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  • MIL-OSI United Kingdom: Justice served for West Yorkshire as new courts and tribunals centre opens in Leeds

    Source: United Kingdom – Executive Government & Departments 3

    Four new business and property courtrooms open at West Gate, alongside eight new employment tribunal rooms to deal with disputes.

    Claimants and defendants across West Yorkshire will benefit from quicker access to justice as new state-of-the-art courtrooms opened yesterday (Monday 21 October) in Leeds, in a boost to the city’s legal infrastructure.

    Justice Minister Heidi Alexander attended the official opening event of the West Gate court and tribunal building, which contains 12 brand new hearing rooms to handle cases ranging from employment rights to property disputes.

    A total of £6.2 million has been invested in West Gate to create capacity for these modern, fit-for-purpose hearing rooms over three floors. This investment in the centre of Leeds expands the estate in the city to three large operational buildings with over 50 hearing rooms within a 250-yards radius. 

    The site will also help to manage the Crown Court outstanding caseload by diverting cases away from Leeds Crown Court where they were being heard, freeing up an additional courtroom to hear criminal cases. Providing a separate location for the Business and Property Court to hear cases will help deliver justice more swiftly for both claimants and defendants.

    Minister for Courts and Legal Services, Heidi Alexander MP, said:

    It was a pleasure to be at the opening of these essential courtrooms in Leeds which will boost our court infrastructure both nationally and in Yorkshire and provide claimants and defendants speedier justice.

    This new centre ensures that both individuals and businesses are able to access vital protections, providing the confidence they need to innovate, grow, and strengthen our economy.

    The Business and Property Court in particular represents an important step in relation to the Government’s wider plan for economic growth through the commercial courts. The work that goes on in these courtrooms give businesses the confidence that they can base their companies here, innovate, and grow knowing they are protected by the law. Companies, employees and property owners knows that these courts will safeguard their rights, adjudicate fairly, and deliver justice.

    Both these sites are also playing a significant role in dealing with the 1.6 million cases that make their way through the civil courts and employment tribunals each year. The Government is continuing to invest in approximately 1,000 judges and tribunal members annually which will help to support this increased court capacity.

    Although this Government has inherited a challenging financial inheritance, these new courtrooms are part of wider plans to ensure the court estate is fit for purpose and to help reduce the long-term courts backlog. Eighteen Nightingale courtrooms are also currently in use across eight venues to increase the physical capacity of the court estate and hear more cases.

    Notes to editors:

    • HM Courts and Tribunals Service has secured a 15-year lease at West Gate.  
    • Ahead of yesterday’s official opening, the Business and Property Court has been hearing cases since June, while the Employment Tribunals have been operational since December 2023.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Bonnie Dundee receives Silver Gilt at Britain in Bloom Award finals

    Source: Scotland – City of Dundee

    Finalist Bonnie Dundee entry to this year’s RHS Britain in Bloom awards has received a Silver Gilt in the City category following an awards ceremony on Monday evening.

    The Dundee entry reached the final of the UK-wide, Royal Horticultural Society-administered competition which looks to celebrate and support communities who have come together to make positive and lasting changes to their local environment.

    Bonnie Dundee is a partnership of many groups and organisations who have taken forward Dundee’s entry for the past nineteen years.

    The city-wide network of community groups, organisations, the Council, businesses, schools, and individuals work together to make the city cleaner, greener, brighter and healthier.

    Ninewells Community Garden were also recognised as they picked up the RHS Health & Wellbeing Award.

    Climate, Environment & Biodiversity Convener Heather Anderson said: “This is great news and serves as recognition of the tremendous work that so many people in our city put in while making a real difference.

    “To be recognised in this way in the final of a UK-wide competition is an exceptional achievement.

    “Everyone who has played a part, and through the extensive Bonnie Dundee network there any many people, deserves a large amount of praise and credit for this. I congratulate everyone involved for their hard work and enthusiasm.

    “It was also heartening to see Ninewells Community Garden be awarded the first-ever RHS Health and Wellbeing Award.”

    Chair of Bonnie Dundee Trudy Cunningham said: “In Dundee we are very fortunate to have a passionate group of volunteers who work closely in partnership with DCC.

    “We are very pleased to have been finalists in RHS Britain in Bloom 2024 and to have received a Silver Gilt Certificate. Judges highlighted the strong sense of community in Dundee, both between all of the many gardening and friends groups and the council.

    “Everyone who has helped (and are still helping, the gardening never stops!), both volunteers and council workers, should feel very proud of their work and of our beautiful city.”

    The Bonnie Dundee entry was included as one of the three finalists within the City category competing with London Borough of Havering (London in Bloom) and eventual winners Wrexham in Bloom (Wales in Bloom).

    The news comes after Britain in Bloom judges visited Dundee in August following Bonnie Dundee’s entry reaching the final of the UK-wide competition.

    The full breakdown of the awards and winners for each category can be found in the Royal Horticultural Society’s website.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: GTCS accreditation for School of Education The School of Education is very pleased to announce that its Inclusive Pedagogy course has been awarded General Teaching Council Scotland (GTCS) accreditation for Professional Recognition.

    Source: University of Aberdeen

    The award recognises the need for high-quality professional learning and development programmes that ensure teacher professionalism is maintained and enhancedThe School of Education is very pleased to announce that its Inclusive Pedagogy course has been awarded General Teaching Council Scotland (GTCS) accreditation for Professional Recognition.
    A team of four presented an application to a GTCS panel for accreditation of the ED5501 Programme. The team included Programme Director Dr Shannon Babbie, faculty member Dr Annette Moir, PGT student Gillian Armstrong, and Dr Tracy Edwards of Leeds Beckett University, a recent doctoral graduate of Aberdeen.
    In a brief presentation the team brought the course to life through personal stories of how the teaching, collaboration and overall experience impacted their professional practice.
    In awarding accreditation, the GTCS stated the University offered: “A strong values-based programme in terms of social justice and meeting the needs of all learners. It is very well connected to the professional standards more broadly, with the standard for career-long professional learning coherently woven throughout the reflective supports for participants.
    “A well-designed programme clearly aligned with the Scottish Education policy context, it is well placed to help meet national priorities around inclusion.”
    Securing accreditation, which runs from 2024 to 2029, means students may apply to GTCS for professional recognition upon successful completion of the course and completion of the additional activities.
    As noted by GTCS, the award is in recognition of the need for high-quality professional learning and development programmes that ensure teacher professionalism is maintained and enhanced, and that learning experiences are professionally recognised and valued.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Armagh’s Georgian Festival returns for 20th year this November!

    Source: Northern Ireland City of Armagh

    Armagh’s annual Georgian Festival will kickstart Northern Ireland’s festive season, marking the perfect way to get into the Christmas spirit. Returning for its 20th year this November, the award-winning event will run from November 28 to December 1, launching the Cathedral City’s Christmas celebrations.

    The city is set to bring its Georgian past to life through buildings, characters, customs and a jam-packed programme of events that will appeal to history buffs, curious families, culture vultures and foodies. Many of the events are free to attend, and so the destination is preparing to welcome thousands to the city across the four days.

    Festivalgoers can choose from a range of guided tours, each offering a unique glimpse into Armagh’s rich history. From the scenic Palace Demesne Tour and exclusive Archbishop’s Palace tours, to the informative Guided Georgian Walking Tour, there’s something for everyone. Food lovers can indulge in a sparkling three-course feast in the glorious surroundings of the Archbishop’s Palace at the Highwayman’s Banquet as they listen to tales and tunes dedicated to stories of the Notorious Highwaymen & Rapparees, creating a dining experience that seamlessly blends history, storytelling, and fine cuisine.

    There’s also the chance to get a taste for the pitiless Georgian legal system as a member of the jury at Armagh Courthouse in a mock-trial – a spectacle of rough justice. Throughout the city, festivalgoers will encounter iconic Georgian figures — noble gentry, street urchins, and gin-soaked ladies — as they wander and explore. On The Mall, families can enjoy an array of festive activities, including traditional funfair rides like the Carousel and Swing Boats, along with classic games such as Hoopla, Hook a Duck, and Coconut Shy. Santa’s reindeer will even make an appearance, and as night falls, fire performers will light up the evening for all to enjoy.

    Topping off the programme is the acclaimed Light Show. It will run Friday 29 November and Saturday 30 November and is a dramatic Holly Jolly Christmas animation that will transform the Market House into a shimmering canvas for images, special effects, and other surprises. (Tickets essential)

    Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Cllr Kyle Savage, said;

    “Our Georgian Festival is an established cornerstone of Armagh’s cultural calendar – it’s recognised far and wide for its impressive selection of activities, and the unforgettable energy and atmosphere it brings to the city.

    “Through the combined efforts of the local Council team, and our artists, performers, retailers and artisans, we’ve been able to build an event that brings the local community together, whilst also welcoming visitors to experience the rich heritage and history of Armagh City and its surrounding areas.”

    The Georgian Festival originally launched in 2004 as a one-day market, thanks to the efforts of a team of remarkable local retailers. Since then, it has transformed into the four-day celebration known to most today and has soared in popularity with people from Ireland and the UK, as well as international visitors.

    The artisan market element of the festival has now grown to include more than 130 festive market stalls selling high-quality crafts, gifts, food and seasonal products, making it one of the largest on the island. Set to take place on Georgian Day, Saturday November 30, the Georgian market stalls will take place as the clip clop of horses and the aroma of roasting chestnuts and mulled spices fills the street.

    Roberta Wright of Wrights Interiors on Scotch Street in the city was part of a team of retailers who were responsible for establishing Georgian Day in its early days. It was created as an opportunity to showcase Armagh, to highlight the wealth of independent retailers in the city and add some Christmas sparkle for visitors. She said, “It’s incredible how far the festival has come since we first launched in 2004. Armagh has such a unique history, a fascinating story to tell, and a community of people who are passionate about the heritage of this place, and our Georgian Festival gives us the perfect platform to showcase everything that makes Armagh the wonderful place it is. Excitement is already building for our 2024 celebration, and I would highly recommend visitors pop by the wide range of independent stores in the city to do some Christmas shopping as they make their way around the exciting activities taking place across the city.”

    The team behind the festival are continuing to embrace sustainability as Gill Robb, Events Manager at Armagh City, Banbridge and Craigavon Borough Council, explains. She said, “Our famous, must-see light show, running on the evenings of Friday November 29 and Saturday November 30, will switch to a more sustainable power source this year, whilst park and ride facilities will also be available on Saturday. We’ve also tried to limit as many single use plastics as possible with stallholders switching to compostable plates, glasses and cutlery, and abiding by our complete ban on plastic bags.”

    Click here for more information and to book tickets for special events.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Award Win for Preston City Council Building Control Team

    Source: City of Preston

    Preston City Council’s Building Control Team have been named a regional winner in the LABC Building Excellence Awards 2024

    The Local Authority’s building control team, alongside KPDL Ltd and Ogden Design Consultants Ltd, have won the award for their role in the North West’s Best Small New Housing Development category for The Vines, Preston, and have been praised for achieving building excellence in the delivery of outstanding construction and workmanship.

    The Vines is a luxury residential development of four bed detached homes in the popular village location of Lea Town, Preston.

    The team was previously nominated in various award categories back in 2019 but this is the first time they have scooped the regional title.  

    The Local Authority Building Control (LABC) represents all Local Authority building control teams in England Wales, committed to safeguarding the safety and protection of our communities by constantly reviewing surveyor competence and ensuring the performance and standards of Local Authority teams.

