BOCRATON, Fla., Sept. 21, 2022 (GLOBE NEWSWIRE) — Newtek Business Services, Inc. (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced its future rebranding strategy for the acquisition of National Bank of New York City’s (“NBNYC” and “Acquisition”) Acquisition, which is pending regulatory approval and fulfillment of closing conditions. Newtek plans to change its name to “NewtekOne” following receipt of pending regulatory approvals and completion of the acquisition®” and renamed the 59-year-old nationally chartered bank NBNYC as “Newtek Bank, National Association”.
The rebranding strategy aligns with Newtek CEO Barry Sloane’s three-year-old philosophy of the company established in 1995 when he recognized and nurtured the idea of providing a single-brand financial and business solution to meet the needs of independent business owners across the region. need. U.S.Since then, Newtek has consolidated its market position as a single solution for all business needs® For independent business owners, there are now plans to expand this long-standing model into NewtekOne®. As the soon-to-be-rebranded NewtekOne, independent business owners will be able to access their deposit functions and money-flow functions multiple times a week, as well as a partnership with NewtekOne through which they can nurture business relationships, as well as access advice, consulting , analytical and transactional capabilities. Additionally, as part of the rebranding initiative, Newtek will launch several rebranded product lines under the names of Newtek Bank, Newtek Technology, Newtek Payments, Newtek Lending, Newtek Payroll and Newtek Insurance. Newtek will also launch its redesigned corporate website at www.newtekone.com to better articulate, integrate and explain its strategy and mission as the sole business partner for all clients’ financial and business needs.
Newtek also previously announced that it will launch its Newtek Advantage™ dashboard for its deposit and non-deposit customers upon the opening of Newtek Bank. The company views Newtek Advantage as an asset to its customer base, as it will provide its independent business owner customers with multiple individual executive relationships, not just one escrow relationship. Newtek Advantage will enable Newtek customers to easily interact with six unique subject matter experts in banking, lending, payment processing, technology, payroll and insurance. These Relationship Managers will advise and consult each client on their individual needs and will be in touch with them via email, phone and video conference. Newtek believes that Newtek’s strengths will allow it to increase core retail deposits and provide its existing and new customers with a significant advantage by aligning Newtek with an important demographic of independent business owners considered to be the economic engine of the U.S. economy. According to the U.S. Small Business Administration’s Office of Advocacy, by 2021, this population represents 32.5 million U.S. small businesses, about 99 percent of all U.S. businesses and 46.8 percent of all U.S. employees.
President, Chairman and Chief Executive Officer Barry Sloane commented: “After we patiently wait for regulatory approval of our pending acquisition of NBNYC to complete the acquisition and transition from a BDC to a bank holding company, we are seriously preparing Newtek’s repositioning to better serve its independent business owner clients and increase shareholder value by rebranding Newtek Business Services Corp as NewtekOne. With the launch of the Newtek Advantage™ Dashboard, we will integrate existing technologies such as our patented NewTracker® Recommended systems and Newtek File Vault technology. For more than two decades, Newtek has developed a tremendous ability to cost-effectively acquire customers without the need for a broker, business developer or salesperson through our patented web-based recommendation system, NewTracker®. Newtek provides business and financial solutions by combining state-of-the-art technology with people, processes and proprietary software. In fact, Newtek has received a total of over 1.9 million referrals from its third-party affiliate partners through NewTracker, receives approximately 100,000 unique business referrals per quarter, and expects to continue working with existing and new affiliate partners to leverage This fully transparent referral system conducts the board of new business clients. “
gentlemen. Sloane continued, “Newtek’s rebranding as NewtekOne will accurately describe the company philosophy and Newtek’s business model that has manifested itself for over 20 years. I have repeatedly told the investment community that Newtek became an overnight success, and it took us only 20 years. We own and operate many Newtek branded business lines that successfully provide customers with people, processes and frictionless technology in the areas of lending, payments, payroll, insurance and technology solutions; we look forward to integrating these rebranded products through Newtek Advantage™ and leveraging Our NewtekOne brand. We believe Newtek will be able to position itself as the bank of the future, but we believe Newtek Bank will have the added benefit of offering its independent business owner customers over and above the ongoing lack of traditional deposit and loan products the industry currently offers Relationships help meet the needs of independent business owners.”
gentlemen. Sloan concluded: “We also look forward to unlocking more value in the future by entering into partnerships with other financial institutions to offer our expertise under their brands. More on our rationale and why we believe this is good for the company. For more details on the direction of the What the company will look like as a bank holding company is detailed in the second quarter 2022 financial results conference call presentation. We are very excited about our future in our new financial and operating structure and look forward to our regulators in the near future direction.”
Newtek Business Services Corp., your business solutions company®, is an internally managed BDC, together with its controlled portfolio companies, offering a wide range of business and financial solutions under the Newtek umbrella® Brands in the Small and Medium Business (“SMB”) market. Since 1999, Newtek has provided SMB relationships in all 50 states with state-of-the-art, cost-effective products and services and efficient business strategies to help them increase sales, control expenses and reduce risk.
Newtek and its portfolio companies’ products and services include: Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data Backup, Storage and Retrieval, IT Consulting), E-Commerce, Accounts Receivable Financing and inventory financing, insurance solutions, web services, and payroll and benefits solutions.
Newtech® and your business solutions company® is a registered trademark of Newtek Business Services Corp.
Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as “believe,” “intend,” “anticipate,” “project,” “anticipate,” “forecast,” “target” and “future” or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected or suggested in the forward-looking statements. Such risks and uncertainties include, among others, our ability to complete our pending acquisition of National Bank of New York City (the “Transaction”), obtaining required regulatory approvals for the pending transaction, the timing of the transaction’s closing, the Company’s ability to complete the transaction under the 1940 Act Time to discontinue regulation as a BDC, forecasts regarding or considering pending transactions, our ability to initiate new investments, time to achieve certain profit margins and profitability levels, availability of additional capital and ability to maintain certain gearing ratios, increased competition, operating issues and their impact on revenue and margins, expected future business strategies and financial performance, expected future customer numbers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions that could cause Newtek’s actual results to differ from management’s current expectations are included in Newtek’s filings with the Securities and Exchange Commission and are available at http://www.sec.gov/. Newtek cautions that forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected or implied in these statements.
Source: Newtek Business Services Corp.
Investor Relations and Public Relations
Contact: Jayne Cavotto
Phone: (212) 273-8179 / jcavuoto@newtekone.com
