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95 and marching on! Macy’s Thanksgiving Day Parade® ushers in the holiday season

Macy’s is once again ready to deliver a dazzling spectacle featuring its signature mix of giant character balloons, floats, marching bands, performance groups, clowns, music stars and the one-and-only Santa Claus

 

Macy’s Balloon Inflation will return to the Upper West Side of Manhattan the day before Thanksgiving; Public viewing on Thanksgiving Day will be available along the traditional 2.5-mile Macy’s Parade route

 

NEW YORK — (BUSINESS WIRE) — #MacysParade — A spectacle like no other returns this Thanksgiving to usher in the start of the holiday season as the Macy’s Thanksgiving Day Parade® takes to the streets of New York City. On Thursday, November 25 at 9:00 A.M., the 95th march of the world-famous Parade of magic will bring the nation together in celebration featuring Macy’s (NYSE:M) signature mix of giant character helium balloons, fantastic floats, incredible marching bands, jubilant performance groups, whimsical clowns, music stars and the one-and-only Santa Claus.

“For more than nine decades, the Macy’s Thanksgiving Day Parade has served to bring joy to millions, who gather with friends and family to experience this one-of-a-kind holiday celebration along the streets of New York City and in homes nationwide,” said Will Coss, Executive Producer of Macy’s Thanksgiving Day Parade. “For our 95th celebration, Macy’s has created a spectacle to remember featuring a dazzling array of high-flying balloons, animated floats and incredible performers. We can’t wait to help New York City and the nation kick-off the holiday season with the return of this cherished tradition.”

 

The 95th annual Macy’s Parade will feature 15 giant character balloons, 28 floats, 36 novelty and heritage inflatables, more than 800 clowns, 10 marching bands and 9 performance groups, a host of musical stars, and the one-and-only Santa Claus.

 

To safely produce the annual Thanksgiving Day event, Macy’s once again partnered closely with the City and State of New York to create a production plan that would ensure health and safety practices aligned with CDC guidelines, as well as current local and state government protocols.

 

Stars on Parade

The Macy’s Parade is always the holiday’s biggest stage for entertainment and this year will be no different. Featuring a mix of musical genres from Pop and R & B to Country, Classic Rock and K-Pop, the Parade will be the ultimate television party destination this November. Joining the festivities will be aespa, Jimmie Allen, Jon Batiste, Blue’s Clues & You! host Josh Dela Cruz and the former hosts of Blue’s Clues Steve Burns and Donovan Patton, Kristin Chenoweth, Darren Criss, Jordan Fisher, Foreigner, the cast of Peacock’s Girls5eva (Sara Bareilles, Renée Elise Goldsberry, Paula Pell, Busy Philipps), Andy Grammer, Mickey Guyton, Chris Lane, Miss America 2020 Camille Schrier, the cast and Muppets of Sesame Street®, Nelly, Kim Petras, Kelly Rowland, Rob Thomas, Carrie Underwood, Tai Verdes, Zoe Wees, and Tauren Wells; with an extra special appearance by the one-and-only Santa Claus.

 

Inflatable Icons

Since 1927 the world’s most popular characters have been transformed into high-flying art in the sky. Inspired by marionettes, the Parade’s balloons first debuted as upside down puppets filled with air and carried on sticks, before taking flight with the addition of helium. Over time the inflatables morphed to encompass balloonheads, hybrid inflatables with vehicles inside (balloonicles) and tandem tricycles (trycaloons).

 

New giants joining the line-up this year include Ada Twist, Scientist by Netflix; a Funko Pop! inspired Grogu™ (a.k.a. Baby Yoda in pop culture) from the Star Wars™ series “The Mandalorian™,” Ronald McDonald® by McDonald’s® and Pikachu™ & Eevee™ by The Pokémon International Company.

 

Making return appearances to the skies above New York City are giant balloon favorites including Astronaut Snoopy by Peanuts Worldwide; The Boss Baby by DreamWorks Animation and Universal Pictures; Diary of A Wimpy Kid® by Abrams Books; Sinclair’s DINO® by Sinclair Oil Corporation; Goku by Toei Animations, Inc.; Chase from PAW Patrol® by Nickelodeon; Pillsbury Doughboy™ by Pillsbury™; Red Titan from “Ryan’s World” by Sunlight Entertainment and pocket.watch; Papa Smurf from The Smurfs by Nickelodeon; Sonic the Hedgehog by SEGA; and SpongeBob SquarePants & Gary by Nickelodeon.

 

The inflatable lineup also includes Sinclair’s Baby DINOs and the Go Bowling™ balloonicles; Smokey Bear by the U.S.D.A. Forest Service; and Macy’s very own special reindeer Tiptoe and Toni the Bandleader Bear.

 

A Giant Balloon Celebration

Macy’s signature giant character balloons will be prepared for their Thanksgiving Day flights on Wednesday, November 24, on the Upper West Side. The Macy’s Balloon Inflation Celebration will be open to public viewing from 12:00 P.M. – 6:00 P.M., and will be limited to vaccinated guests and conducted with capacity limits to ensure social distancing practices are implemented.

 

For access, guests must provide proof of COVID-19 vaccination in the form of one of the following:

  • Original CDC Vaccination Card
  • Mobile Vaccination App (such as the NYC COVID Safe App, CLEAR Health Pass, NY State Excelsior Pass)
  • Photo of their Vaccination Card

 

Guests must also provide a photo ID with a name that matches the proof of vaccination. A negative test will not be accepted in lieu of vaccinated status. Children under the age of 12 who are not eligible to receive vaccinations may be accompanied by a vaccinated adult. Attendees are encouraged to social distance and masks will be required at all times. Entry to Balloon Inflation can be accessed at 72nd Street and Columbus Avenue. Following the vaccine verification and security check, guests will be able to move through the checkpoint to view the balloons on 77th and 81st Streets.

 

Floats of Fantasy

From its inception, the Parade’s floats have transported spectators to magical worlds. These initial whimsical creations focused on nursery rhyme stories. Today the floats are multi-level animated wonders that dazzle with their artistry. Conceived and crafted by the incredible artisans of Macy’s Parade Studio – a design and production facility that includes carpenters, engineers, electricians, painters, animators, balloon technicians, sculptors, metal fabricators, scenic and costume designers – this year’s line-up of floats showcase the best of theatrical design. While they are built for entertainment, they are also a showcase of creative design, engineering, and skillful construction. To spectators they seem to float down the route, even though many are three stories tall and several lanes of traffic wide stages. However, if you dig a little deeper, the magic is revealed as each of these amazing floats are built to collapse to no more than 12 ½-feet tall and 8-feet wide to travel safely from the New Jersey home of the Parade Studio to the Manhattan starting line via the Lincoln Tunnel for the annual celebration.

 

This year six new floats will debut including Birds of a Feather Stream Together by Peacock® (cast of Peacock’s Girls5eva); Celebration Gator by Louisiana Office of Tourism (Jon Batiste); Colossal Wave of Wonder by Kalahari Resorts and Conventions (Nelly); Gravy Pirates by HEINZ; Magic Meets the Sea by Disney Cruise Line (Jordan Fisher and special guests); and Tiptoe’s North Pole.

 

The returning float roster and its scheduled performers include 1-2-3 Sesame Street® by Sesame Workshop™ (The cast and Muppets of Sesame Street); Big City Cheer by Spirit of America Productions (Miss America 2020 Camille Schrier); Big Turkey Spectacular by Jennie-O (Tai Verdes); Blue’s Clues & You! by Nickelodeon (Josh Dela Cruz, Steve Burns and Donovan Patton); The Brick-changer by The LEGO Group (Zoe Wees); Christmas in Town Square by Lifetime® (Kelly Rowland); Deck the Halls by Balsam Hill® (Kristin Chenoweth); Elf Pets® by The Lumistella Company; Everyone’s Favorite Bake Shop by Entenmann’s® (Andy Grammer); Fantasy Chocolate Factory by Kinder™ (Darren Criss); Harvest in the Valley by Green Giant® (Jimmie Allen); Heartwarming Holiday Countdown by Hallmark Channel (Rob Thomas); Her Future is STEM-Sational by Olay (aespa); Home Sweet Home by Cracker Barrel Old Country Store (Tauren Wells); Macy’s Singing Christmas Tree (Macy’s Choir); Mount Rushmore’s American Pride by South Dakota Department of Tourism (Chris Lane); Rexy in the City by COACH® (Kim Petras); Santa Express and Starflakes by Universal Orlando Resort; Santa’s Sleigh (Santa Claus); Tom Turkey; Toy House of Marvelous Milestones by New York Life (Foreigner) and Winning Winter Together by MassMutual and NHL® (Mickey Guyton).

 

As the Parade unfolds, making an extra special appearance down the route to delight kids of all ages will be Geoffrey, the beloved mascot of Toys”R”Us.

 

The Beat and the Pageantry

The nation’s best marching bands are ready to strike it up and bring the beat to the holiday revelry. Joining the line-up are The Ann Richards School for Young Women Leaders (Austin, TX), Brownsburg High School (Brownsburg, IN), Centerville High School (Centerville, OH), Hampton University (Hampton, VA), Lincoln-Way High School (Frankfort, IL), Macy’s Great American Marching Band (United States), NYPD Marching Band (New York, NY), Trabuco Hills High School (Mission Viejo, CA), Union High School (Tulsa, Oklahoma), and University of Alabama (Tuscaloosa, AL).

 

Taking entertainment to the next level will be the Parade’s beloved performance groups who bring joy to spectators along the route and viewers watching from home. The 95th Parade will feature the dazzling dancers of Ballet Hispánico’s School of Dance, the harmonious voices of the Broadway Education Alliance Youth Choir, the fancy footwork of the Fred Astaire Dance Studios, the special tributaries of Indigenous Direction, the out of the world skills of J.U.M.P. (Jumpers United for Macy’s Parade), the razzle dazzle of the St. John’s Dance Team, the energetic Spirit of America Cheer and Spirit of America Dance Stars, and the moving voices of the Young People’s Chorus of NYC.

 

The Route to Magic

For spectators wishing to enjoy the spectacle live, the 95th Annual Macy’s Thanksgiving Day Parade begins at 9:00 A.M., kicking off from its traditional starting line at 77th Street and Central Park West. From there the procession will march down its signature 2.5-mile route taking it from Central Park West to Columbus Circle, turning onto Central Park South and then marching down 6th Avenue/Avenue of the Americas. At 34th Street, the Parade will make its final turn west and end at 7th Avenue in front of Macy’s Herald Square.

 

Public viewing will be set up along designated portions of the route and managed by the NYPD. Spectators should avoid bringing large bags, umbrellas, backpacks and strollers. The public entering viewing streets may be subject to security search. For additional viewing information, please visit macys.com/parade.

 

Tune-in for the Wonder

For decades, the Macy’s Thanksgiving Day Parade has been one of the nation’s most anticipated and watched holiday celebrations. Viewers nationwide can catch all the action via the special broadcasts on NBC and Telemundo, from 9:00 A.M. to 12:00 P.M., in all time zones, For the first time, fans can also stream the broadcast on Peacock. The TODAY Show’s Savannah Guthrie, Hoda Kotb and Al Roker will host the three-hour telecast for NBC and Peacock. The Spanish language simulcast on Telemundo will be hosted by Ana Jurka and Carlos Adyan, accompanied by Freddy Lomelí reporting live from Sixth Avenue, and feature a special appearance by Miss Universe® Andrea Meza.

 

The holiday television special will feature a special performance from music superstar Carrie Underwood from her album, My Gift (Special Edition).

 

Broadway’s best musicals will also perform including SIX, Moulin Rouge! and one of Broadway’s longest running hits, Wicked; along with a sneak preview of NBC’s Annie Live! In addition, the show-stopping Radio City Rockettes® will bring their signature magic to Herald Square.

 

For the first-time ever, spectators enjoying the Parade on television and on Peacock, will experience several whimsical augmented reality effects throughout the show that will add another dose of Macy’s magic to the pageantry.

 

#MacysParade

For an insider’s look at the holiday procession, fans nationwide should visit macys.com/parade for regular updates including behind-the-scenes previews, special tours, interactive historical information, educational activities, and more. Fans can also follow @macys on various social media networks and join the conversation using #MacysParade.

 

This Thanksgiving, Macy’s will safely bring millions of spectators nationwide a dazzling celebration like no other. Get ready to start the countdown in 5, 4, 3, 2, 1 … Let’s Have a Parade™!

Hanes is the official mask of the Macy’s Thanksgiving Day Parade.

Ram is the official truck of the Macy’s Thanksgiving Day Parade.

Remo is the official drumhead provider of the Macy’s Thanksgiving Day Parade.

Under Armour is the official outerwear provider of the Macy’s Thanksgiving Day Parade.

All information included in this release is subject to change.

PLEASE NOTE: Macy’s Thanksgiving Day Parade media materials including images, video and archival content is available at macyseventmedia.com

Contacts

Macy’s External Communications

Orlando Veras / Christine Olver Nealon

EventMedia@macys.com

Categories
Business Technology

ASCO Power Technologies Webinar on 5G and the need for Innovative Power System Design

  • The free, one-hour, online event will address key topics about 5G infrastructure
  • Participants will learn about 5G trends and applications from a seasoned expert
  • Attendees can earn 1.0 PDH/0.1 CEU Credits

 

FLORHAM PARK, N.J. — (BUSINESS WIRE) — As part of its Learning Series Webinar, ASCO Power Technologies announces an October 26 webinar about the 5G infrastructure and its impacts. Sixty minutes in length, the Innovation Talk Webinar – 5G and the Need for Innovative Power System Design is a live webinar that will be FREE to power industry professionals, engineers, facility managers, and technicians. A leading electrical engineer with wide-ranging experience will discuss the evolution and deployment of 5G technologies and what it will mean for today’s power professionals.

 

Reasons to Attend

By participating in the event, attendees will:

  • Learn about the evolutions of wireless communication technologies
  • Learn how 5G will enable advanced applications that change how people conduct commercial and personal affairs
  • Understand the need for reliable critical power for emerging technologies

 

About the Speakers

Bhavesh Patel – Vice President of Marketing, ASCO Power Technologies. Bhavesh began working for ASCO in 1999 and held a leadership role in the Business Development department. Since then, his role expanded to lead ASCO’s Customer Care and Global Marketing groups. Bhavesh has a broad knowledge of critical power issues, and has presented at conferences, published articles, and added to the Body of Industry Knowledge.

 

Bablu Kazi – Senior Electrical Engineer and Project Lead, Morrison Hershfield. Bablu Kazi is an Electrical Project Lead for data center projects at Morrison Hershfield. His involvement in engineering projects includes design development as well as the preparation of schematic design documents, construction drawings, specifications, and cost estimates for mission-critical facilities. He specializes in electrical engineering for switching facilities and is the design lead on switching facility projects for Verizon Wireless, AT&T, and T-Mobile. He holds a BS in Electrical Engineering from Georgia Institute of Technology.

 

Registration Information

The event will be held at 11:00 AM Eastern Daylight Time on October 26, 2021. All interested professionals are encouraged to register now for this free event by visiting www.ascopower.com.

 

About ASCO Power Technologies

ASCO Power Technologies has provided power reliability solutions for more than 125 years. The firm designs, manufactures, services, and supports automatic transfer switches, power control equipment, load banks, and critical power management appliances. ASCO products serve mission-critical functions in data centers, healthcare facilities, telecommunication networks, commercial buildings, and industrial operations. To learn more about any of ASCO’s premium products and services, call (800) 800 ASCO (2726), email CustomerCare@Ascopower.com, or visit www.ascopower.com.

Contacts

Bhavesh Patel

+ 1 973 966 2746

Bhavesh.Patel@ascopower.com

Categories
Business Local News

OpenLegacy names hyper-growth marketer Asif Muhammad as chief marketing officer

  • Asif is expanding OpenLegacy’s global market presence and its banking/insurance sector customer base
  • Will drive innovation by building partner ecosystems, growth teams, brand personality, and experience consistency
  • Will align products with customer feedback and needs to ensure best-in-breed solutions

 

PRINCETON, N.J. — (BUSINESS WIRE) — #fintech—OpenLegacy, which transforms monolithic mainframe systems into cloud-native building blocks of innovation, today announced hyper-growth marketer Asif Muhammad as their new Chief Marketing Officer.


Asif brings with him two decades of technology marketing experience. This includes marketing leadership roles with the world-class brands Microsoft, IBM, and NetApp, as well as with hyper-growth startups, most recently UiPath. He boasts a number of graduate and postgraduate degrees in marketing and business administration.

 

Asif’s proven track record of success will help OpenLegacy build brand recognition, continue its exponential growth in customer adoption, and attract top talent to further advance its customer benefits. OpenLegacy partners also stand to benefit from Asif’s strong network of colleagues and like-minded professionals who will help forge new connections and strengthen existing ones to support a growing marketplace of global customers. A burgeoning movement of executives leaving traditional global companies for the more disruptive, innovation-driven tech space points to a newfound awareness of the steps large companies must take to stay competitive in today’s fintech/insurtech market.

 

“Modern marketing is about elevating the business and connecting with customers by delivering a distinct, valued, and consistent experience,” explains Asif. “This requires a business mindset and broad commercial experience that fuses together essential elements, brings ideas to life, and delivers impact. OpenLegacy shares my business mindset and is poised for exponential growth at the leading edge of digital transformation. In joining this growing team providing dynamic solutions like OL Hub, I help support the company’s continued growth in global markets,” Asif states.

 

OpenLegacy’s data-driven OpenLegacy (OL) Hub modernization platform empowers businesses to efficiently build new digital services reusing monolithic core legacy assets. Enterprises ranging from banks to insurance providers quickly generate business-level APIs with the ease of a cloud-native app for deployment across any digital platform.

 

“Asif has a successful track record of building, launching, and scaling multimillion-dollar products and solutions on a global scale,” enthuses OpenLegacy CEO Romi Stein. “We will leverage his strengths growing market positions in hyper-competitive markets to help elevate OpenLegacy’s standing in the global banking and insurance industries.” Stein concludes, “Asif’s deep experience creating best-in-class teams and helping them embrace and thrive with change will be instrumental in taking us to the next level on the world stage.”

 

OL Hub supports the automation of the entire integration process to help companies achieve their digital journey at speed. Learn more here.

 

OL Hub is now available for cloud-based free trials or you can schedule a remote-based product demo here.

 

About OpenLegacy

OpenLegacy’s Digital-Driven Integration enables organizations with legacy systems to release new digital services faster and more efficiently than ever before. It connects directly to even the most complex legacy systems, bypassing the need for extra layers of technology. It then automatically generates APIs in minutes, rapidly integrating those assets into new and exciting innovations. Finally, it deploys them as standard microservices or serverless functions, giving organizations speed and flexibility while drastically cutting costs and resources. With OpenLegacy, industry leading companies release new apps, features, and updates in days instead of months, enabling them to truly become digital to the core. Learn why leading companies choose OpenLegacy at openlegacy.com, and follow us on Twitter or LinkedIn.

 

About Asif Muhammad

As the Chief Marketing Officer, Asif leads all aspects of global marketing, including product, brand building, growth, partnership and sales enablement. Asif brings with him 20 years of technology marketing experience at hyper-growth tech companies. Prior to joining OpenLegacy, he held marketing leadership roles at Microsoft, IBM, NetApp, and most recently at UiPath, which went public in April 2021. At UiPath, Asif built the Field & Partner Alliances function from scratch, scaling it globally.

 

Asif holds a BA in Economics, MBA from Preston University, MA in Marketing Management from Birmingham City University, and PgdCIM, FCIM, MCIM and Chartered Marketer status from the University of West London.

Contacts

Media Contact
Treble
Katie LeChase

openlegacy@treblepr.com

Categories
Business Healthcare

Merck announces withdrawal and refiling under the Hart-Scott-Rodino Act and extension of tender offer to Acquire Acceleron Pharma Inc.

KENILWORTH, N.J. — (BUSINESS WIRE) — $MRK #MRK–Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced that it has withdrawn its Premerger Notification and Report Form under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), in connection with Merck’s pending acquisition of Acceleron Pharma Inc. (Nasdaq: XLRN). As previously announced on October 12, 2021, Merck commenced, through a subsidiary, Astros Merger Sub, Inc., a cash tender offer to purchase all outstanding shares of common stock of Acceleron, for $180 in cash, without interest and less any required tax withholding.

Merck has elected to withdraw its Premerger Notification and Report Form, which was initially filed on October 14, 2021, to provide the Federal Trade Commission (the “FTC”) with additional time for review, and expects to refile such form on or about November 1, 2021. Following the refiling, the waiting period applicable to the pending acquisition will expire at 11:59 p.m., Eastern time, on or about November 16, 2021. The acquisition is expected to close in the fourth quarter of 2021.

 

Consummation of the tender offer remains subject to, among other conditions, the expiration or termination of the applicable waiting period under the HSR Act. As a result, Astros Merger Sub, Inc. is extending the tender offer, which was previously scheduled to expire at 5:00 p.m., Eastern Time, on November 10, 2021, until 5:00 p.m., Eastern time, on November 18, 2021. The tender offer may be extended further in accordance with the merger agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). All other terms and conditions of the tender offer will remain unchanged during the extended period.

 

The Depositary for the tender offer is Computershare Trust Company, N.A., c/o Voluntary Corporate Actions, P.O. Box 43011, Providence, RI 02940-3011. The Depositary has advised Merck that, as of 5:00 p.m., Eastern time, on October 28, 2021, the last business day prior to the announcement of the extension of the tender offer, approximately 8,395,093 shares of Acceleron had been validly tendered and received, and not validly withdrawn, pursuant to the tender offer, representing approximately 13.7% of Acceleron’s outstanding shares. Stockholders who have already tendered their shares do not need to retender such shares or take any other action as a result of the extension of the tender offer.

 

The Information Agent for the tender offer is Innisfree M&A Incorporated, 501 Madison Avenue, 20th floor, New York, NY 10022. The tender offer materials may be obtained at no charge by directing a request by mail to Innisfree M&A Incorporated or by calling toll free at (877) 800-5195, and may also be obtained at no charge at the website maintained by the SEC at www.sec.gov.

 

About Merck

For over 130 years, Merck, known as MSD outside of the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world. For more information, visit www.merck.com and connect with us on Twitter, Facebook, Instagram, YouTube and LinkedIn.

 

Important Information About the Tender Offer

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of Acceleron Pharma Inc. (“Acceleron”) or any other securities, nor is it a substitute for the tender offer materials described herein. A tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, has been filed by Merck Sharp & Dohme Corp. (“Merck”) and Astros Merger Sub, Inc., a wholly owned subsidiary of Merck, with the Securities and Exchange Commission (the “SEC”), and a solicitation/recommendation statement on Schedule 14D-9 has been filed by Acceleron with the SEC.

 

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY BOTH THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, AS THEY MAY BE AMENDED FROM TIME TO TIME, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES.

 

Investors and security holders may obtain a free copy of the Offer to Purchase, the related Letter of Transmittal, certain other tender offer documents and the Solicitation/Recommendation Statement and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to Innisfree M&A Incorporated, the Information Agent for the offer, by calling toll free at (877) 800-5195. In addition, Merck and Acceleron file annual, quarterly and current reports and other information with the SEC, which are available to the public from commercial document-retrieval services and at the SEC’s website at www.sec.gov. Copies of the documents filed with the SEC by Merck may be obtained at no charge on Merck’s internet website at www.merck.com or by contacting Merck at 2000 Galloping Hill Road, Kenilworth, N.J. 07033 or (908) 423-1000. Copies of the documents filed with the SEC by Acceleron may be obtained at no charge on Acceleron’s internet website at www.acceleronpharma.com or by contacting Acceleron at 128 Sidney Street, Cambridge, MA 02139 or (617) 649-9200.

 

Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA

This news release of Merck & Co., Inc., Kenilworth, N.J., USA (the “company”) includes statements that are not statements of historical fact, or “forward-looking statements,” including with respect to the company’s proposed acquisition of Acceleron. Such forward-looking statements include, but are not limited to, the ability of the company and Acceleron to complete the transactions contemplated by the merger agreement, including the parties’ ability to satisfy the conditions to the consummation of the offer contemplated thereby and the other conditions set forth in the merger agreement, statements about the expected timetable for completing the transaction, the company’s and Acceleron’s beliefs and expectations and statements about the benefits sought to be achieved in the company’s proposed acquisition of Acceleron, the potential effects of the acquisition on both the company and Acceleron, the possibility of any termination of the merger agreement, as well as the expected benefits and success of Acceleron’s product candidates. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties. There can be no guarantees that the conditions to the closing of the proposed transaction will be satisfied on the expected timetable or at all, with respect to pipeline products that the products will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

 

Risks and uncertainties include but are not limited to, uncertainties as to the timing of the offer and the subsequent merger; uncertainties as to how many of Acceleron’s stockholders will tender their shares in the offer; the risk that competing offers or acquisition proposals will be made; the possibility that various conditions to the consummation of the merger and the offer contemplated thereby may not be satisfied or waived; the effects of disruption from the transactions contemplated by the merger agreement and the impact of the announcement and pendency of the transactions on Acceleron’s business; the risk that stockholder litigation in connection with the offer or the merger may result in significant costs of defense, indemnification and liability; general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease (COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.

 

The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s 2020 Annual Report on Form 10-K and the company’s other filings with the SEC available at the SEC’s Internet site (www.sec.gov).

Contacts

Media Contacts:

Patrick Ryan

(973) 275-7075

Melissa Moody

(215) 407-3536

Investor Contacts:

Peter Dannenbaum

(908) 740-1037

Steven Graziano

(908) 740-6582

Categories
Business

AM Best affirms credit ratings of Aegon N.V.’s U.S. Subsidiaries

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the U.S. life/health subsidiaries of Aegon N.V. (Aegon) (Netherlands) [NYSE: AEG]. Aegon’s U.S. life/health companies are referred to collectively as Aegon USA Group (Aegon USA). The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed list of these companies.)

The ratings reflect Aegon USA’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management.

 

AM Best’s expectation is for Aegon USA to maintain its very strong balance sheet strength assessment with the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Some concerns remain with recent moderate volatility and continued pressure on the Aegon USA’s operating performance, which is supported by its underwriting and investment capabilities. The overall business profile remains favorable with having a longer-term strategic focus of building a less capital-intensive book of business, and the expected execution of the overall revised business plan objectives and subsequent transition. Aegon USA remains strategically important to its parent, Aegon.

 

Aegon USA’s quality of capital is diminished by its historical reliance on special purpose captives used to support unfunded redundant reserves generated from term life and universal life insurance with secondary guarantees, although lately the company has made a strong effort to reduce the overall exposure. Aegon USA has additional access to liquidity as a member of the Federal Home Loan Bank, which together with its access to capital markets provides Aegon USA with substantial financial flexibility. While the asset allocation within Aegon USA’s investment portfolio is typical for the U.S. life industry, there is some continued exposure to higher risk assets.

 

Aegon USA’s operating performance for the first half of 2021 was positively affected by realized expense savings, higher equity markets and some normalization of claims, which were better than expected. These factors helped increase operating results by approximately 86% on overall segments versus prior year. Aegon USA’s volatility in earnings continues despite divestment of certain run-off blocks of business. While there is some continued volatility in Aegon USA’s operating performance, the U.S. entities maintain an underlying trend of profitability on a statutory and IFRS basis. AM Best notes that Aegon USA’s overall top-line growth has also been inconsistent, with direct premium declining as of late. Additionally, Aegon USA’s return on equity levels have further declined in 2020 from prior year, being below expectations with some volatility.

 

Aegon USA’s diverse product lines contribute to the company’s earnings, including traditional life, variable life, variable annuities, mutual funds, pensions, and accident and health insurance. There has been an increasingly challenging market environment in the U.S. employee benefits segment. AM Best notes that the company has made a strategic shift to focus on de-emphasizing spread-based products, particularly fixed annuities. As part of the de-risking strategy, certain variable annuities, fixed indexed annuities and long-term care businesses were closed during the first quarter of 2021. Further actions involve a lump-sum offer to buy out certain variable annuities with guaranteed minimum income benefit riders and the expansion of the dynamic hedge program to guaranteed minimum income and death benefit riders in the variable annuities business.

 

Aegon USA said it will consider options moving forward for the legacy variable annuity block as the economic value will have to make sense. The company currently has no immediate plans to move closed block businesses off the books, with additional potential earnings reductions going forward. AM Best also views variable annuities with living benefit riders as displaying some of the highest risk characteristics, as well as being vulnerable to tail risks, which could lead to an increase in required capital.

 

Although Aegon USA’s portfolio includes some products viewed as less creditworthy by AM Best, the company benefits from good diversification geographically and by product type. Aegon USA’s business profile remains favorable, with competitive market positions in the U.S. life and annuity arenas supported by a large and diversified distribution system and an integrated worksite strategy that leverages the group’s broad market presence. Although unsuccessful execution of the newly announced strategic initiatives could potentially result in weakened earnings and business profile fundamentals, AM Best will continue to closely monitor the targeted strategic objectives set forth across the whole organization.

 

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with a stable outlook for the following members of the Aegon USA Group:

  • Transamerica Life Insurance Company
  • Transamerica Financial Life Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Igor Bass
Senior Financial Analyst
+1 908 439 2200, ext. 5109
igor.bass@ambest.com

Michael Porcelli

Director

+1 908 439 2200, ext. 5548

michael.porcelli@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business

AM Best to present market briefing at American property casualty insurers association’s annual meeting

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best will host a market briefing on the state of the U.S. property/casualty insurance industry, as well as an update on the Best’s Performance Assessment for Delegated Underwriting Authority Enterprises (DUAE), in conjunction with the American Property Casualty Insurers Association’s (APCIA) Annual Meeting on Monday, Nov. 1, 2021, in Denver.

Stefan Holzberger, chief rating officer, and Greg Williams, senior director, both of AM Best, will lead the session. Topics to be discussed include market segment outlooks for the personal and commercial lines of business within the U.S. property/casualty segment, as well as financial performance trends. The session also will cover key topics such as the upcoming release of Best’s Performance Assessment for DUAEs. AM Best defines DUAE as a blanket term to capture managing general agents, managing general underwriters, coverholders, program administrators, program underwriters, underwriting agencies, direct authorizations and appointed representatives. The Performance Assessment is a forward-looking, independent and objective non-credit opinion that provides a framework for differentiating among DUAEs in the insurance industry. Also as part of the briefing, the analysts will explain how environment, social and governance (ESG) factors are incorporated into Best’s Credit Ratings. The session begins at 2 p.m. (MDT) in The Vail Room at the Sheraton Denver Downtown Hotel, the same location as the APCIA conference.

 

The purpose of the APCIA is to advocate for its members’ public policy positions in all 50 states and in the U.S. Congress, as well as to keep members current on the information that is critical to their businesses. The annual APCIA event runs from Oct. 31-Nov. 2. AM Best also is sponsoring the opening cocktail reception on Oct. 31, from 4:30 p.m. to 6 p.m. (MDT) at the Sheraton hotel.

 

Both events are open to APCIA attendees. To register, or for additional information about the APCIA and the annual conference, please visit the event webpage and agenda or email conferenceinformation@ambest.com.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Categories
Business Lifestyle

Sustainable shoe + apparel brand Allbirds opens new store in New Jersey

PARAMUS, N.J. — (BUSINESS WIRE) — Allbirds, a certified B Corp and Delaware public benefit corporation that believes in making shoes and apparel in a better way, opened a new retail store and community center at the Garden State Plaza in Paramus today. It is the brand’s first store in New Jersey and 35th globally, with locations across North America, Asia, and Europe.


The new 3,140 square foot space speaks to the brand’s sustainable focus, which has driven its development and use of natural materials in replacement of petroleum-based synthetic fibres. Displays around the shop call attention to the Merino Wool, Sugarcane, Tree, and other materials that its products are made of. The design of the store itself also evokes the natural world, with custom wood try-on chairs and displays, and uniquely shaped mirrors. Customers can see the carbon footprint of each product clearly displayed – a first for the fashion and footwear industry, and a hallmark of Allbirds’s approach to sustainability.

 

The new location includes nods to the local community:

  • Atlantic Ocean, Jersey Shore shoe laces
  • Unique pin design inspired by the Jersey Shore boardwalk
  • Limited-edition Allbirds New Jersey reusable tote bags

 

The store is located at One Garden State Plaza and is open Monday through Thursday 10am-9pm and Friday through Saturday 10am-9:30pm.

 

About Allbirds

Allbirds believes in making better things in a better way. As a certified B Corp and Public Benefit Corporation, the Environment is a key business stakeholder. Since inception, the brand has been laser focused on combating the proliferation of petroleum-based materials in apparel and footwear. Allbirds’s story began with superfine New Zealand Merino Wool, and has since evolved to include a Eucalyptus Tree fiber knit fabric and a Sugarcane-based EVA foam (SweetFoam). In 2019, Allbirds became 100% carbon neutral through a self-imposed Carbon Tax, and in 2020, the brand began labeling all products with a Carbon Footprint. Allbirds firmly believes that business can accelerate a shift away from high-polluting practices, and help protect the planet for future generations.

Contacts

Claire Bright

Allbirds@sunshinesachs.com
323-822-9300

Categories
Business Culture

Top ten 2021 streaming Halloween costume tips for grown-ups

LOS ANGELES — (BUSINESS WIRE) — #bestcostumes–Here are the best costume choices for grown-up entertainment fans celebrating Halloween. This year the top dress-up picks pay tribute to the year’s proliferation of entertainment choices from streaming shows across every screen that served as a welcome diversion from pandemic life. ClixTV®, a pop cultural barometer, has compiled the costume leaders for your Halloween events.


  1. Squid Game: Masked guard or sweat suited gamer. (Netflix)
  2. Ted Lasso: Mustachioed Wichita football coach Ted Lasso hired to manage an English soccer team. Jason Sudeikis (Apple TV+)
  3. Cruella: The rebellious early days of the notorious, fashionable villain played by Emma Stone. (Disney+)
  4. Jake Paul vs Tyron Woodley: Social media’s bad boy boxing champ Paul or his competitor UFC Champ Tyron Woodley (CBS Sports, Showtime PPV or ClixTV for fighters’ interviews)
  5. Cinderella: Starring Camilla Cabello in the contemporary musical remake. (Amazon Prime Video)
  6. Halloween Kills: Masked monster Michael Myers played by James Jude. Jamie Lee Curtis and Kyle Richards also star. (Theaters and Peacock)
  7. Many Saints of Newark: Cop a New Jersey Mobster attitude as young Tony Soprano played by Michael Gandolfini. He’s the son of the late James Gandolfini who starred in the award-winning original The Sopranos. (Theaters and HBO Max)
  8. Black Widow: Slip into the Avengers’ role of fictitious Natasha Romanoff, the Black Widow, played by Scarlett Johansson (Disney+)
  9. The Crown: Real life royals. (Queen Elizabeth through the years played by Claire Foy and Olivia Colman) (Netflix)
  10. Hamilton: Lin-Manuel Miranda’s hip-hop, jazz and R&B musical from the hit Broadway show of America’s founding fathers. (Disney+)

“Halloween parties this year across America will be a feast of fun, frivolity and entertaining choices. A welcome break from the sobriety of the daily headlines,” observed Los Angeles psychologist, Dr. Karen Dean Fritts, PhD, LMFT. She weighs in on the importance of popular culture in society: “As we observe entertainment choices, both the types and styles of storytelling, it is an important way to take society’s ‘Emotional Temperature.’ It is a needed desire to escape while connecting deeply by having a collective entertainment experience.”

 

ClixTV, committed to making what to-watch a fun, fast, and free experience, is available on every platform in 120 million over-the-top (OTT) television homes.

 

“Our team had a Halloween ball worthy of Cruella and Cinderella putting together our new list of costume suggestions for streaming entertainment fans searching for a new look this year on the killer characters of the top films and episodic series on Roku, Apple TV, LG and Samsung Smart TV’s, Amazon Fire and other streaming services,” said Stacy Jolna, ClixTV Founder and Chief Marketing Officer, who is dressing for Halloween as James Bond. “ClixTV features behind-the-scenes and “sneak peeks” of leading video streamers as well as emerging entertainment talent in unique comedy, global adventure, cool cooking, “Celebrity Sweat” fit tips, eSports tricks and much more.”

 

Adds Dr. Karen Dean Fritts, “The decades may change, technology may deliver a large buffet of entertainment, but human nature and the desire for storytelling that delivers momentary escapism remains a constant. Entertainment through storytelling, music and art is a vital human need. It enables people to shift focus, restore, refuel, and regulates our system. Allowing ourselves to ‘take a delicious deep breath and fully enjoy’ the buffet is a healthy form of self-care. We can more readily return to the daily realities of LIFE more refreshed and revitalized.”

 

ClixTV Leadership Team

Edward M. Sullivan is ClixTV founder and CEO. He is a recipient of multiple Emmy Awards and Telly’s for his entertainment industry marketing and branding as head of Pittard-Sullivan, which launched and re-launched over 200 channels worldwide, including CBS, ABC, Fox, HBO, Discovery Communications, and DirecTV. Sullivan was a catalyst in driving viewers to specific programs and networks for distributors, studios, content creators, and advertisers. His company also worked closely with Jolna developing the brand and network-like interface for personal video recorder company TiVo and Microsoft’s WebTV.

 

Stacy Jolna, founder and Chief Marketing Officer, is the recipient of multiple News & Documentary Emmy Awards, the Cannes Lion and the Peabody Award. He has worked at the crossroads of media and technology for three decades. As a founding executive team member of TiVo, another successful industry disrupter, Jolna helped propel the company from concept to successful IPO and billion dollar market capitalization. He served as Chief Marketing Officer building the iconic TiVo brand and running point on investments by nearly every major media company. He served as SVP and General Manager of News Corp/TV Guide’s Digital TV Group. A successful broadcast journalism executive prior to going digital, at Time Warner/CNN he was Senior V.P. and Senior Executive Producer for Special Reports and launched award-winning “CNN Presents.”

 

Patricia Sullivan, founder and Chief Creative Officer, is an award-winning entertainment industry entrepreneur who built several production and post-production companies from concept to multi-million dollar exits. A veteran Hollywood producer, her innovative productions helped launch networks and TV shows globally. Patricia has created movie trailers driving opening weekend box office revenues beyond the $100 million mark for studios such as Disney. Patricia’s work has been honored with top awards including ATAS (Emmy), NY Film Festival, Monitor, Belding, BDA, Houston Film Festival, Gracie and Telly.

 

Bill Bradham, founder and Business Development Officer, is a veteran business advisor and strategist, successfully counseling over 250 small, medium and large companies. Counseling Protron Electronics, the Company drove revenues of $800 million in worldwide sales in its first fiscal year. Proficient in knowledge of how to grow a company’s business via effective market research, marketing, branding and sales programs, Bill builds teams, negotiates and raises funds. Bradham has negotiated over $13 billion in business contracts, raised over $600 million for various business ventures, and over $130 million for various national charitable causes.