    Councillor Amber Afzal, Cabinet Member for Planning and Regulation said:

    Congratulations to our Building Control team who work tirelessly behind the scenes to make sure that all new buildings, conversions and extensions are delivered to high standards throughout all the phases of construction, from design and specification, right through to completion. This hardworking team deserves this recognition it deserves.”

    The team has been automatically put forward for the national grand finals in January 2025 in London.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: City council helps businesses create apprenticeships

    Source: City of Stoke-on-Trent

    Published: Tuesday, 22nd October 2024

    Stoke-on-Trent shared £63,000 with 15 businesses and organisations in the city last year to help them create 37 new apprenticeships.

    Employers with an annual payroll of over £3m pay a 0.5 per cent UK Government apprenticeship levy.     

    The money can then be used by the employer on apprenticeship training. As one of the area’s largest employers, the council pays the levy.    

    In 2023/24 as well as supporting 106 new people to study for apprenticeship qualification while working for the council, Stoke-on-Trent City Council paid out some of its levy to employers with staff who live in the city.  

    These included the KMF Group, a sheet metal fabrication company, IAE, who make livestock handling equipment, stabling, and fencing, Staffordshire Police and Teasdale Healthcare.   

    A total of 15 local employers were then able to help 37 apprentices  

    Councillor Jane Ashworth, leader of Stoke-on-Trent City Council, said: “We’ve got a brilliant record of supporting and creating apprenticeships within the city council using our levy.    

    “If the money in our levy account is not used every two years, it’s returned to the UK Government. Sadly prior to us taking office the city had to return money to the government for not employing enough apprentices.   

    “This led to us approaching local employers to see how we could make sure the money was used to do what it was intended to do. The take-up has been fantastic, and it’s led to more people being able to earn money while learning vital skills on-the-job and through studying.  

    “It was vitally important that we sorted this out and got the most out of every penny due to the city and our young people” 

    Browns Distribution, High and Lifted, and TMT First are three businesses who have successfully applied for some of the council’s unused levy.  

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: NIO Minister hails integrated education during visit to Fermanagh School

    Source: United Kingdom – Executive Government & Departments

    This follows Minister Anderson’s visit to Erne Integrated College

    NIO Minister Fleur Anderson captures a selfie during her visit to Erne Integrated College

    Northern Ireland Office Minister Fleur Anderson MP has visited Erne Integrated College in Enniskillen where she met with pupils and staff.

    As well as taking part in an interactive question and answer session, the Parliamentary Under-Secretary of State discussed diversity and inclusion with pupils, following a recent cultural day hosted by the Fermanagh school.

    Speaking afterwards, Minister Anderson said:

    It was fantastic to meet with the young people at Erne Integrated College, along with staff, and I would like to thank them for their warm welcome, and for their questions and insight.

    Seeing greater integration of education across Northern Ireland is a priority for the UK Government, and Erne Integrated College provides a wonderful environment for helping local children grow up in a truly shared society. This is an essential aspect of the reconciliation process.

    My hope is that integration will further become the norm and not the exception in schools across Northern Ireland.” 

    School principal, Darron McLaughlin, said:

    The College was delighted to welcome Minister Anderson. Our Student Council members have a great interest in local politics and were excited to have the opportunity to put their questions to the minister. Having recently celebrated our ‘Culture Day’, a group of our students were also keen to show how we celebrate diversity and live by our integrated ethos, where everyone is valued equally.

    Paul Caskey, chief executive of the Integrated Education Fund, and Sean Pettis, chief executive of the Northern Ireland Council for Integrated Education, said:

    The Integrated Education Fund and Council for Integrated Education are delighted Minister Anderson could take time out of her busy schedule to visit Erne Integrated College and meet with their young people, together with pupils from the adjacent Enniskillen Integrated Primary School. 

    There is no better way to learn about integrated education than by meeting the children and young people who experience it. The Northern Ireland Office has provided generous support to integrated education through both our organisations and we are extremely grateful for that. 

    It is important to remember that the UK government are custodians of the Good Friday (Belfast) Agreement and that the encouragement and facilitation of integrated education is an essential part of that Agreement.

    Separately, Minister Anderson also met with representatives from the Fermanagh Trust. They discussed some of the issues facing local residents and the wider area, including transport, Lough Erne, and access to public services and healthcare.

    NIO Minister Fleur Anderson engaging in an interactive Q&A session with school pupils.

    NIO Minister Fleur Anderson engaging in an interactive Q&A session with school pupils.

    NIO Minister Fleur Anderson at Erne Integrated College in Enniskillen. The Parliamentary Under-Secretary of State is pictured with school pupils, principal Darron McLaughlin and Paul Caskey, chief executive of the Integrated Education Fund, and Sean Pettis, chief executive of the Northern Ireland Council for Integrated Education.

    NIO Minister Fleur Anderson with Paul Caskey (left), chief executive of the Integrated Education Fund, and Sean Pettis, chief executive of the Northern Ireland Council for Integrated Education.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Klaas Knot: Strengthening financial resilience – lessons from Pittsburgh

    Source: Bank for International Settlements

    Good morning everyone.

    It could have been right here in New York City.

    That would have been fitting, as this city was, and still is, the center of gravity for global finance. But, as it happened, the US administration made a last-minute decision to pick Pittsburgh as the venue for the G20 summit.

    We are back in the fall of 2009. Less than a year earlier, when G20 leaders first met in Washington DC, the world economy had been facing its greatest crisis in generations. At the Pittsburgh Summit, the memory of the crisis was still fresh. The fall of Lehman. The rescue of AIG. The race against the clock to prevent a total meltdown of the financial system. Leaders from the 20 largest nations in the world had all gone through those fateful crisis days. They shared a conviction that this should not happen again. Ever. They decided on a massive strengthening of regulation to address the weaknesses in the global financial system and to curb excessive risk taking. And they endorsed the mandate of the newly established Financial Stability Board to coordinate and monitor progress. Pittsburgh turned the tide.

    The rest is history. But it is an unfinished history. For sure, the reforms that were agreed in Pittsburgh did substantially strengthen the global financial system.

    In recent years, markets have experienced several episodes of turmoil, and we have seen potentially destabilising failures of banks and non-banks. But the core of the system has held up relatively well. So, one interpretation is that the financial system has proved to be resilient. But that is not entirely true. Take March 2020 for example. This turmoil was contained both through improved resilience and unprecedented policy actions. Without the combined force of these policy actions, the reforms implemented since 2009 may have not been sufficient to stave off another financial crisis. And it’s not only in 2020 that unprecedented policy actions were needed. In 2023 the fire brigade had to turn out again.

    So, we’ve made progress, but there is much left to do if we want a truly resilient financial system. One that can finance the economy through thick and thin without recourse to extraordinary support. Furthermore, the financial system is evolving, and so must our regulations. Can we keep up the pace? Allow me to share some concerns about that.

    First of all, our work to make the banking sector more resilient is not yet complete. For one thing, the final Basel III standards still need to be implemented in many jurisdictions. In the meantime, the banking turmoil in March last year was a reminder that bank runs are not a thing of the past. The demise of Silicon Valley Bank and Credit Suisse not only brought lessons for banks and supervisors.

    They also highlighted that 13 years after the FSB issued its Key Attributes for Effective Resolution Regimes, authorities still face challenges in dealing with failing banks.

    Next to the unfinished agenda in banking, the non-bank financial sector continues to face serious vulnerabilities. Partly as a response to strengthening banking regulation, non-bank financial institutions are playing a larger role in financing the real economy, now accounting for nearly half of total global financial assets. And as we have seen over the past few years, structural vulnerabilities in the sector have the potential to cause systemic risk. These include liquidity mismatches, leverage, and inadequate margin preparedness. The FSB, working with other standard setters, has done a great deal of work on this issue. We have issued policy recommendations in several key areas. Drawing up these policy recommendations, however, is not enough to stem systemic risk in NBFI. For that to happen, we must implement them. That means authorities must not only put them into national laws and regulations, they must also have the capacity to operationalize them.

    Third, technological innovation continues to shape the way the financial sector functions, and it adds another layer of complexity. Technology can create new interdependencies, for example when many financial institutions rely on the same service providers. It can also increase the speed at which a crisis unfolds. And technology raises important questions about the regulatory perimeter. Above all technology related risks can exacerbate pre-existing vulnerabilities in the financial system and may create new ones. Take crypto-assets. This fast-growing market has seen more than its fair share of bankruptcies, liquidity crises and outright fraud, even as its links with traditional finance continue to grow. The FSB has issued recommendations to regulate the market for crypto-assets. The G20 has endorsed these recommendations and, again, they now need to be implemented globally.

    As you might notice, I’m talking a lot about implementation, because that’s where my concern lies. It seems that, 16 years after Lehman, implementation fatigue has started to set in. Political commitment for maintaining financial stability is usually the highest when the collective memory of the last crisis is still fresh. When this memory starts to fade, there is the risk that financial stability is taken for granted. Something that can be left to the bureaucrats, to the technicians. Not least because there are so many other policy priorities to deal with for governments. But that would be a mistake. We do need the involvement of politicians, of lawmakers, because without them, it becomes even harder to implement necessary regulations. After all, financial stability is the foundation for almost all public policy. If financial stability is gone, as a government you can forget about the other policy priorities. You will spend most of your time drawing up rescue plans for an economy in free fall. So we should not wait for the next crisis.

    We also need commitment in good times, when the work to develop and implement policy needs to get done. This commitment is even more important in a world that is getting more fragmented, both politically and economically. I am concerned about our capacity to work together on cross-border challenges in such a world. During the Global Financial Crisis, policymakers around the globe were able to respond swiftly and effectively. In a fragmented world, such a swift response could become more complicated. This could prove costly because the most important challenges to financial stability are precisely the cross-border issues that we can only solve if we work together.

    And to the financial industry I would say: rules that strengthen the resilience of the financial system are in your best interest too. Some in the industry view regulation as a constraint, something that limits profitability and imposes undue costs. But it’s just the other way around. Financial regulation is not an obstacle, it is an enabler of sustainable, long-term growth. Globally implemented regulation strengthens international financial stability, levels the playing field, and, in turn, enhances the confidence of your shareholders, clients, and counterparties. Strong regulation is not a constraint on the financial industry, it is an asset.

    15 years after Pittsburgh, strengthening the financial system is an unfinished history. Partly that comes with the job. The financial system is always evolving, so our policy also needs to evolve. But, that’s not the only reason. It is also important that authorities finish implementing the measures we’ve all agreed are needed to address existing vulnerabilities. Vulnerabilities that could lead to the next crisis, if they are allowed to persist.

    This calls for maintaining our ambition as policy makers, and for law makers to take the agreed policies all the way through to implementation. I wish for us to have the determination and collaborative spirit that the leaders in Pittsburgh collectively felt. Let’s work together to finish what we started. Let’s stay sharp, focused and committed to preserving financial stability. And where better to express that commitment than in the city that never sleeps.

    MIL OSI Economics –

  • MIL-OSI Economics: Now Available: Samsung 990 EVO Plus SSD Features Improved Performance Speeds Supported by PCIe 4.0

    Source: Samsung

    Samsung Electronics America, the world leader in advanced memory technology, today announced the availability of the 990 EVO Plus, adding to its lineup of leading SSD products. Featuring PCIe 4.0 support and the latest in NAND technology, the 990 EVO Plus is an ideal solution for buyers seeking enhanced performance and power efficiency across gaming, business and creative tasks.
    “The average person creates more than 100 megabytes of data every minute1,” said James Fishler, Senior Vice President of Home Entertainment, Samsung Electronics America. “Whether you’re taking photos, editing videos, or gaming on your favorite console, it’s clear that our daily activities demand more data than ever before. The new Samsung 990 EVO Plus provides the best solution for it all – from gaming and content creation, to business use cases. With expanded storage capacities and even faster processing speeds, the series can help you reliably power your day, and make the most of every minute.”

    Faster Performance and Greater Efficiency
    The 990 EVO Plus is backed by decades of pioneering semiconductor technology with proven reliability from Samsung. It offers sequential read speeds up to 7,250 megabytes-per-second (MB/s) and write speeds up to 6,300 MB/s, up to 50% faster than the previous 990 EVO. This performance boost is enabled by the latest Samsung 8th generation V-NAND technology and 5-nanometer (nm) controller, while an innovative nickel-coated heat shield minimizes overheating, delivering 73% greater power efficiency over the 990 EVO.
    The 4TB model of the 990 EVO Plus boasts an industry-leading random read speed of 1,050K input/output operations per second (IOPS) and 1,400K IOPS for random write. This remarkable feat nearly rivals that of SSD products with DRAM, despite not using a DRAM cache, making it an optimal solution for gaming and AI tasks that require high performance.
    Expanded Storage Capacity
    To meet today’s growing demand for high-capacity storage devices, the 990 EVO Plus offers ample capacity options of 1TB, 2TB and 4TB, exceeding the storage limits of the 990 EVO. The 990 EVO Plus is also equipped with the intelligent Samsung TurboWrite 2.0, revamped for maximized performance, offering rapid file transfer speeds and reduced lag, even when managing large files, editing high-res video or enjoying next-generation gaming.

    Samsung Magician Software Support
    Samsung Magician Software presents a suite of optimization tools for enhanced functionality for all Samsung SSDs, including the 990 EVO Plus. Users can streamline the data migration process for SSD upgrades effortlessly and securely. In addition, Samsung Magician protects valuable data, monitors drive health and offers customized performance optimization.
    The drives are now available at Samsung.com and other select retailers. They will have a manufacturer’s suggested retail price (MSRP) of $109.99 for the 1TB model, $184.99 for the 2TB model, and $344.99 for the 4TB model. For more information, please visit here.

    MIL OSI Economics –

  • MIL-OSI: TopLine Financial Credit Union Participates in Its 8th Statewide Day of Kindness

    Source: GlobeNewswire (MIL-OSI)

    MAPLE GROVE, Minn., Oct. 22, 2024 (GLOBE NEWSWIRE) — TopLine Financial Credit Union, a Twin Cities-based member-owned financial services cooperative, was one of the 60 credit unions and partner organizations across the state of Minnesota who participated in an orchestrated day, called CU Forward Day. A state-wide initiative of over 3,000+ credit union employees, members and partners coming together to do one simple thing – spread kindness and encourage others to do the same.

    TopLine has been participating in this collaborative credit union event since 2016, referred to as “CU Forward Day,” which is coordinated by the Minnesota Credit Union Network (MnCUN), the state trade association for Minnesota’s credit unions. CU Forward Day demonstrates what credit unions do best, collaborate and give back to their communities.

    TopLine’s theme for this year was “Connected, We All Do Better!” Over 143 TopLine participants volunteered over 554 hours and impacted nearly 2,800 Minnesotans at local community partner non-profit organizations including ACBC Food Shelf, Advent Lutheran Church, Avenues for Youth, Beyond the Yellow Ribbon, CROSS Services, Family Alternatives, Karen Organization of Minnesota, Keystone Community Services, Maple Grove Hospital, MORE, NACE Food Shelf & Closet, Union Gospel Mission Twin Cities, YMCA Youth and Family Services and several local park clean-ups.

    Volunteers made a positive impact in the communities that TopLine serves by providing fall clean up at Advent Lutheran Church and Avenues for Youth, delivering meals to Keystone Meals on Wheels program participants, serving lunch to residents at Union Gospel Mission, a local ministry, providing aid to several local food shelves, assisting in park beautification, packing personal care kits and birthday bags at YMCA Youth & Family Services, creating inspirational signage for Maple Grove Hospital, packing and delivering 1,000 personal care kits and dental kits, creating 100 tie blankets, and knitting over 100 scarves for local foster youth at Family Alternatives. TopLine also hosted a bike drive to benefit Express Bike Shop, a nonprofit youth employment program, and collected 157 bikes to donate.

    “At TopLine, we believe that supporting our communities goes beyond financial services, and CU Forward Day is a great way to demonstrate our commitment to social responsibility efforts. By volunteering on this day, as well as throughout the year, and sharing our time and talents, we strengthen the bonds within our neighborhoods and contribute to the well-being of everyone we serve. Together, we make a real difference in lives,” says Mick Olson, TopLine President and CEO. “CU Forward Day showcases the credit union philosophy of “people helping people” and our true power of our Minnesota credit unions and partners working collectively together to make a positive impact across the state.”

    TopLine Financial Credit Union, a Twin Cities-based credit union, is Minnesota’s 9th largest credit union, with assets of over $1.1 billion and serves over 70,000 members. Established in 1935, the not-for-profit financial cooperative offers a complete line of financial services from its ten branch locations — in Bloomington, Brooklyn Park, Champlin, Circle Pines, Coon Rapids, Forest Lake, Maple Grove, Plymouth, St. Francis and in St. Paul’s Como Park — as well as by phone and online at http://www.TopLinecu.com or http://www.ahcu.coop. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Benton, Carver, Chisago, Dakota, Hennepin, Isanti, Kanabec, Mille Lacs, Pine, Ramsey, Scott, Sherburne, Washington and Wright counties in Minnesota and their immediate family members, as well as employees and retirees of Anoka Hennepin School District #11, Anoka Technical College, Federal Premium Ammunition, Hoffman Enclosures, Inc., GRACO, Inc., and their subsidiaries. Visit us on our Facebook or Instagram. To learn more about the credit union’s foundation, visit http://www.TopLinecu.com/Foundation.

    CONTACT:
    Vicki Roscoe Erickson
    Senior Vice President and Chief Marketing Officer
    TopLine Financial Credit Union
    verickson@toplinecu.com | 763.391.0872

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/499f20d8-0258-4ca3-8f6a-d8ed16f9d99e

    The MIL Network –

  • MIL-OSI: Greene County Bancorp, Inc. Reports Net Income of $6.3 million for the Three Months Ended September 30, 2024 and Reaches New Milestone of $2.9 Billion in Assets

    Source: GlobeNewswire (MIL-OSI)

    CATSKILL, N.Y., Oct. 22, 2024 (GLOBE NEWSWIRE) — Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for The Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three months ended September 30, 2024, which is the first quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three months ended September 30, 2024 was $6.3 million, or $0.37 per basic and diluted share, as compared to $6.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. Net income decreased $208,000, or 3.2%, when comparing the three months ended September 30, 2024 and 2023.

    Highlights:

    • Net Income: $6.3 million for the three months ended September 30, 2024
    • Total Assets: $2.9 billion at September 30, 2024, a new record high
    • Net Loans: $1.5 billion at September 30, 2024, a new record high
    • Total Deposits $2.5 billion at September 30, 2024, a new record high
    • Return on Average Assets: 0.93% for the three months ended September 30, 2024
    • Return on Average Equity: 11.86% for the three months ended September 30, 2024

    Donald Gibson, President & CEO stated: “I am pleased to report another solid quarterly performance highlighted by record high levels in deposits, loans, and total assets. This achievement is a testament to our team’s strategy of providing innovative financial solutions and outstanding service to our customers, which combined, has provided steady long-term growth for our organization. We remain committed to being the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State.”

    Total consolidated assets for the Company were $2.9 billion at September 30, 2024, primarily consisting of $1.5 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.5 billion at September 30, 2024, consisting of retail, business, municipal and private banking relationships.

    Pre-provision net income was $6.9 million for the three months ended September 30, 2024 as compared to pre-provision net income of $6.6 million for the three months ended June 30, 2024, an increase of $314,000, or 4.8%, and pre-provision net income of $6.9 million for the three months ended September 30, 2023. Pre-provision net income measures the Company’s net income less the provision for credit losses on loans. Management believes that this measure assists investors in comprehending the impact of the provision on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses on loans. During the September 30, 2024 quarter, the Company was able to reprice assets into the higher interest rate market faster than it had raised rates paid on deposits. This resulted in a higher net interest margin for the three months ended September 30, 2024 as compared to the three months end June 30, 2024. The Company will continue to monitor the monetary policy of the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships.

    Selected highlights for the three months ended September 30, 2024 are as follows:

    Net Interest Income and Margin

    • Net interest income decreased $303,000 to $13.1 million for the three months ended September 30, 2024 from $13.4 million for the three months ended September 30, 2023. The decrease in net interest income was due to an increase in the average balance of interest-bearing liabilities, which increased $64.1 million when comparing the three months ended September 30, 2024 and 2023, and increases in rates paid on interest-bearing liabilities, which increased 53 basis points when comparing the three months ended September 30, 2024 and 2023. The decrease in net interest income was partially offset by the increase in the average balance of interest-earning assets, which increased $54.7 million when comparing the three months ended September 30, 2024 and 2023, and increases in interest rates on interest-earning assets, which increased 40 basis points when comparing the three months ended September 30, 2024 and 2023.

      Average loan balances increased $60.4 million and the yield on loans increased 36 basis points when comparing the three months ended September 30, 2024 and 2023. Average balance of securities increased $13.7 million and the yield on such securities increased 45 basis points when comparing the three months ended September 30, 2024 and 2023. Average interest-bearing bank balances and federal funds decreased $19.4 million, while the yield increased 43 basis points when comparing the three months ended September 30, 2024 and 2023.

      The cost of NOW deposits increased 54 basis points, the cost of certificates of deposit increased 49 basis points, and the cost of savings and money market deposits increased 19 basis points when comparing the three months ended September 30, 2024 and 2023. The increase in the cost of interest-bearing liabilities was partially due to growth in the average balances of interest-bearing liabilities of $64.1 million. This was due to an increase in NOW deposits of $47.7 million and an increase in average certificates of deposits of $31.0 million, partially offset by a decrease in average savings and money market deposits of $39.3 million when comparing the three months ended September 30, 2024 and 2023. Average borrowings increased $24.7 million when comparing the three months ended September 30, 2024 and 2023. Yields on interest-earning assets and costs of interest-bearing deposits increased for the three months ended September 30, 2024, as the Company repriced assets and deposits due to the higher interest rate environment. The Company determines interest rates offered on deposit accounts based on current and future economic conditions, competition, liquidity needs, the asset-liability position of the Company and growing the retention of relationships.

    • Net interest rate spread and margin both decreased when comparing the three months ended September 30, 2024 and 2023. Net interest rate spread decreased 13 basis points to 1.76% for the three months ended September 30, 2024 as compared to 1.89% for the three months ended September 30, 2023. Net interest margin decreased 9 basis points to 2.03%, for the three months ended September 30, 2024 as compared to 2.12% for the three months ended September 30, 2023. The decrease was due to the higher interest rate environment, which caused competitive pressure to increase rates paid on deposits, resulting in higher interest expense. This was partially offset by increases in interest income on securities and loans, as they reprice at higher yields and the interest rates earned on new balances were higher than the levels from the prior periods.
    • Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.29% and 2.37% for the three months ended September 30, 2024 and 2023, respectively.

