Alliances and Partnerships, Business, Free News Articles, Software

SimpleNexus Extends Ellie Mae Integration with Hybrid eClosings for Mortgage Lenders and Borrowers

LEHI, Utah -- SimpleNexus (, developer of the leading digital mortgage platform for loan officers, borrowers, real estate agents and settlement agents, today announced the availability of its recently launched hybrid eClosing feature on the Ellie Mae(R) Digital Lending Platform.

Ellie Mae, now a part of Intercontinental Exchange, Inc. (NYSE: ICE), is the leading cloud-based loan origination platform provider for the mortgage industry. The Ellie Mae Digital Lending Platform empowers lenders and investors to engage homebuyers and efficiently originate, close, sell and purchase loans that maximize ROI across their business all from a single system of record. The platform delivers a true digital mortgage experience across the entire mortgage workflow for every channel, every loan transaction and every customer type.

"A lender's need for simple, effective eClosing solutions has never been greater," said SimpleNexus CEO Matt Hansen. "SimpleNexus eClosing delights borrowers and turbocharges closing team efficiency, resulting in loans that can be sent off to investors sooner and with fewer errors. By shrinking the gap between loan funding and shipping, lenders can save money by reducing their dwell time on warehouse lines of credit. Additionally, borrowers now have one single portal from home search to home closing."

"We are thrilled to have SimpleNexus join our existing eClosing partners to extend the availability of hybrid eClosing solutions within the Ellie Mae Digital Lending Platform," said Ellie Mae Vice President of Business Development Bob Hart. "This partnership is a key step in expanding our ability to provide our lender customers with easy access to digitally closing loans quickly and safely."

SimpleNexus eClosing enables lenders to conduct hybrid closings for purchase and refinance loans, resulting in higher quality loans and faster delivery of those loans to investors. In a hybrid eClosing, borrowers electronically sign (eSign) home loan documents that do not require notarization before meeting with a settlement agent or notary to finalize the closing. Closing appointments are reduced to only a few minutes, since relatively few documents require in-person signatures.

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, real estate agents and settlement service providers 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 @EllieMaeInc #digitalmortgage #mortgagelending #domore #eClosing

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Alliances and Partnerships, Business, Education and Schools, Free News Articles, Manufacturing, NonProfit and Charities

Beyond Benign Partners with Dow to Expand Green Chemistry in Higher Education

WILMINGTON, Mass. -- Green chemistry education nonprofit Beyond Benign partnered with Dow (NYSE: DOW) at the start of 2020 to encourage academic institutions to engage in the adoption of green chemistry in higher education. Green chemistry is the design of chemical products and processes that generate the least amount of harm and waste possible while maintaining excellent quality. Since 2007, Beyond Benign has integrated green chemistry into K-12 and higher education institutions through teacher training, lesson plans, community networks, webinars, and events.

"The team at Beyond Benign is very excited to partner with Dow," says Amy Cannon, Beyond Benign's Director and Co-Founder. "Chemistry and materials science companies design the building blocks of all the products around us. By supporting Beyond Benign's Green Chemistry Commitment, Dow is demonstrating the importance of green chemistry skills and knowledge for their incoming workforce to enable the design of safer products and materials."

Dow's contribution through volunteer time and corporate sustainability expertise to engage academic stakeholders in companywide goals, as well as financial support, is allowing Beyond Benign to increase partnerships with university programs through its Green Chemistry Commitment program. The Green Chemistry Commitment program fosters a community of practice among higher education institutions to share resources and best practices in implementing green chemistry in their courses and programs.

Currently Beyond Benign's GCC program, includes signers from 70 institutions reaching over 1,300 faculty members who are united around a shared vision to:
* Expand the community of green chemists at their institutions,
* Grow departmental resources,
* Improve connections to industry and job opportunities in green chemistry, and
* Collaborate to affect systemic and lasting change in chemistry education.

"Dow is committed to advance the well-being of humanity through science, innovation and collaboration. It is vital that our university partners are aligned and engaged with Dow, across all our value chains, to help solve our world's sustainability challenges. Our partnership with Beyond Benign aligns with our 'Safe Materials for a Sustainable Planet' goal by ensuring our incoming workforce is prepared to design sustainable materials for the marketplace," says Eunice Heath, Corporate Director of Sustainability for Dow.

