NewtekOne Raises $20 Million in Sale of Convertible Series A Preferred Stock to Patriot Financial Partners IV, L.P.
February 07 2023 - 08:30AM
GlobeNewswire Inc.
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 Receivable Financing &
Inventory Financing, Insurance Solutions, Web Services, and Payroll
and Benefits Solutions.
Newtek®, NewtekOne®, Newtek Bank, National
Association™, Your Business Solutions Company® and One Solution for
All Your Business Needs® are registered trademarks of NewtekOne,
Inc.
Note Regarding Forward-Looking
Statements
Certain statements in this press release are
“forward-looking statements” within the meaning of the rules and
regulations of the Private Securities Litigation and Reform Act of
1995. These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. These statements are not guarantees of future
results or occurrences. Actual results and capital and other
financial conditions may differ materially from those included in
these statements due to a variety of factors. These factors
include, among others: macroeconomic and other challenges and
uncertainties related to the COVID-19 pandemic, such as the impacts
to the U.S. and global economies, as well as the broader impacts to
financial markets and the global macroeconomic and geopolitical
environments; higher inflation and its impacts; higher interest
rates and the impacts on macroeconomic conditions, and NewtekOne,
Inc.’s funding costs; NewtekOne, Inc.’s conversion to a financial
holding company, consummation of the acquisition of Newtek Bank,
N.A. and NewtekOne’s limited experience as a financial holding
company and owning and operating a bank; and the precautionary
statements included in this release. Factors that could cause
NewtekOne, Inc.’s actual results to differ materially from those
described in the forward-looking statements can be found in
NewtekOne, Inc.’s Annual Report on Form 10-K for the year ended
December 31, 2021 and Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2022, June 30, 2022, and September 30,
2022, filed May 9, 2022, August 8, 2022, and November 8, 2022, with
the Securities and Exchange Commission and are available on
NewtekOne, Inc.’s website
(https://investor.newtekbusinessservices.com/sec-filings), and on
the Securities and Exchange Commission’s website (www.sec.gov). Any
forward-looking statements made by or on behalf of NewtekOne, Inc.
speak only as to the date they are made, and NewtekOne, Inc. does
not undertake to update forward-looking statements to reflect the
impact of circumstances or events that arise after the date the
forward-looking statements were made.
SOURCE: NewtekOne, Inc.
Investor Relations & Public
RelationsContact: Jayne Cavuoto Telephone: (212) 273-8179
/ jcavuoto@newtekone.com
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