, they’re great people that are doing really, really important work, and at the moment they’re as shocked and angry as everybody else in Australia. Their jobs are on TV for all of the wrong reasons. They want to make sure that we do everything we can to weed out the people that shouldn’t be there too. 

    KARVELAS: We also learnt today that the alleged Melbourne paedophile, Joshua Dale Brown, worked at an additional daycare centre that has not been listed by authorities online. That brings the total number of centres he’s worked at to 24. I mean, Minister, why – I know this a state issue in terms of the investigation, but why are we still finding out about child care centres several weeks after the first allegations? 

    CLARE: It’s a bloody good question. This is a nightmare for hundreds more parents, mums and dads who now have to go through the wringer of working out whether their kids are sick or not. And for their little kids, they’ve got to go through the trauma of testing – blood tests and urine tests – to find out whether they’ve got an infectious disease or not. 

    It strikes me when I saw this yesterday that this is another reason why we need an educator register, a database that tells us where people are working and where they have been working. The company responsible here should know this at the click of a button. But so should we. This shouldn’t be the sort of information that comes out in drip feed form, it should be information that’s easy to access quickly. 

    KARVELAS: It seems that there might be more centres. I mean, have you been briefed about whether there are even potentially more that we might find out about? 

    CLARE: No, I haven’t. The Victorian Police would be briefing the Victorian Government specifically on that. But I just make the general point, this is the sort of information that police should have at their fingertips, it’s the sort of information that we should have right now. We don’t have it, but we should do. 

    KARVELAS: Is your legislation on child care changes that you’ve been talking about ready to table into the Parliament and have you briefed the Opposition? 

    CLARE: Yeah, the legislation is almost finalised. I’ll introduce that legislation into the Parliament next week, and we held our first briefing with the Opposition on the legislation today. I want to take this opportunity to thank Sussan Ley, the Opposition Leader, and Jonno Duniam, the Shadow Minister, for the really constructive way in which they’re working with us on this legislation to make sure we get it right. You know, it’s not always the case that Labor and Liberal work together the way we should. We are here, and that’s really important with legislation like this. 

    So, as I said, I’ll introduce the legislation next week. What the bill will do is give us the power to cut off funding to child care centres where they’re not up to scratch when it comes to safety. 

    At the moment a state regulator can shut a centre down tomorrow if they think there’s an imminent threat to safety. But where they’ve identified centres that aren’t meeting the standard and repeatedly they’re not meeting that standard, this will give us the power to issue a condition to that centre, and say that if you don’t meet the standards that we’ve set for you as a nation over the course of, it might be a couple of months, then we will suspend your child care funding or we’ll cancel it. 

    And there’s nothing more important in running a child care centre than the taxpayer funding that runs it – it’s about 70 per cent of the funding that runs a child care centre, it can’t run without it. This is the biggest stick that the Commonwealth has to wield here, and putting a condition on a centre that we would provide publicly, so parents know about it, I think is the sort of thing that hopefully will lift standards to where they need to be. 

    If we get this legislation right, it won’t mean that we’re shutting centres down, it will mean that we’re lifting standards up where centres aren’t meeting the standards at the moment. 

    KARVELAS: Okay, that’s really interesting. So, you’ll issue essentially a warning that will then be publicly shared, would that be like on a central website where people can look to see ‑‑ 

    CLARE: That’s right. 

    KARVELAS: ‑‑ if this has been – and what’s the timeframe? ‘Cause that must be all articulated, it has to be in the legislation, for which they have to respond ‑‑

    CLARE: Yeah. 

    KARVELAS: ‑‑ before that money is suspended?  

    CLARE: The legislation won’t set out the specific timeframe. There will be discretion provided to the Secretary of my Department, but we’re anticipating, depending on circumstances, you’re talking about a couple of months. 

    But let me just make the point again, if we’ve identified a centre where there’s a threat to kids right now, state regulators can shut it down. This is about centres where over a period of time they’re just not meeting the National Quality Framework standard to say, unless you get there soon, the centre is not going to be funded by the taxpayer. 

    KARVELAS: So, at the moment “Working Towards,” as you know, is a rating given to a centre that doesn’t meet quality rating standards. I’m just confused about how that will work still. These centres, are they allowed to keep operating? For how long will you be able to keep operating if you’re just “Working Towards”? 

    CLARE: At first instance what we’re intending to do if we get this legislation passed is to work with the state governments and the state regulators on the centres that they’re most concerned about, that are under that category that you’ve just described where they’re concerned that they’re repeatedly not working hard enough to get to the standard they need to be under the National Quality Framework. 

    So we’ll work with states and territories on the centres that we think need to be the subject of this legislation first and set those conditions for them, set a timeframe for them, and if they don’t meet those conditions within that timeframe, then suspend the child care subsidy payment that helps that centre to operate or cancel it altogether. 

    KARVELAS: And you said this is about lifting standards rather than shutting child care centres down. Of course that would always want to have that aim, because you need children in care —

    CLARE: Indeed. 

    KARVELAS: — or the system would collapse, right? 

    CLARE: That’s right. 

    KARVELAS: But do you envisage that inevitably some child care centres will have to close down? You would think that would have to be an inevitability of a tough system.  

    CLARE: It is a tough system, and that may very well happen. We’re not putting this legislation into the Parliament as an idle threat. But these centres run – 70 per cent of the funding is based on the child care subsidy that the taxpayer provides to help child care centres run. This is the biggest stick we have to wield, to say to centres that if you want to continue to receive this support from the Australian taxpayer, then you have to meet that standard, and if you don’t, then funding will be suspended or cancelled. 

    And what I’m hoping is that that threat is going to be strong enough to get the boards of these companies or the investors in these companies to sit up and listen and realise that we’re serious here and if you don’t meet the standard, then the funding will be cut off. 

    KARVELAS: Spot checks by your Department is another issue that you’ve raised. Are they only going to be deployed for fraud, or will it be child safety as well? 

    CLARE: Principally fraud but not exclusively fraud. At the moment I’ve got a team of investigators in the Department of Education that can do checks on child care centres for fraud. Unfortunately it’s the case that this exists, that child care centres might claim a child is there for three days but they’re only there for two days, and they’re claiming funding from the taxpayer for three days. This legislation will give my officers the power to be able to go in without a warrant or without the AFP to do those checks. 

    But while they’re there, they’ll be able to also examine the safety of centres and share that information with state regulators that do the lion’s share of this work. 

    The Federal Government sets the standards, the state governments do the lion’s share of the work in terms of regulating the system and making sure that it’s safe. 

    KARVELAS: Should there be a national regulator though? Because that’s part of the issue, isn’t it, that we’ve got state-based regulation, it’s quite inconsistent across states. Is there an option for a national regulation? 

    CLARE: There’s a national authority at the moment, ACECQA, that helps to set that standard, and they work closely with the states and territories in the work that they do. 

    There’s a separate question that’s posed by the Productivity Commission’s report last year about whether we set up an Early Education and Care Commission that would look at how we reform the system over the next decade and beyond. That recommendation wasn’t principally about safety; it wanted government to look at a steward for the system to make it more accessible and more affordable. I’ve got an open mind to that recommendation, Patricia, it’s something that we’ll look at over the medium term. It wasn’t intended to be something specifically about safety, but that’s something that it could potentially include.

    KARVELAS: Oh, that’s really interesting. So, you think you could take the Productivity Commission’s recommendation and sort of morph it into something broader?  

    CLARE: Potentially. It’s the sort of thing it’s my job as a Minister to sit down with smart people and pick their brains about how this would work best in practice, people like Georgie Dent at The Parenthood I spoke to the other day about this. 

    I want to make sure that we get this right, I want to make sure that our system is affordable for mums and dads, that it’s accessible everywhere around the country, but most importantly that it’s safe. That’s what this legislation is fundamentally about. But it’s not the only thing that we need to do. 

    The other things that have got to be on the table here are this register so we can track people across the system, identify when people are moving from centre to centre to centre and whether that should be a red flag that something is wrong here, that people are just moving people on rather than reporting them to a regulator or to the police. Proper mandatory child safety training for everybody who works in our centres. 

    I said a moment ago that 99.9 per cent of people who work in our centres are fantastic people. We’ve got to equip them with the skills they need to identify the bad person that might be up to the most horrific of crimes in our centres. And then CCTV as well, which can potentially play a role in deterring somebody from getting up to no good but also help police with their investigations as well. 

    KARVELAS: Minister, if I could just ask you about the Antisemitism Envoy’s report, which of course has been handed to the government. You’ve been talking about this as well. As you know ‑‑ 

    CLARE: Yeah. 

    KARVELAS: ‑‑ your colleague Ed Husic is critical of some parts – not all – but some parts of the report, including the very definition of antisemitism that it’s using. Are you troubled by this definition? 

    CLARE: No, I’m not. I had a quick look at what Ed had to say. I think Ed was fundamentally making the point that any definition of antisemitism shouldn’t stop somebody from criticising the Government of Israel, and I think he’s right in that respect. I don’t think the definition does, by the way.

    But I’ve been critical of the Government of Israel. I think as long as you can make that point very, very clear, you’re on pretty good ground.

    KARVELAS: But it does actually, and I’m just looking at the words here, it does actually refer to the State of Israel by claiming that the existence of the State of Israel is a racist endeavour. Do you think that’s antisemitic? 

    CLARE: No, I think what Ed was saying is it’s a little bit different to then be called an antisemite for criticising the Government of Israel. That’s the fundamental point I think ‑‑ 

    KARVELAS: The existence of Israel is really at the heart of the question, isn’t it? That’s what some people criticise. 

    CLARE: You know my view, the view of the Government, the view I think of the overwhelming majority of people watching the tele today is that we want two countries in the Middle East that sit side by side, one’s called Israel, one’s called Palestine, and they can live together in peace and security behind secure borders and have the sort of safe life that we take for granted here in Australia and in many other parts of the world. 

    KARVELAS: How did the part of the report – this is something that Ed Husic definitely mentioned in relation to younger Australians holding views that are antisemitic. Do you think that – are you witnessing that younger Australians have higher rates of antisemitism? 

    CLARE: I was asked this question today. I said certainly social media plays a role here, and I’m hoping that the ban on access to social media for young people under 16, when that comes into force later this year, is going to have a positive impact on that, but also the mental health and wellbeing of younger Australians. 

    I was also asked about the recommendations in the report about universities. We’re considering those at the moment. We’re not making any announcements about that at the moment. But antisemitism is real, it’s a poison that we’ve seen infect parts of the community. There’s no place for it in our universities, there’s no place for it anywhere in Australia, but it’s just one type of the sort of racism that we see in our community and in our universities. 

    I made the point today that we’ve established a Student Ombudsman that provides a vehicle for students to make complaints, whether it’s about antisemitism, Islamophobia or sexual assaults, or any concerns that they’ve got about the way their university has dealt with them. 

    TEQSA, which is the federal regulator of our universities, has certain powers to intervene here and works closely with universities on this. It has the power to put conditions on universities or to go to court and issue fines. I think there’s an open question there about whether TEQSA needs more powers in this area. 

    And I also made the point today that we will shortly receive a report from the Special Envoy Combating Islamophobia, and we want to see their report as well, as well as the report that we received a few weeks ago. 

    KARVELAS: So, will they be considered together? 

    CLARE: I think that’s the way in which we should consider it, that’s probably the best way to go about this. I’ll also receive a report in a couple of months’ time from the Race Discrimination Commissioner about racism in all its ugly forms in our universities, and I’m sure there’s Indigenous Australians and Asian Australians and international students watching today that are saying, “Don’t forget about me, this affects me too”.

    We don’t necessarily need to wait for that report before we take action. You can do this step‑by‑step. But I just flag, I want to see that report from the Special Envoy on Islamophobia, and there’s also a piece of work that I’ve commissioned around the governance, improving the governance of our universities, that I’ll receive too. And I also want to think about what more powers we should properly give TEQSA, the Tertiary Education Regulator here. 

    KARVELAS: That’s really interesting. Jason Clare, Minister, it’s been great to speak to you. Thanks for joining us. 

    CLARE: Thanks PK.

    MIL OSI News –

  • Nvidia’s resumption of AI chips to China is part of rare earths talks, says US

    Source: Government of India

    Source: Government of India (4)

    Nvidia’s planned resumption of sales of its H20 AI chips to China is part of U.S. negotiations on rare earths, Commerce Secretary Howard Lutnick said on Tuesday, and comes days after its CEO met President Donald Trump.

    “We put that in the trade deal with the magnets,” Lutnick told Reuters, referring to an agreement Trump made to restart rare earth shipments to U.S. manufacturers. He did not provide additional detail.

    Nvidia said late on Monday that it is filing applications with the U.S. government to resume sales to China of its H20 graphics processing unit, and has been assured by the U.S. it will get the licences soon.

    The planned resumption is a reversal of an export restriction imposed in April that is designed to keep the most advanced AI chips out of Chinese hands over national security concerns, an issue that has found rare bipartisan support. It drew swift questions and criticism from U.S. legislators on Tuesday.

    The decision “would not only hand our foreign adversaries our most advanced technologies, but is also dangerously inconsistent with this Administration’s previously-stated position on export controls for China,” Democratic Representative Raja Krishnamoorthi, ranking member of the House of Representatives Select Committee on China, said in a statement.

    Republican John Moolenaar, chair of that committee, said in a statement he would seek “clarification” from the Commerce Department.

    “The H20 is a powerful chip that, according to our bipartisan investigation, played a significant role in the rise of PRC AI companies like DeepSeek,” Moolenaar said, referring to a Chinese startup that claims to have built AI models at a fraction of the cost paid by U.S. firms such as OpenAI. “It is crucial that the U.S. maintain its lead and keep advanced AI out of the hands of the CCP.”

    Shares of Nvidia, the world’s most valuable firm, closed up 4% and were nearly unchanged in after-market trading. Nvidia had estimated that the curbs would cut its revenue by $15 billion.

    Nvidia’s plan to resume sales has set off a scramble at Chinese firms to buy H20 chips, two sources told Reuters. The chips that Nvidia will resume selling are the best it can legally offer in China but lack much of the computing power of the versions for sale outside of China because of previous restrictions put in place by Trump’s first administration and then President Joe Biden’s administration.

    But critically, H20 chips work with Nvidia’s software tools, which have become a de facto standard in the global AI industry.

    CEO Jensen Huang, who is visiting Beijing and set to speak at an event on Wednesday, has argued that Nvidia’s leadership position could slip away if the company cannot sell to Chinese developers being courted by Huawei Technologies with chips produced in China.

    The significance of the shift depends on the volume of H20 chips that the U.S. allows to be shipped to China, said Divyansh Kaushik, an AI expert at Beacon Global Strategies, a Washington-based advisory firm.

    “If China is able to get a million H20 chips, it could significantly narrow, if not overtake, the U.S. lead in AI,” he said.

    CHINA IS CRUCIAL

    “The Chinese market is massive, dynamic, and highly innovative, and it’s also home to many AI researchers,” Huang told Chinese state broadcaster CCTV on Tuesday.

    China generated $17 billion in revenue for Nvidia in the fiscal year ending January 26, or 13% of total sales, based on its latest annual report.

    Internet giants ByteDance and Tencent 0700.HK are also in the process of submitting applications for H20 chips, the sources familiar with the matter said. Central to the process is an approved list put together by Nvidia for Chinese companies to register for potential purchases, one of the sources said.

    Tencent did not respond to a request for comment. ByteDance denied in a statement that it is currently submitting applications. Nvidia declined to comment on the approved list system.

    Asked at a regular foreign ministry briefing in Beijing about Nvidia’s plans to resume AI chip sales, a spokesperson said: “China is opposed to the politicisation, instrumentalisation and weaponisation of science, technology and economic and trade issues to maliciously blockade and suppress China.”

    China halted exports of rare earths in March following a trade spat with Trump that has shown some signs of easing. It dominates the market for rare earths, a group of 17 metals used in cellphones, weapons, electric vehicles, and more.

    Huang’s visit is being closely watched in both China and the United States, where a bipartisan pair of senators last week sent the CEO a letter asking him to abstain from meeting companies working with military or intelligence bodies.

    The senators also asked Huang to refrain from meeting with entities named on the United States’ restricted export list.

    Rival AI chipmaker AMD also said the Department of Commerce would review its licence applications to export its MI308 chips to China; it plans to resume those shipments when licences are approved, it said. Its shares gained 7% in trading on Tuesday.

    (Reuters)

  • EAM Jaishankar slams terrorism at SCO meet, cites Pahalgam attack as example

    Source: Government of India

    Source: Government of India (4)

    External Affairs Minister Dr. S. Jaishankar on Tuesday stressed the importance of taking an uncompromising stance against terrorism, citing the recent Pahalgam terrorist attack in India, which was condemned by the UN Security Council.

    The Minister was speaking at the Shanghai Cooperation Organisation (SCO) Council of Foreign Ministers Meeting in Tianjin.

    He highlighted three evils – terrorism, separatism and extremism, which often occur together, in his post on X. He said, “Recently, we in India witnessed a graphic example in the terrorist attack in Pahalgam on 22 April 2025. It was deliberately conducted to undermine the tourism economy of Jammu and Kashmir while sowing a religious divide. The UN Security Council, of which some of us are currently members, issued a statement that condemned it in the strongest terms and ‘underlined the need to hold perpetrators, organizers, financiers and sponsors of this reprehensible act of terrorism accountable and bring them to justice’. We have since done exactly that and will continue doing so. It is imperative that the SCO, to remain true to its founding objectives, take an uncompromising position on this challenge.”

    He highlighted India’s commitment to holding perpetrators accountable and bringing them to justice.

    Jaishankar emphasised the need for SCO member states to work together to stabilise the global order, mitigate risks, and address longstanding challenges that threaten collective interests amid rising conflicts, competition, and economic instability.

    “In the last few years, we have seen more conflicts, competition and coercion. Economic instability is also visibly on the rise. The challenge before us is to stabilise the global order, de-risk various dimensions and, through it all, address longstanding challenges that threaten our collective interests,” the EAM posted on X.

    Jaishankar underscored the need for cooperation within the SCO to be based on mutual respect, sovereign equality, and adherence to the territorial integrity and sovereignty of member states. He also mentioned India’s initiatives in areas like startup innovation, traditional medicine, and digital public infrastructure.

    “India has taken several initiatives in the SCO in domains ranging from startup and innovation to traditional medicine and digital public infrastructure. We will continue to positively approach new ideas and proposals that are genuinely for our collective good. It is essential that such cooperation is based on mutual respect, sovereign equality and in accordance with the territorial integrity and sovereignty of member states,” said Jaishankar.

    Jaishankar emphasised the importance of addressing current issues, such as the lack of assured transit within the SCO space, to deepen collaboration and promote economic cooperation. He also highlighted the potential of the International North South Transport Corridor (INSTC) to boost regional connectivity.

    “Deepening collaboration within the SCO naturally requires more trade, investment and exchanges. For that to move to the next level, it is imperative that we address some current issues. One of them is the lack of assured transit within the SCO space. Its absence undermines the seriousness of advocating cooperation in economic areas. Another is to ensure the promotion of the International North South Transport Corridor (INSTC). We are confident that it will continue to gather momentum,” he added.

    Jaishankar stressed the need for the international community, particularly SCO members, to provide development assistance to Afghanistan, while ensuring regional stability and concern for the well-being of the Afghan people.

    “Afghanistan has been long on the SCO agenda. The compulsions of regional stability are buttressed by our longstanding concern for the well-being of the Afghan people. The international community, particularly SCO members, must therefore step up with development assistance. India, for its part, will certainly do so,” added Jaishankar.

    He noted the emergence of effective groupings like the SCO in a multipolar world and emphasised the importance of coming together on a shared agenda to contribute to shaping world affairs.

    “The world is today moving towards greater multipolarity. This is not just in terms of redistribution of national capacities, but also the emergence of effective groupings like SCO. Our ability to contribute to the shaping of world affairs will naturally depend on how well we come together on a shared agenda. That means taking everybody on board,” said Jaishankar.

    EAM Jaishankar held several high-level interactions on the sidelines of the SCO Foreign Ministers’ meeting.

    He met his Russian counterpart, Sergey Lavrov, on the sidelines of the Shanghai Cooperation Organisation (SCO) Foreign Ministers’ Meeting on Tuesday.

    In a post on X, Russia’s Foreign Ministry shared, “Russia’s Foreign Minister Sergey Lavrov and Minister of External Affairs of India @DrSJaishankar hold a meeting on the sidelines of the #SCO Council of Foreign Ministers meeting.”

    He also met Iranian Foreign Minister Seyed Abbas Araghchi on Tuesday on the sidelines of the Shanghai Cooperation Organisation (SCO) Foreign Ministers’ meeting in Tianjin, China.

    Jaishankar shared the update on X. He wrote, “Good to catch up with FM @araghchi of Iran, this time on the sidelines of the SCO Foreign Ministers Meeting in Tianjin.”

    Jaishankar is on an official visit to China to attend the SCO Foreign Ministers’ Meeting. He arrived in Beijing after concluding his trip to Singapore. This is also his first visit to China since the Galwan Valley clash in 2020, which severely strained ties between the two countries.

    Earlier in the day, Jaishankar, along with other SCO foreign ministers, met Chinese President Xi Jinping.

    His visit comes shortly after recent visits to China by Defence Minister Rajnath Singh and National Security Advisor (NSA) Ajit Doval, both of whom attended SCO-related engagements in June.

