Business
Newtek Business Services Corp. Completes Acquisition of National Bank of New York City
Newtek Business Services Corp. Becomes a Financial Holding Company BOCA RATON, Fla., Jan. 06, 2023 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (NASDAQ:
About this update from Newtekone, Inc.
[{"type":"text","content":"Newtek Business Services Corp. Becomes a Financial Holding Company\nBOCA RATON, Fla., Jan. 06, 2023 (GLOBE NEWSWIRE) -- Newtek Business Services Corp. (NASDAQ: NEWT) (“Newtek”) announced that on January 6, 2023, it completed its acquisition of the National Bank of New York City (“NBNYC”), a 59-year-old national bank regulated and supervised by the Office of the Comptroller of the Currency, and converted to a financial holding company. NBNYC has been renamed Newtek Bank, National Association™ (“Newtek Bank, N.A.”) and has become a wholly owned subsidiary of the Company. In addition, Newtek has filed with the Securities and Exchange Commission its notification of withdrawal of election to be subject to the Investment Company Act of 1940, and has ceased to be a business development company as of January 6, 2023. Within the next two weeks, Newtek will change its name from Newtek Business Services Corp. to NewtekOne, Inc.® and will retain its trading symbol (Nasdaq: NEWT). Additionally, in the coming weeks, Newtek will finalize its rebranding initiative, and will relaunch its redesigned corporate website. The Company intends to host conference calls in the coming weeks to discuss these initiatives and financial and operational targets in greater detail. Barry Sloane, President, Chairman and CEO commented, “We are beyond thrilled to be announcing this momentous and much-anticipated occasion for Newtek, which we believe will benefit the Company’s growth in a significant way, in contrast to the limiting structure of operating as a BDC. Under our new financial holding company structure, we plan to capitalize on our long-standing business model, better serve our independent-business-owner clientele and enhance shareholder value in the marketplace as the One Solution for All of Your Business Needs®. NewtekOne® will position itself as a business solutions company offering a multitude of solutions to its clientele to enable them to become incrementally more successful and, as the parent of Newtek Bank, N.A., also offering our clientele depository services and solutions. As NewtekOne®, we plan to offer banking as a service and banking on demand, providing a unique offering to our independent business owner clientele who will be able to access their depository functions and money movement capabilities any time they need, as well as develop an ...