    Credit Quality and Provision for Credit Losses on Loans

    • Provision for credit losses on loans amounted to $634,000 for the three months ended September 30, 2024 compared to $457,000 for the three months ended September 30, 2023. The loan provision for the three months ended September 30, 2024, was primarily attributable to updated economic forecasts used in the quantitative modeling as of September 30, 2024. The allowance for credit losses on loans to total loans receivable was 1.32% at September 30, 2024 compared to 1.28% at June 30, 2024.
    • Loans classified as substandard and special mention totaled $59.0 million at September 30, 2024 and $48.6 million at June 30, 2024, an increase of $10.4 million. The increase in loans classified was primarily due to downgrades of commercial real estate loans during the period ended September 30, 2024, that were considered to be performing and paying in accordance with the terms of their loan agreements. Of the loans classified as substandard or special mention, $55.3 million were performing at September 30, 2024. There were no loans classified as doubtful or loss at September 30, 2024 or June 30, 2024.
    • Net charge-offs on loans amounted to $114,000 and $93,000 for the three months ended September 30, 2024 and 2023, respectively, an increase of $21,000. There were no material charge-offs in any loan segment during the three months ended September 30, 2024.
    • Nonperforming loans amounted to $3.6 million at September 30, 2024 and $3.7 million at June 30, 2024. The activity in nonperforming loans during the period included $410,000 in loan repayments, $57,000 in charge-offs or transfers to foreclosure, $56,000 in loans returning to performing status, and $441,000 of loans placed into nonperforming status. Nonperforming assets were 0.13% of total assets at September 30, 2024 and June 30, 2024, respectively. Nonperforming loans were 0.25% of net loans at September 30, 2024 and June 30, 2024, respectively.

    Noninterest Income and Noninterest Expense

    • Noninterest income increased $438,000, or 13.3%, to $3.7 million for the three months ended September 30, 2024 compared to $3.3 million for the three months ended September 30, 2023. The increase for the three-month period was primarily due to an increase in fee income earned on customer interest rate swap contracts, and income from bank owned life insurance (“BOLI”). During the quarter ended December 31, 2023, the Company restructured $23 million of BOLI contracts, by surrendering and simultaneously purchasing new higher-yielding policies.
    • Noninterest expense increased $705,000, or 8.0%, to $9.6 million for the three months ended September 30, 2024 compared to $8.8 million for the three months ended September 30, 2023. The increase during the three months ended September 30, 2024 was primarily due to an increase of $387,000 in salaries and employee benefits, due to new positions created during the period to support the Company’s continued growth, an increase of $176,000 in service and data processing fees due to vendor price negotiations in prior periods, and an increase of $285,000 in the reserve for credit losses on off-balance sheet unfunded commitments, due to the Company’s increased contractual obligations to extend credit. This was partially offset by a decrease of $156,000 in computer software and support fees, as compared to the three months ended September 30, 2023.

    Income Taxes

    • Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 6.4% for the three months ended September 30, 2024 and 13.0% for the three months ended September 30, 2023. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, and income received on the bank owned life insurance, to arrive at the effective tax rate. The decrease in the current quarter’s effective tax rate primarily reflects a higher mix of tax-exempt income from municipal bonds, tax advantage loans and bank owned life insurance in proportion to pre-tax income.

    Balance Sheet Summary

    • Total assets of the Company were $2.9 billion at September 30, 2024 and $2.8 billion at June 30, 2024, an increase of $48.8 million, or 1.7%.
    • Total cash and cash equivalents for the Company were $213.5 million at September 30, 2024 and $190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of September 30, 2024.
    • Securities available-for-sale and held-to-maturity increased $26.1 million, or 2.5%, to $1.1 billion at September 30, 2024 as compared to $1.0 billion at June 30, 2024. Securities purchases totaled $115.2 million during the three months ended September 30, 2024, and consisted primarily of $77.4 million of state and political subdivision securities, $24.7 million of U.S. Treasury securities, $9.2 million of collateralized mortgage obligations and $3.9 million of mortgage-backed securities. Principal pay-downs and maturities during the three months ended September 30, 2024 amounted to $97.0 million, primarily consisting of $66.5 million of state and political subdivision securities, $25.0 million of U.S. Treasury securities, $4.5 million of mortgage-backed securities, and $683,000 of collateralized mortgage obligations.
    • Net loans receivable remained at $1.5 billion at September 30, 2024 and June 30, 2024. Loan growth experienced during the three months ended September 30, 2024, consisted primarily of $15.3 million in commercial real estate loans, partially offset by a decrease of $11.5 million in commercial loans.
    • Deposits totaled $2.5 billion at September 30, 2024 and $2.4 billion at June 30, 2024, an increase of $96.7 million, or 4.1%. The Company had zero brokered deposits at September 30, 2024 and June 30, 2024, respectively. NOW deposits increased $87.9 million, or 5.0%, certificates of deposits increased $17.9 million, or 12.9%, and noninterest-bearing deposits increased $7.4 million, or 5.9% when comparing September 30, 2024 and June 30, 2024. Savings deposits decreased $7.9 million, or 3.2%, and money market deposits decreased $8.6 million, or 7.6%, when comparing September 30, 2024 and June 30, 2024.
    • Borrowings amounted to $142.5 million at September 30, 2024 compared to $199.1 million at June 30, 2024, a decrease of $56.6 million. At September 30, 2024, borrowings included $63.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $49.7 million of Fixed-to-Floating Rate Subordinated Notes, $25.0 million in the Bank Term Funding Program with the Federal Reserve Bank, and $4.8 million of long-term borrowings with the FHLB.
    • Shareholders’ equity increased to $216.3 million at September 30, 2024 compared to $206.0 million at June 30, 2024, resulting primarily from net income of $6.3 million and a decrease in accumulated other comprehensive loss of $5.6 million, partially offset by dividends declared and paid of $1.5 million.

    Corporate Overview

    Greene County Bancorp, Inc. is the holding company for The Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit http://www.tbogc.com.

    Forward-Looking Statements

    This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services.

    The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

    Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

    Non-GAAP Measures

    In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission (“SEC”) and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules.

    The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP.  Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 8 for Non-GAAP to GAAP reconciliations.

    (END)

    Greene County Bancorp, Inc.
    Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)

      At or for the Three Months
      Ended September 30,
    (Dollars in thousands, except share and per share data)   2024     2023  
    Interest income $ 27,769   $ 24,672  
    Interest expense   14,633     11,233  
    Net interest income   13,136     13,439  
    Provision for credit losses   634     457  
    Noninterest income   3,737     3,299  
    Noninterest expense   9,550     8,845  
    Income before taxes   6,689     7,436  
    Tax provision   428     967  
    Net Income $ 6,261   $ 6,469  
         
    Basic and diluted EPS $ 0.37   $ 0.38  
    Weighted average shares outstanding   17,026,828     17,026,828  
    Dividends declared per share(4) $ 0.09   $ 0.08  
         
    Selected Financial Ratios    
    Return on average assets(1)   0.93 %   0.99 %
    Return on average equity(1)   11.86 %   14.09 %
    Net interest rate spread(1)   1.76 %   1.89 %
    Net interest margin(1)   2.03 %   2.12 %
    Fully taxable-equivalent net interest margin(2)   2.29 %   2.37 %
    Efficiency ratio(3)   56.60 %   52.84 %
    Non-performing assets to total assets   0.13 %   0.22 %
    Non-performing loans to net loans   0.25 %   0.38 %
    Allowance for credit losses on loans to non-performing loans   542.39 %   369.10 %
    Allowance for credit losses on loans to total loans   1.32 %   1.40 %
    Shareholders’ equity to total assets   7.52 %   6.85 %
    Dividend payout ratio(4)   24.32 %   21.05 %
    Actual dividends paid to net income(5)   24.48 %   21.05 %
    Book value per share $ 12.70   $ 10.82  
                 

    (1) Ratios are annualized when necessary.
    (2) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income.
    (3) The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income.
    (4) The dividend payout ratio has been calculated based on the dividends declared per share divided by basic earnings per share. No adjustments have been made to account for dividends waived by Greene County Bancorp, MHC (“MHC”), the Company’s majority shareholder, owning 54.1% of the shares outstanding.
    (5) Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024. Dividends declared during the three months ended September 30, 2023 and September 30, 2024 were paid to the MHC.

    Greene County Bancorp, Inc.
    Consolidated Statements of Financial Condition (Unaudited)

      At
    September 30, 2024    		   At
    June 30, 2024
    (Dollars In thousands, except share data)      
    Assets      
    Cash and due from banks $ 24,824     $ 13,897  
    Interest-bearing deposits   188,645       176,498  
    Total cash and cash equivalents   213,469       190,395  
           
    Long term certificate of deposit   2,579       2,831  
    Securities available-for-sale, at fair value   364,526       350,001  
    Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $466 and $483 at September 30, 2024 and June 30, 2024   701,919       690,354  
    Equity securities, at fair value   339       328  
    Federal Home Loan Bank stock, at cost   4,795       7,296  
           
    Loans receivable   1,501,212       1,499,473  
    Less: Allowance for credit losses on loans   (19,781 )     (19,244 )
    Net loans receivable   1,481,431       1,480,229  
           
    Premises and equipment, net   15,498       15,606  
    Bank owned life insurance   57,898       57,249  
    Accrued interest receivable   14,909       14,269  
    Prepaid expenses and other assets   17,258       17,230  
    Total assets $ 2,874,621     $ 2,825,788  
           
    Liabilities and shareholders’ equity      
    Noninterest bearing deposits $ 132,897     $ 125,442  
    Interest bearing deposits   2,352,977       2,263,780  
    Total deposits   2,485,874       2,389,222  
           
    Borrowings, short-term   63,000       115,300  
    Borrowings, long-term   29,781       34,156  
    Subordinated notes payable, net   49,727       49,681  
    Accrued expenses and other liabilities   29,941       31,429  
    Total liabilities   2,658,323       2,619,788  
    Total shareholders’ equity   216,298       206,000  
    Total liabilities and shareholders’ equity $ 2,874,621     $ 2,825,788  
    Common shares outstanding   17,026,828       17,026,828  
    Treasury shares   195,852       195,852  
           

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

    Non-GAAP to GAAP Reconciliations

    The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.

      For the three months ended September 30,
    (Dollars in thousands)   2024     2023  
    Net interest income (GAAP) $ 13,136   $ 13,439  
    Tax-equivalent adjustment(1)   1,713     1,563  
    Net interest income-fully taxable-equivalent basis (non-GAAP) $ 14,849   $ 15,002  
         
    Average interest-earning assets (GAAP) $ 2,589,580   $ 2,534,918  
    Net interest margin-fully taxable-equivalent basis (non-GAAP)   2.29 %   2.37 %
                 

    (1) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three months ended September 30, 2024 and 2023, 4.44% for New York State income taxes for the three months ended September 30, 2024 and 2023.

    The following table summarizes the adjustments made to arrive at pre-provision net income.