    Chinese Foreign Minister Wang Yi is also expected to visit India next month to meet NSA Ajit Doval. The meeting will be part of the Special Representatives (SR) dialogue mechanism, aimed at resolving the long-standing boundary dispute between the two countries. (ANI)

  • US opens probe into University of Michigan’s foreign funding

    Source: Government of India

    Source: Government of India (4)

    The U.S. Education Department said on Tuesday it opened a foreign funding investigation into the University of Michigan while alleging it found “inaccurate and incomplete disclosures” in a review of the university’s foreign reports.

    As part of the investigation, the department asked the university to share, within 30 days, tax records related to foreign funding, a list of foreign gifts, grants, and contracts with any foreign source, and other documents, the department said in a statement and in a letter to the university.

    The University of Michigan will cooperate fully with federal investigators and it takes its responsibility to comply with the law seriously, it said in a statement.

    “We strongly condemn any actions that seek to cause harm, threaten national security or undermine the university’s critical public mission,” the statement said.

    The Education Department said the university’s research laboratories were “vulnerable to sabotage,” citing charges brought by the U.S. Justice Department against two Chinese nationals allegedly involving a University of Michigan lab.

    In June, U.S. federal prosecutors accused two Chinese nationals of smuggling into the U.S. a dangerous biological pathogen that they said had the potential to be used as an agricultural “terrorism weapon”.

    Zunyong Liu, 34, a Chinese researcher, is alleged to have brought the pathogen into the U.S. while visiting his girlfriend, Yunqing Jian, 33, in July 2024, according to an FBI complaint.

    The complaint said he admitted to smuggling in a fungus so he could conduct research on it at a University of Michigan laboratory where his girlfriend worked. However, experts have raised doubt about the FBI’s claim that the crop fungus smuggled was a threat.

    In its statement, the Education Department said the university has received $375 million in foreign funding since 2020 and was late in reporting $86 million of that amount. U.S. law requires universities to report donations from foreign sources exceeding $250,000 in a year.

    President Donald Trump’s administration has launched a widely condemned crackdown against top U.S. universities over a range of issues including pro-Palestinian campus protests against Israel’s war in Gaza, transgender rights, climate initiatives and diversity, equity and inclusion programs.

    Similar foreign funding probes were opened earlier at Harvard University, the University of Pennsylvania and the University of California, Berkeley.

    -Reuters

  • MIL-OSI USA: Ernst Calls on Senate to Make DOGE Cuts Permanent

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – After exposing sweeping abuses at the U.S. Agency for International Development (USAID), U.S. Senator Joni Ernst (R-Iowa) spoke on the Senate floor to urge her colleagues to pass President Trump’s rescissions bill to save taxpayer dollars and make Washington squeal.
    From funding fashion week to pickle makers, Ernst cited multiple wasteful USAID projects and taxpayer-subsidized partisan propaganda at National Public Radio (NPR) and Public Broadcasting Service (PBS) that she has uncovered.
    After being stonewalled, Ernst has been leading the fight to combat waste at USAID and sent Secretary of State Marco Rubio a letter detailing her experience with the rogue agency as it misled, lied, and deceived the American people about how their tax dollars are spent. She has continued her work exposing jaw-dropping waste at USAID.
    Last month, Ernst demanded transparency from the Corporation for Public Broadcasting (CPB) over a $1.9 million grant it provided NPR last year.

    Watch Senator Ernst’s full remarks here.
    Ernst’s full remarks:
    “All Americans can take great pride in our nation’s generosity that has saved millions of people around the world from starvation and disease.
    “And, our government agencies coordinating aid efforts should be eager to share details about how their use of taxpayer money makes the world a better place.
    “Yet, over the past decade, USAID repeatedly rebuffed my requests for information, using intimidation and shell games to hide where money is going, how it’s being spent, and why.
    “As a result of my oversight, I learned that the U.S. Agency for International Development, or USAID, is a rogue bureaucracy, operating with little accountability and even, sometimes, at odds with our nation’s best interests.
    “What warranted such secrecy and stonewalling?
    “Here’s just some of USAID’s questionable spending that I uncovered:
    “Money intended to alleviate economic distress in war-torn Ukraine was spent:
    “Sending models and designers on junkets to New York City and Fashion Weeks in Paris and London, at a cost of more than $203,000;
    “$148,000 went to a pickle maker;
    “A dog collar manufacturer fetched $300,000; and
    “A custom carpet manufacturer collected $2 million.
    “Elsewhere, $20 million was awarded to Sesame Workshop, which produces Sesame Street, to create content for Iraq;
    “$2 million went toward promoting tourism to Lebanon, a nation that our very own State Department warns against traveling to due to the risks of terrorism and kidnapping.
    “Yes, folks, $2 million for tourism to Lebanon when we are saying, don’t travel there.
    “$67,000 was spent to feed edible insects to children in Madagascar.
    “Over $800,000 was sent to China’s notorious Wuhan Institute of Virology to collect coronaviruses.
    “What exactly was our international development agency developing at China’s Wuhan Institute of Virology?
    “Well, if the CIA, FBI, and other experts are correct that the COVID virus likely originated from a lab leak, USAID may have had a hand in a once-in-a-century pandemic that claimed the lives of millions.
    “There’s no shortage of other questionable USAID projects, but President Trump is putting an end to this deep state operation.
    “The foreign assistance programs that do advance American interests are now being administered under the watchful eye of Secretary Marco Rubio.
    “This includes projects previously supported by USAID that were caring for orphans and people living with HIV.
    “Imagine how much more good work like this could be done with the dollars that instead financed fashion shows, supported Sesame Street programs in Iraq, or ended up in China’s Wuhan Institute.
    “Overseas projects without merit are being ended and the tax dollars that were paying for them will be refunded if the Senate passes the rescissions bill.
    “It also cancels taxpayer subsidies to public broadcasting.
    “Too often, these programs are partisan propaganda.
    “You don’t have to take my word for it.
    “A National Public Radio senior editor recently confessed ‘It’s true NPR has always had a liberal bent.’
    “He admits the organization has ZERO Republicans in editorial positions.
    “Come on folks, even CNN has Scott Jennings to roast the looney liberal lunatics on that failing network.
    “NPR and PBS have a right to say whatever the heck they want, but they don’t have a right to force hardworking Americans to pay for their political propaganda being masked as a public service.
    “Defunding this nonsense is causing a lot of squealing from the big spenders around here.
    “Washington insiders are more upset at this effort to stop wasteful spending than at the misuse of taxpayer dollars.
    “In fact, saving tax money is such a crazy concept in Washington that Democrats are threatening to shut down the entire government if this bill passes.
    “It says a lot about the other side’s priorities when they’re willing to take hostage funding for veterans and senior citizens to prevent $9 billion in unnecessary waste, fraud, and abuse from being trimmed from our $7 trillion annual budget.
    “The interest that we are paying on our debt alone is costing nearly $3 billion every single day.
    “If we are ever going to get serious about our debt crisis, Congress needs to pass a rescissions bill like this every single week.
    “Folks, the simple truth is if you can’t find waste in Washington, it’s because you simply are not looking.
    “With our national debt now exceeding $37 trillion, the real question we should be asking isn’t ‘why is government spending now being scrutinized?,’ but rather, ‘why did it take so long?’”

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: During Nomination Hearing, Rosen Exposes UN Ambassador Nominee Mike Waltz for Continuing to Receive White House Salary Months After Being Removed from Role

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    Watch the full exchange HERE.
    WASHINGTON, DC – Today, during a confirmation hearing in the Senate Foreign Relations Committee, Senator Jacky Rosen (D-NV) slammed UN Ambassador nominee Mike Waltz for continuing to receive his White House salary months after being removed from his position as National Security Advisor. According to recent public reporting, Waltz was still included in the White House payroll earning an annual salary of $195,200 after his removal from the role in May.
    Below is an excerpt from the interaction:
    Senator Rosen: Congressman, I want to start with you because this morning it was reported that, despite being removed from your role as National Security Advisor in May, surprisingly you have been on the White House payroll for the last few months. Throughout this hearing, you’ve made assertions that, if confirmed, you would root out waste and unnecessary overhead at the UN. So can you confirm for us whether you have been receiving a salary from the White House since being let go at the NSA?
    Waltz: Thank you, Senator. I was not fired, the President never said that nor did the Vice President, I was kept on as an advisor, transitioning in a number of important activities and now I hope to be confirmed.
    Senator Rosen: You’re saying you were not dismissed from your role as was publicly reported? Because it’s also been publicly reported that you’ve been receiving almost $200,000 of taxpayer money since you were dismissed from being the national security advisor.
    Waltz: Uh the reporting, Senator, is fake news which shouldn’t surprise anyone, you know the President was clear he said I will nominate Mr. Waltz and the Vice President was quite clear–
    Senator Rosen: Fake news can’t be the answer to everything.

    MIL OSI USA News –

  • MIL-OSI USA: Senate Intelligence Committee Passes Intelligence Authorization Act

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton
    FOR IMMEDIATE RELEASE
    July 15, 2025
    CONTACT:     
    Caroline Tabler (Cotton) 202 224-2353Patrick McCann (Cotton) 202 224-2353Rachel Cohen (Warner) 202 228-6884
    Senate Intelligence Committee Passes Intelligence Authorization Act
    Washington, D.C. – Senator Tom Cotton (R-Arkansas), and Senator Mark R. Warner (D-Virginia), Chairman and Vice Chairman of the Senate Select Committee on Intelligence, today released the following statements after the Senate Select Committee on Intelligence passed the Intelligence Authorization Act for Fiscal Year 2026 (IAA) today on a bipartisan 15-2 vote. The bill authorizes funding, provides legal authorities, and enhances oversight of national security threats and our United States Intelligence Community.
    “I’d like to thank my colleagues for their tireless work on this bill that will go a long way towards keeping America safer and making the intelligence agencies charged with doing so more transparent and efficient. I am pleased this bill includes needed reforms and restructuring to the Office of the Director of National Intelligence, restricts the travel of adversarial diplomats inside the United States, and protects Intelligence Community installations by adding further reviews to nearby land purchases which safeguards them against drone threats. This bill passed out of committee on a bipartisan basis and I hope my colleagues will support its passage by the full Senate,” said Senator Cotton.
    “This bipartisan bill provides the Intelligence Community the resources it needs to do its mission while ensuring that we maintain rigorous oversight of the IC’s activities. This year’s IAA responds to important concerns, including by enhancing protections for whistleblowers, and also safeguards our Nation’s critical infrastructure in the wake of the Salt Typhoon compromises.  At the same time, it readies the IC for the future by promoting IC energy resiliency through the deployment of nuclear technologies and enhancing the IC’s ability to detect and counter threats relating to biotechnologies and bioweapons,” said Senator Warner. 
    The Intelligence Authorization Act for Fiscal Year 2026 will:
    Significantly reform and improve efficiencies and effectiveness within the Office of the Director of National Intelligence and the broader Intelligence Community;
    Require that visas be denied to certain nationals applying to work at the United Nations if they are known or suspected of being foreign intelligence officers or committing intelligence or espionage activities;
    Prohibit the Intelligence Community from contracting with Chinese military companies engaged in biotechnology research, development, or manufacturing;
    Codify tour and travel restrictions for Chinese, Russian Iranian and North Korean diplomats in the United States;
    Improve the Intelligence Community’s artificial intelligence capabilities and capacity and establish guidelines for the IC’s procurement and use of artificial intelligence;
    Shores up counter-intelligence risks posed by Salt Typhoon compromises of U.S. telecommunications infrastructure by leveraging IC procurement power;
    Strengthen the security of telecommunications networks by establish baseline cybersecurity requirements for vendors of telecommunications services to the IC;
    Establish authorities for protecting Central Intelligence Agency facilities from unmanned aircraft systems;
    Require the Intelligence Community to develop a policy for sharing biotechnological threats with U.S. agencies, allies, and private-sector partners, including on PRC efforts to acquire genomic data;
    Require the Director of National Intelligence to identify sites for deployment of advanced nuclear technologies;
    Establish a fund to support IC efforts to acquire and integrate emerging technologies proven to meet mission needs;
    Prohibit Intelligence Community contractors from collecting or selling Intelligence Community personnel location data;
    Support the Intelligence Community workforce by requiring the Director of National Intelligence to issue standard guidelines for Intelligence Community personnel to document and report Anomalous Health Incidents; 
    Enhance protections for, and congressional oversight of, Intelligence Community whistleblowers;
    Require the Director of National Intelligence to enhance efforts to counter narcotics trafficking with the Government of Mexico;
    Promote transparency by requiring the Director of National Intelligence to conduct a declassification review and publish intelligence relating to the origins of the COVID-19 pandemic;
    Streamline the construction of Intelligence Community facilities;
    Amend the Spectrum Relocation Fund authorization to clarify eligibility for Title 50 agencies that utilize spectrum and whose usage could be impacted by future reallocation decisions;
    Protect Americans’ privacy by statutorily requiring procedures governing the dissemination of U.S. identities and corresponding reporting requirements, as well as prohibits the Department of Homeland Security’s Office of Intelligence and Analysis from collecting intelligence on Americans; and
    Provide additional reviews for foreign purchases of land near IC facilities.

