Business
NewtekOne Raises $20 Million in Sale of Convertible Series A Preferred Stock to Patriot Financial Partners IV, L.P.
BOCA RATON, Fla., Feb. 07, 2023 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ: NEWT) (the “Company”) announced that it has sold $20 million of the Company’s 8%
About this update from Newtekone, Inc.
[{"type":"text","content":"BOCA RATON, Fla., Feb. 07, 2023 (GLOBE NEWSWIRE) -- NewtekOne, Inc. (NASDAQ: NEWT) (the “Company”) announced that it has sold $20 million of the Company’s 8% Convertible Series A Preferred Stock to Patriot Financial Partners IV, L.P. Barry Sloane, Chairman, President and Chief Executive Officer said, “Patriot Financial Partners is a sophisticated institutional investor that we believe can add value to our enterprise in a multitude of ways. In addition to having access to their deep bench of experience with bank executives with regulatory and banking backgrounds, we believe that introductions to institutions in which they have invested can be valuable to our portfolio of referral promotion agreement partnerships. We believe the Patriot investment, given the extensive analysis they performed, provides further validation for our transformation into a financial holding company.” Kirk Wycoff, Founder and Managing Partner of Patriot Financial Partners said, “Patriot is excited to invest in NewtekOne and to be joining the Board of Newtek Bank. NewtekOne has a 20-year track record of successfully helping small and mid-sized businesses (SMBs). NewtekOne’s technology, business services, and lending products are unique in the marketplace and tailored to help SMBs grow and succeed. NewtekOne’s conversion to a financial holding company and the launching of Newtek Bank should further strengthen NewtekOne’s ability to fully serve SMBs through treasury and cash management products. We look forward to working with NewtekOne to advance their strategy.” NewtekOne®, Your Business Solutions Company®, is a financial holding company, which along with its bank and non-bank consolidated subsidiaries, provides a wide range of business and financial solutions under the Newtek® brand to the small- and medium-sized business (“SMB”) market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to SMB relationships across all 50 states to help them grow their sales, control their expenses and reduce their risk. NewtekOne’s and its subsidiaries’ business and financial solutions include: banking (Newtek Bank, N.A.), Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts...