Business, Free News Articles

Velocity Credit Union gives members free access to their FICO® Scores

AUSTIN, Texas -- Velocity Credit Union credit card holders can now access their FICO(R) Scores at no charge through monthly statements and online banking. FICO(R) Scores will be refreshed on a quarterly basis and checking them will not affect credit ratings.

FICO(R) Scores are widely used by lenders in evaluating risk when making credit-related decisions. Credit cards, auto loans and insurance, and mortgage rates can be affected by credit scores. Knowledge is power, and knowing this three-digit FICO(R) Score (and the key factors affecting it) can help consumers see how lenders view them.

Free access to FICO(R) Scores is easy, since they will appear on members' monthly statements. Or, cardholders can simply log into Online Banking at https://www.velocitycu.com/ (or through our free mobile app), select "Credit Card Services" from the "Services" category of the Home Page menu, and click the "FICO(R) SCORE" banner on the right side of the screen. Selecting a card number will reveal the score.

For more information, including specific factors that impact FICO(R) Scores and their relative importance, visit https://www.velocitycu.com/FICO.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

About Velocity Credit Union:

Velocity Credit Union is one of the largest Austin-area credit unions with branches located in Austin, Round Rock and Cedar Park. Chartered in 1947, the institution serves a five county area, with a broad and diverse community membership. The credit union employs more than 200 people, has assets of approximately $849 million and serves more than 84,000 members. To learn more about Velocity Credit Union's products and services, visit https://www.velocitycu.com/FICO.

Related link: https://www.velocitycu.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Software

Arvest Bank to roll out SimpleNexus mobile-first mortgage platform

LEHI, Utah -- SimpleNexus (https://simplenexus.com/), developer of the leading digital mortgage platform for loan officers, borrowers and real estate agents, today announced that more than 200 retail loan officers at Arvest Bank (Arvest) will soon begin offering borrowers and referral partners a more streamlined mortgage experience powered by SimpleNexus.

Arvest operates more than 270 branches in four states and holds over $20 billion in total assets. Wholly owned subsidiary Arvest Central Mortgage Company (CMC) is a licensed lender and mortgage servicer serving customers in all 50 U.S. states and the District of Columbia. Arvest services a total of $71 billion between Arvest Bank and CMC.

"After handling unprecedented refinance volume and setting new records for purchase transactions for two years running, we knew we needed a world-class technology partner who could tune our mortgage division to work as efficiently as possible," said Matt Kendall, executive director of administrative operations for Arvest Central Mortgage Company. "At the same time, delighting customers with a positive mortgage transaction is priority number one. SimpleNexus was the clear choice with its simple, cohesive, omni-channel experience that lets loan officers focus on delivering personalized service instead of chasing tasks."

SimpleNexus' full-featured mortgage origination toolset is built with mobile in mind but works from any device. For instance, borrowers can start a loan application on a desktop computer and finish it on a mobile phone, and loan officers can order credit reports, run pricing, send pre-approvals and sign disclosures from the field using a mobile device. The platform unites loan officers, borrowers and referral partners throughout the loan life cycle for easy communication, efficient document exchange and transparent milestone updates.

Because Arvest services the majority of the loans it originates, maximizing portfolio retention is an important part of the company's financial risk management strategy. SimpleNexus helps keep customer relationships "sticky" by delivering a memorably simple mortgage experience through a branded app that stays on consumers' phones long after the loan closing. When the borrower is ready for a refinance or new purchase loan, SimpleNexus makes it easy to get back in touch with the loan officer and real estate agent from their last transaction.

"Regional banks are finding their mortgage divisions perform best when powered by technologies purpose-built for making loan teams more productive and the customer experience less burdensome," said SimpleNexus Founder and CEO Matt Hansen. "SimpleNexus understands that a stellar customer experience doesn't have to come at the cost of operational efficiency. We're delighted to work with Arvest Bank to create strikingly simple mortgage transactions that will keep customers coming back."

About SimpleNexus, LLC:

SimpleNexus is the digital mortgage platform that enables lenders to originate and process loans from anywhere. The company's best-in-class, easy-to-use app connects loan officers to their borrowers and real estate agents to easily communicate and exchange data in a single location throughout the entire loan life cycle. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals and sign disclosures - all on the go.