Beyond Benign's Green Chemistry Commitment program is dedicated to integrating green chemistry and toxicology concepts into chemistry programs with the goal of providing students with the skills to design chemical products/processes that have reduced human and environmental hazards. Seven of Dow's academic partners are signed on to Beyond Benign's Green Chemistry Commitment: University of Minnesota, University of California Berkeley, University of California Santa Barbara, Michigan State University, Prairie View A&M University, University of Michigan - Ann Arbor and Wayne State University.

To learn more about this program and which universities have signed the pledge, please visit Beyond Benign's website:

About Beyond Benign:

Beyond Benign, a 501(c)(3) nonprofit, envisions a world where the chemical building blocks of products used every day are healthy and safe for humans and the environment. Beyond Benign is fostering a green chemistry education community empowered to transform chemistry education for a sustainable future. Beyond Benign's continuum of sustainable science educational programs including, teacher and faculty training, and curriculum development from K-20 are helping to build the next generation of scientists and citizens with the skills and knowledge to create and choose products that are safe for human health and the environment.

Over the past 13 years, Beyond Benign has an extensive history of service, having trained over 6,000 K-12 teachers in sustainable science and green chemistry, designed over 200 open-access lessons, reached over 25,000 youth and community members through outreach, & partnered with 70 universities to transform chemistry education. Together we can catalyze the development of green technological innovations that result in safer products and processes in support of a sustainable, healthy society.

For more information about Beyond Benign, visit

Also, find us on Twitter @beyondbenign, on Instagram @beyondbenign, and follow us on Facebook @beyondbenign or LinkedIn:

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Ticker: NYSE:DOW / NY: DOW

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Business, Free News Articles, Software

FormFree Enhances Encompass Consumer Connect® Integration with Auto-Population of Borrower Data into 1003 Loan Application

ATHENS, Ga. -- FormFree® today announced enhancements to the integration between its AccountChek® verification service and Encompass Consumer Connect®. Now, borrower data collected by AccountChek in Consumer Connect will automatically map to the Form 1003 (the Universal Residential Loan Application) in the Ellie Mae® Digital Lending Platform, saving lenders time and relieving them of the frustration and risk associated with manual data entry.

The upgrade also fully embeds AccountChek within the Consumer Connect user experience (UX) for easier borrower navigation and reduced application fall-out.

Ellie Mae, now a part of Intercontinental Exchange, Inc. (NYSE: ICE), is the leading cloud-based platform provider for the mortgage finance industry. The company's Consumer Connect is a mortgage point-of-sale platform that provides a scalable, intuitive experience for homebuyers while helping lenders close loans faster and convert more applications to closed loans.

FormFree's patented AccountChek and AccountChek Plus(tm) provide lenders actionable intelligence on borrowers' ability to repay loans by consolidating, analyzing and verifying asset account balances and details, employment data and income data obtained directly from financial institutions and other authoritative sources.

"FormFree expedites pre-approvals and increases loan pull-through by paperlessly verifying borrower asset, employment and income information in a single report at the point of sale," said FormFree Chief Technology Officer Brian Francis. "The latest enhancements to our Consumer Connect integration will make it easier and faster than ever for lenders to make informed credit decisions."

"As an Ellie Mae Consumer Connect user, we are excited about the recent enhancement to the AccountChek process. The enhanced integration means an easier application process, which supports our objective to continuously improve the member experience," said Dawana Manning, AVP of Loan Fulfillment, Residential Lending for Atlanta-based Delta Community Credit Union. "The increased efficiency gained by the automated addition of VOA [verification of asset] data to the loan application is a huge benefit to our lending team."

About FormFree:

FormFree is a market-leading fintech company whose revolutionary products AccountChek and Passport are changing the credit decisioning landscape and encouraging lenders nationwide to incorporate a more holistic view of each borrower's financial DNA. To date, thousands of U.S. lenders and brokers have ordered millions of FormFree's patented verification reports representing over a trillion dollars in loan verifications. FormFree delights borrowers and lenders with a paperless experience, reduces origination timelines by up to 20 days and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey(tm).

For more information, visit or follow FormFree on LinkedIn.

Twitter: @RealFormFree @EllieMaeInc @DeltaCommunity #ConsumerConnect #mortgageindustry #VOA

Ticker: NYSE:ICE / NY: ICE

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Business, Free News Articles, Software

New UniConverter v12 with Powerful Media Convert Feature Upgrade

SHENZHEN, China -- On July 08, 2020, Wondershare (SHE: 300624) launched UniConverter v12 to hit the market. The latest version has an overhauled navigation bar-based interface and claims to offer drastically improved performance of the 'Video Converter' tool.