    MIL OSI USA News –

  • MIL-OSI USA: Schatz fights Trump-backed NOAA staffing cuts

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz
    WASHINGTON >> Members of Congress are expressing renewed support for the nation’s weather forecasting system after deadly flooding in Texas and elsewhere put the focus on cuts within the National Oceanic and Atmospheric Administration.
    The Trump administration proposed cutting NOAA’s fiscal 2026 budget to $4.5 billion — a 27%, nearly $1.7 billion reduction from the estimated fiscal 2025 spending.
    But Senate appropriators from both parties highlighted the importance of NOAA, and particularly the National Weather Service housed within it, in a meeting last week.
    During the Senate Appropriations Committee’s markup of its draft fiscal 2026 Commerce-Justice-Science bill on July 10, Subcommittee Chair Jerry Moran, R-Kan., said the bill would spare the NWS from the proposed cuts.
    “NOAA, and particularly the National Weather Service, is a hugely important component of what this bill funds, and this bill recognizes that importance,” said Moran, adding that the “bill fully funds the (NWS) for purposes of employing people who work” and eliminates any reduction in the workforce.
    Moran said the language would require the Trump administration to maintain staffing at levels necessary to fill statutory obligations and would increase the appropriation by $10 million to accomplish that goal. Moran didn’t provide a topline figure and the committee hasn’t yet released its draft text or bill summary.
    Sen Brian Schatz, D-Hawaii, expressed concern that the bill still gave too much discretion to the Office of Management and Budget to determine whether the agency has too many employees. He offered an amendment that would require the administration to maintain staffing at the same levels as they were on Sept. 30, 2024. The panel rejected the amendment along party lines.
    “It’s clear to me that this administration has already made the judgment that the National Weather Service has too many human beings,” said Schatz.
    The committee ultimately didn’t complete work on the bill last week due to an unrelated disagreement over the future of a proposed FBI campus in Maryland.
    House Republicans, meanwhile, released their version of the fiscal 2026 Commerce-Justice-Science spending bill on Monday. The bill includes a cut of $387 million, or 6%, for NOAA, taking its budget to $5.8 billion in fiscal 2026, according to the GOP summary.
    The House C-J-S Appropriations Subcommittee approved the measure for full committee consideration on a 9-6 vote today.
    Staffing ‘a top priority’
    The issue of staffing at NOAA also came up in the confirmation hearing for Neil Jacobs, Trump’s nominee to lead NOAA, in the Senate Commerce Committee on July 10. Ranking member Maria Cantwell, D-Wash., said NOAA has lost nearly 1,900 employees, with 3,000 vacancies due to firings of probationary employees and buyouts, since Trump took office.
    “If confirmed, I will ensure that staffing the weather service offices is a top priority,” said Jacobs. “It’s really important for the people to be there because they have relationships with the people in the local community. They’re a trusted source.”
    Jacobs said he supported the administration’s proposal to cut NOAA’s budget by 27% in fiscal 2026, adding the cuts could be implemented by shifting work from the research to operations without impacting “mission essential functions” at the NWS.
    Monica Medina, principal deputy secretary for oceans and atmosphere at NOAA during the Obama administration and now a distinguished fellow with the environmental group Conservation International, said cuts to research would have significant implications for operations.
    “Artificial intelligence is only as good as the data you put in it,” Medina said in an interview. “We need science and research and data to inform our weather forecasts now and in the future, and what we’re doing is taking apart a system that was getting better and better and better, and putting ourselves at greater risk. And the impact on people is real and the forecast will be less accurate.”

    MIL OSI USA News –

  • MIL-OSI USA: Experts Agree: Iran’s Nuclear Facilities Have Been Obliterated

    US Senate News:

    Source: US Whitehouse
    From nuclear regulators to foreign policy experts to members of the intelligence community, every knowledgeable person is in agreement that President Donald J. Trump obliterated Iran’s nuclear facilities.
    International Atomic Energy Agency Director General Rafael Grossi: “Given the power of these devices and the technical characteristics of a centrifuge, we already know that these centrifuges are no longer operational, because they are fairly precise machines: there are rotors, and the vibrations [from the bombs] have completely destroyed them.”
    CIA Director John Ratcliffe: “CIA can confirm that a body of credible intelligence indicates Iran’s Nuclear Program has been severely damaged by the recent, targeted strikes. This includes new intelligence from a historically reliable and accurate source/method that several key Iranian nuclear facilities were destroyed and would have to be rebuilt over the course of years.”
    Director of National Intelligence Tulsi Gabbard: “New intelligence confirms what @POTUS has stated numerous times: Iran’s nuclear facilities have been destroyed. If the Iranians chose to rebuild, they would have to rebuild all three facilities (Natanz, Fordow, Esfahan) entirely, which would likely take years to do. The propaganda media has deployed their usual tactic: selectively release portions of illegally leaked classified intelligence assessments (intentionally leaving out the fact that the assessment was written with “low confidence”) to try to undermine President Trump’s decisive leadership and the brave servicemen and women who flawlessly executed a truly historic mission to keep the American people safe and secure.”
    Former ODNI National Intelligence Manager for Iran Norman Roule: “I am confident that Iran has suffered a catastrophic — catastrophic — blow … and that this has set them back for a very, very long time.”
    Former NATO Supreme Allied Commander Europe Gen. Philip Breedlove (Ret.): “It went off magnificently … They did it perfectly, so we should have … an expectation that there was significant damage.”
    Institute for Science and International Security President David Albright: “Iran can’t make centrifuges and can’t produce, in a sense, the equivalent of the gas … so their program is severely damaged.”
    President Trump: “Monumental Damage was done to all Nuclear sites in Iran, as shown by satellite images. Obliteration is an accurate term! The white structure shown is deeply imbedded into the rock, with even its roof well below ground level, and completely shielded from flame. The biggest damage took place far below ground level. Bullseye!!!”
    Israel Atomic Energy Commission: “The devastating US strike on Fordo destroyed the site’s critical infrastructure and rendered the enrichment facility inoperable. We assess that the American strikes on Iran’s nuclear facilities, combined with Israeli strikes on other elements of Iran’s military nuclear program, has set back Iran’s ability to develop nuclear weapons by many years. The achievement can continue indefinitely if Iran does not get access to nuclear material.”
    IDF Chief of Staff Lt. Gen. Eyal Zamir: “I can say here that the assessment is that we significantly damaged the nuclear program, and I can also say that we set it back by years, I repeat, years.”
    Iran Foreign Ministry spokesman Esmaeil Baghaei: “Our nuclear installations have been badly damaged, that’s for sure.”
    Vice President JD Vance: “I can say to the American people with great confidence that they are much further away from a nuclear program today than they were 24 hours ago. That was the objective of the mission, to destroy that Fordow nuclear site, and of course, do some damage to the other sites as well, but we feel very confident that the Fordow nuclear site was substantially set back, and that was our goal.”
    Secretary of Defense Pete Hegseth: “Based on everything we have seen — and I’ve seen it all — our bombing campaign obliterated Iran’s ability to create nuclear weapons. Our massive bombs hit exactly the right spot at each target and worked perfectly. The impact of those bombs is buried under a mountain of rubble in Iran; so anyone who says the bombs were not devastating is just trying to undermine the President and the successful mission.”
    Secretary Hegseth: “Given the 30,000 pounds of explosions and the capability of those munitions, it was DEVASTATION underneath Fordow … Any assessment that tells you otherwise is speculating with other motives.”
    Chairman of the Joint Chiefs of Staff Dan “Razin” Caine: “Initial battle damage assessments indicate that all three sites sustained extremely severe damage and destruction. More than 125 US aircraft participated in this mission, including B2 stealth bombers, multiple flights of fourth and fifth generation fighters, dozens and dozens of air refueling tankers, a guided missile submarine, and a full array of intelligence, surveillance, and reconnaissance aircraft, as well as hundreds of maintenance and operational professionals.”
    Secretary of State Marco Rubio: “The Iranian program — the nuclear program — today looks nothing like it did just a week ago … That story is a false story and it’s one that really shouldn’t be re-reported because it doesn’t accurately reflect what’s happening.”
    Secretary Rubio: “Everything underneath that mountain is in bad shape … There’s no way Iran comes to the table if somehow nothing had happened. This was complete and total obliteration. They are in bad shape. They are way behind today compared to where they were just seven days ago because of what President Trump did.”
    Special Envoy Steve Witkoff: “We put 12 bunker buster bombs on Fordow. There’s no doubt that it breached the canopy, there’s no doubt that it was well within reach of the depth that these bunker buster bombs go to, and there’s no doubt that it was obliterated — so the reporting out there that in some way suggests that we did not achieve the objective is just completely preposterous.”
    Director Gabbard: “The operation was a resounding success. Our missiles were delivered precisely and accurately, obliterating key Iranian capabilities needed to quickly assemble a nuclear weapon.”
    Director General Grossi: “Given the explosive payload utilized, and the extreme vibration-sensitive nature of centrifuges, very significant damage is expected to have occurred. At the Esfahan nuclear site, additional buildings were hit, with the US confirming their use of cruise missiles. Affected buildings include some related to the uranium conversion process. Also at this site, entrances to tunnels used for the storage of enriched material appear to have been hit. At the Natanz enrichment site, the Fuel Enrichment Plant was hit, with the US confirming that it used ground-penetrating munitions.”
    Mr. Albright: “Overall, Israel’s and U.S. attacks have effectively destroyed Iran’s centrifuge enrichment program. It will be a long time before Iran comes anywhere near the capability it had before the attack.”
    Foundation for Defense of Democracies’ Nonproliferation and Biodefense Program Deputy Director Andrea Stricker: “I think that because of the massive damage and the shock wave that would have been sent by 12 Massive Ordnance Penetrators at the Fordow site, that it likely would render its centrifuges damaged or inoperable.”
    American Enterprise Institute Middle East Portfolio Manager Brian Carter: “There is no question that the bombing campaign ‘badly, badly damaged’ the three sites.”
    Institute for Science and International Security Senior Research Fellow Spencer Faragasso: “Overall, it may possibly take years for Iran to reconstitute the capabilities it lost at these facilities.”