      For the three months ended
    (Dollars in thousands) September 30, 2024   June 30, 2024   September 30, 2023  
    Net income (GAAP) $ 6,261   $ 6,732   $ 6,469  
    Provision for credit losses on loans   634     (151 )   457  
    Pre-provision net income (non-GAAP) $ 6,895   $ 6,581   $ 6,926  
                       

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

    For Further Information Contact:
    Donald E. Gibson
    President & CEO
    (518) 943-2600
    donaldg@tbogc.com

    Nick Barzee
    SVP & CFO
    (518) 943-2600
    nickb@tbogc.com

    The MIL Network –

  • MIL-OSI USA: Cornerstone of the Curriculum – UConn Medical School’s CLIC Program

    Source: US State of Connecticut

    During their first three years of medical school, UConn students are given the unique opportunity of working side by side with physician preceptors throughout the state as part of the Clinical Longitudinal Immersion in the Community (CLIC) program. This program has become a cornerstone of the curriculum – allowing students to develop and hone the patient care skills that they will utilize throughout their careers and provide one of their most influential and memorable learning experiences.

    [embedded content]

    MIL OSI USA News –

  • MIL-OSI USA: UConn Health Community Programs Helping Under Insured and Uninsured with Breast Cancer Screenings

    Source: US State of Connecticut

    Rosa Agosto and Maggie Donohue, community health workers are part of the community outreach and engagement program at the Carole & Ray Neag Comprehensive Cancer Center at UConn Health  making a difference in the lives of Connecticut residents.

    In their roles Agosto and Donohue attend events in the community and other UConn Health offices to provide educational information about prevention and screening of breast cancer.  They help those who are uninsured or underinsured find the resources to schedule important mammogram screenings and follow up appointments.

    At one such event, the YWCA literacy group, in New Britain, Agosto had the opportunity to present about breast cancer prevention and screenings and the services that UConn Health can provide to the uninsured and underinsured.  Following the presentation Agosto was approached by Vanessa Neira, a New Britain resident who indicated “that’s me you are talking about.”

    Neira is from a large family from Peru with a history of cancer.  One of her five sisters was diagnosed at 35 years old and was able to receive treatment, her other sister currently in Peru has a lump in her breast but does not have insurance.  “I am concerned about her due to our family history, including our father who survived prostate cancer that was diagnosed early,” says Neira.

    Her sister diagnosed at 35 had her left breast removed and chemotherapy, Neira was concerned for herself and wanted to have a mammogram, but did not have insurance at the time.

    “I am very grateful to Rosa Agosto who helped connect me with the UConn Health free mammogram program,” says Neira.

    Women who are either uninsured or underinsured can receive free and potentially life-saving mammograms from funding donated to UConn Health from the Linda Clemens Breast Cancer Foundation.  The Foundation has been donating funds since 2015 to UConn Health’s breast cancer program focusing on early detection through annual screenings.

    “Our comprehensive breast team educates women at various community outreach events throughout the year on 3D mammography and early detection,’’ says Kim Hamilton, program coordinator, community outreach and engagement at UConn Health. “To tell a woman with no insurance we can offer her a free mammogram can be life changing.’’

    Neira’s mammogram found a concerning spot that required further testing including an ultrasound and a biopsy to rule out cancer.  In her case, she did not have breast cancer but was able to have a baseline mammogram that her doctor has now advised her to have repeated annually.

    “I am grateful to the UConn Health team for their support throughout the process as I required more than a screening mammogram and as you can imagine, due to family history of breast cancer with my sister, I wanted to relieve my fears and doubts,” says Neira.

    “We know that early detection helps saves lives,” says Agosto. “Lack of insurance should not be a barrier to mammograms and here at UConn Health we are proud to be able to provide assistance to those who need mammograms, so they have access to early diagnosis, interventions and treatment.”

    Breast Cancer Awareness month is a good time to remember to schedule your appointment for a mammogram at UConn Health by calling 860-679-2784.  3D Mammograms are provided at the  Beekley Imaging Center at UConn Health offering the latest technologies, including all-digital mammography and a computer-aided detection system, which uses new technology to search for patterns that are typically recognized as indicators for cancer.

    UConn Health offers a financial assistance program to patients without insurance for medically necessary services. Patients can contact Rosa Agosto at 860-679-1694 for assistance with scheduling their mammogram.

    MIL OSI USA News –

  • MIL-OSI USA: DAUPHIN COUNTY – Shapiro Administration Recognizes Winners of Pennsylvania School Bus Safety Poster Contest, Driving Competition

    Source: US State of Pennsylvania

    December 23, 2024 – Harrisburg, PA

    ADVISORY – DAUPHIN COUNTY – Shapiro Administration Recognizes Winners of Pennsylvania School Bus Safety Poster Contest, Driving Competition

    Pennsylvania Department of Transportation (PennDOT) Deputy Secretary for Driver and Vehicle Services Kara Templeton and Pennsylvania State Police School Bus Safety Division Supervisor for the Commercial Vehicle Safety Division of the Bureau of Patrol Corporal Zeina Black will recognize student winners of the 2024 School Bus Safety Poster Contest and winning school bus drivers from the statewide 2024 School Bus Safety Competition.

    Winners of this year’s School Bus Safety Poster Contest are from schools in Allegheny, Berks, Centre, Northumberland, Snyder and Somerset counties. Winners of the school bus driver’s competition are from Chester County.

    WHO:
    PennDOT Deputy Secretary for Driver and Vehicle Services Kara Templeton
    PSP School Bus Safety Division Supervisor for the Commercial Vehicle Safety Division, Bureau of Patrol Corporal Zeina Black

    WHEN:
    Wednesday, October 23 at 10:00 AM

    WHERE:
    State Museum of Pennsylvania, 300 North Street, Harrisburg

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: One De Brazza’s Monkey of Hong Kong Zoological and Botanical Gardens passes away

    Source: Hong Kong Government special administrative region

    One De Brazza’s Monkey of Hong Kong Zoological and Botanical Gardens passes away
    One De Brazza’s Monkey of Hong Kong Zoological and Botanical Gardens passes away
    ********************************************************************************

         The Leisure and Cultural Services Department (LCSD) announced that the De Brazza’s Monkey of the Hong Kong Zoological and Botanical Gardens (HKZBG) which had been put under isolation since October 13 was found dead today (October 22). The Agriculture, Fisheries and Conservation Department (AFCD) has conducted a necropsy on the animal body to ascertain the cause of death.     A total of 12 animals of the HKZBG have passed away since October 13. After receiving necropsy, pathological diagnosis and laboratory tests results by relevant government departments, and ruling out other possible causes of illness, it is confirmed that the cause of death of the 11 animals deceased earlier is sepsis induced by bacterium Burkholderia pseudomallei. Similar lesions were also found in the tissues of relevant organs of the 12th monkey that died today. Pathological diagnosis and testing are in progress.     The LCSD will continue to close the Mammals Section of the HKZBG to closely monitor the health conditions of the animals. At present, the health conditions of the 78 mammals are normal. The LCSD will also continue to provide protective gear and health monitoring for staff who take care of animals. The health conditions of staff concerned are normal.      The LCSD has all along been communicating with the AFCD and the Centre for Health Protection of the Department of Health, and has implemented appropriate protective measures and stepped up cleaning in accordance with their recommendations.

     
    Ends/Tuesday, October 22, 2024Issued at HKT 21:58

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: As a federal election campaign looms, Canadians must demand stronger ethics laws from politicians

    Source: The Conversation – Canada – By Ian Stedman, Associate Professor, Canadian Public Law & Governance, York University, Canada

    Canadian politics is at a crossroads. When Prime Minister Justin Trudeau took office in 2015, his open letter to Canadians promised them accountability and transparency. As Trudeau’s time as prime minister seems to be winding down, however, his government has been subject to nearly two dozen conflict-of-interest investigations, with Trudeau himself even violating conflict laws.

    Partisan vitriol, electioneering and political brinkmanship are ramping up, with pressing issues like inflation, crime, climate action and housing set to dominate the political news cycle. What must not get lost amid these policy concerns is the urgent need to strengthen Canada’s governmental ethics and accountability laws, especially given the growing Canadian distrust in politicians.

    That includes distrust of those in the current government. A 2023 poll found that two-thirds of 1,632 respondents don’t trust the Trudeau government, with only about a third expressing confidence in the Prime Minister’s Office and less than half trusting the House of Commons.

    The prime minister’s high-profile conflict-of-interest violations highlight the inadequacy of accountability measures. They illustrate that federal ethics laws need reform, particularly the Conflict of Interest Act that applies to public office holders (the Conflict of Interest Code applies to MPs in their role as MPs while the act applies to MPs in their role as ministers or parliamentary secretaries).

    As researchers who focus on the laws of public sector ethics and accountability, we believe ethics issues must be kept in public view and political parties should be pressured to offer meaningful reform ideas in their campaign and party platforms.



    Read more:
    U.S. election results may suggest ethics no longer matter … just like in Canada

    Trudeau’s conflict violations

    Trudeau first breached conflict-of-interest laws in late 2016 and early 2017, when he vacationed with his family on the private Caribbean island of the Aga Khan, a spiritual leader whose foundation is registered to lobby and has received money from the government.

    The prime minister accepted private helicopter travel and other gifts, violating multiple sections of the Conflict of Interest Act.

    Mary Dawson, the ethics commissioner at the time, found that Trudeau had failed to avoid a conflict or to seek advice from her office before accepting the trip. Despite these conclusions, Trudeau faced no formal punishment.

    Trudeau’s second violation was revealed in 2019 amid the SNC-Lavalin affair. In a nutshell, the prime minister attempted to pressure then-Attorney General Jody Wilson-Raybould to intervene in a criminal prosecution against the engineering firm, which has its head offices in the same province as Trudeau’s electoral riding.



    Read more:
    SNC-Lavalin & the need for fresh thinking around independence and interference

    The ethics commissioner concluded that Trudeau used his position in an attempt to improperly serve SNC-Lavalin’s interests, breaching provisions of the Conflict of Interest Act. While this scandal rocked the Liberals, Trudeau again faced no real consequences for his actions apart from some ministerial resignations and possibly a failure to gain more Liberal seats in the October 2019 election.

    These incidents have helped foster an environment where conflict-of-interest violations have become normalized. Former ministers Bill Morneau and Yasmin Ratansi, Liberal House Speaker Greg Fergus, current ministers Mary Ng and Randy Boissonnault, along with various government appointees, have all been caught in ethics scandals.

    No consequences

    Regardless of which party holds power, a striking flaw in Canada’s political ethics framework is the lack of clear consequences for violating the Conflict of Interest Act. While ethics commissioners have the authority to investigate and report on violations, their reports are published online and submitted to the prime minister, who then decides whether any consequences will apply.

    Any penalties the commissioner can impose are laughably small, with administrative monetary penalties of no more than a paltry $500 for failing to meet reporting requirements.

    This critical gap places the responsibility for imposing consequences under the act on the person who may have been the one to violate the rules, which is sometimes the leader of the government.

    The prime minister decides on the punishment, even if the investigation concerns a cabinet member. This raises concerns about impartiality. Is there any incentive for the prime minister to actually hold colleagues accountable when they violate conflict-of-interest laws?

    And what message does it send to an already distrustful electorate when the prime minister and his inner circle can repeatedly violate conflict laws, then determine whether they should face consequences for their actions?

    Ongoing ethics concerns

    Conservative Leader Pierre Poilievre, who was tenacious in 2020 when grilling the prime minister over conflict-of-interest concerns during the WE Charity scandal, seems determined to continue challenging the Liberals on their ethics record.