 

About ClixTV®

ClixTV is a multi-platform streaming company at the crossroads of entertainment, e-commerce and technology. It is free and available on every screen, including over 80 PLEX channels. It is in 120 million homes via over-the-top (OTT) and reaches 100 million online viewers monthly, and millions of viewers on ClixTV.com as well as millions of users on its apps on Android and IOS. ClixTV excels in short-form, bite-sized video episodes featuring social media influencers, celebrity athletes, chefs, comedians, eSports commentators, adventurers, and more. It’s range of content spans Hot Trends, Extreme Sports, Fashion & Lifestyle, Travel & Adventure, Funny, Food & Wellness, Fitness, Kids Stuff, and more. ClixTV is also a promotional champion of top series and movies on major streaming platforms, making it simpler for viewers to find what they want to watch and subscribe to leading streaming services. ClixTV is an immersive, direct-to-consumer brand experience where viewers can watch, shop and earn ClixTV cash rewards redeemable for brand products or for charities they support.

Contacts

Debra Sharon Davis
President
Davis Communications Group, Inc.
ddavis@davcominc.com
Mobile: 818 519 2089
Office: 818 710 8198

Categories
Business

1st Colonial Bancorp, Inc. reports earnings of $2.2 million for the third quarter of 2021, a 67% increase over the same period in 2020

Income Statement Highlights include:

  • Net interest income was $6.0 million for the third quarter of 2021, an increase of 31% over the same period in 2020.
  • Net interest margin for the quarter ended September 30, 2021 was 3.56%, an increase of 46 basis points, or 15%, over the same period in 2020.
  • Third quarter revenues were $8.5 million, an increase of $2.2 million, or 34%, from the same period in 2020.
  • Non-interest income grew 45% to $2.5 million for the quarter ended September 30, 2021, compared to $1.7 million for the same period in 2020.
  • For the quarter ended September 30, 2021, diluted earnings per share were $0.44, an increase of 64% over the same period in 2020.
  • Pre-tax, pre-loan loss provision earnings for the third quarter of 2021 were $3.5 million, an increase of $1.3 million, or 61%, from $2.2 million for the third quarter of 2020.
  • The efficiency ratio for the third quarter of 2021 improved to 59% from 65% for the third quarter of 2020. The efficiency ratio represents the ratio of non-interest expenses divided by the sum of net-interest income and non-interest income.

 

Balance Sheet Highlights include:

  • Total assets as of September 30, 2021 grew $48.1 million to $684.2 million from $636.1 million as of December 31, 2020.
  • Total loans as of September 30, 2021 increased $90.1 million to $513.2 million from $423.1 million as of December 31, 2020.
  • Total deposits as of September 30, 2021 grew $45.1 million to $610.9 million from $565.8 million as of December 31, 2020.
  • Tangible book value per share increased 15% to $11.88 as of September 30, 2021 from $10.35 as of September 30, 2020. Tangible book value per share was $10.82 as of December 31, 2020.
  • For the third quarter of 2021, annualized return on average assets was 1.24% and annualized return on average equity was 15.36%
  • Non-performing assets declined 17% to $4.0 million as of September 30, 2021 compared to $4.8 million as of December 31, 2020.

 

CHERRY HILL, N.J. —  (BUSINESS WIRE) — 1st Colonial Bancorp, Inc. (FCOB), holding company of 1st Colonial Community Bank, today reported net income of $2.2 million, or $0.44 per diluted share, for the three months ended September 30, 2021, compared to net income of $1.3 million, or $0.27 per diluted share, for the three months ended September 30, 2020. For the nine months ended September 30, 2021, net income was $5.5 million, or $1.11 per diluted share, compared to $2.5 million, or $0.51 per diluted share, for the same period in 2020.

Robert White, President and Chief Executive Officer, commented, “We are pleased to announce solid financial results for the quarter, reflecting our team’s commitment to growing and expanding client relationships. This was evident in our non-PPP loan growth of $86.1 million and deposit growth of $45.1 million, which helped us achieve our quarterly results. We continue to see momentum in our residential and commercial pipelines, including SBA lending activities, which significantly contributed to our quarterly performance.

 

“Our continued investment in our Company has fueled the growth in our team, as well as significant technology enhancements, which support our long-term growth strategy.”

 

Operating Results

Net Interest Income

Net interest income for the three months ended September 30, 2021 and 2020 was $6.0 million and $4.6 million, respectively. The $1.4 million increase in net interest income was primarily attributable to a $1.2 million increase in interest income coupled with a $208 thousand decrease in interest expense. Interest income on average loans increased $1.3 million quarter over quarter. The growth in interest income included an $829 thousand increase in loan origination income from the SBA’s Paycheck Protection Program (“PPP”) and was due to accelerated loan forgiveness payments. Interest expense was impacted by a $320 thousand decline in interest expense related to average interest-bearing deposits and a $112 thousand increase in interest expense on average borrowings. An increase in non-interest bearing and lower cost deposit products coupled with interest rate reductions led to the improvement in deposit interest expense. Interest on average borrowings grew due to the subordinated debt issued by the Company in the third quarter of 2020.

 

For the first nine months of 2021, net interest income grew $2.5 million, or 18.9%, to $15.8 million from $13.3 million for the same period in 2020. The increase in net interest income was primarily attributable to a $1.5 million increase in interest income accompanied by a $977 thousand decrease in interest expense. For 2021, interest income from average loans increased $1.8 million while interest income from average cash and cash equivalents and average investments declined $181 thousand and $156 thousand, respectively. PPP loan origination income increased $1.3 million year over year. Average outstanding loan balances grew $42.3 million, or 9.9%. Total interest expense was affected by a $1.5 million decline in interest expense related to average interest-bearing deposits and a $494 thousand increase in interest expense on average borrowings due to the subordinated debt.

 

Approximately $1.4 million in net PPP origination fees remains to be recognized over the contractual term, which is predominately 60 months. The earnout period may be accelerated based on the timing of the forgiveness of the PPP loans by the SBA. No new PPP loans may be made, as the program ended on May 31, 2021.

 

The net interest margin was 3.56% for the third quarter of 2021 compared to 3.11% for the third quarter of 2020, and was 3.27% for the nine months ended September 30, 2021, compared to 3.06% for the nine months ended September 30, 2020. The improvement in net interest margin year-over-year was mostly related to the 11.5% growth in interest-earning assets. Additionally, the average rate paid on liabilities declined from 0.92% for the first nine months of 2020 to 0.59% for the first nine months of 2021.

 

Loan Loss Provision

For the three and nine months ended September 30, 2021, we recorded provision to the allowance for loan losses (“allowance”) of $600 thousand and $1.0 million, respectively, compared to $341 thousand and $1.8 million for the three and nine months ended September 30, 2020, respectively. For the nine months ended September 30, 2021, net charge-offs were $266 thousand compared to $2.6 million in net charge-offs for the same period in 2020. The net charge-offs for 2020 included $1.8 million in specific reserves on impaired loans. The allowance as a percentage of total loans was 1.24% as of September 30, 2021 compared to 1.33% as of December 31, 2020 and 1.34% as of September 30, 2020.

 

Non-interest Income

Non-interest income for the third quarter of 2021 was $2.5 million, an increase of $772 thousand, or 44.7%, from $1.7 million for the third quarter of 2020. During the third quarter of 2021 we earned $629 thousand in gains on the sale of SBA loans compared to $79 thousand for the third quarter of 2020. The third quarter of 2021 also includes a non-taxable bank owned life insurance (“BOLI”) death benefit of $387 thousand related to a former employee. Income from the origination and sales of residential mortgages was $1.2 million for the third quarter in 2021 and declined $74 thousand from $1.3 million for the same period in 2020. While residential mortgage originations increased 12% quarter over quarter, we chose to retain 17% more in our loan portfolio compared to the third quarter of 2020.