    MIL OSI USA News –

  • MIL-OSI Economics: Apple lands record-breaking 81 Emmy Award nominations with Severance leading

    Source: Apple

    Headline: Apple lands record-breaking 81 Emmy Award nominations with Severance leading

    July 15, 2025

    PRESS RELEASE

    Apple lands record-breaking 81 Emmy Award nominations, with Severance leading as this year’s most-nominated series and The Studio becoming the most-nominated freshman comedy in history

    Global phenomenon Severance scores 27 nominations for hit second season, including Outstanding Drama Series and nine performance category nominations

    Breakout comedy The Studio sweeps with 23 nominations, including Outstanding Comedy Series, making history with the most nominations for a freshman comedy and most overall acting nominations this year

    Apple TV+ leads as the only network to land multiple title nominations across Outstanding Comedy and Drama Series categories, as The Studio, Severance, Slow Horses, and Shrinking land top program nominations, alongside Apple’s first-ever Outstanding Television Movie nod for The Gorge

    Apple also lands the most acting nominations of any network or studio this year, with 31 performance nods total

    Apple Originals honored with nominations across 14 titles, including Severance, The Studio, Slow Horses, Shrinking, Presumed Innocent, The Gorge, Bad Sisters, Dope Thief, Disclaimer, Pachinko, Your Friends & Neighbors, Dark Matter, Deaf President Now!, and Bono: Stories of Surrender

    CULVER CITY, CALIFORNIA Apple TV+ today earned a record-breaking 81 Emmy Award nominations across 14 hit Apple Original titles for this year’s 77th Emmy Awards. Severance became this year’s most-nominated series with 27 nominations, and The Studio made history as the most-nominated freshman comedy series with 23 nominations in total. Additionally, with top program nominations for drama (Slow Horses) and comedy (Shrinking), Apple TV+ became the only network to have multiple titles nominated in the Outstanding Comedy and Drama Series categories. Apple also landed the most acting nominations of any network or studio this year, with 31 performance nods total.

    “Everyone at Apple is celebrating the talent, creativity, and hard work of all of our Emmy nominees this morning,” said Zack Van Amburg, Apple’s head of Worldwide Video. “Severance and The Studio have exceeded our wildest expectations in earning the most nominations for both drama and comedy series, alongside the phenomenal Shrinking and Slow Horses. These shows have connected deeply with audiences around the world, and we’re incredibly appreciative to the Television Academy for recognizing the breadth of storytelling that has been an honor for us to champion. We send our warmest congratulations to all of today’s nominees.”

    “This record-breaking year is a milestone for Apple, and we’re especially proud of the continued impact our outstanding series nominees — Severance, The Studio, Shrinking, and Slow Horses — are having on global culture,” said Jamie Erlicht, Apple’s Head of Worldwide Video. “These nominations honor bold storytelling, exceptional performances, and remarkable craftsmanship, and we’re deeply grateful to the Television Academy for recognizing these visionary creators.”

    Severance dominates as the most-nominated series this year, with 27 overall nominations, including Outstanding Drama, Outstanding Lead Actor for Adam Scott, Outstanding Lead Actress for Britt Lower, Outstanding Directing for Ben Stiller and Jessica Lee Gagné, Outstanding Writing for Dan Erickson, alongside recognition for outstanding performances by Zach Cherry, Tramell Tillman, John Turturro, Patricia Arquette, Jane Alexander, Gwendoline Christie, and Merritt Wever, as well as nods across several craft categories.

    As the most-nominated freshman comedy series in history, in addition to Outstanding Comedy, The Studio scores Outstanding Lead Actor, Directing, and Writing for Seth Rogen; Outstanding Supporting Actor for Ike Barinholtz; and Outstanding Supporting Actress for Kathryn Hahn and Catherine O’Hara. It also earned five of the six nominations in the Outstanding Guest Actor category, including first-ever acting nominations for directors Martin Scorsese and Ron Howard, alongside Bryan Cranston, Dave Franco, and Anthony Mackie, plus an Outstanding Guest Actress nomination for Zoë Kravitz.

    In its sophomore season, Apple’s beloved Shrinking nabs its first-ever nomination for Outstanding Comedy Series, and Harrison Ford is recognized with his first Emmy Award nomination for his celebrated performance in the series. Jason Segel nabs Outstanding Lead Actor in a Comedy, alongside Outstanding Supporting Actor and Actress nominations for Michael Urie and Jessica Williams, respectively.

    Following last year’s Emmy Award win for Outstanding Writing for a Drama Series, Slow Horses lands nominations for Outstanding Drama, Outstanding Lead Actor for Sir Gary Oldman, Outstanding Directing for Adam Randall, Outstanding Casting, and Outstanding Writing for a Drama Series for Will Smith.

    Apple Original Films’ The Gorge lands the first Outstanding Television Movie nomination for Apple TV+, as Apple Original documentaries Deaf President Now! and Bono: Stories of Surrender are also recognized.

    Apple TV+ series stars lead with the most performance nominations overall, earning 31 acting category nominations, including 10 top acting nominations for acclaimed performances in The Studio, nine nominations for the stars and guest stars of Severance, and four nominations each for performances in Shrinking and Presumed Innocent. Dope Thief star Brian Tyree Henry also scores a nomination for Outstanding Lead Actor in a Limited or Anthology Series or Movie, as Sir Gary Oldman lands his second nomination for Outstanding Lead Actor in a Drama Series for Slow Horses, and Sharon Horgan is recognized with her second nomination for Outstanding Lead Actress in a Drama Series for the BAFTA Award-winning Bad Sisters.

    The nominations were announced today by the Television Academy, and the winners will be unveiled at the Creative Arts ceremonies on September 6 and 7, and the Primetime Emmy Awards ceremony on September 14, 2025.

    To date, Apple Original films, documentaries, and series have earned 580 wins and 2,761 award nominations and counting, including multi-Emmy Award-winning comedy Ted Lasso and historic Oscar Best Picture winner CODA.

    In total, Apple scores 81 Emmy Award nominations, including:

    Severance (27)

    • Outstanding Drama Series
    • Outstanding Lead Actor in a Drama Series: Adam Scott
    • Outstanding Lead Actress in a Drama Series: Britt Lower
    • Outstanding Supporting Actor in a Drama Series: Zach Cherry
    • Outstanding Supporting Actor in a Drama Series: Tramell Tillman
    • Outstanding Supporting Actor in a Drama Series: John Turturro
    • Outstanding Supporting Actress in a Drama Series: Patricia Arquette
    • Outstanding Guest Actress in a Drama Series: Jane Alexander
    • Outstanding Guest Actress in a Drama Series: Gwendoline Christie
    • Outstanding Guest Actress in a Drama Series: Merritt Wever
    • Outstanding Directing for a Drama Series: Jessica Lee Gagné
    • Outstanding Directing for a Drama Series: Ben Stiller
    • Outstanding Writing for a Drama Series: Dan Erickson
    • Outstanding Production Design for a Narrative Contemporary Program (One Hour or More)
    • Outstanding Music Composition for a Series (Original Dramatic Score)
    • Outstanding Casting For A Drama Series 
    • Outstanding Choreography For Scripted Programming 
    • Outstanding Cinematography For A Series (One Hour)
    • Outstanding Picture Editing For A Drama Series (X3)
    • Outstanding Title Design
    • Outstanding Music Supervision
    • Outstanding Sound Editing For A Comedy Or Drama Series (One Hour)
    • Outstanding Sound Mixing For A Comedy Or Drama Series (One Hour)
    • Outstanding Special Visual Effects In A Single Episode
    • Outstanding Stunt Performance

    The Studio (23)

    • Outstanding Comedy Series
    • Outstanding Lead Actor in a Comedy Series: Seth Rogen
    • Outstanding Supporting Actor in a Comedy Series: Ike Barinholtz
    • Outstanding Supporting Actress in a Comedy Series: Kathryn Hahn
    • Outstanding Supporting Actress in a Comedy Series: Catherine O’Hara
    • Outstanding Guest Actor in a Comedy Series: Bryan Cranston
    • Outstanding Guest Actor in a Comedy Series: Dave Franco
    • Outstanding Guest Actor in a Comedy Series: Ron Howard
    • Outstanding Guest Actor in a Comedy Series: Anthony Mackie
    • Outstanding Guest Actor in a Comedy Series: Martin Scorsese
    • Outstanding Guest Actress in a Comedy Series: Zoë Kravitz
    • Outstanding Directing for a Comedy Series: Seth Rogen, Evan Goldberg
    • Outstanding Writing for a Comedy Series: Seth Rogen, Evan Goldberg, Peter Heck, Alex Gregory, Frida Perez
    • Outstanding Production Design for a Narrative Program (Half-Hour)
    • Outstanding Casting For A Comedy Series
    • Outstanding Cinematography For A Series (Half-Hour)
    • Outstanding Contemporary Costumes For A Series
    • Outstanding Picture Editing For A Single Camera Comedy Series
    • Outstanding Contemporary Hairstyling 
    • Outstanding Music Composition for a Series (Original Dramatic Score)
    • Outstanding Music Supervision
    • Outstanding Sound Editing For A Comedy Or Drama Series (Half-Hour)
    • Outstanding Sound Mixing For A Comedy Or Drama Series (Half-Hour) And Animation

    Shrinking (7)

    • Outstanding Comedy Series
    • Outstanding Lead Actor in a Comedy Series: Jason Segel
    • Outstanding Supporting Actor in a Comedy Series: Harrison Ford
    • Outstanding Supporting Actor in a Comedy Series: Michael Urie
    • Outstanding Supporting Actress in a Comedy Series: Jessica Williams
    • Outstanding Casting For A Comedy Series
    • Outstanding Sound Mixing For A Comedy Or Drama Series (Half-Hour) And Animation

