Category: Business

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Business Technology

AeroFarms launches new elevated branding for corporate and retail expansion

AeroFarms Recognized by Fast Company’s World Changing Ideas for 4th Year in a Row

NEWARK, N.J. — (BUSINESS WIRE) — $SV–AeroFarms, a certified B Corporation and leader in indoor vertical farming, today announced a new brand identity for AeroFarms and the rebranding of its Dream Greens® retail brand to AeroFarms®, uniting its mission and activities under one fresh, powerful identify that celebrates its leadership for indoor vertical farming and a brighter future for all.


Since 2004, AeroFarms has been the world trailblazer for technology-enabled controlled environment agriculture and has won over 50 awards for its leadership for innovation, sustainability, and food — including being honored today by Fast Company for its World Changing Ideas for the 4th year in a row. Honoring its legacy as farmers and agriculture innovators, AeroFarms’ mission today is bigger and bolder than ever: to grow the best plants possible for the betterment of humanity, using proprietary aeroponics and indoor vertical farming technologies to solve agriculture’s biggest challenges and grow the most delicious produce for its communities.

The blue and green colors of the new AeroFarms logo represent the core elements of growing – water and plants – as well as AeroFarms’ environmental stewardship of Mother Earth, that includes using up to 95% less water and zero pesticides versus traditional and organic field farming. The unique floating “E” design represents AeroFarms’ expertise in indoor vertical farming and continued work to raise the bar today and for generations to come for agriculture and business overall. Confident and assertive, the lettering is a modern Gotham font in all capitals that is very straightforward with an engineering quality that speaks to AeroFarms’ leadership and science-driven history while still being sophisticated. In essence, the font sensibility reflects AeroFarms’ bold positioning for years to come. AeroFarms’ expertise in plant biology and the broader farming industry is captured further in its new tagline Agriculture, Elevated.™

AeroFarms starts by selecting the most flavorful varietals of microgreens and baby greens, then perfects them in its proprietary indoor vertical farms for optimal quality, yield, color, nutrition, texture, and taste. In fact, AeroFarms has trademarked Vertical Farming, Elevated Flavor™ to highlight to consumers not only where and how their food is grown, but also more importantly, the key growing benefits that AeroFarms uniquely brings to the market, setting a new culinary standard with millions of data points to prove it.

AeroFarms is able to grow its kale to be sweeter and its arugula to be perfectly peppery, and the Company has developed its signature FlavorSpectrum™ to represent the breadth of flavors and hundreds of varieties of leafy greens that it is able to grow. AeroFarms’ team of experts from horticulturists to engineers to data scientists to nutritionists paired each specific tasting note with a representative color to bring the FlavorSpectrum™ philosophy to life. Across its leafy greens packaging line, the cool blue tones represent sweet and mellow notes, while the intense reds represent bold and zesty flavors.

In addition, AeroFarms’ new packaging design for its sealed tray that is made with 40% less plastic than a traditional clamshell, was developed with rounds of primary consumer research and collaboration with key selling partners. The breakthrough packaging design boasts the largest clear window in the entire packaged salads category. As a result, the leafy greens are showcased, allowing the product to be the hero to signal the ultimate in freshness and flavor. Major consumer attributes like sustainably grown indoors, no pesticides ever, locally grown, no washing needed, and non-GMO are highlighted in a clean presentation for the consumer, and AeroFarms’ expertise in flavor is brought to life through its descriptive product tasting notes and its “Taste our Difference” invitation to the consumer. AeroFarms’ leadership in authenticity and transparency (also represented by the clear window) is reinforced by the grown with purpose messaging and by the logo for Certified B Corporation, that provides a scorecard on both environmental and societal factors.

The new elevated AeroFarms branded leafy greens will continue to be available at Northeast Whole Foods Market and ShopRite locations, and online via FreshDirect and Amazon Fresh. Baldor will continue to serve as the brand’s primary retail and food service distribution partner in the Northeast.

“Now more than ever, customers want to have an emotional and values-based connection to their food. They want to know and understand where their food comes from, how it’s grown and what it stands for,” said David Rosenberg, Co-Founder and Chief Executive Officer. “We are excited to rollout the new look of our namesake brand with the same delicious, sustainably grown local greens that consistently win on quality, texture, and flavor. The AeroFarms brand further connects our customers to our team of growers and plant scientists, and our leading sustainable farming technology platform, that yields annual productivity up to 390 times greater than traditional field farming, while using up to 95% less water and zero pesticides.”

AeroFarms also recently announced the groundbreaking of its next commercial indoor vertical farm in Danville-Pittsylvania County, Virginia. AeroFarms’ next-generation Model 5 farm will be the largest and most technologically advanced aeroponic indoor vertical farm in the world. Strategically located in close proximity to more than 1,000 food retailers in the region, the Danville farm will provide access to approximately 50 million people located within a day’s drive. The new farm will advance AeroFarms’ leadership in plant science and technology and expand its leafy greens business to the Mid-Atlantic and South regions.

About AeroFarms

Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation Company with global headquarters in Newark, New Jersey, United States. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions in Food, AeroFarms patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides ever versus traditional field farming. AeroFarms enables local production to safely grow all year round, using vertical farming for elevated flavor. In addition, through its proprietary growing technology platform, AeroFarms has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs. For additional information, visit: https://aerofarms.com/.

On March 26, 2021, AeroFarms announced a definitive business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV). Upon the closing of the business combination, AeroFarms will become publicly traded on Nasdaq under the new ticker symbol “ARFM”. Additional information about the transaction can be viewed here: https://aerofarms.com/investors/

No Offer or Solicitation

This press release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and AeroFarms or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this presentation, regarding Spring Valley’s proposed acquisition of AeroFarms, Spring Valley’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of AeroFarms and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AeroFarms and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Spring Valley or AeroFarms is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to AeroFarms; risks related to the expansion of AeroFarms’ business and the timing of expected business milestones; the effects of competition on AeroFarms’ business; the ability of Spring Valley or AeroFarms to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s final prospectus dated November 25, 2020 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor AeroFarms presently know, or that Spring Valley nor AeroFarms currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and AeroFarms’ expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and AeroFarms anticipate that subsequent events and developments will cause Spring Valley’s and AeroFarms’ assessments to change. However, while Spring Valley and AeroFarms may elect to update these forward-looking statements at some point in the future, Spring Valley and AeroFarms specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and AeroFarms’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

AeroFarms Contacts
Investor Relations:

Jeff Sonnek ICR

Jeff.Sonnek@icrinc.com
1-646-277-1263

Media Relations:

Marc Oshima
AeroFarms

MarcOshima@AeroFarms.com
1-917-673-4602

Categories
Business

AM Best upgrades credit ratings of Chesapeake Employers’ Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Chesapeake Employers’ Insurance Company (Chesapeake) (Towson, MD). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

The ratings reflect Chesapeake’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The rating upgrades reflect Chesapeake’s continued strengthening of its balance sheet, which is supported by the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), strong liquidity metrics and low underwriting leverage. Chesapeake has a five-year compound annual surplus growth rate of 17.4%, organically growing surplus year over year through underwriting and investment income. The company’s balance sheet is supported further by loss reserves, which have developed favorably on an accident and calendar-year basis in each of the past ten years. Chesapeake’s underwriting and operating performance is similar to those of the workers’ compensation (WC) composite with results steadily improving, despite management’s guarded expectations as they anticipate further rate decreases in the WC line of business. While Chesapeake is limited to writing WC in Maryland, its business profile assessment reflects its importance in the state, as evidenced by its market share, which has been over 20% for the past five years. Chesapeake maintains an ERM program that AM Best considers appropriate for its size and scope. However, AM Best expects management will continue to build out the sophistication of the program to help achieve its business objectives.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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

Daniel Mangano
Senior Financial Analyst
+1 908 439 2200, ext. 5547
daniel.mangano@ambest.com

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

Jacqalene Lentz, CPA
Director
+1 908 439 2200, ext. 5762
jacqalene.lentz@ambest.com

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

Categories
Business

Ruby Has acquires Boss Logistics in Louisville, KY

Organic Hypergrowth Augmented by Second Acquisition in 12 months

LOUISVILLE, Ky. — (BUSINESS WIRE) — #3PL–Ruby Has, one of the fastest growing ecommerce fulfillment companies providing enterprise-level services to direct-to-consumer brands, announced today it has acquired ecommerce fulfillment company Boss Logistics in Louisville, KY. This move marks the second acquisition for Ruby Has Fulfillment in the past twelve months.


Boss Logistics is a high-quality regional ecommerce fulfillment company. “As we continue on our path of rapid organic growth, acquisitions are a key part of our expansion strategy to deliver additional value, capacity and quality to ecommerce fulfillment,” said Rafael Zakinov, founder and CEO, Ruby Has. “This acquisition adds to our ongoing rapid growth and also brings us the specialized capabilities of Boss Logistics in Kentucky.”

“We are thrilled to become part of the Ruby Has family,” said Jeffrey Sgro of Boss Logistics. “Adding our capabilities to those of Ruby Has allows us to take the original vision for our company to new heights.”

This new acquisition comes in addition to several recent expansions including the addition of a major facility in Kentucky and the doubling of the Ruby Has Facilities in Las Vegas, NV and Toronto, Canada.

About Ruby Has Fulfillment:

Ruby Has is one of the fastest growing ecommerce fulfillment providers (ranked by Crain’s Fast 50 since 2018 and Inc. 5000 for five consecutive years) for direct-to-consumer brands and retailers. Ruby Has Fulfillment leads the 3PL industry with cutting-edge technology, seamless integration, and an uncompromising commitment to quality. With distribution center locations in New York, New Jersey, California, Nevada, Kentucky and Ontario, Canada, Ruby Has provides a strategically located international footprint of fulfillment solutions, with faster shipments and reduced costs. For more information, visit rubyhas.com.

Contacts

Ali Finer

Ruby Has

ali@rubyhas.com
612-209-4575

Categories
Business Sports & Gaming

Bogota Financial Corp. reports results for the three months ended March 31, 2021

TEANECK, N.J. — (BUSINESS WIRE) — Bogota Financial Corp. (the “Company”) (NASDAQ: BSBK), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended March 31, 2021 of $3.0 million, compared to net loss of $1.3 million for the comparable prior year period. The Company recorded a bargain purchase gain of $1.9 million associated with the acquisition of Gibraltar Bank during the most recent quarter. Also, during the three months ended March 31, 2021, the Company had merger-related expenses of $318,000. The Company contributed cash and stock with a value of $2.9 million ($2.1 million after-tax) to the Bogota Charitable Foundation during the three months ended March 31, 2020. Excluding the bargain purchase gain and the merger-related expenses in 2021 and the contribution to the charitable foundation in 2020, net income for the three months ended March 31, 2021 and 2020 was $1.4 million and $734,000, respectively.

On January 15, 2020, the Company became the holding company for the Bank when it completed the reorganization of the Bank into a two-tier mutual holding company form of organization. In connection with the reorganization, the Company sold 5,657,735 shares of common stock at a price of $10 per share, for gross proceeds of $56.6 million. The Company also issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and issued 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.”

On February 28, 2021, the Company completed its acquisition of Gibraltar Bank and as part of the transaction, the Company issued 1,267,916 shares of its common stock to Bogota Financial, MHC. The conversion and consolidation of data processing platforms, systems and customer files is expected to occur in August 2021. The merger added three branches to the Bank’s network and, in the second quarter of 2021, the Bank will be opening a new branch in Hasbrouck Heights, New Jersey, which will also include additional offices for staff.

Other Financial Highlights:

  • Total assets increased $103.0 million, or 13.9%, to $843.9 million from $740.9 million at December 31, 2020, primarily due to acquiring $106.0 million in assets from the Gibraltar Bank acquisition.
  • Net loans increased $52.1 million, or 9.3%, to $609.8 million at March 31, 2021 from $557.7 million at December 31, 2020.
  • Total deposits were $584.4 million, increasing $82.4 million, or 16.4%, during the three months ended March 31, 2021.
  • Return on average assets was 1.57% for the three-month period ended March 31, 2021 compared to (0.75) % for the corresponding period of 2020. Without the bargain purchase gain and merger-related expenses in 2021 and the charitable foundation contribution in 2020, the return on average assets would have been 0.73% and 0.41% for the three-month period ended March 31, 2021 and 2020, respectively.
  • Return on average equity was 9.11% for the three-month period ended March 31, 2021 compared to (5.97) % for the corresponding period of 2020. Without the bargain purchase gain and merger-related expenses in 2021 and the charitable foundation contribution in 2020, the return on average equity would have been 4.59% and 2.54% for the three-month period ended March 31, 2021 and 2020, respectively.

Joseph Coccaro, President and Chief Executive Officer, said, “During the first quarter, we successfully completed the acquisition of Gibraltar Bank. We are very pleased to have completed our combination with Gibraltar Bank and extend a warm welcome to Gibraltar’s customers and employees. We look forward to working with the Gibraltar team in delivering to all of our customers and shareholders the benefits that we expect from this transaction.”

“We are pleased with our continued strategy to expand our loan portfolio and the positive overall impacts of doing so on assets and income. We continue our efforts to expand our market presence, improve and expand our technology platform and offerings and manage our interest rate risk.”

Mr. Coccaro further stated, “We are pleased with our first quarter results and we continue to enjoy strong credit quality as non-performing loans and criticized assets remain very low. We are off to a very strong start for 2021 with our net interest margin rising 71 basis points on a year of year comparison. We have started a second round of SBA PPP loans and look forward to continuing to serve our community during the pandemic. The economic impact of the COVID-19 pandemic on the Company’s operations was not material during 2020. Our loan deferrals are down to five loans as of March 31, 2021.”

Paycheck Protection Program

As a qualified Small Business Administration lender, the Company was automatically authorized to originate loans under the Paycheck Protection Program (“PPP”). During 2020, the Company received and processed 113 PPP applications totaling $10.5 million. The Company is participating in the 2nd round of PPP loans and during the first quarter of 2021, the Company received and processed 46 PPP applications totaling $5.7 million.

COVID

The Company is also providing assistance to individuals and small business clients directly impacted by the COVID-19 pandemic by allowing borrowers to modify their loans to defer principal and/or interest payments. Through December 31, 2020, the Company granted 172 loan modifications totaling $67.9 million, of which 153 loans remained in the portfolio at March 31, 2021, totaling $62.3 million, which represented 11.6% of the total loan portfolio. As of March 31, 2021 5 loans are still on deferral, which represents $708,000 or 0.1% of net loans and all the loans are within the one-to-four family residential real estate portfolio.

Income Statement Analysis

Compared to the first quarter of 2020, net interest income increased $1.5 million, or 48.5%, to $4.6 million for the three months ended March 31, 2021. During the same period, the Company’s net interest margin increased from 1.79% to 2.50%, while the ratio of average interest-earning assets to average interest-bearing liabilities increased 1.0% to 123.09%. The increase in net interest margin during the three months ended March 31, 2021 was mostly due to the higher ratio of average interest-earning assets to average interest-bearing liabilities and a lower cost of funds.

The Company reported a reduction to the allowance for loan losses of $59,000 for the three-month period ended March 31, 2021 compared to a $25,000 provision for loan losses during the same period last year. The $19.6 million repayments of residential loans and the sale of $6.3 million of residential loans during the first quarter of 2021 was the main reason for the decrease in the allowance for loan losses.

Non-interest income was $2.3 million for the three months March 31, 2021, an increase of $2.2 million, or 1,810.2%, compared to $121,000 in the prior year period. The increase was due to the $1.9 million bargain purchase gain associated with the Gibraltar Bank acquisition and a $236,000 gain on sale of $6.3 million residential loans during the three months ended March 31, 2021.

For the three months ended March 31, 2021, non-interest expenses decreased $1.6 million to $3.4 million, over the comparable 2020 period. Expenses for the three months ended March 31, 2020 included the $2.9 million contribution to the Bogota Charitable Foundation. Professional fees increased $445,000, or 336.2%, due in part to merger expenses of $318,000 associated with the Gibraltar Bank acquisition. Salaries and employee benefits increased $281,000, or 22.4%, which was attributable to adding the new Gibraltar Bank employees. Data processing expense increased $422,000 or 289.2%, due to core conversion costs and higher data processing costs. The increase of other general operating expenses was mainly due to increased occupancy costs for the acquired Gibraltar Bank branches and the new branch location in Hasbrouck Heights expect to be open in June.

Balance Sheet Analysis

Total assets were $843.9 million at March 31, 2021, representing an increase of $102.9 million, or 13.9%, from December 31, 2020. Cash and due from banks increased $45.6 million during the period primarily due to $19.6 million in repayments in residential loans and $19.3 million in cash from the Gibraltar Bank acquisition. Net loans increased $52.1 million or 9.3%, due to new production of $21.2 million, consisting of a relatively equal mix of residential real estate loans and commercial real estate loans and $77.0 million of loans acquired from Gibraltar Bank, which was offset by $46.1 million in repayments. Securities held to maturity increased $2.9 million due to the purchase of corporate bonds and mortgage-backed securities with excess cash.

Delinquent loans increased $1.4 million, or 152.3%, during the three-month period ended March 31, 2021, finishing at $2.2 million or 0.37% of total loans. During the same timeframe, non-performing assets increased $306,000, or 45.8%, to $974,000 due to the addition of one loan acquired in the Gibraltar Bank acquisition and were 0.11% of total assets at March 31, 2021. The Company’s allowance for loan losses was 0.36% of total loans and 225.94% of non-performing loans at March 31, 2021.

Total liabilities increased $88.4 million, or 14.4%, to $700.8 million mainly due to deposits and borrowings acquired from Gibraltar Bank. Deposits increased $82.4 million, or 16.4%, which included $81.4 million of deposits acquired from Gibraltar Bank. Federal Home Loan Bank advances increased $3.5 million, or 3.4%, as the $10.0 million of borrowings acquired from Gibraltar Bank were offset by $6.5 million of borrowings that matured.

Stockholders’ equity increased $14.6 million to $143.1 million, as a result of $11.5 million of capital acquired from Gibraltar Bank and net income of $3.0 million for the first quarter of 2021. At March 31, 2021, the Company’s ratio of average stockholders’ equity-to-total assets was 15.83%, compared to 16.27% at March 31, 2020.

EXPLANATORY NOTE

The Company was formed to serve as the mid-tier stock holding company for the Bank in connection with the reorganization of the Bank and its mutual holding company, Bogota Financial, MHC, into the two-tier mutual holding company structure.

About Bogota Financial Corp.

Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from five offices located in Bogota, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey.

Forward-Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

Further, given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on the Company’s business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and whether the gradual reopening of businesses will result in a meaningful increase in economic activity. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, the Company could be subject to any of the following risks, any of which could have a material, adverse effect on the Company’s business, financial condition, liquidity, and results of operations: demand for the Company’s products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen or remain open, and higher levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; the Company’s allowance for loan losses may have to be increased if borrowers experience financial difficulties, which will adversely affect the Company’s net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; the Company’s cyber security risks are increased as the result of an increase in the number of employees working remotely; and FDIC premiums may increase if the agency experience additional resolution costs.

The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

March 31, 2021

December 31, 2020

Assets

(unaudited)

Cash and due from banks

$

6,365,160

$

5,957,564

Interest-bearing deposits in other banks

119,615,065

74,428,175

Cash and cash equivalents

125,980,225

80,385,739

Securities available for sale

11,581,122

11,870,508

Securities held to maturity (fair value of $61,002,894 and $58,872,451, respectively)

60,442,805

57,504,443

Loan held for sale

3,494,685

—

Loans, net of allowance of $2,182,174 and $2,241,174, respectively

606,256,792

557,690,853

Premises and equipment, net

7,147,170

5,671,097

Federal Home Loan Bank (FHLB) stock

5,994,000

5,858,100

Accrued interest receivable

3,002,984

2,855,425

Core deposit intangibles

400,000

—

Bank owned life insurance

17,005,303

16,915,637

Other assets

2,581,213

2,153,076

Total Assets

$

843,886,299

$

740,904,878

Liabilities and Equity

Liabilities

Non-interest bearing

$

34,855,515

$

27,061,629

Interest bearing

549,559,379

474,911,402

Total Deposits

584,414,894

501,973,031

FHLB advances

107,841,368

104,290,920

Advance payments by borrowers for taxes and insurance

3,564,260

2,560,089

Other liabilities

4,987,627

3,612,762

Total liabilities

700,808,149

612,436,802

Commitments and Contingencies-see note 5

Stockholders’ Equity

Preferred stock $0.01 par value 1,000,000 shares authorized, none issued

and outstanding at March 31, 2021 and December 31, 2020.

—

—

Common stock $0.01 par value, 30,000,000 shares authorized, 14,425,441

issued and outstanding at March 31, 2021 and 13,157,525 outstanding at December 31, 2020

144,254

131,575

Additional Paid-In capital

68,448,042

56,975,187

Retained earnings

80,366,044

77,359,737

Unearned ESOP shares (485,660 at March 31, 2021 and 489,983 shares at December 31, 2020)

(5,650,109

)

(5,725,410

)

Accumulated other comprehensive loss

(230,081

)

(273,013

)

Total stockholders’ equity

143,078,150

128,468,076

Total liabilities and stockholders’ equity

$

843,886,299

$

740,904,878

BOGOTA FINANCIAL CORP.

CONSOLIDATED STATEMENTS OF INCOME

Three months ended

March 31,

2021

2020

(unaudited)

Interest income

Loans

$

5,464,961

$

5,097,251

Securities

Taxable

673,547

431,053

Tax-exempt

12,585

11,661

Other interest-earning assets

123,004

377,363

Total interest income

6,274,097

5,917,328

Interest expense

Deposits

1,263,682

2,316,321

FHLB advances

431,125

517,072

Total interest expense

1,694,807

2,833,393

Net interest income

4,579,290

3,083,935

(Credit) Provision for loan losses

(59,000

)

25,000

Net interest income after provision for loan losses

4,638,290

3,058,935

Non-interest income

Fees and service charges

52,527

19,717

Gain on Sale of Loans

236,037

—

Purchase bargain gain

1,933,397

—

Bank owned life insurance

89,666

99,711

Other

6,979

1,954

Total non-interest income

2,318,606

121,382

Non-interest expense

Salaries and employee benefits

1,538,920

1,257,598

Occupancy and equipment

266,479

169,540

FDIC insurance assessment

45,000

45,000

Data processing

568,309

146,025

Advertising

60,000

59,634

Director fees

198,239

186,281

Professional fees

577,182

132,333

Contribution to Charitable Foundation

—

2,881,500

Other

178,317

194,703

Total non-interest expense

3,432,446

5,072,614

Income (loss) before income taxes

3,524,450

(1,892,297

)

Income tax (benefit) expense

518,143

(554,714

)

Net income (loss)

$

3,006,307

$

(1,337,583

)

Earnings (loss)per Share

$

0.23

$

(0.13

)

Weighted average shares outstanding

13,107,593

10,699,272

BOGOTA FINANCIAL CORP.

SELECTED RATIOS

At or For the Three Months

Ended March 31,

2021

2020

Performance Ratios (1):

Return (loss) on average assets (2)

1.57

%

(0.75)%

Return (loss) on average equity (3)

9.11

%

(5.97)%

Interest rate spread (4)

2.26

%

1.42

%

Net interest margin (5)

2.50

%

1.79

%

Efficiency ratio (6)

51.71

%

158.26

%

Average interest-earning assets to average interest-bearing liabilities

123.09

%

121.87

%

Net loans to deposits

104.34

%

114.46

%

Equity to assets (7)

15.83

%

16.27

%

Capital Ratios:

Tier 1 capital to average assets

17.93

%

17.39

%

Asset Quality Ratios:

Allowance for loan losses as a percent of total loans

0.36

%

0.37

%

Allowance for loan losses as a percent of non-performing loans

225.94

%

347.89

%

Net recoveries to average outstanding loans during the period

0.00

%

0.00

%

Non-performing loans as a percent of total loans

0.16

%

0.11

%

Non-performing assets as a percent of total assets

0.11

%

0.08

%

(1)

Performance ratios are annualized.
(2)

Represents net income divided by average total assets.
(3)

Represents net income divided by average equity.
(4)

Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 30%.
(5)

Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 30% for 2021 and 2020.
(6)

Represents non-interest expenses divided by the sum of net interest income and non-interest income.
(7)

Represents average equity divided by average total assets.

BOGOTA FINANCIAL CORP.

RECONCILIATION OF GAAP TO NON-GAAP

The Company’s management believes that the presentation of net income on a non-GAAP basis, excluding nonrecurring items, provides useful information for evaluating the Company’s operating results and any related trends that may be affecting the Company’s business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP.

Three months ended March 31, 2021

Income

Before

Income Taxes

Provision for

Income Taxes

Net Income

GAAP basis

$

3,524,450

$

518,143

$

3,006,307

Add: merger-related expenses

318,265

—

318,265

Less: Bargain purchase gain

(1,933,397

)

—

(1,933,397

)

Non-GAAP basis

$

1,909,318

$

518,143

$

1,391,175

Three months ended March 31, 2020

Income

Before

Income Taxes

Provision for

Income Taxes

Net Income

GAAP basis

$

(1,892,297

)

$

(554,714

)

$

(1,337,583

)

Add: Charitable Foundation Contribution

2,881,500

809,990

2,071,510

Non-GAAP basis

$

989,203

$

255,276

$

733,927

Three months ended March 31,

Return on average assets (annualized):

2021

2020

GAAP

1.57

%

(0.75)%

Non-GAAP

0.73

%

0.41

%

Return on average equity (annualized):

GAAP

9.11

%

(5.97)%

Non-GAAP

4.59

%

2.54

%

Contacts

Joseph Coccaro – President & CEO, 201-862-0660 ext. 1110

Categories
Business Healthcare

Shionogi strengthens U.S. Executive Leadership Team to support growth

Appoints Executive Vice President Nathan McCutcheon to the Role of Chief Operating Officer

Names Senior Vice President Gianine Esposito to the Executive Committee

FLORHAM PARK, N.J. — (BUSINESS WIRE) — Shionogi Inc., a pharmaceutical company with a significant focus on infectious diseases, announced today the expanded leadership roles of executive vice president Nathan McCutcheon and senior vice president Gianine Esposito.


Mr. McCutcheon has been appointed to the newly created position of chief operating officer. In his new role, Mr. McCutcheon will be responsible for achieving the company’s annual financial targets and leading all commercial operations, distribution and business development activities.

“Nate has been an influential leader since joining Shionogi, building a top-tier commercial organization to help us achieve our objectives,” said Akira Kato, Ph.D., President and CEO at Shionogi Inc. “It is our vision to build our U.S. business into a major contributor of value for Shionogi globally. This requires significant business development efforts to accelerate our near to mid-term inorganic growth while solidifying our commitment to helping patients in the field of infectious diseases. Nate’s career experience both strategically and operationally are well aligned with our growth opportunities for Shionogi U.S.”

Ms. Esposito, senior vice president, human resources, will join the Shionogi Inc. Executive Committee. In her current role, she is responsible for all aspects of human resources, corporate development and communications.

“I am pleased to welcome Gianine to the Executive Committee to help guide our company through the next level of growth,” said Dr. Kato. “She is a seasoned human resources leader who will bring a valuable perspective as we develop our talent and advance our business in the U.S.”

Mr. McCutcheon, who brings more than 20 years of commercialization experience in large, mid-sized and start-up pharmaceutical companies to his new role, joined Shionogi in 2019 as chief commercial officer and Executive Committee member. In his previous positions, he has served as general manager of multiple business units, led numerous product launches and has held roles in both global and U.S. capacities. McCutcheon has held leadership roles at Mallinckrodt, Allergan and Eli Lilly, among others. Mr. McCutcheon earned his M.B.A. from the Kelley School of Business, and a Bachelor of Science from Ball State University.

Ms. Esposito joined Shionogi in 2011 and assumed her position as senior vice president, human resources, in April 2020. With a 20-year career in human resources, she has held various leadership roles for companies, including Ferring Pharmaceuticals, GlaxoSmithKline, Liz Claiborne, Inc. and Gap Inc. Ms. Esposito received a Bachelor of Arts in English from the University of Connecticut.

About Shionogi

Shionogi & Co., Ltd. is a major Japanese research-driven pharmaceutical company dedicated to bringing benefits to patients based on its corporate philosophy of “supplying the best possible medicine to protect the health and wellbeing of the patients we serve.”

Shionogi Inc., the U.S. subsidiary, currently holds the rights to products in several therapeutic areas with a specific commercialization focus on anti-infectives within the hospital. With the recent successful launch of FETROJA® (cefiderocol), Shionogi Inc. is positioned for growth by expanding its portfolio through business development efforts aligned with infectious disease/hospital promotion and our pipeline. Shionogi Inc. is based in N.J.

For more information on Shionogi Inc., please visit www.shionogi.com. For more information on Shionogi & Co., Ltd., visit https://www.shionogi.com/global/en/.

Forward Looking Statement

This announcement contains forward-looking statements. These statements are based on expectations in light of the information currently available, assumptions that are subject to risks and uncertainties which could cause actual results to differ materially from these statements. Risks and uncertainties include general domestic and international economic conditions such as general industry and market conditions, and changes of interest rate and currency exchange rate. These risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited to, completion and discontinuation of clinical trials; obtaining regulatory approvals; claims and concerns about product safety and efficacy; technological advances; adverse outcome of important litigation; domestic and foreign healthcare reforms and changes of laws and regulations. Also, for existing products, there are manufacturing and marketing risks, which include, but are not limited to, inability to build production capacity to meet demand, unavailability of raw materials and entry of competitive products. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Contacts

Lindsay Bohlander, Senior Director, Corporate Development & Communications

+1 973-307-3718

Lindsay.Bohlander@shionogi.com

Categories
Business Local News

Bristol Myers Squibb presents new clinical and real-world data on mavacamten and obstructive hypertrophic cardiomyopathy at upcoming American College of Cardiology’s 70th Annual Scientific Session

New analysis of EXPLORER-HCM trial assessing impact of mavacamten on patient’s health status to be presented as late-breaking oral presentation

Interim results of EXPLORER long-term extension study of mavacamten safety and efficacy data in patients with obstructive hypertrophic cardiomyopathy (oHCM) also to be presented

 

PRINCETON, N.J. — (BUSINESS WIRE) — $BMY #ACC—Bristol Myers Squibb (NYSE: BMY) today announced that data from multiple studies across the company’s clinical program investigating mavacamten in patients with obstructive hypertrophic cardiomyopathy (oHCM) will be presented at the upcoming American College of Cardiology’s 70th Annual Scientific Session (ACC.21), being held virtually May 15 to May 17, 2021.

Key presentations include:

  • A late-breaking oral presentation reporting results from a new analysis of data from the EXPLORER-HCM Phase 3 trial of mavacamten in patients with oHCM, which tested the impact of mavacamten on patients’ health status (symptoms, function and quality of life) as measured by the Kansas City Cardiomyopathy Questionnaire. These data will be presented as part of the Featured Clinical Research I Session in the Hot Topics Channel on Saturday, May 15 from 12:15 – 1:30 p.m. EDT.
  • A moderated poster session highlighting interim results from MAVA-LTE, an ongoing, dose-blinded 5-year extension study of the EXPLORER-HCM Phase 3 trial. Findings from the interim analysis demonstrated that in patients with oHCM, mavacamten was well tolerated and showed durable improvement in left ventricular outflow tract (LVOT) gradients, diastolic function, N-terminal-pro hormone B-type natriuretic peptide (NT-proBNP) and symptoms.
  • A poster presentation of results from a real-world data analysis measuring the clinical and economic burden of oHCM in the United States, which found the condition is associated with substantial healthcare resource utilization and costs.

“These data add to the growing body of evidence that further supports the goal of addressing a high unmet medical need in patients with oHCM with mavacamten as a first-in-class medicine,” said Jay Edelberg, M.D., Ph.D., head, Heart Failure and Cardiomyopathy Development at Bristol Myers Squibb. “We look forward to potentially bringing this therapy to oHCM patients early next year.”

Mavacamten Presentations

  • Health Status Benefits of Mavacamten in Patients with Symptomatic Obstructive Cardiomyopathy: Results From the EXPLORER-HCM Randomized Clinical Trial
    • Author: John A. Spertus
    • Session 403-09 – Featured Clinical Research I
    • Session Type: Late-Breaking Clinical Trials, Hot Topics Channel
    • Saturday, May 15: 12:15 – 12:25 p.m. EDT
  • Long-Term Safety of Mavacamten in Patients with Obstructive Hypertrophic Cardiomyopathy: Interim Results of the MAVA-Long Term Extension (LTE) Story
    • Author: Florian Rader
    • Session 1033-03 – Advances in Hypertrophic Cardiomyopathy
    • Session Type: Moderated Poster Contributions, eAbstract Site
    • Saturday, May 15: 12:30 – 12:40 p.m. EDT
  • Clinical and Economic Burden of Obstructive Hypertrophic Cardiomyopathy in the United States
    • Author: Sneha S. Jain
    • Session 2192 – Heart Failure and Cardiomyopathies: Population Science 1
    • Session Type: Poster Contributions, eAbstract Site
    • Saturday, May 15: 2:45 – 3:30 p.m. EDT

About Hypertrophic Cardiomyopathy

Hypertrophic cardiomyopathy, or HCM, is a chronic, progressive disease in which excessive contraction of the heart muscle and reduced ability of the left ventricle to fill can lead to the development of debilitating symptoms and cardiac dysfunction. HCM is estimated to affect one in every 500 people.