 

For the nine months ended September 30, 2021, non-interest income was $7.4 million, an increase of $3.5 million, or 91.3%, from $3.8 million for the same period in 2020. Income from the origination and sales of residential mortgages grew $1.7 million, or 60.5%, from $2.9 million for the first three quarters of 2020 to $4.6 million for the first three quarters in 2021 due to growth of $52.6 million in the volume of loans sold during the 2021 period. For the first nine months of 2021, we earned $1.6 million in gains on the sale of SBA loans compared to $79 thousand for the same period in 2020. As mentioned previously, in 2021 we recorded a non-taxable BOLI death benefit of $387 thousand.

 

Non-interest Expense

Non-interest expense was $5.0 million for the three months ended September 30, 2021, an increase of $850 thousand, or 20.5%, from $4.2 million for the comparable period in 2020. Personnel expenses increased $667 thousand, or 26.4%, during this period. Throughout 2021, we made key investments in highly experienced revenue producers and operational team members as we executed upon our strategic plan. On March 29, 2021, we expanded into southeastern Pennsylvania when we opened a new full-service branch in Limerick.

 

Non-interest expense was $14.5 million for the nine months ended September 30, 2021, an increase of $2.5 million, or 21.2%, from $12.0 million for the comparable period in 2020. The increase was mainly related to planned growth in personnel expenses, primarily attributable to our market expansion.

 

Income Taxes

For the three and nine months ended September 30, 2021, income tax expense was $759 thousand and $2.1 million, respectively, compared to $513 thousand and $840 thousand for the three and nine months ended September 30, 2020, respectively.

 

Financial Condition

Assets

As of September 30, 2021, total assets were $684.2 million and grew $48.2 million, or 7.6%, from $636.1 million as of December 31, 2020.

 

Total loans were $513.2 million as of September 30, 2021, an increase of $90.0 million, or 21.3%, from $423.1 million as of December 31, 2020. We used cash flows from the investment portfolio to partly fund our loan growth. Commercial loans grew $39.6 million and residential mortgages and consumer loans grew $46.5 million. Loans held for sale were $21.9 million as of September 30, 2021 and December 31, 2020.

 

During 2021, we originated $48.3 million in new PPP loans. As of September 30, 2021, PPP loans outstanding were $31.5 million, an increase of $3.9 million from $27.6 million as of December 31, 2020. We have been successful in receiving the forgiveness payments from the SBA.

 

Liabilities

Total deposits were $610.9 million as of September 30, 2021, an increase of $45.1 million, or 8.0%, from $565.8 million as of December 31, 2020. Interest-checking accounts, certificates of deposit including brokered deposits, and demand deposits increased $28.2 million, $21.2 million, and $4.9 million, respectively, while savings accounts decreased $9.6 million. Short-term borrowings declined $2.3 million due to the termination of repurchase agreements.

Shareholder’s Equity

Total shareholders’ equity was $57.4 million as of September 30, 2021, an increase of $3.7 million, or 7.0%, from $53.7 million as of December 31, 2020. Tangible book value per share increased $1.06, or 9.8%, from $10.82 as of December 31, 2020, to $11.88 as of September 30, 2021.

 

During the first quarter of 2021, we announced the adoption of a stock repurchase program, which authorized management to repurchase up to 3% of the Company’s outstanding shares of common stock, with a total cost not to exceed $1.4 million. The repurchase program was completed during the second quarter. We repurchased 141,720 shares for a total cost of $1.4 million through a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934.

Asset Quality

1st Colonial’s non-performing assets as of September 30, 2021, were $4.0 million and included $3.8 million in non-accrual loans and $125 thousand in other real estate owned (OREO). Non-performing assets were $4.8 million as of December 31, 2020 and were comprised of non-performing loans. During the third quarter non-accrual loans totaling $527 thousand paid off with no principal loss and we recorded a charge-off related to one legacy residential construction loan that was classified as non-performing in 2020. We continue to manage this credit through the legal process and believe we will see full resolution and disposition in early 2022.

The ratio of non-performing assets to total assets as of September 30, 2021, was 0.58% compared to 0.75% as of December 31, 2020. As of September 30, 2021, the allowance was $6.4 million, or 1.24% of total loans. The allowance was $5.6 million, or 1.33% of total loans as of December 31, 2020. The allowance to non-accrual loans was 166.2% as of September 30, 2021, compared to 117.3% as of December 31, 2020.

 

Income Statement and Other Highlights:

Highlights as of September 30, 2021 and 2020 and December 31, 2020 and a comparison of the three and nine months ended September 30, 2021 to the three and nine months ended September 30, 2020 include the following:

 

1st COLONIAL BANCORP, INC.

CONSOLIDATED INCOME STATEMENTS

(Unaudited, dollars in thousands, except per share data)

For the three months

For the nine months

ended September 30,

ended September 30,

2021

2020

2021

2020

Interest income

$

6,792

$

5,584

$

18,132

$

16,595

Interest expense

758

966

2,301

3,278

Net Interest Income

6,034

4,618

15,831

13,317

Provision for loan losses

600

341

1,015

1,800

Net interest income after provision for loan losses

5,434

4,277

14,816

11,517

Non-interest income

2,499

1,727

7,357

3,846

Non-interest expense

5,005

4,155

14,517

11,978

Income before taxes

2,928

1,849

7,656

3,385

Income tax expense

759

513

2,124

840

Net Income

$

2,169

$

1,336

$

5,532

$

2,545

Earnings Per Share – Basic

$

0.45

$

0.27

$

1.13

$

0.51

Earnings Per Share – Diluted

$

0.44

$

0.27

$

1.11

$

0.51

SELECTED PERFORMANCE RATIOS:

For the three months

ended September 30,

For the nine months

ended September 30,

2021

2020

2021

2020

Annualized Return on Average Assets

1.24

%

0.87

%

1.10

%

0.57

%

Annualized Return on Average Equity

15.36

%

10.49

%

13.56

%

6.87

%

Book value per share

$

11.88

$

10.35

$

11.88

$

10.35

As of September 30, 2021

As of December 31, 2020

Bank Capital Ratios:

Tier 1 Leverage

9.57

%

9.60

%

Total Risk Based Capital

15.80

%

17.54

%

Common Equity Tier 1

14.54

%

16.29

%

1st COLONIAL BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited, in thousands)

As of September 30, 2021

As of December 31, 2020

Cash and cash equivalents

$

20,702

$

37,040

Total investments

109,146

137,027

Mortgage loans held for sale

21,910

21,859

Total loans

513,173

423,147

Less Allowance for loan losses

(6,373

)

(5,624

)

Loans and leases, net

506,800

417,523

Bank owned life insurance

14,062

14,739

Premises and equipment, net

1,187

769

Other real estate owned, net

125

–

Accrued interest receivable

1,737

1,811

Other assets

8,560

5,288

Total Assets

$

684,229

$

636,056

Total deposits

$

610,913

$

565,820

Other borrowings

–

2,325

Subordinated debt

10,431

10,404

Other liabilities

5,453

3,821

Total Liabilities

626,797

582,370

Total Shareholders’ Equity

57,432

53,686

Total Liabilities and Equity

$

684,229

$

636,056

1st COLONIAL BANCORP, INC.

NET INTEREST INCOME AND MARGIN TABLES

(Unaudited, in thousands, except percentages)

For the three months ended

For the three months ended

September 30, 2021

September 30, 2020

Average Balance

Interest

Yield

Average Balance

Interest

Yield/Rate

Cash and cash equivalents

$

35,198

$

12

0.14

%

$

50,543

$

13

0.10

%

Investment securities

115,481

337

1.16

%

94,884

440

1.84

%

Mortgage loans held for sale

16,970

114

2.67

%

16,636

113

2.70

%

Loans

504,623

6,329

4.98

%

429,521

5,018

4.65

%

Total interest-earning assets

672,272

6,792

4.01

%

591,584

5,584

3.76

%

Non-interest earning assets

22,512

19,791

Total average assets

$

694,784

$

611,375

Interest-bearing deposits

Interest checking accounts

$

266,261

$

95

0.14

%

$

234,733

$

242

0.41

%

Savings and money market deposits

113,710

83

0.29

%

117,797

112

0.38

%

Time deposits

155,864

383

0.97

%

117,578

527

1.78

%

Total interest-bearing deposits

535,835

561

0.42

%

470,108

881

0.75

%

Borrowings

10,529

197

7.42

%

6,380

85

5.30

%

Total interest-bearing liabilities

546,364

758

0.55

%

476,488

966

0.81

%

Non-interest bearing deposits

88,187

80,475

Other liabilities

4,194

3,752

Total average liabilities

638,745

560,715

Shareholders’ equity

56,039

50,660

Total average liabilities and equity

$

694,784

$

611,375

Net interest income

$

6,034

$

4,618

Net interest margin

3.56

%

3.11

%

Net interest spread

3.46

%

2.95

%

1st COLONIAL BANCORP, INC.