    Slow Horses (5)

    • Outstanding Drama Series
    • Outstanding Lead Actor in a Drama Series: Gary Oldman
    • Outstanding Writing for a Drama Series: Will Smith
    • Outstanding Directing for a Drama Series: Adam Randall
    • Outstanding Casting For A Drama Series

    Presumed Innocent (4)

    • Outstanding Lead Actor in a Limited or Anthology Series or Movie: Jake Gyllenhaal
    • Outstanding Supporting Actor in a Limited or Anthology Series or Movie: Bill Camp
    • Outstanding Supporting Actor in a Limited or Anthology Series or Movie: Peter Sarsgaard
    • Outstanding Supporting Actress in a Limited or Anthology Series or Movie: Ruth Negga

    Disclaimer (2)

    • Outstanding Lead Actress in a Limited or Anthology Series or Movie: Cate Blanchett
    • Outstanding Cinematography For A Limited Or Anthology Series or Movie

    Bad Sisters (1)

    • Outstanding Lead Actress in a Drama Series: Sharon Horgan

    Dope Thief (1)

    • Outstanding Lead Actor in a Limited or Anthology Series or Movie: Brian Tyree Henry

    The Gorge (2)

    • Outstanding Television Movie
    • Outstanding Sound Editing For A Limited Or Anthology Series, Movie Or Special

    Deaf President Now! (2)

    • Outstanding Documentary or Nonfiction Special
    • Outstanding Directing For A Documentary/Nonfiction Program: Nyle DiMarco, Davis Guggenheim

    Pachinko (2)

    • Outstanding Production Design for a Narrative Period or Fantasy Program (One Hour or More)
    • Outstanding Cinematography For A Series (One Hour)

    Your Friends & Neighbors (1)

    • Outstanding Original Main Title Theme Music

    Bono: Stories of Surrender (1)

    • Outstanding Technical Direction and Camerawork For A Special

    Dark Matter (1)

    • Outstanding Title Design

    Nominees for Outstanding Commercial (2)

    • “Heartstrings” — Apple AirPods Pro
    • “Flock” — Apple Privacy

    Severance
    In Severance, Mark Scout (Adam Scott) leads a team at Lumon Industries, whose employees have undergone a severance procedure that surgically divides their memories between their work and personal lives. This daring experiment in “work-life balance” is called into question as Mark finds himself at the center of an unraveling mystery that will force him to confront the true nature of his work … and of himself. In season two, Mark and his friends learn the dire consequences of trifling with the severance barrier, leading them further down a path of woe.

    The Studio
    In The Studio, Seth Rogen stars as Matt Remick, the newly appointed head of embattled Continental Studios. As movies struggle to stay alive and relevant, Matt and his core team of infighting executives battle their insecurities as they wrangle narcissistic artists and craven corporate overlords in the ever-elusive pursuit of making great films. With their power suits masking their never-ending sense of panic, every party, set visit, casting decision, marketing meeting and award show presents them with an opportunity for glittering success or career-ending catastrophe. As someone who eats, sleeps and breathes movies, it’s the job Matt’s been pursuing his whole life, and it may very well destroy him.

    Shrinking
    Shrinking follows a grieving therapist who starts to break the rules and tell his clients exactly what he thinks. Ignoring his training and ethics, he finds himself making huge, tumultuous changes to people’s lives … including his own.

    Slow Horses
    This darkly funny espionage drama follows a team of British intelligence agents who serve in a dumping ground department of MI5 due to their career-ending mistakes. Led by their brilliant but irascible leader, the notorious Jackson Lamb (Academy Award winner Sir Gary Oldman), they navigate the espionage world’s smoke and mirrors to defend England from sinister forces.

    Presumed Innocent
    Presumed Innocent is an eight-episode limited series starring and executive produced by Jake Gyllenhaal, hailing from David E. Kelley and executive producer J.J. Abrams and based on the New York Times bestselling novel of the same name by Scott Turow. Starring Gyllenhaal in the lead role of chief deputy prosecutor Rusty Sabich, the series takes viewers on a gripping journey through the horrific murder that upends the Chicago Prosecuting Attorney’s office when one of its own is suspected of the crime. The series explores obsession, sex, politics, and the power and limits of love, as the accused fights to hold his family and marriage together. The star-studded ensemble cast of the thriller also includes Ruth Negga, Bill Camp, Elizabeth Marvel, Peter Sarsgaard, O-T Fagbenle and Renate Reinsve.

    Disclaimer
    Disclaimer is a gripping psychological thriller in seven chapters, starring Academy Award winners Cate Blanchett and Kevin Kline. Written and directed by five-time Academy Award winner Alfonso Cuarón, “Disclaimer” is based on the bestselling novel of the same name by Renée Knight. Acclaimed journalist Catherine Ravenscroft (Blanchett) built her reputation revealing the misdeeds and transgressions of others. When she receives a novel from an unknown author, she is horrified to realize she is now the main character in a story that exposes her darkest secrets. As Catherine races to uncover the writer’s true identity, she is forced to confront her past before it destroys her life and her relationships with her husband Robert (Sacha Baron Cohen) and their son Nicholas (Kodi Smit-McPhee). The ensemble cast includes Lesley Manville, Louis Partridge, Leila George and Hoyeon, and features Indira Varma as the narrator.

    Bad Sisters
    Bad Sisters season two returns to follow the lives of the Garvey sisters played by Sharon Horgan as Eva, Anne-Marie Duff as Grace, Eva Birthistle as Ursula, Sarah Greene as Bibi and Eve Hewson as Becka. Two years after the “accidental death” of Grace’s abusive husband, the close-knit Garvey sisters may have moved on, but when past truths resurface, the ladies are thrust back into the spotlight, suspicions are at an all-time high, lies are told, secrets revealed and the sisters are forced to work out who they can trust.

    Dope Thief
    Based on Dennis Tafoya’s book Dope Thief, the series follows long-time Philly friends and delinquents who pose as DEA agents to rob an unknown house in the countryside, only to have their small-time grift become a life-and-death enterprise, as they unwittingly reveal and unravel the biggest hidden narcotics corridor on the Eastern Seaboard.

    The Gorge
    Two highly-trained operatives (Miles Teller and Anya Taylor-Joy) are appointed to posts in guard towers on opposite sides of a vast and highly classified gorge, protecting the world from an undisclosed, mysterious evil that lurks within. They bond from a distance while trying to stay vigilant in defending against an unseen enemy. When the cataclysmic threat to humanity is revealed to them, they must work together in a test of both their physical and mental strength to keep the secret in the gorge before it’s too late.

    Pachinko
    Epic in scope and intimate in tone, the story begins with a forbidden love and crescendos into a sweeping saga that journeys between Korea, Japan and America to tell an unforgettable story of war and peace, love and loss, triumph and reckoning.

    Your Friends & Neighbors
    After being fired in disgrace, a hedge fund manager still grappling with his recent divorce, resorts to stealing from his neighbors’ homes in the exceedingly affluent Westmont Village, only to discover that the secrets and affairs hidden behind those wealthy facades might be more dangerous than he ever imagined.

    Deaf President Now!
    The story of the greatest civil rights movement most people have never heard of. Deaf President Now! recounts the eight days of historic protests held at Gallaudet University in 1988 after the school’s board of trustees appointed a hearing president over several very qualified Deaf candidates. After a week of rallies, boycotts and protests, the students of Gallaudet University triumph as the hearing president resigns and beloved dean Dr. I. King Jordan becomes the university’s first Deaf president. The protests marked a pivotal moment in civil rights history, with an impact that extended well beyond the Gallaudet campus, and paved the way for the Americans with Disabilities Act (ADA). Deaf President Now! features exclusive interviews with the five key figures of the movement, including the DPN4 — Jerry Covell, Bridgetta Bourne-Firl, Tim Rarus and Greg Hlibok — alongside I. King Jordan, as well as archival and scripted elements. The film also incorporates an experimental narrative approach called Deaf Point of View, using impressionistic visual photography and intricate sound design to thrust the audience into the Deaf experience.

    Bono: Stories of Surrender
    Bono: Stories of Surrender is a vivid reimagining of Bono’s critically acclaimed one-man stage show, Stories of Surrender: An Evening of Words, Music and Some Mischief… As he pulls back the curtain on a remarkable life and the family, friends and faith that have challenged and sustained him, he also reveals personal stories about his journey as a son, father, husband, activist and rock star. Along with never-before-seen, exclusive footage from the tour, the film features Bono performing many of the iconic U2 songs that have shaped his life and legacy.

    Dark Matter
    Hailed as one of the best sci-fi novels of the decade, Dark Matter is a story about the road not taken. The series will follow Jason Dessen (played by Joel Edgerton), a physicist, professor and family man who — one night while walking home on the streets of Chicago — is abducted into an alternate version of his life. Wonder quickly turns to nightmare when he tries to return to his reality amid the mind-bending landscape of lives he could have lived. In this labyrinth of realities, he embarks on a harrowing journey to get back to his true family and save them from the most terrifying, unbeatable foe imaginable: himself.

    All programs are currently streaming on Apple TV+.

    Apple TV+ offers premium, compelling drama and comedy series, feature films, groundbreaking documentaries, and kids and family entertainment, and is available to watch across all your favorite screens. After its launch on November 1, 2019, Apple TV+ became the first all-original streaming service to launch around the world, and has premiered more original hits and received more award recognitions faster than any other streaming service in its debut.

    About Apple TV+ Apple TV+ is available on the Apple TV app in over 100 countries and regions on over 1 billion screens, including iPhone; iPad; Apple TV; Apple Vision Pro; Mac; popular smart TVs from Samsung, LG, Sony, VIZIO, TCL, and others; Roku and Amazon Fire TV devices; Chromecast with Google TV, PlayStation, and Xbox gaming consoles; and at tv.apple.com, for $9.99 per month with a seven-day free trial. For a limited time, customers who purchase and activate a new iPhone, iPad, Apple TV, or Mac can enjoy three months of Apple TV+ for free.1About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

    1. For more information, visit apple.com/tvpr and see the full list of supported devices.

    Press Contacts

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics –

  • MIL-OSI: Veritex Holdings, Inc. Announces Date Change for Second Quarter 2025 Earnings Release and Cancellation of Conference Call

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, July 15, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (Nasdaq: VBTX), the parent holding company for Veritex Community Bank, today announced a date change for release of its second quarter 2025 earnings results. Veritex will now release its second quarter 2025 earnings results before the opening of the market on Friday, July 18, 2025. The earnings release will be available on Veritex’s website, https://ir.veritexbank.com/.

    Veritex also announced the cancellation of its second quarter 2025 investor conference call that Veritex had announced would occur on Wednesday, July 23, 2025 due to the announcement on July 14, 2025 that Veritex has entered into a definitive agreement to be acquired by Huntington Bancshares Incorporated, subject to regulatory approvals and customary closing conditions. There will be no conference call scheduled this quarter relating to Veritex’s second quarter results.

