Category: News Now!

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of New York Schools Insurance Reciprocal (NYSIR) (Uniondale, NY).

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

 

NYSIR’s outlooks have been revised to stable from negative as a result of the reciprocal’s immaterial financial impact expected from the New York Child Victims Act of 2019 (Child Victims Act) and operating performance stabilizing as a result of management actions, including coverage changes, rate increases, and non-renewal of underperforming districts. In addition, NYSIR has entered into an adverse development cover treaty, signed a new management contract with Wright Risk Management (WRM), among other initiatives, which AM Best expects to keep NYSIR’s operating performance in the adequate range.

 

The affirmation of the Long-Term ICR reflects the change in NYSIR’s business profile assessment to neutral from limited. NYSIR was faced with the potential challenges of the Child Victims Act, which expired in August 2021, and resulted in minimal impact to the reciprocal’s financial results. NYSIR continues to be the leading insurer of public schools in New York benefiting from its leading market position, strong subscriber retention, exclusive partnerships with statewide education associations, and strong support by its schools communities. NYSIR benefits from its product diversification and its 33-year partnership with WRM, which performs many of the reciprocal’s processes. Although the reciprocal provides multiple lines of coverage, partially offsetting positive attributes are the reciprocal’s mono-state concentration in New York and concentration in the school segment, which may create further headwinds for the reciprocal.

 

NYSIR’s operating performance assessment has been changed to adequate from strong. Despite stabilizing in recent years, the reciprocal has experienced some deterioration and volatility in results over the most recent five-year period, which has led to the change in NYSIR’s operating performance assessment. Overall, results have been impacted by several property catastrophe losses and large liability losses, as well as prudent reserving for the uncertainties surrounding outstanding Child Victims Act claims, social inflation, and increasing loss costs in New York. NYSIR’s overall earnings have been bolstered by investment gains on its conservative investment portfolio, which is expected to continue to support the reciprocal’s adequate operating performance and member-driven objectives over the long term.

 

AM Best assesses NYSIR’s ERM program as appropriate. NYSIR’s ERM program is designed specifically for schools and the challenges its members may face. Management continues to respond proactively to changes in regulatory, judicial and legislative challenges in New York. AM Best expects the reciprocal’s risk management program to continue to support the reciprocal’s business profile and operating performance.

 

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 Performance Assessments, 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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Anthony Molinaro
Senior Financial Analyst
+1 908 439 2200, ext. 5608
anthony.molinaro@ambest.com

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

Vicky Riggs
Associate Director
+1 908 439 2200, ext. 5039
vicky.riggs@ambest.com

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Regional Australia Bank achieves functionality and flexibility for its distributed workforce with NICE’s market-leading CXone cloud platform, driving frictionless agent and customer experiences

 

HOBOKEN, N.J. — (BUSINESS WIRE) — #CXone—NICE (Nasdaq: NICE) today announced that Regional Australia Bank, one of Australia’s premier banking alternatives to the ‘Big Four’ banks, has successfully implemented the NICE CXone platform to help streamline its contact center operations and better support its branches across New South Wales (NSW). The implementation delivers greater functionality, flexibility, and adaptability for contact center agents and banking staff distributed across its regional NSW branches.

Kim Burraston, Senior Manager – Branch Operations, Regional Australia Bank, said, “As part of our digital transformation, Regional Australia Bank needed a cloud-based system that could scale with the business and meet privacy and security requirements. After assessing several solutions on the market, Regional Australia Bank identified NICE CXone as the ideal solution as it offered much more functionality and adaptability than its alternatives. In addition, it was easy to manage and train staff which enabled better support for our organization in its effort to decentralize contact center operations. Transitioning to CXone was a critical step in Regional Australia Bank’s journey to streamline the customer and agent experiences.”

 

Regional Australia Bank maintains a branch network across 38 towns throughout regional NSW, supporting more than 80,000 customers, including families and small and medium-sized businesses. Regional Australia Bank is heavily committed to the communities in which it operates. Its Community Partnership Program lets members support their local community simply by transacting with a selected savings account and nominating their choice of organizations from a list of 1,600 registered groups and causes. In 2022, this program has reached a new milestone of more than AU$2 million in donations.

 

To keep pace with the rate of digital transformation and maintain compliance with changing security and privacy requirements, Regional Australia Bank needed to upgrade its system to a more flexible and secure solution. In addition, it needed a solution that would help decentralize contact center operations and optimally leverage branch staff as needed to continue efficiently supporting regional towns without impacting headcount.

 

Darren Rushworth, International President, NICE, said, “NICE is pleased to collaborate with Regional Australia Bank and its implementation partner, Generation-e, to successfully implement CXone across the bank’s branch and contact center operations. The solution is already helping Regional Australia Bank streamline its contact center engagement while providing greater support for branch and remote employees, leading to exceptional, frictionless agent and customer experiences.”

 

Regional Australia Bank engaged NICE partner Generation-e to help transition to an omnichannel solution that helps deliver greater flexibility to its regional contact center and banking workforce.

 

Biagio Larossa, Managing Director, Generation-e, said, “Given the type of customers that Regional Australia Bank caters to, transitioning the team from their on-premise legacy contact center solution to the cloud was a real challenge. Along with modernizing their workplace, we had to ensure the solution was PCI compliant and followed strict security protocols for the customer, while not compromising on Regional Australia Bank’s customer experience. NICE CXone was the ideal cloud-based solution for Regional Australia Bank based on its scalability. It provided a great user experience for staff and end customer, enabling a smooth transition to the new system as well as removing a lot of the daily administration involved with the bank’s on-prem solution. Prior to the implementation, Regional Australia Bank was also operating with both Skype for Business and Microsoft Teams in different departments. This created significant challenges for agents trying to transfer calls between departments. CXone offered compatibility with Microsoft Teams, which let Regional Australia Bank streamline its interdepartmental communication and call transfers, leading to a better customer and agent experience. The new solution empowers Regional Australia Bank to achieve significant business benefits now and into the future.”

 

About Regional Australia Bank

Regional Australia Bank is a customer owned bank that has been helping regional Australians achieve their lifestyle goals for almost 50 years. It has a reputation for being flexible, personable, and being able to make the complex simple. With roots in regional NSW and head office located in Armidale, Regional Australia Bank has grown to be one of the premier banking alternatives to the ‘Big Four’ banks. Unlike the ‘retail’ approach taken by many competing institutions, it continues to add value to its customers by recognising everyone’s circumstances are different. This means it can provide personalised financial solutions, working with its customers to save them time, money, and effort.

 

About NICE

With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction. www.nice.com

 

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

 

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Rushworth, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media Contact
Christopher Irwin-Dudek, +1 201 561 4442, ET, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Omri Arens, +972 3 763 0127, CET, ir@nice.com

• Net income was $1.7 million, or $0.34 per diluted share, for the three months ended March 31, 2022 compared to net income of $1.7 million, or $0.33 per diluted share, for the three months ended March 31, 2021. Net income was $1.7 million, or $0.35 per diluted share, for the fourth quarter of 2021.
• Net interest income increased $1.0 million, or 21%, from the same period in 2021.
• Net interest margin for the quarter ended March 31, 2022 was 3.46%, an 11% increase over the same period in 2021.
• Non-interest expense declined $228 thousand, or 4.7%, from the same period in 2021.
• Efficiency ratio improved to 63% for the first quarter of 2022, down from 65% for the first quarter of 2021.
• Total assets grew $15.0 million, or 2%, during the first quarter of 2022 from $682.8 million as of December 31, 2021.
• Total loans grew $33.3 million, or 7%, during the first quarter of 2022 from $501.9 million as of December 31, 2021.
• Total deposits grew $15.5 million, or 3%, during the first quarter of 2022 from $610.5 million as of December 31, 2021.
• The Company repurchased 18,563 shares of its common stock at an average price of $9.94 per share during the quarter ended March 31, 2022.

 

CHERRY HILL, N.J. — (BUSINESS WIRE) — 1st Colonial Bancorp, Inc. (FCOB), holding company of 1^st Colonial Community Bank, recently reported net income of 1.7 million, or $0.34 per diluted share, for the three months ended March 31, 2022 compared to net income of $1.7 million, or $0.33 per diluted share, for the three months ended March 31, 2021.

 

 

Robert White, President and Chief Executive Officer, commented, “Our results for the first quarter show our continued financial strength and momentum, led by a significant increase in net interest income due to solid loan growth. We have been focused on replacing the non-recurring PPP revenue and the elevated mortgage revenue from the historically high volume of mortgage refinancing activity.”

 

“Loan demand remains strong in both commercial and consumer lending, with consumer being driven by purchase activity. Housing sales remain robust in our markets with inventory still low and demand remaining high. We continue to monitor new loan application volumes to measure further impact associated with the Federal Reserve’s decision to increase short-term rates in an attempt to reduce or control current inflation. We are also closely monitoring and managing our operating costs to limit the impact of high inflation on our bottom line.”

 

“Our team is committed to delivering exceptional products and services through multiple distribution channels to support the needs of our customers.”

 

Operating Results

Net Interest Income

Net interest income for the three months ended March 31, 2022 and 2021 was $5.8 million and $4.8 million, respectively. The increase in net interest income was primarily attributable to a $1.0 million increase in interest income on average loans outstanding. For the first quarter of 2022, average loan balances increased $78.5 million to $513.8 million from $435.3 million for the first quarter of 2021. When compared to the fourth quarter of 2021, net interest income declined $296 thousand from $6.1 million, which was directly related to a $435 thousand decline in net loan origination income on the SBA’s Paycheck Protection Program (“PPP”) loans. Average PPP loans outstanding declined from $23.9 million for the quarter ended December 31, 2021 to $8.7 million for the first quarter of 2022.

 

The net interest margin was 3.46% for the first quarter of 2022 compared to 3.12% for the first quarter of 2021. The improvement in net interest margin was mostly related to an increase in the yield on interest-earning assets coupled with a reduction in the average rate paid on interest-bearing liabilities. The average yield on interest-earning assets grew 22 basis points from 3.63% for the quarter ended March 31, 2021 to 3.85% for the quarter ended March 31, 2022. Also we continue to benefit from the repricing of maturing certificates of deposit (CDs). The average rates paid on CDs declined 42 basis points from 1.33% for the first quarter of 2021 to 0.91% for the first quarter of 2022. When compared to the fourth quarter of 2021, the first quarter 2022 net interest margin declined five basis points from 3.51%.

 

Loan Loss Provision

For the three months ended March 31, 2022, we recorded a provision to the allowance for loan losses (“allowance”) of $300 thousand compared to $240 thousand for the three months ended March 31, 2021. Net recoveries were $137 thousand for the first quarter of 2022 compared to $142 thousand for the first quarter of 2021. The allowance as a percentage of total loans was 1.37% as of March 31, 2022 compared to 1.38% as of December 31, 2021 and 1.32% as of March 31, 2021.

 

Non-interest Income

Non-interest income for the first quarter of 2022 was $1.5 million, a decrease of $1.1 million, or 43%, from $2.6 million for the first quarter of 2021. Income from the origination and sales of residential mortgages declined $1.1 million, or 56%, from the first quarter in 2021 due to a $22.3 million, or 30%, decline in originations. Additionally, we retained in our loan portfolio $21.5 million, or 42%, of the $51.0 million in mortgage originations in the first quarter of 2022 compared to $9.2 million, or 13%, of the first quarter of 2021 originations. Mortgage activity was impacted by a drop in refinancing transactions and a lack of inventory in the purchase market. During the first quarter of 2022, we earned $347 thousand in gains on the sale of SBA loans compared to $335 thousand for the comparable 2021 period.

 

When compared to the fourth quarter of 2021, non-interest income for the first quarter of 2022 declined $653 thousand from $2.1 million. Income from the sales of SBA loans and the origination and sales of residential mortgages declined $349 thousand and $347 thousand, respectively, from their amounts for the fourth quarter of 2021. Mortgage originations declined $4.0 million from $55.0 million for the fourth quarter of 2021 and the loans retained in our loan portfolio grew $4.5 million, or 26% from $17.0 million in the fourth quarter of 2021.

 

Non-interest Expense

Non-interest expense was $4.6 million for the quarter ended March 31, 2022, representing a $228 thousand decline, or 4.7%, from $4.8 million for the quarter ended March 31, 2021. Reductions in professional fees and impaired loan expenses were the primary causes for the improvement in non-interest expenses.

 

When compared to the fourth quarter of 2021, non-interest expense for the first quarter of 2022 declined $517 thousand from $5.1 million. Reductions in professional fees, lending expenses and impaired loan expenses were the primary cause for the improvement in non-interest expenses.

 

Income Taxes

For the first quarter of 2022, income tax expense was $707 thousand compared to $662 thousand for the first quarter of 2021. A $101 thousand decline in tax-free interest income on our municipal investments negatively impacted income tax expense.

 

Financial Condition

Assets

As of March 31, 2022, total assets were $697.8 million and grew $15.0 million from $682.8 million as of December 31, 2021.

 

Total loans were $535.2 million as of March 31, 2022, an increase of $33.3 million, or 6.6%, from $501.9 million as of December 31, 2021. During the first quarter, commercial loans, including commercial real estate and construction and excluding PPP loans, grew $23.1 million. Residential mortgages and home equity loans and lines of credit increased $20.8 million. PPP loans declined $10.3 million to $3.7 million as of March 31, 2022. Residential mortgages held for sale grew $1.4 million from $10.0 million as of December 31, 2021 to $11.4 million as of March 31, 2022.

 

Liabilities

Total deposits were $626.0 million as of March 31, 2022, and grew $15.5 million, or 2.5%, from $610.5 million as of December 31, 2021. Municipal deposits and interest checking accounts increased $33.0 million and $2.0 million, respectively. Certificates of deposit and demand deposits declined $9.6 million and $8.7 million, respectively.

 

Shareholder’s Equity

Total shareholders’ equity was $56.6 million as of March 31, 2022, compared to $57.8 million as of December 31, 2021. During the first quarter of 2022, the net unrealized loss in our investment portfolio caused a $2.8 million decline in accumulated other comprehensive income (“AOCI”) from $272 thousand as of December 31, 2021 to an accumulated other comprehensive loss of $2.5 million as of March 31, 2022. The decline in AOCI was caused by higher interest rates and the widening spreads in our government agency sponsored bonds and mortgage-backed securities. We have minimal credit risk in the investment portfolio. As a result of the decrease in shareholders’ equity, tangible book value per share decreased $0.22, or 1.8%, from $12.23 as of December 31, 2021 to $12.01 as of March 31, 2022.

 

Asset Quality

Non-performing assets as of March 31, 2022 were $3.3 million compared to $3.5 million as of December 31, 2021. The ratio of non-performing assets to total assets as of March 31, 2022 was 0.48% compared to 0.52% as of December 31, 2021. As of March 31, 2022, the allowance was $7.3 million, or 1.37% of total loans. The allowance to non-accrual loans was 220.9% as of March 31, 2022, compared to 195.9% as of December 31, 2021.

 

Income Statement and Other Highlights:

Highlights as of March 31, 2022 and December 31, 2021, and a comparison of the three months ended March 31, 2022 to the three months ended March 31, 2021 include the following:

1st COLONIAL BANCORP, INC. CONSOLIDATED INCOME STATEMENTS (Unaudited, dollars in thousands, except per share data)
		For the three months
		ended March 31,
		2022				2021
Interest income		$		6,421		$		5,546
Interest expense				650				773
Net Interest Income				5,771				4,773
Provision for loan losses				300				240
Net interest income after provision for loan losses				5,471				4,533
Non-interest income				1,480				2,595
Non-interest expense				4,585				4,813
Income before taxes				2,366				2,315
Income tax expense				707				662
Net Income		$		1,659		$		1,653
Earnings Per Share – Basic		$		0.35		$		0.33
Earnings Per Share – Diluted		$		0.34		$		0.33

SELECTED PERFORMANCE RATIOS:
	For the three months ended March 31, 2022				For the three months ended March 31, 2021
Return on Average Assets		0.96	%				1.04	%
Return on Average Equity		11.69	%				12.43	%
Book value per share	$	12.01			$		11.04
	As of March 31, 2022				As of December 31, 2021
Bank Capital ratios:
Tier 1 Leverage		9.60	%				9.22	%
Total Risk Based Capital		14.45	%				15.37	%
Common Equity Tier 1		13.20	%				14.11	%