About Arvest:

Arvest Bank operates more than 270 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 14 locally managed banks, each with its own board and management team. These banks serve customers in more than 135 communities, with extended weekday banking hours at many locations. Arvest provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest also is one of a select few banks in the nation to have its mobile app - Arvest Go - certified by J.D. Power for providing an outstanding mobile banking experience. Arvest is an Equal Housing Lender and Member FDIC. For more information, visit https://www.arvest/com.

About Arvest Central Mortgage Company:

Arvest Central Mortgage Company (CMC) is a subsidiary of Arvest Bank, servicing and subservicing $61 billion in mortgages for more than 280,000 customers. CMC is an approved servicer of Fannie Mae, Freddie Mac and Ginnie Mae loans, and is in good standing with HUD and the VA. Additionally, Moody's Investors Service has rated CMC as an SQ2 primary servicer of prime residential mortgage loans. Fitch Ratings has rated CMC as an RPS 2+ residential mortgage primary servicer for its prime product. For more information, visit https://www.arvestcentralmortgage.com.

Twitter: @SimpleNexus @ArvestBank #digitalmortgage #mortgagelending

*LOGO link for media: https://www.Send2Press.com/300dpi/19-0724s2p-simplenexus-300dpi.jpg

Related link: https://simplenexus.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles

Independent Bankers Association of Texas Announces Promontory MortgagePath as Its Newest Endorsed Service Provider

AUSTIN, Texas -- The Independent Bankers Association of Texas (IBAT) is pleased to announce that Promontory MortgagePath, LLC (PMP) has been selected as the newest IBAT Endorsed Service Provider for its ability to deliver a tailored, modern and cost-effective set of mortgage solutions. PMP combines an intuitive, collaborative digital-mortgage platform with comprehensive fulfillment services, giving banks the cutting-edge technology and scalability required to compete in today's market.

Banks partnering with PMP determine their own product and loan pricing strategies while PMP handles the rest. With PMP, banks can field their own loan officers to co-pilot the application process and collaborate with their borrowers via PMP's proprietary point-of-sale, Borrower Wallet(r). PMP processes and underwrites each loan using client-provided business rules and closes in the bank's name.

"IBAT is thrilled to add Promontory MortgagePath to our roster of top-quality endorsed service providers," said Christopher Williston, IBAT president and CEO. "As our members know all too well, the financial services landscape is changing and that includes the need to provide an efficient and effective mortgage experience that community bank customers expect. We look forward to our new relationship and the value it will provide Texas community bankers."

This game-changing technology is required to help community banks retain and acquire customers who are increasingly demanding a digital experience. With the current challenges to in-person interactions magnified by the COVID-19 pandemic, the ability to transact digital mortgage services becomes even more critical to success.

In these early stages of economic recovery, the anticipated refinance, HELOC and first-time-homebuyer activity offers community banks an opportunity to acquire new mortgage customers. With PMP's solutions, banks benefit from increased efficiencies and a scalable business model while offering their customers an intuitive and modern digital-mortgage experience.

"For community banks, service is the big differentiator. Our digital platform and fulfillment models enable clients to deliver an exceptional customer experience with increased scalability and efficiency," said Paul Katz, managing director and head of bank relations at Promontory MortgagePath. "Times like these underscore the value of a solution that blends great service with innovative technology," he added.

PMP's founder, former U.S. Comptroller of the Currency Gene Ludwig, has been committed to community- and regional banking for decades. He has channeled his expertise as a former federal regulator into creating companies and products to improve the competitive posture of community banks while retaining a focus on compliance, including Promontory Interfinancial Network (PIN) and Promontory Financial Group.

Ludwig brought this same dedication to innovation, service, risk management and compliance excellence to Promontory MortgagePath. Compliance is deeply ingrained in its technology development and at the forefront of its fulfillment solutions. Banks partnering with PMP will get a customized, data-driven solution that results in more-compliant loans.

For more information about IBAT's endorsement of PMP, visit www.ibatservices.com.

About the Independent Bankers Association of Texas

Formed in 1974, the Independent Bankers Association of Texas (IBAT) represents Texas community banks. The Austin-based group is the largest state community banking organization in the nation with membership comprised of more than 2,000 banks and branches in 700 Texas communities. Providing safe and responsible financial services to all Texans, IBAT member bank assets range in size from $21 million to $31 billion with combined assets statewide of $193 billion. IBAT member banks are committed to supporting and investing in their local communities.