    About Veritex Holdings, Inc.

    Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state-chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

    Source: Veritex Holdings, Inc.

    CAUTION REGARDING FORWARD-LOOKING STATEMENTS

    This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Veritex and Huntington, the expected timing of completion of the transaction, and other statements that are not historical facts and are subject to numerous assumptions, risks, and uncertainties that are beyond the control of Veritex and Huntington. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

    Veritex and Huntington caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Veritex’s and Huntington’s control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the SEC, OCC, Federal Reserve, FDIC, CFPB and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Veritex and Huntington; the outcome of any legal proceedings that may be instituted against Veritex and Huntington; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain Veritex shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Veritex and Huntington do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Veritex and Huntington successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Veritex and Huntington. Additional factors that could cause results to differ materially from those described above can be found in Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the SEC and available on Veritex’s investor relations website, ir.veritexbank.com, under the heading “Financials” and in other documents Veritex files with the SEC, and in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Investor Relations” and in other documents Huntington files with the SEC.

    All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Veritex nor Huntington assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Veritex or Huntington update one or more forward-looking statements, no inference should be drawn that Veritex or Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

    IMPORTANT ADDITIONAL INFORMATION

    In connection with the proposed transaction, Huntington will file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of Veritex and a Prospectus of Huntington, as well as other relevant documents concerning the proposed transaction. The proposed transaction involving Huntington and Veritex will be submitted to Veritex’s shareholders for their consideration. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS AND SHAREHOLDERS OF VERITEX ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain a free copy of the definitive proxy statement/prospectus, as well as other filings containing information about Huntington and Veritex, without charge, at the SEC’s website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Huntington Investor Relations, Huntington Bancshares Incorporated, Huntington Center, 41 South High Street, Columbus, Ohio 43287, (800) 576-5007 or to Veritex Investor Relations, Veritex Holdings, Inc., 8214 Westchester Drive, Suite 800, Dallas, Texas 75225, (972) 349-6200.

    PARTICIPANTS IN THE SOLICITATION

    Huntington, Veritex, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Veritex in connection with the proposed transaction under the rules of the SEC. Information regarding the interests of the directors and executive officers of Huntington and Veritex and other persons who may be deemed to be participants in the solicitation of shareholders of Veritex in connection with the transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement/prospectus related to the transaction, which will be filed by Huntington with the SEC. Information regarding Huntington’s directors and executive officers is available in its definitive proxy statement relating to its 2025 Annual Meeting of Shareholders, which was filed with the SEC on March 6, 2025, and other documents filed by Huntington with the SEC. Information regarding Veritex’s directors and executive officers is available in its definitive proxy statement relating to its 2025 Annual Meeting of Shareholders, which was filed with the SEC on April 29, 2025, and other documents filed by Veritex with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of this document may be obtained as described above under “Important Additional Information.”

    The MIL Network –

  • MIL-OSI USA: Ovidio Guzman Lopez — son of El Chapo and head of Sinaloa Cartel — pleads guilty to federal drug charges in Chicago

    Source: US Immigration and Customs Enforcement

    TUCSON, Ariz., — Ovidio Guzman Lopez, who succeeded his father — Joaquin Guzman Loera, also known as El Chapo — as one of the heads of the Sinaloa Cartel in Mexico, pleaded guilty today in U.S. District Court in Chicago to federal drug charges. The guilty plea is the result of a collaboration between several agencies to include U.S. Immigration and Customs Enforcement, the Justice Department’s Narcotic and Dangerous Drug Section, and prosecutors from the Northern District of Illinois, the Southern District of New York and the Southern District of California, and law enforcement partners from the FBI and the DEA.

    “The guilty plea by Ovidio Guzman Lopez, son of El Chapo, is a real victory for both the U.S. and Mexico but also a clear win for the rule of law,” said ICE Homeland Security Investigations acting special agent in charge Ray Rede. “So much blood and violence lay with the Guzman family as well as spreading terror and plaguing both sides of the border with deadly drugs and weapons — no more. It’s impossible to measure the amount of work HSI and partner agencies have spent in securing this guilty verdict, but what is clear and evident is that no one is beyond the reach of law enforcement and our nation’s laws. Deliberate and coordinated teamwork resulted in today’s victory.”

    Guzman Lopez, 35, pleaded guilty to two counts of drug conspiracy and two counts of knowingly engaging in a continuing criminal enterprise. The guilty plea was entered as part of a multidistrict plea agreement with the government that resolves charges against Guzman Lopez brought by grand juries in the Northern District of Illinois and the Southern District of New York.

    U.S. District Judge Sharon Johnson Coleman did not set a sentencing date. Guzman Lopez has been detained without bond since his extradition from Mexico to the U.S. in 2023.

    The guilty plea was announced as part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to achieve various law enforcement goals, including the total elimination of cartels and transnational criminal organizations, as well as protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from Organized Crime Drug Enforcement Task Forces.

    “Today’s historic guilty plea sends yet another crystal-clear message that this administration is going to shut down and hold accountable transnational criminal organizations and their highest-ranking members and associates,” said U.S. Attorney Andrew S. Boutros. “Under my leadership, the U.S. Attorney’s Office in Chicago will continue to prioritize the investigation and prosecution of drug cartels, several of which, including the Sinaloa Cartel, have been designated as foreign terrorist organizations. Our enforcement work will also extend to drug trafficking organizations, narcotics traffickers and other dangerous criminal enterprises that seek to poison the American public with illegal and harmful drugs. Our successes stem from our close partnership with federal prosecutors across the country as well as our tight collaboration with our many law enforcement partners.”

    As heirs to the Sinaloa Cartel, Guzman Lopez stated in his plea agreement that he and his three brothers, collectively known as the Chapitos, assumed their father’s leadership role following El Chapo’s arrest in 2016 and subsequent conviction in the Eastern District of New York. Guzman Lopez admitted in the plea agreement that he coordinated the transportation of cocaine, heroin, fentanyl, and other drugs and precursor chemicals from Mexico to the United States border, at times in shipments of hundreds or thousands of kilograms. Guzman Lopez used a network of couriers affiliated with the cartel to smuggle the drugs into the U.S. using vehicles, rail cars, tunnels, aircraft and other means, the plea agreement states.

    After the drugs were distributed throughout the U.S, individuals working for Guzman Lopez used bulk cash transport, wire transfers, trade of goods and cryptocurrency to launder the illicit proceeds and ensure the money was transmitted to Guzman Lopez and other members of the cartel in Mexico, the plea agreement says. Guzman Lopez admitted that he and his cartel associates perpetrated violence against law enforcement officials, civilians, and rival drug traffickers in order to protect the cartel’s drug trafficking activities.

    As part of his plea agreement, Guzman Lopez agreed to the entry of an $80 million forfeiture money judgment.

    “Today’s guilty plea is another major step toward holding the Sinaloa Cartel and its leaders accountable for their role in fueling the fentanyl epidemic that has plagued so many Americans,” said U.S. Attorney Jay Clayton. “We remain committed to dismantling the Cartel’s entire fentanyl infrastructure and ensuring that the Chapitos and their violent organization can no longer flood our communities with this poison.”

    “With each passing day, you are seeing the sunset of the Sinaloa cartel,” said U.S. Attorney Todd Gordon. “The Chapitos’ latest violence reflects their fading future. Their leaders who remain free are now paranoid, distrusted and desperate.”

    Guzman Lopez’s three brothers — Ivan Archivaldo Guzman Salazar, Jesus Alfredo Guzman Salazar and Joaquin Guzman Lopez — were also charged with drug trafficking in U.S. indictments. Joaquin Guzman Lopez was arrested last year and remains detained in U.S. custody without bond. He pleaded not guilty to charges filed in the Northern District of Illinois and is awaiting trial. Ivan Archivaldo Guzman Salazar and Jesus Alfredo Guzman Salazar are charged in the Northern District of Illinois and Southern District of New York. They are not in custody and warrants have been issued for their arrests. The U.S. State Department has issued rewards of up to $10 million for information leading to their arrests and convictions. (See Reward information for Guzmán Salazar, Ivan Archivaldo and Reward information for Guzmán Salazar, Jesus Alfredo.)

    The charges against Ivan Archivaldo Guzman Salazar, Jesus Alfredo Guzman Salazar and Joaquin Guzman Lopez are merely allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    Read the plea agreement

    MIL OSI USA News –

  • MIL-OSI USA: ICE New York investigation, alongside partners, leads to extradition of United Kingdom citizen to face charges in $99 million wine fraud

    Source: US Immigration and Customs Enforcement

    NEW YORK – An investigation by ICE Homeland Security Investigations New York, in coordination with federal partners, has resulted in the extradition of a United Kingdom citizen to face charges related to an alleged $99 million wine fraud scheme. James Wellesley, age 56, was arraigned following his extradition from the UK, where he was arrested in 2022.

    In 2022, Wellesley, along with his co-defendant Stephen Burton, were charged with wire fraud conspiracy, wire fraud, and money laundering conspiracy in connection with a scheme perpetrated through Bordeaux Cellars, a company he and Burton operated.

    HSI New York Special Agent in Charge Ricky J. Patel, United States Attorney for the Eastern District of New York Joseph Nocella, Jr., and Assistant Director in Charge, FBI New York Field Office Christopher G. Raia, announced Wellesley’s arraignment.

    “James Wellesley and his co-conspirator are accused of masterminding their nearly $100 million international fraud scheme that exploited the unsuspecting public, including New Yorkers, for their own selfish enrichment. As alleged, the defendants claimed Bordeaux Cellars boasted a high-value wine stockpile and a clientele of ‘high-net-worth wine collectors’ – and in turn profited handsomely – all while they swindled investors out of hundreds of thousands of dollars, if not more,” stated HSI New York Special Agent in Charge Patel. “Let it be known, regardless of the nature of the transnational criminal scheme, HSI New York, alongside our law enforcement partners, will continue to adapt and evolve to fight global and domestic financial crimes wherever and whenever possible.”

    “Today’s arraignment sends a message to all perpetrators of global fraud schemes that my office will work tirelessly to ensure they answer for crimes committed in the U.S,” stated U.S. Attorney Nocella. “We will not rest in our efforts to seek justice for victims of fraud.”

    “James Wellesley and his business partner allegedly concocted an elaborate scheme defrauding investors out of millions of dollars to finance their own personal expenses. Their alleged deceit spread across years and continents,” stated FBI New York Assistant Director in Charge Raia. “Today’s arraignment signals to all criminals that the FBI will practice the same resolve in bringing perpetrators to justice.”

    Wellesley was ordered detained pending trial. Burton, 58, was extradited from Morocco in 2023 and is currently pending trial.

    The indictment alleges that from at least June 2017 and continuing through February of 2019, the defendants posed as executives of Bordeaux Cellars. The defendants solicited investors, including residents of the Eastern District of New York, at, among other places, investor conferences held in the U.S. and overseas. The defendants claimed to investors that Bordeaux Cellars brokered loans between investors and high-net-worth wine collectors that would be fully collateralized by high-value collections of wine.