1st COLONIAL BANCORP, INC. CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands)	As of March 31, 2022				As of December 31, 2021
Cash and cash equivalents	$	26,128			$	40,877
Total investments		106,864				111,807
Mortgage loans held for sale		11,418				9,957
Total loans		535,224				501,883
Less allowance for loan losses		(7,343	)			(6,906	)
Loans and leases, net		527,881				494,977
Bank owned life insurance		16,263				16,160
Premises and equipment, net		993				1,072
Accrued interest receivable		1,680				1,664
Other assets		6,558				6,320
Total Assets	$	697,785			$	682,834
Total deposits	$	625,984			$	610,477
Subordinated debt		10,449				10,440
Other liabilities		4,778				4,100
Total Liabilities		641,211				625,017
Total Shareholders’ Equity		56,574				57,817
Total Liabilities and Shareholders’ Equity	$	697,785			$	682,834

1st COLONIAL BANCORP, INC. NET INTEREST INCOME AND MARGIN (Unaudited, in thousands, except percentages)
						For the three months ended														For the three months ended
						March 31, 2022														March 31, 2021
							Average Balance					Interest					Yield							Average Balance					Interest					Yield
Cash and cash equivalents							$			41,227		$			15		0.15					%		$			27,625		$			7		0.10			%
Investment securities										110,342					378		1.39					%					135,255					461		1.38			%
Mortgage loans held for sale										11,016					81		2.98					%					22,255					120		2.19			%
Loans										513,770					5,947		4.69					%					435,271					4,958		4.62			%
Total interest-earning assets										676,355					6,421		3.85					%					620,406					5,546		3.63			%
Non-interest earning assets										22,633																	21,370
Total average assets							$			698,988														$			641,776
Interest-bearing deposits
NOW and money markets							$			283,404		$			86		0.12					%		$			250,347		$			117		0.19			%
Savings										129,219					92		0.29					%					117,507					84		0.29			%
Certificates of deposit										122,900					275		0.91					%					114,454					375		1.33			%
Total interest-bearing deposits										535,523					453		0.34					%					482,308					576		0.48			%
Borrowings										10,535					197		7.58					%					12,735					197		6.27			%
Total interest-bearing liabilities										546,058					650		0.48					%					495,043					773		0.63			%
Non-interest bearing deposits										91,335																	88,649
Other liabilities										4,026																	4,142
Total average liabilities										641,419																	587,834
Shareholders’ equity										57,569																	53,942
Total average liabilities and equity							$			698,988														$			641,776
Net interest income												$			5,771														$			4,773
Net interest margin																	3.46					%												3.12			%
Net interest spread																	3.37					%												3.00			%

1st Colonial Community Bank, the subsidiary of 1^st 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 including rising inflation and supply chain shortages; 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

Further Expands Cary Street Partners’ New Jersey Presence

 

RICHMOND, Va. — (BUSINESS WIRE) — Cary Street Partners today announced the firm has acquired Florham Park, NJ based National Wealth Management, an SEC Registered Investment Adviser. Founded in 2005, National Wealth Management provides high net worth individuals and families with comprehensive fee- based financial planning and wealth management services.

“We are excited to join forces with Dave Cottam and the team of National Wealth Management,” said Joseph R. Schmuckler, Chief Executive Officer of Cary Street Partners. “Dave was an early pioneer to the fee-based independent business model and understands what it takes to build a valuable service culture to clients in today’s environment. Cary Street Partners is built on the same vision and the combination of our firms will strengthen all of us to operate at a higher standard in all that we do to serve clients.”

 

National Wealth Management (“NWM”) builds asset allocation and investment programs tailored to meeting overall long-term financial goals and objectives. As a fee-based fiduciary platform, the firm was built on always keeping the client at the center of focus. NWM specializes in investment management, financial, retirement and business succession planning, strategic executive stock option management, insurance risk management, advanced planning, and education planning.

 

“Throughout my career, I have learned to recognize the need for the services provided by my firm and others like me as critical for individuals to save, invest and plan for their futures,” said David Cottam, Founding Partner of NWM. “As we have grown, we began to recognize the need for the larger scale institutional competencies required to cover our business needs. Growing compliance, operations and technology and investment solutions are core to providing the highest standard to remain a true fiduciary. Cary Street Partners has the people and resources required to enable our team to do more of what we love to do, focus on clients and to expand our expertise.”