About Promontory MortgagePath | NMLS ID 1532373

Promontory MortgagePath is a fast-growing team of passionate problem solvers on a mission to fundamentally change the way lenders approach their mortgage businesses. Their tailored, modern and cost-effective set of mortgage solutions help lenders remain competitive in a rapidly-changing mortgage market. Promontory MortgagePath combines an intuitive, collaborative digital-mortgage platform with comprehensive fulfillment services, giving lenders the cutting-edge technology and scalability required to compete in today's residential mortgage market, profitably. The company's founder, former U.S. Comptroller of the Currency Gene Ludwig, is widely recognized as a far-sighted thinker on the critical issues confronting financial services, and his companies are renowned for their ability to help community lenders resolve their most-pressing challenges. To learn more, visit https://www.mortgagepath.com/.

Related link: https://www.mortgagepath.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Software

Centier Bank Slashes Man-Hours Spent Calculating Incentive Compensation by 99% with LBA Ware’s CompenSafe

MACON, Ga. -- LBA Ware(TM), a leading provider of incentive compensation management (ICM) and business intelligence software solutions for the mortgage industry, today announced that Centier Bank (Centier), Indiana's largest private, family-owned bank, has implemented CompenSafe(TM) to automate incentive compensation for its residential lending department.

Built for the mortgage industry, CompenSafe is an automated ICM platform that bridges the gap between lenders' loan origination and payroll systems to eliminate manual data entry and provide actionable insight into staff performance and profitability. Bryan Traylor, SVP of Residential Lending for Centier, learned from several peer banks that CompenSafe had enabled them to manage incentive compensation with greater efficiency and accuracy.

The bank fully deployed CompenSafe across its 90-person residential lending team in February. "With CompenSafe, the process is click a button and get your compensation calculated," Traylor said, noting that CompenSafe has eliminated human errors related to manual calculation of the bank's tiered compensation structure.

"As a 125-year-old, family-owned bank, we are deeply rooted in the communities we serve - but that doesn't mean we're old-fashioned," added Traylor. "With CompenSafe, we are able to calculate incentive compensation with perfect accuracy in five minutes - a task that used to take two people a combined 16 hours per month. That efficiency allows our people to spend more of their time serving customers with the personal touch that is our hallmark."

"We are proud to have earned a reputation for helping community banks keep internal resources focused on serving customers, not crunching numbers," said LBA Ware Founder and CEO Lori Brewer. "No matter the number or complexity of compensation arrangements, CompenSafe makes incentive compensation effortless and error-free."

About LBA Ware(TM):

LBA Ware is a leading provider of cloud-based software for mortgage lenders. Since 2008, LBA Ware has been on a mission to help mortgage companies reach new heights with software that integrates data, incentivizes performance and inspires results. Today, lenders of all sizes, including some of the nation's top producing mortgage companies, use LBA Ware's award-winning technology to enhance lender experiences and maximize the human potential within their organizations. A 2019 Inc. 5000 fastest-growing private company, LBA Ware is headquartered in Macon, Georgia. For more information, visit https://www.lbaware.com/.

About Centier Bank:

Centier Bank is Indiana's largest private, family-owned bank, with 62 branches statewide and over 900 employees. The bank has retail banking locations in Allen, Boone, Elkhart, Hamilton, Lake, La Porte, Marion, Marshall, Porter, St. Joseph and Tippecanoe Counties in Indiana. The bank was recently named the #1 Bank in Indiana by Forbes Magazine. Centier has been named a "Best Bank to Work For" in Indiana by American Banker and has achieved Hall of Fame among the Indiana Chamber of Commerce's "Best Places to Work For."

Related link: https://go.lbaware.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles

Bank of Southern California NA Funds More Than $487.8 Million in PPP Loans

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, announced today that it has funded more than $487.8 million in Paycheck Protection Program (PPP) loans. These results, as of 9:30 p.m. PDT on May 7, 2020, provided 1,940 local businesses affected by the Coronavirus (COVID-19) with critical financing to retain or restore jobs for 51,523 individuals.

The Paycheck Protection Program provides small businesses with financial resources to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. As an SBA Preferred Lender, Bank of Southern California felt a fundamental responsibility to support the business community and offered PPP loans to both customers and non-customers. Through this approach, the Bank was able to help even more businesses obtain funding, resulting in many new banking relationships.