    The defendants promised that investors would receive regular interest payments from the borrowers, and that Bordeaux Cellars would keep custody of the wine, securing the loans while the loans were outstanding. As alleged, these representations were lies, the “high-net-worth wine collectors” did not actually exist, and Bordeaux Cellars did not maintain custody of the wine purportedly securing the loans. Instead, the defendants used incoming loan proceeds to make fraudulent interest payments to investors and for their own personal expenses, resulting in $99 million dollars’ worth of misdirected funds.

    The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty. If convicted, the defendants face up to 20 years in prison.

    MIL OSI USA News –

  • MIL-OSI USA: ICE New York investigation, alongside partners, leads to extradition of United Kingdom citizen to face charges in $99 million wine fraud

    Source: US Immigration and Customs Enforcement

    NEW YORK – An investigation by ICE Homeland Security Investigations New York, in coordination with federal partners, has resulted in the extradition of a United Kingdom citizen to face charges related to an alleged $99 million wine fraud scheme. James Wellesley, age 56, was arraigned following his extradition from the UK, where he was arrested in 2022.

    In 2022, Wellesley, along with his co-defendant Stephen Burton, were charged with wire fraud conspiracy, wire fraud, and money laundering conspiracy in connection with a scheme perpetrated through Bordeaux Cellars, a company he and Burton operated.

    HSI New York Special Agent in Charge Ricky J. Patel, United States Attorney for the Eastern District of New York Joseph Nocella, Jr., and Assistant Director in Charge, FBI New York Field Office Christopher G. Raia, announced Wellesley’s arraignment.

    “James Wellesley and his co-conspirator are accused of masterminding their nearly $100 million international fraud scheme that exploited the unsuspecting public, including New Yorkers, for their own selfish enrichment. As alleged, the defendants claimed Bordeaux Cellars boasted a high-value wine stockpile and a clientele of ‘high-net-worth wine collectors’ – and in turn profited handsomely – all while they swindled investors out of hundreds of thousands of dollars, if not more,” stated HSI New York Special Agent in Charge Patel. “Let it be known, regardless of the nature of the transnational criminal scheme, HSI New York, alongside our law enforcement partners, will continue to adapt and evolve to fight global and domestic financial crimes wherever and whenever possible.”

    “Today’s arraignment sends a message to all perpetrators of global fraud schemes that my office will work tirelessly to ensure they answer for crimes committed in the U.S,” stated U.S. Attorney Nocella. “We will not rest in our efforts to seek justice for victims of fraud.”

    “James Wellesley and his business partner allegedly concocted an elaborate scheme defrauding investors out of millions of dollars to finance their own personal expenses. Their alleged deceit spread across years and continents,” stated FBI New York Assistant Director in Charge Raia. “Today’s arraignment signals to all criminals that the FBI will practice the same resolve in bringing perpetrators to justice.”

    Wellesley was ordered detained pending trial. Burton, 58, was extradited from Morocco in 2023 and is currently pending trial.

    The indictment alleges that from at least June 2017 and continuing through February of 2019, the defendants posed as executives of Bordeaux Cellars. The defendants solicited investors, including residents of the Eastern District of New York, at, among other places, investor conferences held in the U.S. and overseas. The defendants claimed to investors that Bordeaux Cellars brokered loans between investors and high-net-worth wine collectors that would be fully collateralized by high-value collections of wine.

    The defendants promised that investors would receive regular interest payments from the borrowers, and that Bordeaux Cellars would keep custody of the wine, securing the loans while the loans were outstanding. As alleged, these representations were lies, the “high-net-worth wine collectors” did not actually exist, and Bordeaux Cellars did not maintain custody of the wine purportedly securing the loans. Instead, the defendants used incoming loan proceeds to make fraudulent interest payments to investors and for their own personal expenses, resulting in $99 million dollars’ worth of misdirected funds.

    The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty. If convicted, the defendants face up to 20 years in prison.

    MIL OSI USA News –

  • MIL-OSI USA: ICE New York investigation, alongside partners, leads to extradition of United Kingdom citizen to face charges in $99 million wine fraud

    Source: US Immigration and Customs Enforcement

    NEW YORK – An investigation by ICE Homeland Security Investigations New York, in coordination with federal partners, has resulted in the extradition of a United Kingdom citizen to face charges related to an alleged $99 million wine fraud scheme. James Wellesley, age 56, was arraigned following his extradition from the UK, where he was arrested in 2022.

    In 2022, Wellesley, along with his co-defendant Stephen Burton, were charged with wire fraud conspiracy, wire fraud, and money laundering conspiracy in connection with a scheme perpetrated through Bordeaux Cellars, a company he and Burton operated.

    HSI New York Special Agent in Charge Ricky J. Patel, United States Attorney for the Eastern District of New York Joseph Nocella, Jr., and Assistant Director in Charge, FBI New York Field Office Christopher G. Raia, announced Wellesley’s arraignment.

    “James Wellesley and his co-conspirator are accused of masterminding their nearly $100 million international fraud scheme that exploited the unsuspecting public, including New Yorkers, for their own selfish enrichment. As alleged, the defendants claimed Bordeaux Cellars boasted a high-value wine stockpile and a clientele of ‘high-net-worth wine collectors’ – and in turn profited handsomely – all while they swindled investors out of hundreds of thousands of dollars, if not more,” stated HSI New York Special Agent in Charge Patel. “Let it be known, regardless of the nature of the transnational criminal scheme, HSI New York, alongside our law enforcement partners, will continue to adapt and evolve to fight global and domestic financial crimes wherever and whenever possible.”

    “Today’s arraignment sends a message to all perpetrators of global fraud schemes that my office will work tirelessly to ensure they answer for crimes committed in the U.S,” stated U.S. Attorney Nocella. “We will not rest in our efforts to seek justice for victims of fraud.”

    “James Wellesley and his business partner allegedly concocted an elaborate scheme defrauding investors out of millions of dollars to finance their own personal expenses. Their alleged deceit spread across years and continents,” stated FBI New York Assistant Director in Charge Raia. “Today’s arraignment signals to all criminals that the FBI will practice the same resolve in bringing perpetrators to justice.”

    Wellesley was ordered detained pending trial. Burton, 58, was extradited from Morocco in 2023 and is currently pending trial.

    The indictment alleges that from at least June 2017 and continuing through February of 2019, the defendants posed as executives of Bordeaux Cellars. The defendants solicited investors, including residents of the Eastern District of New York, at, among other places, investor conferences held in the U.S. and overseas. The defendants claimed to investors that Bordeaux Cellars brokered loans between investors and high-net-worth wine collectors that would be fully collateralized by high-value collections of wine.

    The defendants promised that investors would receive regular interest payments from the borrowers, and that Bordeaux Cellars would keep custody of the wine, securing the loans while the loans were outstanding. As alleged, these representations were lies, the “high-net-worth wine collectors” did not actually exist, and Bordeaux Cellars did not maintain custody of the wine purportedly securing the loans. Instead, the defendants used incoming loan proceeds to make fraudulent interest payments to investors and for their own personal expenses, resulting in $99 million dollars’ worth of misdirected funds.

    The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty. If convicted, the defendants face up to 20 years in prison.

    MIL OSI USA News –

  • MIL-OSI Security: Security News: Pakistani Leader of International Alien Smuggling Organization Extradited from Mexico

    Source: United States Department of Justice

    A Pakistani man made his initial appearance in court in Tucson, Arizona, today after being extradited from Mexico to face charges relating to his role in leading an international alien smuggling organization.

    In May 2024, a federal grand jury in Tucson returned an indictment against Abbas Ali Haider, 48, of Sialkot, Pakistan, for conspiring to smuggle Pakistani nationals into the United States.

    Haider allegedly operated two sham film production companies, Diamond TV World Productions and Multimedia Advertising Ltd., which were fronts for his alien smuggling organization. According to court documents, Haider used those Pakistan-based companies to contract with film companies in Ecuador, Cuba, and Colombia. He then had those companies sponsor visas for Pakistani nationals purporting to work for Haider’s companies under the guise that they were working on a joint filming project in Latin America. Haider provided the Pakistani nationals with phony paperwork indicating that they worked for his companies, which they used at ports of entry in Panama, Brazil, and Colombia. Haider coached the aliens to say they worked in the film industry to deceive and thwart customs and border officials. Haider’s network of smugglers then assisted the Pakistani nationals in traveling to the U.S.-Mexico border, where they illegally crossed into California, Texas, and Arizona. Haider charged the aliens up to $40,000 for the trip.  

    Haider travelled from Pakistan to Mexico in late 2024 and was arrested in Mexico in January 2025 at the request of the U.S. government. Extensive coordination and cooperation between U.S. and Mexican law enforcement authorities resulted in Haider’s timely extradition.

    Haider is charged with one count of conspiracy to bring illegal aliens to the United States and four counts of bringing in illegal aliens for profit. If convicted, he faces a mandatory minimum penalty of five years in prison.

    Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division, U.S. Attorney Timothy Courchaine for the District of Arizona, and Special Agent in Charge Shawn Gibson of Immigration and Customs Enforcement Homeland Security Investigations (HSI) San Diego, made the announcement.

    HSI Calexico led U.S. investigative efforts, working in concert with HSI’s Brasilia, Quito, Tijuana, and Caribbean attaché offices and the HSI Human Smuggling Unit in Washington, D.C., U.S. Customs and Border Protection’s National Targeting Center International Interdiction Task Force, U.S. Border Patrol; the FBI’s Joint Terrorism Task Force in Miami, and U.S. Immigration and Customs Enforcement Office of Enforcement and Removal Operations office in Detroit provided substantial assistance. The Justice Department’s Office of International Affairs worked with law enforcement partners in Mexico to secure the arrest and extradition of Haider. 

    Trial Attorney Chelsea Schinnour of the Criminal Division’s Human Rights and Special Prosecutions Section (HRSP) and Assistant U.S. Attorneys Jared Kreamer Hope and Evan Wesley for the District of Arizona are prosecuting the case.

    The indictment and extradition are the result of the coordinated efforts of Joint Task Force Alpha (JTFA) and the Extraterritorial Criminal Travel Strike Force (ECT) Program. JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded with a mandate to target cartels and transnational criminal organizations to eliminate human smuggling and trafficking operating in Mexico, Guatemala, El Salvador, Honduras, Panama, and Colombia. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the border. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by HRSP and supported by the Money Laundering and Asset Recovery Section, Office of Enforcement Operations, and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, U.S. Drug Enforcement Administration, and other partners. To date, JTFA’s work has resulted in more than 390 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 350 U.S. convictions; more than 300 significant jail sentences imposed; and forfeitures of substantial assets.

    The ECT program is a partnership between the Justice Department’s Criminal Division and HSI and focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence, and prosecutorial resources. ECT also coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhoods (PSN).

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

    MIL Security OSI –