NET INTEREST INCOME AND MARGIN TABLES – Continued

(Unaudited, in thousands, except percentages)

For the nine months ended

For the nine months ended

September 30, 2021

September 30, 2020

Average Balance

Interest

Yield

Average Balance

Interest

Yield/Rate

Cash and cash equivalents

$

32,694

$

27

0.11

%

$

47,696

$

209

0.59

%

Investment securities

125,872

1,214

1.29

%

94,774

1,370

1.93

%

Mortgage loans held for sale

19,860

363

2.44

%

11,543

241

2.79

%

Loans

469,814

16,528

4.70

%

427,522

14,775

4.62

%

Total interest-earning assets

648,240

18,132

3.74

%

581,535

16,595

3.81

%

Non-interest earning assets

22,093

19,377

Total average assets

$

670,333

$

600,912

Interest-bearing deposits

Interest checking accounts

$

261,085

$

324

0.17

%

$

240,798

$

1,020

0.57

%

Savings and money market deposits

117,248

254

0.29

%

97,399

283

0.39

%

Time deposits

131,583

1,131

1.15

%

131,766

1,877

1.90

%

Total interest-bearing deposits

509,916

1,709

0.45

%

469,963

3,180

0.90

%

Borrowings

12,051

592

6.57

%

3,679

98

3.56

%

Total interest-bearing liabilities

521,967

2,301

0.59

%

473,642

3,278

0.92

%

Non-interest bearing deposits

89,830

74,210

Other liabilities

3,975

3,607

Total average liabilities

615,772

551,459

Shareholders’ equity

54,561

49,453

Total average liabilities and equity

$

670,333

$

600,912

Net interest income

$

15,831

$

13,317

Net interest margin

3.27

%

3.06

%

Net interest spread

3.15

%

2.89

%

GAAP to NON-GAAP RECONCILIATION

(Unaudited, dollars in thousands, except per share data)

Pre-tax, pre-loan loss provision earnings are determined by methods other than in accordance with generally accepted accounting principles (“GAAP”) and is considered a non-GAAP financial measure. Management believes that this non-GAAP financial measure is useful because it enhances the ability of management and investors to evaluate and compare our operating results from period to period.

For the three months

For the nine months

ended September 30,

ended September 30,

2021

2020

2021

2020

Net Income (GAAP)

$

2,169

$

1,336

$

5,532

$

2,545

Add back provision for loan losses

600

341

1,015

1,800

Add back income tax expense

759

513

2,124

840

Pre-tax, pre-provision earnings (non-GAAP)

$

3,528

$

2,190

$

8,671

$

5,185

Adjusted Earnings Per Share – Diluted (non-GAAP)

$

0.72

$

0.44

$

1.74

$

1.04

1st Colonial Community Bank, the subsidiary of 1st Colonial Bancorp, provides a range of business and consumer financial services, placing emphasis on customer service and access to decision makers. Headquartered in Collingswood, New Jersey, the Bank has branches in Westville, New Jersey and Limerick, Pennsylvania. The bank also has a loan production office in Haddonfield, New Jersey and administrative offices in Cherry Hill, New Jersey. To learn more, call (877) 785-8550 or visit www.1stcolonial.com.

This release contains forward-looking statements that are not historical facts and include statements about management’s strategies and expectations about our business. There are risks and uncertainties that may cause our actual results and performance to be materially different from results indicated by these forward-looking statements. Factors that might cause a difference include the extent of the adverse impact of the current global coronavirus outbreak on our customers, prospects and business, as well as the impact of any future pandemics or other natural disasters; economic conditions; civil unrest, rioting, acts or threats of terrorism, or actions taken by the local, state and Federal governments in response to such events, which could impact business and economic conditions in our market area; unanticipated loan losses, inability to close loans in our pipeline, lack of liquidity; varying and unanticipated costs of collection with respect to nonperforming loans; an inability to dispose of real estate owned; changes in interest rates, changes in FDIC assessments, deposit flows, loan demand, and real estate values; changes in relationships with major customers; operational risks, including the risk of fraud by employees, customers or outsiders; competition; changes in accounting principles, policies or guidelines; changes in laws or regulations and in the manner in which the regulators enforce same; new technology and other factors affecting our operations, pricing, products and services.

Contacts

Mary Kay Shea, 856‑885-2391

Categories
Business News Now!

Buckle CEO and co-founder to deliver customer keynote at Guidewire Connections 2021

Buckle’s Marty Young to present on legitimizing the gig economy at Guidewire’s annual conference – November 1-4, 2021 – Las Vegas

 

JERSEY CITY, N.J. — (BUSINESS WIRE) — #AI—Marty Young, co-founder and CEO of Buckle, an inclusive tech-enabled financial services company, is delivering the customer keynote, “Buckle: Legitimizing the Gig Economy,” at Guidewire Connections, taking place on Monday, November 1 – Thursday, November 4, 2021, in-person in Las Vegas and virtually. Connections is Guidewire’s annual conference where customers, insurance industry professionals, and other invited guests gather. Earlier this year, Buckle selected Guidewire to enable its adjusters to easily, accurately, and quickly resolve claims for its rideshare and delivery driver customers.

WHAT: Buckle’s Marty Young to Deliver Customer Keynote at Guidewire Connections

WHEN: Wednesday, November 3, 2021, 9:45 a.m. – 10:30 a.m. PDT

WHERE: ARIA Resort & Casino, 3730 S Las Vegas Blvd, Las Vegas

Buckle is exclusively focused on servicing rideshare, delivery, and Transportation Network Company (TNC) drivers with their unique needs by providing personal and commercial auto coverage in one, affordable policy. Buckle’s mission is to help this rising middle class break free from the credit score trap and achieve economic freedom, requiring the insurer to solve a whole host of problems—from safety to affordability. Marty shares how Buckle is blowing up the typical P&C insurance model through non-traditional data sources and various plug and play programs.

 

In addition to insurtech and fintech strategies, Marty also leads Buckle in mergers and acquisitions execution. He is a globally recognized Wall Street professional with 20+ years of special situations experience in executing more than 75 transactions worth $30+ billion as both a trusted financial advisor and executive officer.

 

Marty graduated from the United States Military Academy at West Point and was commissioned as a U.S. Army Infantry Officer. After 9/11, he transitioned into and continues to serve as a U.S. Army Chaplain in the National Guard. He also serves on the Advisory Board of the School of Industrial and Systems Engineering of the Georgia Institute of Technology, where he obtained a master’s degree in Operations Research. In addition, Marty has an MBA from the NYU Stern School of Business and is a graduate of the U.S. Army Command and General Staff College.

 

For more information on Guidewire Connections, visit: https://connections.guidewire.com.

 

About Guidewire

Guidewire is the platform general insurers trust to engage, innovate, and grow efficiently. ​We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.

 

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localisation, and innovation.

 

For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.

 

About Buckle

Buckle is the inclusive digital financial services company serving the rising middle class and providers to the gig economy. Using a portfolio of technologies and data sources, Buckle provides insurance and credit products to those who earn less than the average American wage and are subsequently penalized for having poor or no credit. Connect with Buckle on Facebook, Twitter and LinkedIn. Visit www.buckleup.com.

All trademarks recognized.

Contacts

Media Contact:

Tracy Wemett

BroadPR

+1-617-868-5031

tracy@broadpr.com