The most frequent cause of HCM is mutations in the heart muscle proteins of the sarcomere. In either obstructive or non-obstructive HCM patients, exertion can result in fatigue or shortness of breath, interfering with a patient’s ability to participate in activities of daily living. HCM has also been associated with increased risks of atrial fibrillation, stroke, heart failure and sudden cardiac death, with mortality among HCM patients shown to be approximately three-fold higher than the U.S. general population at similar ages.

There are currently approximately 160,000 to 200,000 people diagnosed with symptomatic obstructive HCM across the U.S. and EU, with no existing effective drug treatment options beyond limited symptomatic relief.

About Mavacamten

Mavacamten is a potential first-in-class, oral, allosteric modulator of cardiac myosin, under investigation for the treatment of conditions in which excessive cardiac contractility and impaired diastolic filling of the heart are the underlying cause. Mavacamten reduces cardiac muscle contractility by inhibiting excessive myosin-actin cross-bridge formation that results in hypercontractility, left ventricular hypertrophy and reduced compliance. In clinical and preclinical studies, mavacamten has consistently reduced biomarkers of cardiac wall stress, lessened excessive cardiac contractility and increased diastolic compliance.

About Bristol Myers Squibb

Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook and Instagram.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on historical performance and current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, the possibility that future study results will be consistent with the results to date, that mavacamten may not receive regulatory approval for the indication(s) described in this release in the currently anticipated timeline or at all and, if approved, whether such product candidate for such indication(s) described in this release will be commercially successful. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2020, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

corporatefinancial-news

Contacts

Bristol Myers Squibb

Media Inquiries:
Media@bms.com

Susan Francis

Susan.Francis@bms.com
609-529-0676

Investors:
Tim Power

Timothy.Power@bms.com
609-252-7509

Categories
Business Technology

PS&S welcomes Andrew Malek as Chief Growth Officer

New position at PS&S will help drive strategic growth to further expand in U.S.

 

WARREN, N.J. — (BUSINESS WIRE) — Andrew Malek, P.E., has joined PS&S, a leading architectural, engineering, environmental and surveying firm, as Chief Growth Officer, the company announced today.

 

Malek will lead the firm’s strategic growth and expansion efforts nationwide and will develop new business opportunities within the public and private sectors.

Malek has more than 35 years of experience as an engineer with extensive experience in multiple disciplines including real estate, construction, transportation, infrastructure, energy, water, and public and private sector work.

 

“We are excited to have Andrew join PS&S to help spearhead our strategic growth,” said John Sartor, President and CEO of PS&S. “Andrew will be an important addition to our management team. In addition to our recent purchase of DW Smith and the opening of a new office in Texas, we now have plans to expand our existing presence in New York as well as new geographies in North Carolina and Florida. As we look to grow, Andrew will be a key member of our management team, helping us to increase PS&S’ exposure and develop new business.”

 

“I am thrilled to join PS&S’ leadership team as Chief Growth Officer,” said Andrew Malek. “I was drawn to PS&S by its amazing employee-focused culture, seasoned technical leadership, and multi-disciplinary service offering in many growing markets. I look forward to working with this experienced leadership team to increase awareness of PS&S’ practice areas and build on the firm’s growth momentum in both the public and private sectors.”

 

Malek spent 14 years at AKRF, Inc., a multi-disciplinary environmental, planning, and engineering firm in New York City where he had the unique opportunity to lead and grow the engineering practice. He moved up the ranks in various senior leadership positions, serving as CEO for several years. In this capacity, he managed the entire AKRF business operation throughout the Northeast, which included the expansion of technical service offerings and revenue through organic growth. Most recently, he spent time in various leadership and management positions overseeing delivery of building construction projects and high-profile projects for a variety of private clients.

 

Malek holds a Bachelor of Science degree in Civil Engineering from Florida Institute of Technology and holds professional engineering licenses in New York, New Jersey, Connecticut, and Florida.

 

About PS&S

Founded in 1962, PS&S has evolved into a unique best-in-class architecture, engineering, environmental, and surveying firm, providing design and permitting services to a wide range of corporate, institutional and commercial clients. PS&S is ranked among the top national design firms by Engineering News Record (and among the top 15 national engineering firms in pharmaceuticals). Recognized both for its breadth of services and depth of expertise, PS&S is the single source for planning, permitting, surveying and design at the local, State and Federal levels. To learn more, please visit www.psands.com.

Contacts

Media:

Deborah Kostroun

Zito Partners

(201) 403-8185

deborah@zitopartners.com

Categories
Business

AM Best affirms credit ratings of Title Resources Guaranty Company

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of Title Resources Guaranty Company (TRG) (Dallas, TX). The outlook of these Credit Ratings (ratings) is stable. TRG is ultimately owned by Realogy Holdings Corp. (Realogy) [NYSE: RLGY], a publicly traded company and a leading and integrated provider of U.S. residential real estate services encompassing franchise, brokerage, relocation, and title and settlement businesses, as well as a mortgage joint venture.

The ratings reflect TRG’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). AM Best also considered the parent company’s credit profile in the TRG’s rating analysis, and viewed it as a limiting factor to the ratings.

These rating factors are derived from TRG’s favorable level of risk-adjusted capitalization and its consistently profitable underwriting and investment results, as well as Realogy’s stable credit profile. TRG is a Texas-based monoline writer of title insurance, and is among the leading title insurers in its home state. The company benefits from its market position as the seventh-largest title insurance writer in the United States, writing business in 38 states and Washington, D.C., while maintaining a 2% market share nationwide. Finally, TRG has a formalized ERM program, with Realogy’s board playing an active role in overseeing the company’s risk management and mitigation practices.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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

Kourtnie Beckwith
Financial Analyst
+1 908 439 2200, ext. 5124
kourtnie.beckwith@ambest.com

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

Fred Eslami
Associate Director
+1 908 439 2200, ext. 5406
fred.eslami@ambest.com

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

Categories
Business

AM Best places credit ratings of LifeMap Assurance Company under review with developing implications

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of LifeMap Assurance Company (LifeMap) (Portland, OR).

This Credit Rating (rating) action follows the April 27, 2021 announcement that LifeMap’s ultimate parent, Cambia Health Solutions, Inc. (Cambia), has entered a partnership with Life and Specialty Ventures LLC (LSV) under which the ownership of LifeMap will transfer to LSV subsidiary USAble Life (USAL). Currently, LifeMap’s ratings take into consideration its strategic role within the Cambia organization, as well as the capital and operational support provided to LifeMap by Cambia’s health insurance plans. These ratings will remain under review until AM Best can conduct discussions with new management and evaluate LifeMap’s role within the new ownership structure, including the business strategy, integration plan and any implicit or explicit support provided by USAL or LSV.

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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

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

John McGlynn
Financial Analyst
+1 908 439 2200, ext. 5730
john.mcglynn@ambest.com

Doniella Pliss
Director
+1 908 439 2200, ext. 5104
doniella.pliss@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

Cross River deepens roots in New Jersey with the opening of new headquarters in Fort Lee

A true demonstration of successful private-public collaboration, Company is joined by leaders from the community to cut the ribbon on its new home

Since its founding in New Jersey in 2008, Company has grown to over 520 team members and plans to hire 100 more by year-end

 

FORT LEE, N.J. — (BUSINESS WIRE) — Cross River Bank (“Cross River”), a technology-focused financial services organization and Banking-as-a-Service (“BaaS”) provider based in Fort Lee, today announced the grand opening of its new headquarters at 2115 Linwood Avenue. At a ribbon-cutting ceremony yesterday, Cross River was joined by New Jersey leaders and elected officials, as well as Cross River board members and investors.


“We are immensely proud that in calling New Jersey home, Cross River has recognized the wealth of advantages our state has to offer, including one of the most diverse and educated workforces in the country,” said Governor Phil Murphy. “Cross River and companies like them are exactly the type of innovative firms that will help bring our state once again to the forefront of the innovation economy.”

“There is one address in the fintech industry, and that is Cross River. Our new headquarters is emblematic of our growth here in New Jersey, but more importantly, plants the seed of the future for Cross River,” said Gilles Gade, Founder, CEO and Chairman of Cross River. “We thank Governor Murphy and the NJEDA for their support and we’re thrilled to celebrate this momentous occasion with the entire Cross River family, together with our community partners and neighbors who have been right beside us from the very beginning.”

Cross River merges the forward-thinking offerings of a technology company with the established expertise of a bank, while maintaining a strong focus on regulatory compliance and consumer protection. As a New Jersey state-chartered community bank, Cross River has demonstrated firsthand how the state’s structure and support has played an integral role in propelling economic advancement, innovation and increased investment opportunities. Under the leadership of Governor Phil Murphy and the New Jersey Economic Development Authority (NJEDA) led by Tim Sullivan, Cross River was awarded a Grow NJ Grant to help purchase a new 70,000-square-foot building in Fort Lee. Since announced in 2019, Cross River has already hired more than 400 team members, nearly doubling its workforce in New Jersey.

“Attracting and supporting the growth of innovative companies that create good-paying jobs for New Jersey workers and support the success of other emerging New Jersey businesses is central to Governor Phil Murphy’s plan for a stronger, fairer New Jersey economy,” said New Jersey Economic Development Authority CEO Tim Sullivan. “In addition to creating hundreds of new jobs, Cross River is committed to helping entrepreneurs overcome challenges by improving access to capital and offering educational resources that help to prepare them for future opportunities. The NJEDA congratulates Cross River on opening this new office, and we are excited for their continued growth in New Jersey.”

“Cross River represents the true spirit of the state of New Jersey—innovative, forward-thinking and hyper-community focused,” said Fort Lee Mayor Mark Sokolich. “Fort Lee is incredibly excited to continue to be the home for Cross River, and we look forward to the company’s continued growth and success here.”

Cross River is at the forefront of both banking and technology, powering some of the most successful companies like Affirm, Coinbase, Rocket Loans, Stripe and Upstart. Having opened its doors in Teaneck in June of 2008 with the primary goal of providing access to responsible credit products for businesses and consumers in need, Cross River has flourished in the state as a result of its public-private collaboration and the support of the local legislators and organizations like the NJEDA, Choose New Jersey, the New Jersey-Israel Commission and the New Jersey Bankers Association.

“The talent in New Jersey and the region has been one of the key ingredients to our success and growth as a leading fintech company,” said David Nachbar, Global Head of People at Cross River. “We have the best and the brightest people, the vast majority of whom live close by, right here in New Jersey.”

A pillar of the New Jersey community, Cross River has driven innovation and job creation in the state, with a strong focus on giving back. Cross River’s substantial impact on the advancement of industry standards and accomplishments as an outstanding corporate citizen has been recognized by both national and local organizations including the American Bankers Association, the Independent Community Bankers of America, NJBIZ, TechUnited:NJ and the Teaneck and Fort Lee Chambers of Commerce.

About Cross River

Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.

Contacts

Media
Cross River

Eden Hoffman

Phone: 201-808-7000 x538

ehoffman@crossriver.com