 

The combined firms will manage approximately $5.5 billion in assets across all Cary Street Partners subsidiaries¹ with the completion of the acquisition and will provide comprehensive wealth management solutions to individuals, families, and institutions. This combination will further expand the Virginia based firm into metro New Jersey, marking the second acquisition in under three years and dramatically expanding the firm’s reach. The transaction closed on April 15, 2022.

 

About Cary Street Partners

Cary Street Partners Financial LLC is a leading independent financial services firm operating in 13 offices across five states. Cary Street Partners provides comprehensive wealth management services including investment management, planning and financial advice in a culture dedicated to independence and objective thinking. Cary Street Partners financial advisers serve individuals, families and institutions with customized strategies tailored to fit each client’s objectives. For more information, please visit carystreetpartners.com.

 

¹As of the completion of the acquisition (4/15/2022)

Cary Street Partners is the trade name used by Cary Street Partners LLC, Member FINRA/SIPC; Cary Street Partners Investment Advisory LLC and Cary Street Partners Asset Management LLC, registered investment advisers. National Wealth Management (“NWM”) is a registered investment adviser.

Contacts

Paige W. Garrigan

Paige.Garrigan@CaryStreetPartners.com
404-974-4984

SOMERSET, N.J. — (BUSINESS WIRE) — Catalent, the leading global provider of advanced delivery technologies, development, manufacturing and clinical supply solutions for drugs, biologics, cell and gene therapies, as well as consumer health products, today announced that it will release financial results for the third quarter of fiscal year 2022 ended March 31, 2022, before the market open on Tuesday, May 3, 2022. The Company’s management will host a webcast to discuss the results at 8:15 a.m. ET on the same day.

Catalent invites all interested parties to listen to the webcast, which will be accessible through Catalent’s website at http://investor.catalent.com.

 

A supplemental slide presentation will also be available in the “Investors” section of Catalent’s website prior to the start of the webcast. The webcast replay, along with the supplemental slides, will be available for 90 days in the “Investors” section at www.catalent.com.

 

About Catalent, Inc.

Catalent, Inc. (NYSE: CTLT), an S&P 500® company, is the global leader in enabling pharma, biotech, and consumer health partners to optimize product development, launch, and full life-cycle supply for patients around the world. With broad and deep scale and expertise in development sciences, delivery technologies, and multi-modality manufacturing, Catalent is a preferred industry partner for personalized medicines, consumer health brand extensions, and blockbuster drugs. Catalent helps accelerate over 1,000 partner programs and launch over 150 new products every year. Its flexible manufacturing platforms at over 50 global sites supply over 70 billion doses of more than 7,000 products to over 1,000 customers annually. Catalent’s expert workforce exceeds 18,000, including more than 2,500 scientists and technicians. Headquartered in Somerset, New Jersey, the company generated $4 billion in revenue in its 2021 fiscal year. For more information, visit www.catalent.com.

 

More products. Better treatments. Reliably supplied.™

Contacts

Investor Contact:

Paul Surdez, Catalent, Inc.

(732) 537-6325

investors@catalent.com

ROCKVILLE, Md. — (BUSINESS WIRE) — Bright MLS, one of the nation’s leading multiple listing services announced today that real estate industry brand innovator Amit Kulkarni has joined the company’s executive leadership team as Chief Marketing Officer to lead the company’s integrated marketing and brand strategies. The appointment comes at a time of unprecedented demand and influx of investments in real estate technology.

Brian Donnellan, President and CEO of Bright MLS said, “I’ve known Amit for over 10 years, and during that time have become a great admirer of his work and accomplishments. We are thrilled to welcome Amit during this remarkable time on the company’s journey. He brings extraordinary business expertise and marketing leadership to Bright. His vision and in-depth understanding of the enterprise real estate landscape will be invaluable as we continue to lead the transformation of multiple listing service technology for the digital age.”

Kulkarni joins Bright with over two decades of experience leading marketing, creative and brand teams, and has a track record of marrying data and insights with creativity to serve as a catalyst for growth. In his previous role leading the brand team at Realtor.com, Kulkarni built the company’s in-house agency, repositioned the Realtor.com brand, and delivered a number of breakthrough campaigns that helped grow the Realtor.com audience from 12 million monthly unique users (UUs) to over 100 million monthly UUs today.

“Amit has a strong understanding of the real estate industry’s dynamics,” said Cindy Ariosa, Chair of Bright’s Board of Directors and Senior Vice President, Long & Foster Real Estate Inc. “His track record as a marketer and leader is unparalleled.”

“I’ve always held a great deal of respect for Bright, so when Brian and I started talking about the role, I was immediately drawn to it. Bright is an exceptional company that’s well positioned to help lead this industry into a technology-fueled future,” said Kulkarni. “In addition, the diversity on Bright’s leadership team and board is so refreshing. The people here at Bright are so passionate about doing the right thing for this industry, and I couldn’t be more excited about joining such a dynamic team and organization.”

Kulkarni resides in Ashburn, Virginia with his family. He received his bachelors at Virginia Tech and remains an avid Hokie sports fan, often rocking orange and maroon swag. Kulkarni sits on the board of the Arlington Partnership for Affordable Housing (www.apah.org) bringing affordable housing to families in need in DC, MD and VA.

About Bright MLS

Bright MLS’s real estate service area spans throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia. As a leading multiple listing service (MLS), Bright supports over 100,000 real estate professionals in its footprint. In 2021, Bright’s customers facilitated $142B in real estate transactions through its system. For more information, please visit www.brightmls.com.

Contacts

Christy Reap

Christy.reap@brightmls.com
202-309-9362

• Austin-based venture capital firm with assets under management surpassing $900 million invests primarily in Texas-based startups across three sectors: business technology, digital experiences and health care technology
• S3 Ventures is solely backed by a philanthropic family with a multibillion-dollar foundation. The firm’s single-LP structure enables patient capital and stronger alignment with visionary founder needs
• S3 makes initial investments from $500,000 to $10 million in seed, Series A or Series B rounds with capacity to invest more than $20 million throughout the life of a company
• Founded in 2005, S3’s investments exceed 50, including more than 25 active portfolio companies and more than 20 exits. Those portfolio companies have raised nearly $2 billion in total financing

 

AUSTIN, Texas — (BUSINESS WIRE) — #funding—S3 Ventures today announced a $250 million Fund VII — the latest and largest venture capital fund focused on the state of Texas. With $900 million in assets under management, the Austin-based VC is the largest firm that primarily invests in Texas-based startups.

S3’s seventh fund is representative of a decade-long acceleration in startup funding across the state — concentrated in Austin, Dallas, Houston and San Antonio. The rapid growth of local capital sources in recent years has enabled hundreds of Texas startups to raise multiple rounds in their home state — rather than rely on coastal firms for financing.

 

Since its founding in 2005, S3 Ventures has been backed by one limited partner — a highly philanthropic family with a multibillion-dollar foundation focused on addressing social inequities. With its single-LP structure, the firm is undistracted by fundraising and unencumbered by many of the constraints faced by traditional VC firms, thereby providing patient capital that better aligns with a founder’s long-term vision.

 

“In our first 17 years, we have been fortunate to partner with truly visionary founders who have transformed the way we work, live and heal,” said S3 Managing Director Brian R. Smith. “We look forward to working with many more in the years ahead.”

 

S3 Ventures makes initial investments from $500,000 to $10 million in seed, series A or series B rounds with the capacity to invest more than $20 million throughout the life of a company.

 

A Texas-sized Track Record of Success

S3 has made more than 50 investments to date, with more than 25 active portfolio companies and more than 20 exits. S3 portfolio companies have raised nearly $2 billion in total financing.

 

Recent exits include:

• 2021 — Initial public offering by Alkami Technology (Nasdaq: ALKT), a Plano-headquartered digital-banking fintech company;
• 2021 — $500-million acquisition of Levelset, an Austin and New Orleans-based construction-payment company, by California-based construction management software business Procore Technologies (NYSE: PCOR);
• 2020 — $160-million+ acquisition of Acessa Health, an Austin-headquartered developer of a minimally invasive treatment for fibroids, by Massachusetts-based women’s health medical-technology company Hologic (Nasdaq: HOLX);
• 2020 — acquisition of Live Oak Technology, an Austin-headquartered remote financial transaction platform, by San Francisco-headquartered DocuSign (NASDAQ: DOCU)
• 2018 — acquisition of Favor Delivery, an Austin-headquartered on-demand delivery service company, by San Antonio-based grocer H-E-B;
• 2018 — acquisition of TVA Medical, an Austin-headquartered developer of minimally invasive procedures for chronic-kidney disease patients, by New Jersey-based Becton, Dickinson and Co. (NYSE: BDX)

 

Alkami Technology co-founder and Chief Strategy & Product Officer Stephen Bohanon attributes S3’s patient-capital model as contributing to the company’s success.

