Business
GBank Financial Holdings Inc. Announces Completion of Restructured Transaction with BankCard Services, LLC
LAS VEGAS, June 26, 2024 /PRNewswire/ -- GBank Financial Holdings Inc. (the "Company") (OTCQX: GBFH), the parent company for GBank (the "Bank"), and BankCard
About this update from Gbank Financial Holdings Inc.
[{"type":"text","content":"LAS VEGAS, June 26, 2024 /PRNewswire/ -- GBank Financial Holdings Inc. (the \"Company\") (OTCQX: GBFH), the parent company for GBank (the \"Bank\"), and BankCard Services, LLC (\"BCS\"), today announced the successful closing of their restructured transaction. The Company has acquired a 32.99% non-voting equity interest in BCS by exchanging 231,508 shares of restricted, non-voting GBFH common stock for 143,371 shares of non-voting BCS common stock. The GBFH non-voting stock must be held by BCS for a period of no less than one year and is only convertible into voting shares if there is a deposition by BCS in accordance with applicable Federal Reserve regulations.\n\nThe restructured transaction was negotiated for GBFH by a Special Committee of the Board (the \"Special Committee\"), which was comprised of four disinterested directors. The Special Committee was assisted by an independent investment banking firm to arrive at the purchase terms. Following the Special Committee's recommendation, the disinterested members of the GBFH Board of Directors unanimously approved the transaction.\nT. Ryan Sullivan, President and CEO of the Company, said; \"We are delighted to complete this strategic investment in BCS. This transaction strengthens our relationship with BCS as we pursue innovative cashless payment solutions to a broader network of gaming and payments partners.\"\nHanan Sabri, President/COO of BCS stated \"BCS and GBFH subsidiary, GBank, have worked together for the last 10 years in providing banking solutions for the Gaming and Fintech businesses. We have fine-tuned our services to our clients, and our proprietary Pooled Player Account Powered by PIMS™ and Pooled Consumer Account Powered by CIMS™ from BCS are poised to drive significant value for our customers, GBFH, and our shareholders.\"\nThe Company and BCS are poised to implement Real Time Request for Payment (RFP) for gaming platform and other payment providers, utilizing BCS's proprietary \"Pooled Player Account Powered by PIMS™\" banking solution.\nClick here to learn more about GBank Financial Holdings Inc.\nClick here to learn more about BankCard Services, LLC.\nCautionary Notice Regarding Forward-Looking Statements\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without lim...