Nathan Rogge, President and CEO of Bank of Southern California said, "Our employees continue to demonstrate their commitment and dedication to the business community-working around the clock to deliver for those in need. I am proud of the impact Bank of Southern California has made in providing vital funds to support small businesses and our local communities. As we look to the future, we will continue to build upon these new relationships and provide long-term value for our clients."

Bank of Southern California is still accepting PPP loan applications for Southern Californian businesses. To apply, visit us online at https://www.banksocal.com.

About Bank of Southern California

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County.

For more information, please visit https://www.banksocal.com/ or call (858) 847-4780.

*LOGO link for media: https://www.Send2Press.com/300dpi/18-0118s2p-bank-so-cal-300dpi.jpg

Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL

Related link: https://www.banksocal.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles

Bank of Southern California, N.A. Announces Q1 2020 Results and Response to Pandemic

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the first quarter ended March 31, 2020. Total assets increased to $852 million at March 31, 2020, up from $830 million in the prior quarter and an increase of 10.8% compared to March 31, 2019. Total loans increased to $683 million and total deposits increased to $689 million from $629 million and $636 million, respectively, at March 31, 2019. Net income for the quarter ended March 31, 2020, was $1.91 million, compared to $1.64 million in Q4 2019 and $1.85 million in Q1 2019.

First Quarter 2020 Highlights
* Q1 2020 on track as Bank responds to pandemic
* Reorganization into Southern California Bancorp approved by shareholders
* CalWest Bancorp acquisition closing in Q2, pending shareholder approval

Nathan Rogge, President and CEO of Bank of Southern California said, "While we are pleased with our first quarter results, we are more focused on the current environment and supporting small businesses and communities impacted by the Coronavirus (COVID-19) while remaining financially strong and positioning for growth." The Banks' focus on small business is reflected in first quarter results in C&I lending, which is up 19% in outstandings compared to the first quarter of the prior year, and also in undisbursed C&I commitments, which increased 25% during the same period. Non-interest bearing demand deposits, another reflection of our small business focus, have increased 26% compared to the first quarter of 2019.

"As we navigate these unique times, we remain committed to executing upon our strategic plan and supporting Southern California's business community. Most recently, we were able to assist customers and non-customers in obtaining critical funding in response to the Paycheck Protection Program (PPP). By the end of the first round, we helped over 900 local businesses secure PPP loans, thus providing over 35,000 jobs" concluded Rogge. The Bank also remains focused on our strategic merger with CalWest Bank, which will provide an expanded branch presence covering Orange County and the Inland Empire and well as operational synergies so we may better serve the business community.

John Farkash, Chairman of the Board said, "Aside from the solid first quarter results, I am proud of the impact our Bank has made in supporting small businesses and helping to restore our local economies. We look forward to growing our relationships with these new businesses as we look ahead and recover from this pandemic."

Additional Financial Highlights and Response to the Pandemic
With the onset of the world-wide coronavirus pandemic in the middle of March, Bank of Southern California has been taking measures to closely monitor its loan portfolio, operations, liquidity and capital resources while actively working to minimize the current and future impact of this unprecedented situation. While the full impact of the pandemic is not known at this time, the following highlights pertinent information in the Bank's response.
* Operations - While all branch offices remain operational, for the safety of our employees and customers, our branch offices have reduced hours and we highly encourage drive-through, where available, remote banking, and internet banking. We have installed protective shields at service areas and social distancing protocols have been implemented.
* Capital resources - The Bank closed a private placement of common stock in December 2019 in connection with its pending acquisition of CALWest Bancorp. The Bank's capital ratios at March 31, 2020 - 12.5% tier 1 leverage ratio and 16.5% total risk-based capital - are considered very strong and the Bank will remain "well-capitalized" after closing the pending merger.
* Liquidity - The Bank has sufficient liquidity resources to meet its customer's needs. In addition to balance sheet liquidity of over 10% of assets, the Bank has access to liquidity facilities from other banks, including the Federal Home Loan Bank of San Francisco, at which the Bank has over $100 million available borrowing capacity at March 31, 2020.
* Loan Portfolio - While nonperforming loans continue to be low as of March 31, 2020, which is consistent with prior quarters, the Bank has been working to assist its credit customers and minimize the Bank's exposure to potential loss given the current environment. Following is certain information and actions which have been taken regarding the Bank's credit portfolio.
o Risk Portfolio - The Bank's exposure to certain high-risk industries follows:

IndustryBalanceNumber
Hospitality (hotel/motel)$17,400,0005
Restaurant and food service15,000,00033
Oil and Gas00
Total$32,400,00038

o Since the end of March, the Bank has been actively engaging with its customers to maintain relationships and provide a bridge to economic recovery. The Bank has worked with the SBA to secure payment relief for dozens of SBA loan customers. Furthermore, the Bank has received and is granting numerous deferment requests for 3 to 6-month periods to assist borrowers during the economic slowdown.
* The CARES Act Payroll Protection Program ("PPP") - The Bank's focused efforts on assisting small businesses with obtaining PPP loans resulted in over 900 loans approved by the SBA for over $350 million and related loan fees of over $9 million (to be accreted over the term of the loan). This extraordinary effort has secured existing customers and created strong goodwill with new customers and in the community as the Bank continues to support small business during the second round of PPP, which is currently underway.

[Quarterly Financial Highlights Table Follows]

More details about our quarterly results are available on our website and through the following link to our most recent quarterly results and trends: https://www.banksocal.com/about-us/financials.

About Bank of Southern California
A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County, as well as a production office in West Los Angeles. For more information, please visit https://www.banksocal.com/ or call (858) 847-4780.

Forward-Looking Statements
This news release may contain comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) and Bank of Southern California intends for such forward-looking statements to be covered by the safe harbor provisions of that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, in this news release. Factors that might cause such differences include, but are not limited to: the impact of the Coronavirus (COVID-19) on the economy and the Bank; the ability of the Bank to successfully execute its business plan; changes in interest rates and interest rate relationships; changes in demand for products and services; changes in banking legislation or regulation; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy.
Bank of Southern California undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Amanda Conover
Bank of Southern California
aconover@banksocal.com
858.847.4762

*LOGO link for media: https://www.Send2Press.com/300dpi/18-0118s2p-bank-so-cal-300dpi.jpg

Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

Bank of Southern California

Quarterly Financial Highlights
(Unaudited)

Quarterly 1st Qtr Prior Years
($$ in thousands except per share data)2020 2019 2019 2019 2019  2018 2017
1st Qtr4th Qtr3rd Qtr2nd Qtr1st Qtr 1st Qtr1st Qtr
EARNINGS
 Net interest income$7,9857,7367,7957,6257,6984,8513,919
 Provision for loan losses$300200300200300300169
 NonInterest income$7473216955194201,098404
 NonInterest expense$5,6945,5125,7115,7055,1984,0532,972
 Income tax expense$827709763667771524472
 Net income$1,9111,6361,7161,5721,8491,072710
 Basic earnings per share$0.200.190.200.190.220.200.14
 Average shares outstanding9,408,9408,578,1028,410,5228,410,5228,409,2725,281,2975,140,497
 Ending shares outstanding9,412,6909,405,1908,410,5228,410,5228,410,5226,953,7205,140,497
PERFORMANCE RATIOS
 Return on average assets0.90%0.79%0.87%0.82%0.99%0.90%0.67%
 Return on average common equity6.30%5.93%6.37%6.02%7.30%8.53%6.37%
 Yield on loans5.32%5.23%5.44%5.59%5.66%5.13%4.89%
 Yield on earning assets4.76%4.88%5.21%5.24%5.36%4.78%4.27%
 Cost of deposits0.78%0.88%0.99%0.98%0.96%0.53%0.34%
 Net interest margin3.98%4.01%4.24%4.28%4.41%4.27%3.95%
 Efficiency ratio65.21%68.42%67.26%70.05%64.03%68.13%68.75%
CAPITAL
 Tangible equity to tangible assets12.48%12.58%10.83%11.62%11.29%14.14%10.24%
 Book value (BV) per common share$13.0012.8112.7712.5612.3010.798.83
 Tangible BV per common share$11.0510.8510.5610.3410.0710.598.54
ASSET QUALITY
 Net loan charge-offs (recoveries)$(11)(11)36(9)(7)(9)(54)
 Allowance for loan losses (ALLL)$5,6745,3635,1534,8884,6793,3853,143
 ALLL to total loans0.83%0.79%0.75%0.78%0.74%0.83%0.90%
 Loan fair value credit marks (LFVCM)$1,6491,9062,0302,2492,4797591,311
 ALLL and LFVCM to total loans1.07%1.07%1.05%1.14%1.14%1.01%1.28%
 Nonperforming loans$1,4331,9112,2252,0333,2981,2722,040
 Other real estate owned$000000146
 Nonperforming assets to total assets0.17%0.23%0.27%0.27%0.43%0.24%0.51%
END OF PERIOD BALANCES
 Total loans$683,195676,655684,717623,424628,538409,196349,348
 Total assets$852,052830,186839,060766,730768,823522,118430,334
 Deposits$688,946671,914692,899632,246635,676444,300382,991
 Loans to deposits99.17%100.71%98.82%98.60%98.88%92.10%91.22%
 Shareholders' equity$122,377120,523107,400105,619103,48175,01645,367
 Full-time equivalent employees929796100967365
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans$676,825678,015664,946623,541629,799403,693332,308
 Earning assets$803,804766,012730,165714,889707,920460,636402,698
 Total assets (net of AFS valuation)$855,397818,989783,043766,960755,842484,628426,831
 Deposits$696,341671,443641,867633,478628,950425,641379,957
 Shareholders' equity$121,773109,464106,853104,745102,70750,98345,175
 