 

“S3 was an investor during the full lifecycle of the company, from seed stage to IPO,” Bohanon said. “They supplied early capital, guidance, process and governance. They also attracted growth-stage investors by leveraging their network, which helped us rapidly scale-up to our public offering.”

 

Texas Set to Become Second-largest U.S. Tech Ecosystem

“We believe that by 2030, Texas could be the second-largest technology ecosystem in the country,” Smith said. “That growth is being driven by long-term demographic shifts and broad-based economic strength of not just Austin, but also Dallas, Houston and San Antonio.”

 

The firm’s portfolio focus underscores its vision of the Lone Star State becoming the nation’s No. 2 premier tech hub. To date, S3 has made 36 investments in Austin, four in Dallas and six in Houston.

 

Current Texas-based portfolio companies are spread across the state, with:

• 14 Austin investments — including UpEquity, a real estate startup democratizing the home buying process; Atmosphere TV, a cable alternative that provides free-streaming TV for businesses; and Interplay Learning, a provider of 3D simulation-based training for the skilled trades;
• 3 Dallas investments — including Alkami Technology, a digital banking platform; NoiseAware; a provider of automated noise monitoring and resolution systems for property managers; and IFM Restoration, an online marketplace that connects contractors with owners of single family rental homes;
• 3 Houston investments — including BrainCheck, a provider of interactive cognitive assessment and care planning technology; Saranas, an early bleed detection system; and BuildForce, a construction labor marketplace.

 

S3 Ventures’ Deep Stable of Investment Experts

Smith founded the firm with a $20 million first fund 17 years ago. An electrical engineer who began his career at IBM, Smith previously founded Austin-headquartered Crossroads Systems in 1994, leading it as CEO through five rounds of VC funding, an IPO and beyond. He now leads the firm’s team of eight investment professionals, all based in Austin.

 

General Partner Charlie Plauche, who has led over a dozen of the firm’s investments and multiple exits, started as an intern and joined full time in 2011, after earning an MBA from the McCombs School of Business at the University of Texas at Austin. Plauche previously worked at Alabama-based Harbert Private Equity.

 

The firm’s newest partner, Eric Engineer, joined in 2018, after serving as CEO of Invodo, an S3 Ventures portfolio company acquired that year. Engineer previously worked at Sevin Rosen Funds in Dallas; Microsoft in Redmond, Washington; and, Trilogy Software in Austin. Engineer earned an MBA at Harvard Business School, and a master’s degree and a bachelor’s degree in computer science from Rice University in Houston.

 

Aaron Perman is a principal at S3 Ventures and has worked with the majority of S3’s portfolio companies. A graduate of the University of Southern California, Perman joined the firm in 2013 from Los Angeles based hedge fund Western Standard. Perman also served as CEO of New York based Qualia Media prior to its acquisition.

 

About S3 Ventures

Founded in 2005, S3 Ventures is an Austin-based venture capital firm that has raised seven funds with more than $900 million in assets under management. S3 is the largest VC firm focused on Texas. S3 Ventures typically makes its initial investment in seed through series B rounds, with checks ranging from $500,000 to $10 million, into startups innovating in business technology, digital experiences and health care technology. The firm has the capacity to invest more than $20 million during a company’s lifetime. S3 has made more than 50 investments to date, with more than 25 active portfolio companies and more than 20 exits. S3’s portfolio companies have gone on to raise nearly $2 billion in financing. Since its inception, S3 has been backed by a single philanthropic family with a multibillion-dollar foundation. With its sole-LP structure, the firm is undistracted by fundraising and unencumbered by many of the constraints faced by traditional VC firms, providing patient capital that better aligns with the needs of visionary founders. More at https://www.s3vc.com/.

Contacts

Ethan Parker

Treble
s3ventures@treblepr.com