    Poilievre interrogates Trudeau over the prime minister’s third conflict investigation in five years, this one concerning the WE Charity scandal in 2020. (CTV News)

    Poilievre’s Conservatives recently raised concerns over the controversial appointment of Mark Carney as a special adviser to the Liberal Party. Being appointed to a party position instead of a government job allows Carney to avoid the ethics commissioner’s scrutiny of his private interests yet still advise government officials.

    Additionally, accusations that the Liberals mismanaged the Sustainable Development Technology Canada fund and used it as a “slush fund” for party insiders recently caused Parliament to grind to a halt. The government has refused to provide information on how the fund was managed.

    At the same time, allegations that Trudeau has avoided taking responsibility for foreign interference in Canada’s elections have provided the opposition with further ethics ethics ammunition for an election campaign looming on the horizon.

    Given Trudeau’s poor polling numbers, recent reports about Liberal MPs calling for him to step down and the imminence of yet another cabinet shuffle, government ethics and accountability must take centre stage if the country is to rebuild Canadian trust in government. Updating the Conflict of Interest Act would be a strong and necessary starting point.

    Ethics aren’t a luxury

    Since the Conflict of Interest Act cannot be updated without the involvement of legislators, a cynical observer might wonder how ethics standards can be strengthened.

    One answer is that the Conservatives’ relentless push for an election gives the public a perfect opportunity to demand that proposals to improve conflict-of-interest laws are part of the campaign platforms of all parties.

    This is exactly what happened in 2006 when Stephen Harper led the Conservatives to victory by pledging a more ethical and accountable Ottawa, although his government ultimately faced its own share of scandals.

    Ethical lapses in leadership must not be treated as secondary to pressing economic and social issues. Having a government that continuously strengthens and upholds its ethical standards should not be considered a luxury.

    Strong ethical governance is needed to restore and maintain public trust and to ensure our elected officials are working hard on behalf of Canadians — not in their own self-interest.

    Ian Stedman receives research funding from SSHRC and CIHR. He is also the 2024-25 Jocelyne Bourgon Visiting Scholar at the Canada School of Public Service.

    Matthew Cerilli 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. As a federal election campaign looms, Canadians must demand stronger ethics laws from politicians – https://theconversation.com/as-a-federal-election-campaign-looms-canadians-must-demand-stronger-ethics-laws-from-politicians-241710

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Mortgage Lenders See Immense Value in Simplifying and Standardizing Closing-Cost Descriptions

    Source: Fannie Mae

    Closing costs are fees and charges paid by borrowers in connection with the closing of a home purchase or a mortgage refinancing.1 Examples include mortgage origination fees, borrower credit report fees, appraisal fees, title insurance premiums, settlement fees, and real estate agent commissions. In recent years, these costs have risen considerably,2 posing a significant challenge for many first-time and lower-income homebuyers hoping to purchase a home.3

    In late July, we surveyed over 200 senior mortgage executives via our Mortgage Lender Sentiment Survey® to gather insights from lenders about opportunities to simplify and standardize closing cost line-item descriptions, as well as their opinions on which cost areas would benefit from clearer definitions to increase transparency for borrowers. Additionally, we asked lenders to provide feedback on areas where they believe costs can be reduced.

    Among the key findings:

    • While 60% of lenders believe it’s easy to accurately estimate closing costs, their experience explaining these costs to borrowers is mixed: Only half of lenders told us that it’s easy to explain closing costs to borrowers.
    • The majority of lenders (81%) agreed that simplifying and standardizing closing cost line-item descriptions would be valuable for the mortgage industry. Respondents indicated that increasing transparency, particularly for borrowers, would be the most important benefit of such an effort, followed by decreasing compliance costs, and helping consumers comparison-shop.

    Click image above for larger view

    • Lenders said “getting key players to align on standardization” is the biggest implementation challenge, followed by making the necessary technology updates (e.g., integrating with loan origination systems or industry data portals).
    • To help improve transparency for borrowers, several closing cost types were highlighted by lenders as being especially likely to benefit from further clarity, including lender fees, settlement/closing fees, lender’s title insurance premium or attorney opinion letter (AOL) fees, and borrower credit report and verification of income/employment/assets (VOI/E/A) fees.4

    Click image above for larger view

    • We asked lenders to identify the areas where they believe closing costs can be reduced, and the most common responses were borrower credit report and VOI/E/A fees5, lender’s title insurance premium or AOL fees, and real estate agent commissions, in that order.

    Click image above for larger view

    As part of the survey, we also encouraged lenders to provide write-in commentary on the closing-cost concerns that are top of mind for them. Some lenders noted that certain costs charged by third parties, such as credit reports and employment verification fees, have climbed significantly, despite technological advancements intended to make the process more efficient and cost-effective. Others expressed the opinion that some closing costs were overpriced relative to the associated risk, while some observed that costs charged to borrowers can vary considerably, even for effectively the same service. A few lenders noted that while the individual fees charged by the transacting parties are often relatively low, when aggregated the closing costs typically add up to a significant amount. Finally, many lenders concluded that simplifying and standardizing closing cost line-item descriptions would be an important value-add for the entire mortgage industry, asserting that it would help increase transparency, reduce compliance costs, and enable consumers to both better understand the costs and shop around for better prices.

    Based on these findings, we believe meaningful opportunities exist for the mortgage industry to increase transparency around closing costs and potentially help save consumers money. In recent years, the mortgage industry has made some strides in this space, including introducing tools to help borrowers better understand (and calculate for themselves) the various mortgage costs and fees, deploying property valuation modernization efforts to streamline the home-valuation process and reduce appraisal costs for borrowers, and allowing lenders to use an Attorney Opinion Letter (AOL) as an alternative to a lender’s title insurance policy. Still, we believe much more can be done, and we’re committed to working with our industry partners to help improve transparency and reduce closing costs for borrowers.

    To learn more, read the full research deck.

    Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae’s Economic & Strategic Research (ESR) Group or survey respondents included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR Group represent the views of that group or survey respondents as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

    1 These fees are typically itemized under “Closing Cost Details” on the Closing Disclosure document. The Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) rule requires all settlement fees to be disclosed in the form of a Loan Estimate and the integrated Closing Disclosure. The objective of the Loan Estimate and Closing Disclosure documents is to simplify and clarify the terms of the loan that a borrower is applying for while also showing how much money is needed at closing and for what purpose.

    2 According to a CFPB analysis, from 2021 to 2023, median total loan costs for home mortgages increased by over 36%.

    3 “Barriers to Entry: Closing Costs for First-Time and Low-Income Homebuyers,” Fannie Mae, December 2021,
    https://www.fanniemae.com/research-and-insights/publications/barriers-entry-closing-costs-first-time-and-low-income-homebuyers
    https://www.fanniemae.com/media/document/pdf/barriers-entry-homebuyer-closing-costs

    4 Larger lenders (37%) are significantly more likely than smaller lenders (15%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to increase transparency. Mortgage banks (34%) are significantly more likely than depository institutions (14%) and credit unions (16%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to increase transparency.

    5 Larger lenders (56%) are significantly more likely than smaller lenders (36%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to reduce costs. Mortgage banks (53%) are significantly more likely than credit unions (29%) to cite “borrower credit report & VOI/E/A fees” as a top-two opportunity to reduce costs.

    MIL OSI Economics –

  • MIL-OSI Economics: Global Financial Stability Report, October 2024 – Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability 

    Source: International Monetary Fund

    Chapter 1: Steadying the Course: Financial Markets Navigate Uncertainty 

    Chapter 1 delves into the financial vulnerabilities and imbalances challenging financial stability. With the expectation that monetary policy will continue to ease globally, financial conditions have remained accommodative, emerging markets have remained resilient and asset price volatility has stayed low, on net. However, accommodative financial conditions that keep near-term risks contained also facilitate the buildup of vulnerabilities, such as lofty asset valuations, the global rise in private and government debt, and increased use of leverage by nonbank financial institutions. These vulnerabilities could worsen future downside risks by amplifying adverse shocks, which have become more probable due to the widening disconnect between elevated economic uncertainty and low financial volatility. Furthermore, access to funding for economies with weaker fiscal buffers may become more constrained, and the slowing growth outlook in China, along with fragilities in its financial system, is a key downside risk to the global economy. Pressures on the commercial real estate sector also continue to be acute, and some midsized companies’ borrowings are becoming increasingly strained. These mounting vulnerabilities highlight the urgency for policymakers to address them. 

    MIL OSI Economics –

  • MIL-OSI: Setting the Stage for Growth: Bank of Glen Burnie Names New Director of Commercial Banking and Vice President of Cash Management

    Source: GlobeNewswire (MIL-OSI)

    GLEN BURNIE, Md., Oct. 22, 2024 (GLOBE NEWSWIRE) — The Bank of Glen Burnie®, a wholly owned subsidiary of Glen Burnie Bancorp (NASDAQ: GLBZ), expanded its business banking team. Jonathan Shearin was named director of commercial banking and Ed Abedi was named vice president of cash management, announced Mark C. Hanna, President and CEO of Glen Burnie Bancorp and The Bank of Glen Burnie.

    Hanna commented, “We are thrilled to welcome Jonathan and Ed to the team. Growing our ability to serve the businesses of Anne Arundel County is goal number one for the Bank. As an independent, community-driven bank, we’re uniquely positioned to support small businesses—the backbone of job creation. Jonathan will champion this message in his role, ensuring that local companies know we have the products, services and people to meet their needs. Ed will play a key role in enhancing our digital services to keep pace with continually evolving demands.”

    Jonathan Shearin most recently served as a commercial relationship manager at Shore United Bank, where he worked with companies to provide banking solutions tailored to their operations and growth. Prior to this, he was a commercial relationship manager at Primis, overseeing and developing a portfolio of over $220 million. His banking career began with roles in treasury management and commercial lending at Eastern Virginia Bankshares, where he supported credit analysis and client management. He is a graduate of Randolph-Macon College in Ashland, Virginia, where he earned a Bachelor of Science in business with a concentration in finance.

    Shearin shared, “I am pleased to join the Bank of Glen Burnie. With a 75-year legacy of commitment to community and service, the Bank has deep roots in supporting local businesses. My focus will be on carrying forward that tradition, helping businesses thrive as we strengthen those connections.”

    Ed Abedi has over two decades of experience in commercial banking and treasury management. Most recently, he served as vice president of commercial banking at HTLF, a regional bank headquartered in Denver, Colorado. His previous roles include positions at First Horizon Bank, EagleBank, PNC, and Bank of America Merrill Lynch (now BofA Securities), where he specialized in treasury management and commercial banking solutions. Ed is a graduate of California’s San Francisco State University.

    Abedi shared, “The right digital banking tools enable companies to operate more efficiently and strategically. My role is to ensure businesses fully leverage these technologies to their advantage, which will enhance their overall experience with the Bank of Glen Burnie. I’m excited to join this team and to serve our valued customers as we continue to innovate.”

    About Glen Burnie Bancorp

    Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with eight Anne Arundel County branches. The Bank is engaged in commercial and retail banking, including accepting demand and time deposits and originating loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at thebankofglenburnie.com.

    Forward-Looking Statements

    The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the Company’s reports filed with the Securities and Exchange Commission.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/634043fc-d456-4ff0-ab1a-e933cc748e3d

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2fe23ee6-9936-4985-ad76-c6f68b1003f0

    The MIL Network –

  • MIL-OSI: WithSecure Corporation, Inside information: Cyber security consulting goodwill impairment of EUR 15.5 million

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, Inside information, 22 October 2024, 17:30 EEST

    WithSecure Corporation, Inside information: Cyber security consulting goodwill impairment of EUR 15.5 million

    As part of the preparation of its third quarter interim report, WithSecure has tested the values of its intangible assets and goodwill. As a result of this testing, an impairment of EUR 15.5 million of the goodwill related to Cyber security consulting business will be recognized as part of the third quarter interim report result. The impairment will not have an impact on WithSecure cashflow or Adjusted EBITDA.