Related link: https://www.banksocal.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles

Bank of Southern California, NA and CalWest Bancorp, the Holding Company for CalWest Bank, Announce Changes to Merger Agreement

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) and CalWest Bancorp (OTCBB: CALW), today announced that they have renegotiated the terms of their merger and have agreed to amend the initial Definitive Agreement announced on October 21, 2019 following shareholder meetings held on April 22, 2020.

The economic effects of COVID-19 prompted Bank of Southern California's shareholders to pause and adjourn their voting to pursue an amended merger agreement. According to the terms of the amended agreement, BCAL's all-cash offer is now $0.35 per CALW share compared to the initial Definitive Agreement which offered $0.43 per share. The amendment to the initial Definitive Agreement is expected to be presented to shareholders in mid-May with an expected close on May 29, 2020 pending all regulatory approvals.

About Bank of Southern California

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, California, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County. For more information, please visit https://www.banksocal.com or call (858) 847-4780.

About CalWest Bancorp

CalWest Bancorp is the holding company of CalWest Bank, a community bank recognized for its exemplary service to entrepreneurs, high net worth individuals and non-profit organizations located throughout Southern California. The Bank serves the business community through its four branches located in Rancho Santa Margarita, Irvine, Huntington Beach and Redlands. For more information, please visit https://calwestbancorp.com/ or call 949.766.3006.

Forward-Looking Statements

This news release may contain comments or information that constitute forward‐looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), and Bank of Southern California and CalWest Bancorp intend for such forward‐looking statements to be covered by the safe harbor provisions of that Act. These include statements as to the anticipated benefits of the merger, including future financial and operating results, cost savings and enhanced revenues that may be realized from the merger as well as other statements of expectations regarding the merger and any other statements regarding future results or expectations.

Forward‐looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs, such as "will," "would," "should," "could," or "may." Forward‐looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict. Forward‐looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors which could have a material effect on the operations and future prospects of each of Bank of Southern California and CalWest Bancorp and the resulting company, include but are not limited to: the businesses of Bank of Southern California and/or CalWest Bancorp may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; the ability to obtain required regulatory and shareholder approvals, and the ability to complete the merger on the expected timeframe may be more difficult, time-consuming or costly than expected; the ability of the Bank of Southern California to successfully execute its business plan; changes in interest rates and interest rate relationships; changes in demand for products and services; the degree of competition by traditional and non‐traditional competitors; changes in banking legislation or regulation; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy. Bank of Southern California undertakes no obligation to update or clarify forward‐looking statements, whether as a result of new information, future events, or otherwise.

Additional Information About the Merger

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote for approval of the merger. In connection with the proposed merger a joint proxy statement was provided to the shareholders of both institutions which provided detailed information about the merger and the two institutions. Shareholders are encouraged to read the joint proxy statement carefully before voting on the merger. The directors, executive officers, and certain other members of management and employees of Bank of Southern California and CalWest Bancorp may be deemed to be participants in the solicitation of votes to approve the merger. Additional information regarding the interests of those participants and other persons who may be deemed participants in the merger may be obtained by reading the joint proxy statement.