The new version rolled out with a couple of new features and said to bid significantly enhanced end-user experience and workability. Some of the mention-worthy advancements that Wondershare promises the users will get with UniConverter v12 include:

* Designed using the industry-leading APEXTRANS technology exclusive to Wondershare, the updated app is said to convert or compress the videos with zero picture quality deterioration. If the claims are correct, in contrast to its predecessor, the improved GPU acceleration exploits the multicore processor to its maximum.

* With 64-bit support, UniConverter v12 could boost the video conversion process by 20% as compared to its elder sibling.

* The program allows lossless batch conversions where setting global output parameters, and multiple videos can be converted to a relevant format in a single go with absolutely no quality loss. The audio and video conversion processes can temporarily be halted with the 'Pause' feature should some other resource-intensive important task come up that must be treated with priority.

* Otherwise, The app can convert 4K and 8K videos and can perform batch conversion for those large files.

* HEVC is another format type that UniConverter v12 supports, and claims to convert the videos with no loss of picture quality.

* The 'Task Scheduler' feature can arrange your conversion tasks and system activities after conversion.

Learn more about the product at:

Formerly known as Wondershare Video Converter Ultimate, the latest version, UniConverter v12, hit the market on July 08, 2020. The app has an updated UI, and with the exclusive APEXTRANS technology, the program offers improved performance as compared to all its predecessors released to date.


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TICKER: SHE: 300624 / SHE:300624

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Alliances and Partnerships, Business, Free News Articles, Software

DocMagic and Simplifile Team to Advance eClosing Adoption, eNotarizations, and eRecordings

TORRANCE, Calif. -- DocMagic, Inc., the premier provider of fully-compliant loan document preparation, regulatory compliance and comprehensive eMortgage services, announced it has partnered with leading real estate document collaboration and recording technology provider Simplifile to deliver new process efficiencies that further digitize the closing process, including post-closing automation. Simplifile is part of ICE Mortgage Services, which applies technology and high-capacity infrastructure to make the mortgage process electronic and more efficient.

DocMagic's Total eClose(TM) platform is a single-source platform that eliminates paper and offers major advantages over piecemealed providers that only address components of the overall eClosing process. The integration between Total eClose and Simplifile's Collaboration and Post Closing services includes access to Simplifile's eEligibility data for eNotarization acceptance.

Further, loan closings done through DocMagic's Total eClose platform can now be automatically routed to the settlement agent thorough Simplifile for electronic closing coordination, thus streamlining access to DocMagic's Total eClose room for the eClosing. The digital lift continues beyond the closing table with integrated eRecording with participating counties. Those recorded documents and the title policy are then returned electronically along with associated recording metadata to the lender.

"This integration further streamlines the post-closing process by extending the eClosing process to include county recordings," stated Dominic Iannitti, president and CEO of DocMagic. "Our partnership with Simplifile provides their vast network of more than 39,000 settlement agents with easy access to DocMagic's Total eClose services."

Using Simplifile, agents can seamlessly connect to all of DocMagic's eClose-enabled lenders in one place to exchange documents, data and closing logistics, thus enabling them to more easily support lenders' eClosing initiatives. In addition, Simplifile provides eClosing support and training to all agents to help drive adoption and success of eClosing efforts.

"Process consistency is key to driving eClosing adoption with lender closing teams and settlement agents, regardless of what percentage of loans qualify to be closed digitally or where individual loans fall on the digital spectrum," said Paul Clifford, president of Simplifile. "The combination of DocMagic's proven eClosing technology and Simplifile's settlement agent network creates a powerful foundation that enables lenders to scale their digital mortgage efforts as jurisdictional and investor requirements allow and capture every drop of efficiency and cost-savings possible."

DocMagic's Total eClose platform, coupled with its dynamic document generation service, establishes a single-source solution that intelligently digitizes documents from initial disclosures through closing documents. STRATMOR Group's 2019 Mortgage Technology Insight Study ranked Total eClose(TM) the eClosing leader based on market share, overall satisfaction and lender loyalty. Further, the survey also ranked the company as having the highest market share in the document generation category.

The integration with Simplifile extends automation of the process through post-closing to ensure final documents, data and fee information are returned to the lender after recording is complete, which provides lenders with greater control over the process.