    Consulting goodwill is resulting from the acquisition of nSense (Denmark) in 2015, Inverse Path (Italy) in 2017, Digital Assurance (UK) in 2017, and MWR Infosecurity (UK) in 2018.

    In 2024, WithSecure lowered the revenue outlook of its consulting business, due to financial constraints in some key accounts. At the same time, increased equity market risk has increased the average cost of capital applied to estimate the current value of future cash flows related to the consulting business.

    Carrying value of the consulting-related goodwill after the transaction is EUR 28.7 million.

    Contact information:

    Laura Viita,
    Vice President, Controlling, investor relations and sustainability
    WithSecure Corporation
    +358 50 487 1044
    investor-relations@withsecure.com

    The MIL Network –

  • MIL-OSI Security: NATO’s strategy for digital transformation

    Source: NATO

    The rapid evolution of digital technologies has profoundly transformed our societies, our economies, and is having a significant impact on modern warfare. NATO’s Digital Transformation Implementation Strategy will help address the need for technological and cultural transformation, leveraging data and artificial intelligence to drive this digital transformation.

    At the Madrid Summit in 2022, Allies agreed on the need to strengthen NATO’s technological edge as a means of reinforcing their collective deterrence and defence. The strategy will guide the Alliance to harness technology more effectively, helping it to mitigate against threats, support decision-making, and ultimately drive transformation. It provides a roadmap that outlines how, by 2030, NATO will leverage digital technologies in all its areas of operations to foster its technological edge in executing its core tasks of deterrence and defence. Guiding NATO’s development in four capability areas – people, process, technology and data – through multiple lines of effort, the strategy pinpoints key deliverables in the implementation of digital transformation.

    The strategy highlights four key outcomes for the Alliance:

    • Strength across all domains – maritime, land, air, cyberspace and space.
    • Elevated digital standards to ensure NATO remains future-proof.
    • A more advanced data picture using real-time analytics.
    • Enhanced decision-making supported by more effective data sharing.

    The summary of NATO’s Digital Transformation Implementation Strategy is available here.

    MIL Security OSI –

  • MIL-OSI: ARC Capital Venture LLC Sees Attractive Fixed Income Opportunities Amid Market Stability

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 22, 2024 (GLOBE NEWSWIRE) — ARC Capital Venture LLC has identified a growing wave of opportunity within the fixed-income investment market, as stabilizing economic conditions provide a more favorable environment for investors seeking both security and diversification. With bond markets benefiting from reduced volatility, government and corporate bonds have once again become essential components of diversified portfolios.

    The convergence of higher interest rates, central bank easing, and inflation control has created a uniquely attractive landscape for fixed-income investors. Bonds now offer a stable alternative to riskier assets, providing consistent returns while also serving as a hedge against potential stock market fluctuations. ARC Capital’s research indicates that the correlation between risk assets and bonds has normalized, enabling bonds to perform their traditional role as a stabilizing force within investment portfolios.

    Nicos Kezarides, Chief Executive Officer of ARC Capital Venture LLC, emphasized the current market climate as a prime time to explore the full potential of fixed-income investments. “The current economic environment is ideal for investors to explore the value that fixed-income investments provide, from government bonds to corporate bonds and innovative income solutions,” Kezarides stated. “We’re witnessing a resurgence of confidence in the bond market as it continues to provide balanced portfolios with both protection and competitive returns.”

    The combination of stabilizing inflation and anticipated rate cuts by central banks, such as the Federal Reserve, has contributed to strong demand for bonds. Investment-grade bonds are currently yielding between 4% and 5%, while high-yield bonds offer more attractive returns of around 7%. The improved economic backdrop has bolstered both investment-grade and high-yield bonds, which have outperformed the broader bond market in the past year.

    Corporate bonds, in particular, have been a standout in the fixed-income space. As businesses adjust to the evolving economic conditions, corporate bonds have benefited from tightening spreads and robust demand. Lower yields during periods of market risk aversion and tighter spreads in risk-on scenarios have made corporate bonds a stable and attractive option for income-focused investors. These dynamics have positioned corporate bonds as a preferred investment, offering both higher yields and less volatility compared to other fixed-income assets.

    Kezarides noted, “Both investment-grade and high-yield bonds have outperformed expectations this year, and we anticipate continued strength in the corporate bond space as investor demand remains high. This environment offers an excellent opportunity for those looking to add fixed-income solutions to their portfolios.”

    ARC Capital Venture LLC also highlighted the innovation occurring within the fixed-income sector. A growing number of income-oriented products, such as absolute return funds and target-date maturity funds, are helping investors achieve their financial goals. These products are designed to deliver returns regardless of benchmark performance, giving investors more control over outcomes and helping them navigate periods of economic uncertainty.

    The strategic use of derivatives in fixed-income portfolios has also emerged as a valuable tool, enabling investors to manage interest rate risks while taking advantage of inefficiencies in the bond market. By combining these strategies with traditional fixed-income investments, ARC Capital is providing a comprehensive approach that balances risks and maximizes returns.

    “As the economy continues to evolve, fixed income remains an essential tool for portfolio diversification and wealth preservation,” said Kezarides. “At ARC Capital, we are committed to helping our clients navigate this landscape, providing tailored fixed-income solutions designed to meet their financial goals.”

    With a positive outlook for fixed-income markets heading into 2025, ARC Capital Venture LLC remains optimistic about the continued strength of the bond market. The expected rate cuts and easing monetary policies from central banks, combined with stabilizing inflation, will likely fuel sustained growth in both government and corporate bonds. As central banks take steps to support economic stability, ARC Capital expects long-duration bonds to provide attractive yields, making fixed income an increasingly vital component of investor portfolios.

    For investors looking to capitalize on the opportunities within the fixed-income market, ARC Capital Venture LLC offers a range of strategies that cater to various risk appetites and financial goals. The firm’s approach emphasizes the importance of bonds as a means of safeguarding against market volatility while generating steady, long-term returns.

    For more information on ARC Capital services and market insights, please visit http://www.arc-capital.com or contact our team at info@arc-capital.com.

    This press release does not provide general or personal financial product advice, nor does it constitute a recommendation to engage in transactions or invest in fixed income securities. It should not be considered as a solicitation. Before making any investment decisions related to fixed-income securities, investors are advised to consult with their financial adviser and seek independent tax advice, considering their individual needs and financial circumstances.

    Media Relations
    ARC Capital Venture LLC
    Max Harrington, Head of Marketing
    max.harrington@arc-capital.com
    +1 (312) 820-1040
    10 South Riverside Plaza
    Suite 875
    Chicago, IL 60606

    The MIL Network –

  • MIL-OSI Europe: OLAF’s Intelligence Leads to Record-Breaking Seizure of Illegal F-Gases in the Netherlands

    Source: European Anti-Fraud Offfice

    Intelligence provided by the European Anti-Fraud Office (OLAF) has led to the largest-ever seizure of illegal F-gases in the Netherlands. The Dutch authorities, acting on OLAF’s information, confiscated four containers filled with nearly 4,800 cylinders of F-gases at the port of Rotterdam. The illegal shipment, valued at approximately 1.5 million EUR, was intercepted before it could be delivered to unauthorized importers within the European Union.

    OLAF has been closely monitoring the international traffic of F-gases (hydrofluorocarbons, or HFCs) to the EU from third countries. The intelligence shared with Dutch authorities highlighted suspicious movements of F-gases destined for three European countries, where importers lacked the proper authorization to handle these substances. Thanks to this information, the Dutch Human Environment and Transport Inspectorate (ILT-IOD) launched a successful investigation, tracking and seizing the containers in Rotterdam.

    F-Gases and Environmental Concerns

    F-gases are subject to strict quotas and a phased reduction under EU environmental regulations due to their significant impact on global warming. The seized shipment originated from outside the EU, and OLAF, in partnership with national authorities, is working to disrupt illegal networks trafficking these potent greenhouse gases into Europe.

    As the EU enforces increasingly stringent rules on F-gas usage and importation, the black market for these gases has expanded. Devices such as air conditioners and industrial refrigeration systems, which rely on F-gases, are fueling this illegal trade. OLAF remains at the forefront of efforts to protect the EU’s environmental integrity by cracking down on illegal F-gas trafficking.

    MIL OSI Europe News –

  • MIL-OSI Europe: Helping cancer patients and survivors to remain in and return to work

    Source: European Union 2

    Today, the Commission has published a study that maps policies and good practices in the EU and EEA/EFTA that help cancer patients and those with a history of cancer to remain in and return to work. This study is one of the key deliverables of Europe’s Beating Cancer Plan to support job retention and return to work for cancer patients and survivors.

    The study presents several recommendations to address gaps, obstacles and remaining challenges, such as the need to expand and strengthen national policy and rules to include more cancer-specific measures, to reinforce monitoring and enforcement mechanisms and increase awareness-raising. Among the key findings is the current lack of dedicated national legislative frameworks for job retention and/or reintegration specifically for cancer patients and survivors in many countries. However, the study also found that many organisations have supporting measures in place, and some countries have more general policies to support persons with chronic diseases or disabilities. The report’s findings come after broad consultation with stakeholders. It includes factsheets on the situation for each country and good practices identified.

    Stella Kyriakides, Commissioner for Health and Food Safety, said: “This study focuses on the need to improve the quality of life for those whose lives have been touched by cancer, one of the key action areas of Europe’s Beating Cancer Plan. It shows that although we have achieved significant progress in terms of cancer survival rates, many challenges remain in managing daily life with cancer. We must break the stigma that may affect persons touched by this disease and protect the right to return to work, to stay employed and ensure there is no discrimination. This is the beginning of the conversation: we will now analyse the results and encourage stakeholders to engage in discussions on how to turn the challenges of today into opportunities for tomorrow.”

    More information

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: De Brazza’s Monkey dies

    Source: Hong Kong Information Services

    The Leisure & Cultural Services Department (LCSD) announced that the De Brazza’s Monkey at the Hong Kong Zoological & Botanical Gardens (HKZBG) that has been under isolation since October 13, was found dead today.

    The Agriculture, Fisheries & Conservation Department then conducted a necropsy on the animal to ascertain the cause of death.

    A total of 12 animals at the HKZBG have passed away since October 13.

    After receiving the necropsy, pathological diagnosis and laboratory test results by relevant government departments, it was confirmed that the cause of death of the previous 11 animals was sepsis induced by bacterium Burkholderia pseudomallei.

    Similar lesions were also found in the tissues of the organs of the monkey that died today.

    The LCSD will keep the HKZBG’s Mammals Section closed to monitor the health conditions of the animals. The health conditions of the 78 mammals are normal.

    It will also continue to provide protective gear and health monitoring for staff who take care of animals. The health conditions of the staff concerned are normal.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: $76 Million in Illegal E-Cigarettes Seized in Joint Federal Operation

    Source: US Department of Health and Human Services – 3

    For Immediate Release:

    Today, the U.S. Food and Drug Administration, in collaboration with U.S. Customs and Border Protection (CBP), announced the administrative seizure of approximately three million units of unauthorized e-cigarette products, with an estimated retail value of $76 million. The seizures were part of a July joint operation to examine incoming shipments and prevent illegal e-cigarettes from entering the country. 