*LOGO link for media: https://www.Send2Press.com/300dpi/18-0118s2p-bank-so-cal-300dpi.jpg

Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

Related link: https://www.banksocal.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Software

Alpine Bank Selects CompenSafe by LBA Ware for Efficient, Accurate and Scalable Compensation Plan Management

MACON, Ga. -- LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence software solutions for the mortgage industry, announced that full-service community bank Alpine Bank has implemented CompenSafe™ to automate incentive compensation for its mortgage loan originators and fulfillment staff.

Headquartered in Glenwood Springs, Colorado, Alpine Bank's mortgage division serves the home purchase and refinance needs of borrowers throughout the state's Western Slope and Front Range regions. The bank offers monthly commission opportunities to its 16 mortgage loan originators and awards per-file bonuses to processing, closing and underwriting staff. Although the mortgage division is small, Alpine Bank has a variety of compensation plans that pay out differently depending on the originator's experience and how established they are in the market.

Managing, calculating and communicating incentive compensation back to employees used to be something Mortgage Division President Dave Roberts did manually, but since the beginning of the year, Alpine Bank has been using LBA Ware's CompenSafe to complete those processes more efficiently and with greater accuracy.

"Calculating commissions and bonuses using spreadsheets is time-consuming and, like all manual processes, subject to fat-finger mistakes," Roberts said. "CompenSafe eliminates the opportunity for error by capturing pipeline information directly from our loan origination system. Pay is calculated automatically and available for employee review at the same time each month, like clockwork, no matter what else is on my plate."

"CompenSafe helps lending operations of every size transform incentive compensation from a process that's a drag on resources to one that is pinpoint accurate and effortlessly scalable," said LBA Ware Founder and CEO Lori Brewer. "It's a perfect match for a community bank like Alpine that remains rooted in values like service and transparency even as it continues to modernize and grow."

About Alpine Bank:

Employee-owned and locally operated, Alpine Bank is a full-service community bank that has been a part of Colorado since 1973. With 40 convenient locations from Durango to Denver, including Front Range branches in Denver and Boulder, Alpine Bank serves 140,000 customers with personal, business, wealth management, mortgage and electronic banking services. Alpine Bank's employees and managers, many of whom have been with the bank for 10 years or longer, share a commitment to remaining a true community bank offering localized and dedicated service. For more information, visit https://www.alpinebank.com/.

About LBA Ware™:

LBA Ware is a leading provider of cloud-based software for mortgage lenders. Since 2008, LBA Ware has been on a mission to help mortgage companies reach new heights with software that integrates data, incentivizes performance and inspires results. Today, lenders of all sizes, including some of the nation's top-producing mortgage companies, use LBA Ware's award-winning technology to enhance lender experiences and maximize the human potential within their organizations. A 2019 Inc. 5000 fastest-growing private company, LBA Ware is headquartered in Macon, Georgia. For more information, visit https://lbaware.com.

Twitter: @LBAWare @AlpineBankColo #CompenSafe

Related link: https://go.lbaware.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Education and Schools, Free News Articles

TCF Bank Renews Partnership with the Michigan Chronicle to Invest $100,000 in Detroit Students and Educators

DETROIT, Mich. -- TCF Bank announced today that it will renew its partnership with the Michigan Chronicle to provide scholarships to Detroit high school seniors through the Michigan Chronicle/TCF Bank S.W.A.G. (Students Wired for Achievement and Greatness) Scholarship Awards. For 2020, the bank will award scholarships between $5,000 and $20,000 per student to 15 awardees.

Launched in 2015, the S.W.A.G. Scholarship Awards were created to ensure that more Detroit students who demonstrate leadership in areas other than academics have access to scholarships. The scholarship program is open to current high school seniors who live in Detroit and attend a Detroit Public School Community District high school, or a charter school located within the city.

Applying students must be planning to attend college or a trade school in the Fall of 2020, have a grade point average ranging from 2.25-3.2, and have demonstrated a commitment to community, service and integrity.

"The S.W.A.G. Scholarship Awards are a continuing opportunity for our bank to further enhance our commitment to the future of the young men and women of Detroit," said Gary Torgow, Executive Chairman of TCF Financial Corporation. "Over the years of the S.W.A.G. scholarship program, the recipients have become connected to our TCF family through internship opportunities and our continued involvement in their education.