About DocMagic:

DocMagic, Inc. is the leading provider of fully-compliant loan document preparation, compliance, eSign and eDelivery solutions for the mortgage industry. Founded in 1987 and headquartered in Torrance, Calif., DocMagic, Inc. develops software, mobile apps, processes and web- based systems for the production and delivery of compliant loan document packages. The company's compliance experts and in-house legal staff consistently monitor legal and regulatory changes at both the federal and state levels to ensure accuracy. For more information on DocMagic, visit

About Simplifile:

Simplifile, part of Intercontinental Exchange, is the nation's largest e-recording network, and connects settlement agents and county recorders via its e-recording service. It also offers collaboration tools and post-closing visibility for mortgage lenders and settlement agents working together on real estate documents. Through Simplifile, users can securely record, share and track documents, data and fees with ease. To learn more, visit or call 800.460.5657.

About Intercontinental Exchange:

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company is the premier venue for raising capital in the world, driving economic growth and transforming markets.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading "Key Information Documents (KIDS)."

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.

Media Contact:
Joe Bowerbank
Profundity Communications, Inc.

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Business, Free News Articles, Insurance, Software

Mortgage Insurance Ordering Made Seamless as OpenClose® Integrates Its LenderAssist™ LOS with Radian

WEST PALM BEACH, Fla. -- OpenClose(R), an industry-leading digital mortgage fintech provider, announced it completed an interface with Radian Guaranty Inc., the mortgage insurance (MI) subsidiary of Radian Group Inc. (NYSE: RDN). The integration leverages OpenClose's omni-channel loan origination system (LOS) and RESTful API suite, allowing Radian customers to order MI without exiting the LenderAssist(TM) LOS.

LenderAssist LOS users can now quickly, easily, and cost effectively obtain rate quotes and process delegated as well as non-delegated MI certifications. Data returned from Radian automatically populates into the applicable LOS fields, eliminating error prone manual data entry.

"We are constantly communicating with our customers and identifying opportunities to eliminate manual processes and the associated data integrity risk they present," said Vince Furey, CRO at OpenClose. "This integration automates the ordering and processing of mortgage insurance and provides our mutual customers speed, efficiency and accuracy, from any online environment - anywhere, at any time."

Radian offers lenders competitive pricing, unique programs, digital solutions and focused service that help close loans faster, generate more business and better manage their portfolios. The company's MI products help borrowers become homeowners sooner by qualifying for loans with smaller downpayments while mitigating investor risk.

"At Radian, we are committed to making it easier and simpler for our customers to do business with us," said Brien McMahon, chief franchise officer and co-head of real estate, Radian. "Partnering with OpenClose will allow for streamlined, direct and real-time access to private MI for lenders and borrowers, and we're proud to deliver that."

OpenClose offers an award-winning, 100 percent browser-based, end-to-end, workflow-driven fintech platform that effectively consolidates the consumer digital POS, LOS, PPE and Business Intelligence functions. Easily accessible from any computer or mobile device - all via a single-source provider.

About OpenClose:

Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose(R) is a leading enterprise-class, omni-channel loan origination system (LOS), POS digital mortgage and fintech provider that cost effectively delivers its digital platform on a software-as-a-service (SaaS) basis. The company provides a variety of innovative, 100 percent web-based solutions for lenders, banks, credit unions, and conduit aggregators. OpenClose's core solution, LenderAssist(TM), is comprehensive loan origination software that is completely engineered by OpenClose using the same code base from the ground up.

The company offers a RESTful API suite that standardizes system-to-system integrations, making them easier to develop, quicker to implement and more cost effective. OpenClose provides lending organizations with full control of their data and creates a truly seamless workflow for complete automation and compliance adherence. For more information, visit / or call (561) 655-6418.

About Radian

Radian is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit to learn more about how Radian is shaping the future of mortgage and real estate services.

Media Contacts:

For OpenClose:
Joe Bowerbank
Profundity Communications, Inc.

For Radian:
Rashi Iyer

OpenClose Social Media: @OpenClose_LOS #OpenClose #LoanOriginationSoftware

Radian Social Media: @radian_us #QuoteQualityQuoteRadian #OneRadianInfiniteSolutions

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Advertising and Marketing, Business, Free News Articles, Software

Veteran B2B Sales Leader Nick Belenky Joins Top of Mind as EVP of Sales

ATLANTA, Ga. -- Top of Mind Networks (Top of Mind), a leader in customer relationship management (CRM) and marketing automation software for the mortgage lending industry, has hired veteran business-to-business sales leader Nick Belenky as executive vice president of sales. In this role, Belenky will direct Top of Mind's sales operations with a focus on client success and new customer acquisition.