    “The FDA is on high alert and, in coordination with our federal partners, remains committed to stopping unauthorized e-cigarettes at our nation’s borders,” said FDA Commissioner Robert M. Califf, M.D. “These products too often end up in kids’ hands, and the newly formed federal task force is well positioned to collectively combat this unscrupulous activity.”

    In June, the FDA and the Department of Justice announced a joint federal task force to curb the distribution and sale of illegal e-cigarettes. Operations like these are an example of ongoing law enforcement work across federal agencies, which are now increasing in frequency with the creation of the task force. 

    “CBP’s trade enforcement mission places a significant emphasis on intercepting illicit products that could harm American consumers,” said Troy A. Miller, Senior Official Performing the Duties of the Commissioner for CBP. “We will continue to work with our enforcement partners to identify and seize unsafe and unlawful goods.” 

    In preparation for the operation, the joint team worked for several months to review shipping invoices, identify potentially violative incoming shipments and complete other investigative work that led to this successful operation. Upon examining shipments, all of which originated in China, the team found various brands of illegal e-cigarettes, including Geek Bar and others. In an attempt to evade duties and detection, most of these unauthorized e-cigarettes were intentionally mis-declared as items with no connection to vaping products and with incorrect values. Products that are seized and forfeited to the government will be disposed of in accordance with CBP authorities. 

    “This isn’t the first joint seizure operation, and it won’t be the last – we will continue to relentlessly pursue those attempting to smuggle illegal e-cigarettes,” said Brian King, Ph.D., M.P.H., director of the FDA’s Center for Tobacco Products. “The $76 million these bad actors just put in the dumpster should be a sobering reminder that their time and money would be better spent complying with the law.”

    The joint federal task force will continue to focus on actions to stop the illegal importation and distribution of unauthorized e-cigarette products in the United States. This may include investigating and prosecuting new criminal, civil, seizure and forfeiture actions under the Prevent All Cigarette Trafficking Act; the Federal Food, Drug, and Cosmetic Act, as amended by the Family Smoking Prevention and Tobacco Control Act; and other authorities. Violations of these statutes can result in felony convictions and significant criminal fines, as well as civil monetary penalties. They can also result in seizures of unauthorized products, which can help to make illegal e-cigarettes less accessible, including to youth.

    Related Information

    Related Information

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    Boilerplate

    The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, radiation-emitting electronic products, and for regulating tobacco products.

    Inquiries

    Consumer:
    888-INFO-FDA

    MIL OSI USA News –

  • MIL-OSI USA: Casten, Beatty Introduce Legislation to Financially Empower Women in Abusive Situations

    Source: United States House of Representatives – Representative Sean Casten (IL-06)

    October 22, 2024

    Washington, D.C. — Today, U.S. Representatives Sean Casten (IL-06) and Joyce Beatty (OH-03) introduced the Financial Empowerment and Protection Act, legislation aimed at removing barriers to the financial insights often necessary for people to safely leave abusive relationships.

    “Far too often, we hear stories of victims of abuse who feel trapped in their situation due to limited or no insight into their household finances,” said Congressman Casten. “This legislation, which came out of one such story from a constituent who called in, aims to take away that lever of control from an abuser, empowering women to make their own financial decisions.”

    “Financial control is often used to trap women in abusive relationships by limiting their economic and physical independence,” said Congresswoman Beatty. “This bill provides crucial protection by ensuring equal access to and control over shared household finances, empowering women to make decisions for their wellbeing and future. I’m proud to join Congressman Casten in introducing this bill to help protect and support women, especially those in crisis, in building secure, independent lives.”

    “For too long, financial abuse has been used by abusers to hold on to power and control over women—with laws on the books that allow them to withhold financial information women need to leave abusive relationships and build security of their own,” said Christian F. Nunes, president of the National Organization for Women. “Rep. Casten’s bill will finally correct this dangerous gap in our laws, and unlock doors to financial freedom women urgently need.”

    “Survivors of domestic violence deserve safeguards that sustain their financial stability and security. Maintaining survivors’ access to shared accounts, such as cell phone, utility and mortgage accounts, is one of many policy solutions needed to better preserve their economic well-being,” said Jocelyn Frye, president of the National Partnership for Women & Families. “The Financial Empowerment and Protection Act would give power back to survivors by providing them with the tools to regain or retain their independence. We are grateful to Representatives Casten and Beatty for their tremendous efforts to support survivors and their families.”

    “This legislation is important for sexual violence survivors in their efforts to regain independence from their abusers,” said Carrie Ward, CEO of the Illinois Coalition Against Sexual Assault. “Far too frequently, survivors are manipulated and coerced by abusers due to financial factors. If approved, this legislation would demonstrate that our society does not tolerate such manipulation and instead provides every opportunity for survivors to regain their independence.  Illinois rape crisis centers support Rep. Casten as he introduces this legislation and believe it is another step forward in supporting survivors.”

    Under the Financial Empowerment and Protection Act, mortgage lenders, landlords, utility providers, and childcare providers would be required to offer joint accounts for cohabitating or co-parenting couples. Oftentimes, abusive partners use financial limitations as a method of control to prevent a victim from leaving the situation. This means that people leaving abusive relationships may have limited access to pay their own bills; and may lose access to housing and childcare. Domestic violence shelters report that information about these accounts is commonly withheld during the dissolution of abusive relationships. This legislation aims to circumvent this, allowing victims equal insight into their household finances.

    This bill has endorsements from the National Partnership for Women & Families, National Organization for Women (NOW), the Illinois Coalition Against Domestic Violence, and the Illinois Coalition Against Sexual Assault.

    Text of the legislation can be found here.

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    MIL OSI USA News –

  • MIL-OSI USA: Congressmen Gaetz & Moulton Lead Bipartisan Legislation Holding Lockheed Martin and DoD Accountable for F-35 Aircraft Failures

    Source: United States House of Representatives – Congressman Matt Gaetz (1st District of Florida)

    Washington, D.C. — Today, U.S. Congressmen Matt Gaetz (R-FL) and Seth Moulton (D-MA) will introduce a bipartisan resolution expressing the sense of Congress that Lockheed Martin and its subcontractors are in breach of contract with respect to the F-35 deliverables and that the Department of Defense (DoD) has failed to adequately hold the program accountable.

    Last month, Rep. Gaetz spoke in the House Armed Services Committee about the federal government stifling innovation by giving Lockheed Martin “full-system performance” to fix their own failed F-35 program all while House appropriators have taken away funds service members need for child care and using those funds instead to buy more F-35s.

    “The federal government should not give ‘full-system performance’ contracts to companies responsible for their own failures. Today, I introduced a resolution to hold contractors accountable for breaching their F-35 obligations, while the Department of Defense has failed to enforce accountability.

    It’s unacceptable to leave the American taxpayer on the hook for a broken system and allow appropriators in Congress to divest funds from service members’ child care to invest in broken F-35s. We must stop rewarding failure and prioritize our military families,” said Congressman Gaetz.

    “For two decades, across multiple administrations and Congresses, Lockheed Martin has failed to deliver on the F-35. Every step in the program’s journey has been late, wildly over budget, and has produced a plane that does not perform as required. It’s time to hold Lockheed Martin publicly accountable for failing the American taxpayer,” said Congressman Moulton.

    Full text of Congressman Gaetz’s resolution can be found HERE. Additionally, exclusive coverage of the resolution by Breitbart News can be found HERE.

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    MIL OSI USA News –

  • MIL-OSI Europe: New rules make for more efficient and greener flights

    Source: European Union 2

    On Tuesday, MEPs paved the way for improved management of European airspace, enabling more direct flights and fewer delays, and supporting climate neutrality.

    The reform of Single European Sky rules, already agreed upon in negotiations with the Council last March, strengthens national performance plans for air navigation services and will help to improve EU airspace management. These plans will have binding targets and incentives to make flights more efficient and environmentally friendly. An independent advisory Performance Review Board would be set up to help the Commission and EU member states in taking decisions on implementing these plans.

    In addition, the Commission will adopt EU performance targets on capacity, cost efficiency, climate and environmental factors for air navigation services, to be reviewed at least every three years.

    Greener air navigation charges

    MEPs secured a provision that tasks the Commission with assessing how charges levied on airspace users (airlines or private planes operators) for providing air navigation services could encourage them to become more environmentally friendly, for example by using the most fuel-efficient available routing or alternative clean propulsion technologies.

    More competition

    Another key demand of MEPs during the negotiations was to encourage competition in the air navigation services market. The new bill includes the possibility for air-traffic service providers to procure other air navigation services, such as communication, meteorological or aeronautical information services, under market conditions.

    Quotes

    “The reform is a step forward in removing bottlenecks, creating more efficient air traffic control and management, and reducing costs and emissions through shorter and safer flights, from which all European airlines, and especially European citizens, will benefit. The creation of a truly single European airspace, however, has been blocked by member states, unwilling to give up national powers for the greater good. I now call on member states to constructively implement this reform”, said EP co-rapporteur Jens Gieseke (EPP, DE).

    “Today, Europe’s airspace is like a big jigsaw puzzle where each country has its own piece, but unfortunately not all the pieces fit together. This leads to detours, waiting times and unnecessary costs. In 2023, almost three out of ten flights were delayed by more than 15 minutes. The new rules will make aviation safer, more punctual and more climate-friendly”, added EP co-rapporteur Johan Danielsson (S&D, SE) and also thanked former rapporteurs Marian-Jean Marinescu (EPP, Romania) and Bogusław Liberadzki (S&D, PL) for their work.

    Next steps

    Both co-legislators have now approved the new rules– the Council did so on 26 September. They will enter into force 20 days after publication in the Official Journal of the EU. While most of the provisions will apply from that date, other provisions (e.g. penalties for infringing the new rules; national supervisory authority’s independence) will only take effect two years later.

    MIL OSI Europe News –

  • MIL-OSI Canada: Seizure of contraband and unauthorized items at the Donnacona Institution

    Source: Government of Canada News

    On October 17, 2024, as a result of the vigilance of staff members, contraband and unauthorized items were seized at the Donnacona Institution, a maximum-security federal institution.

    October 22, 2024 – Donnacona, Quebec – Correctional Service Canada

    On October 17, 2024, as a result of the vigilance of staff members, contraband and unauthorized items were seized at the Donnacona Institution, a maximum-security federal institution.

    The contraband and unauthorized items seized included, methamphetamine, hashish, shatter (cannabis concentrate), tobacco, cell phones and metal saw blades. The total estimated institutional value of this seizure is $169,820.

    The Correctional Service of Canada (CSC) uses a number of tools to prevent drugs from entering its institutions. These tools include ion scanners and drug-detector dogs to search buildings, personal property, inmates, and visitors.

    CSC is heightening measures to prevent contraband from entering its institutions in order to help ensure a safe and secure environment for everyone. CSC also works in partnership with the police to take action against those who attempt to introduce contraband into correctional institutions.

    CSC has also set up a telephone tip line for all federal institutions so that it may receive additional information about activities relating to security at CSC institutions. These activities may be related to drug use or trafficking that may threaten the safety and security of visitors, inmates, and staff members working at CSC institutions.

    The toll-free number, 1‑866‑780‑3784, helps ensure that the information shared is protected and that callers remain anonymous. 

    MIL OSI Canada News –