"It is no secret that the cost of higher education, be it a trade program, community college, or four-year institution, places the opportunity out of reach for many of our children, says Hiram Eric Jackson, publisher of the Michigan Chronicle. "That challenge is magnified exponentially for those students who despite demonstrating undeniable leadership skills, may not be the highest academic achievers. That's where The S.W.A.G. Awards come in," continues Jackson. "The S.W.A.G. Awards are about giving the average student who works hard, gives back, and shows leadership in other areas that extra push towards success."

Since the program inception, TCF, formerly Chemical Bank, has invested more than $400,000 in the S.W.A.G. program, alongside its other investments in the city including the Strategic Neighborhoods Fund, the renaming of the TCF Center, and most notably the development of an all-new headquarters site in downtown Detroit, highlighting the bank's commitment to reinvest in the communities it serves.

New for 2020, school professionals including teachers, coaches, counselors, and other education professionals, at qualifying schools can also secure a S.W.A.G. Awards school improvement grant through the program's new Influencer Award. Five $1,000 grants will be awarded. Candidates for the awards will be identified by principals, students, and parents who nominate the individuals that go above and beyond for their students.

Applications for the 2020 Michigan Chronicle/TCF Bank S.W.A.G. Scholarship Awards opened February 24, 2020. The deadline for submissions is March 31, 2020 at 11:59 p.m. ET.

Students, teachers, and parents interested in learning more should visit https://michiganchronicle.com/swagawards/.

MEDIA CONTACT:
TANISHA LEONARD
RTM360
tleonard[at]realtimesmedia.com
313-752-3548

Related link: https://michiganchronicle.com/

This news story was published by the Neotrope® News Network - all rights reserved.

Business, Free News Articles, Software

GreenState Credit Union Drives First-Lien Mortgage Production with the Help of SimpleNexus

LEHI, Utah -- SimpleNexus (https://simplenexus.com/), developer of the leading digital mortgage platform for loan officers, borrowers and real estate agents, announced that loan officers (LO) at GreenState Credit Union (GreenState) are using the SimpleNexus digital mortgage app to achieve record first mortgage production. In 2019, GreenState's 26 LOs produced more than 7,600 first-lien mortgage units, exceeding the lender's previous best by 1,600 units despite having fewer support staff on payroll.

GreenState adopted SimpleNexus in 2018 to streamline the lending process and improve its online lending functionality. Now the lender receives 63 percent of all mortgage applications through the SimpleNexus platform, amounting to more than 10,000 applications per year.

In addition to enabling GreenState to collect more loan applications, SimpleNexus has also helped the lender move those applications forward more quickly. Once borrowers complete an application, SimpleNexus prompts them to upload and submit verification documents right from their mobile phone or other web-enabled device. Similarly, LOs can review applications, order credit reports and send pre-approval letters from their preferred device, even if they're not in the office.

"I was a loan officer for 15 years, so every time I look at technology, I do it from the perspective of what we would need if I was still lending," said Ryan Doehrmann, vice president of mortgage lending at GreenState. "When we saw that our LOs could pull up an application, pull credit and send a pre-approval letter from a phone or tablet, we were sold. That kind of agility is a huge advantage - especially if your competition doesn't have it."

"SimpleNexus prides itself in building a product that helps our customers achieve measurable ROI while improving their teams' quality of life," said SimpleNexus Founder and CEO Matt Hansen.

"We have enjoyed partnering with GreenState Credit Union to bring its loan officers a more agile way to review loan applications and guide borrowers to close."

About GreenState Credit Union:

GreenState Credit Union, formerly known as University of Iowa Community Credit Union, is a member-owned financial cooperative with 19 office locations. Since 1938, GreenState Credit Union has grown to become the largest credit union in Iowa, with almost $6 billion in assets and 205,000 members. GreenState Credit Union's "members first" philosophy has enabled it to be consistently ranked in the top 1% nationally for Return to Member.

About SimpleNexus, LLC:

SimpleNexus is the digital mortgage platform that enables lenders to originate and process loans from anywhere. The company's best-in-class, easy-to-use app connects loan officers to their borrowers and real estate agents to easily communicate and exchange data in a single location throughout the entire loan life cycle. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals and sign disclosures - all on the go.

Twitter: @SimpleNexus @GreenStateCU #digitalmortgage

Related link: https://simplenexus.com/

This news story was published by the Neotrope® News Network - all rights reserved.