Belenky joins Top of Mind from CardinalCommerce, a Visa (NYSE: V) company and global leader in authenticating digital transactions. As director of sales for the company's consumer authentication group, he oversaw new merchant sales and channel partnerships across North America and globally and led his team to triple-digit sales growth for four years running. Prior to that, Belenky was inside sales and solutions architect manager for 1 EDI Source, a leading provider of electronic data interchange (EDI) solutions and business visibility software.

"Nick's strategic, data-driven approach to growing sales revenue has helped shape the success of small companies and global tech providers alike," said Top of Mind CEO Bill Hayes. "He brings not only deep experience in business-to-business technology sales, but also a genuine enthusiasm for understanding and exceeding the needs of clients, which is a cornerstone of our company culture. We are proud to welcome Nick to the Top of Mind team."

"I cannot say enough about the mortgage marketing knowledge and professionalism of my sales team as well as the deep industry and functional experience our leadership team brings," Belenky said. "Top of Mind helps thousands of borrowers find a lending partner every day and I am proud to be a part of that."

Belenky's 13-year career in sales also includes management roles at CEIA USA, a global manufacturer of security equipment, and Edgerton Corporation, a developer of enterprise resource planning (ERP) systems for the materials handling industry. He began his career in the healthcare technology field, where he worked as a test engineering project manager for medical imaging product provider Codonics and as a computer programmer for EDI outsourcing provider Interactive Payer Network (later acquired by Emdeon, now Change Healthcare (NASDAQ: CHNG)). Belenky is a graduate of Case Western Reserve University with a degree in computer engineering.

About Top of Mind Networks:

Founded in 2003, Atlanta-based Top of Mind Networks ( started as a bootstrapped direct-mail marketing company. Today, the company is recognized as the mortgage industry's most-relied-upon provider of marketing automation and creative content solutions. From individuals to enterprise lenders, Top of Mind's SurefireCRM helps thousands of mortgage professionals win new business, earn repeat business and deserve referral business. With intuitive, "set it and forget it" workflows and award-winning content, mortgage professionals are able to effortlessly maintain and deepen their emotional connections with clients.

@mortgagecrm #peoplemovers #industrymoves

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*Photo caption: Nick Belenky Joins Top of Mind as EVP of Sales.


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Business, Electronics, Free News Articles

VDC Display Systems Selected for MMD Program

COCOA, Fla. -- Video Display Corporation (OTC:VIDE) is pleased to announce that its VDC Display Systems subsidiary has been awarded a significant contract by a major US defense contractor for the delivery of its next generation Multi Mission Display (MMD) rugged display line.

The VDCDS 42-inch MMD Systems provides a state-of-the-art command and control and situational awareness display capability in a fully ruggedized package. The MMD System is designed for foundation mounting in Aegis class ships.

Each MMD System connects directly to the DiVDS video system, which provides a composite of 4 High Definition (HD) signals, and displays a single seamless image across a rigid Screen Panel system. In order to create this single seamless image, the system utilizes a pair of Power of Ethernet (PoE) feedback Calibration Sensors and specialized software to calibrate the imaging system. Finally, the MMD System provides a power interface module with conditioning and overload protection.

The VDCDS Multi-Mission Display (MMD) Driver Package (MMD-DP) is a software mechanism for graphics rendering that supports in situ image processing operations such as, but not limited to, geometry correction, image stitching and edge blending between multiple projectors. The MMD-DP presents a single desktop to the Operating System (OS) which contains the entire pixel space of the combined Projectors. The MMD System's available resolution is the composite pixel space of all attached Projectors less those pixels used for image processing.

About Video Display Corporation

Video Display Corporation designs, develops and manufactures unique solutions for display requirements for military, medical and industrial uses with emphasis on training and simulation applications. Its product offerings include rugged CRT and AMLCD displays as well as complete projection and direct-view display systems. For more information, visit the Company's web site at

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Video Display Corporation or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions.

Ronald D. Ordway
Chairman and CEO
Video Display Corporation


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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

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 or call (858) 847-4780.

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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:

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

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:

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 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

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Bank of Southern California

Quarterly Financial Highlights

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
 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$1,9111,6361,7161,5721,8491,072710
 Basic earnings per share$
 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
 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%
 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$11.0510.8510.5610.3410.0710.598.54
 Net loan charge-offs (recoveries)$(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%
 Total loans$683,195676,655684,717623,424628,538409,196349,348
 Total assets$852,052830,186839,060766,730768,823522,118430,334
 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
 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
 Shareholders' equity$121,773109,464106,853104,745102,70750,98345,175

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