BreakingNews

Category archive

banks

South Atlantic Bancshares, Inc. Completes $20 Million Capital Raise

Reading Time: 3 minutes

MYRTLE BEACH, S.C., March 30, 2017 /360WiseNews/ — South Atlantic Bancshares, Inc. (OTCQX: SABK) (the “Company”), parent of South Atlantic Bank, today announced the closing of a stock purchase with various investors from which it raised aggregate gross proceeds of $20 million through the issuance of its common stock. The securities offered were not registered under the Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

In making the announcement, South Atlantic Bancshares Chairman and Chief Executive Officer, K. Wayne Wicker said, “The capital raise will support the bank’s continued growth and expansion. Since its opening in late 2007, the bank has grown to six offices, all located in some of the fastest-growing areas in the country. Additionally, improving economic conditions are fueling interest in expansion and new projects throughout our markets. Great opportunities for growth lie ahead for the markets we serve and our banking subsidiary. We are pleased to welcome our new shareholders and appreciate the confidence that they have in our Company.”

FIG Partners, LLC, an employee-owned broker/dealer based in Atlanta, Georgia, acted as the Company’s financial advisor in raising the new capital and Hunton & Williams LLP acted as legal counsel to the Company. Keep Reading

Deloitte Global survey: In era of heightened uncertainty, new risks rise to the fore – just as financial institutions look to reduce costs

Reading Time: 5 minutes

Geopolitics, cybersecurity, robotic process automation and cognitive computing all key areas for risk managers in 2017 and beyond

NEW YORK, March 2, 2017 /360WiseNews/ — A majority of banks and other financial institutions surveyed are not confident about their firms’ effectiveness in managing cybersecurity and geopolitics, two of the biggest risks facing global businesses of all shapes and sizes, according to Deloitte Global’s tenth survey of financial services risk managers.

This comes as there is talk around deregulation in the United States, banks being challenged to hold overall costs down, major cybersecurity breaches and a shift to using new technology tools like robotic process automation (RPA) to improve quality and efficiency by automating routine tasks. Consequently, Deloitte Global’s report predicts that 2017 may be an inflection point for financial institutions’ risk management efforts.

“Risk management is becoming even more important today, as financial institutions confront a variety of trends that have introduced greater uncertainty into the future direction of the business and regulatory environment,” said Edward Hida, Deloitte Global Risk & Capital Management Leader. “Risk management programs will need to not only become more effective and efficient, but also acquire the agility to respond flexibly and nimbly to the next set of demands. This is where I believe the next era of risk management will need to evolve to.”

According to the survey, 80 percent or higher of those surveyed rated their institution as extremely or very effective in managing traditional risks like liquidity, underwriting/reserving, credit and investment risk. In contrast, when it came to newer risk types – which often present more challenges – respondents considered their institution to be less effective in areas like cybersecurity (42 percent), model (40 percent), third party (37 percent), data integrity (32 percent), and geopolitical risks (28 percent). In the geopolitical risk area, this percentage dropped roughly by half from Deloitte Global’s previous survey in 2014, indicating that this issue has rocketed up risk managers’ radar.

Increasing investment in risk management
While the financial services industry is under pressure to reduce costs as a whole, 44 percent of respondents expected their institution’s annual spending on risk management to increase by 10 percent or more over the next two years, including 13 percent who expected an increase of more than 25 percent. These figures are an increase from 2014’s survey, when 37 percent of respondents expected an increase of 10 percent or more and 9 percent expected an increase of 25 percent or more.

“I suspect that part of these budgets are being redirected to invest in new, emerging technologies,” said Hida. “Along with technologies like RPA, an emerging trend is for institutions to leverage technologies like cognitive and advanced analytics techniques to identify behavior patterns and predictive analytics to identify emerging risks.”

Additionally, given the pace of regulatory change, 52 percent of respondents were extremely or very concerned about the ability for risk technology to adapt to changing regulatory requirements.

Among other survey findings:

  • One Area of Particular Concern in Geopolitical Risk: Risk managers were asked about how proposals in some countries to renegotiate trade agreements (which can be an influencer to that country’s economic prospects) were likely to impact the risks facing their institutions. Respondents were divided, with 48 percent expecting that the risks facing their institution would increase, while 49 percent thought these proposals would have no impact. Executives in Europe were most likely to expect increased risk: 68 percent expected that risks would increase, including 16 percent who thought they would increase significantly.
  • The Two Biggest Issues in Stress Tests: A number of qualitative issues in capital stress testing were rated as being extremely or very challenging, including capital stress-testing IT platforms (66 percent) and data quality and management for capital stress-testing calculations (52 percent).
  • The Battle for Risk Management Talent: 70 percent of respondents said attracting and retaining risk management professionals with required skills would be an extremely or very high priority for their institution over the next two years, while 54 percent said the same about attracting and retaining business unit professionals with required risk management skills. Since cybersecurity is a growing concern across all industries, the competition is especially intense for professionals with expertise in this area.
  • Time for IT Systems Modernization?: Roughly half of respondents were either extremely or very concerned about several issues related to IT systems including legacy systems and antiquated architecture or end-of-life systems (51 percent), inability to respond to time sensitive and ad-hoc requests (49 percent), lack of flexibility to extend the current systems (48 percent), and lack of integration among systems (44 percent).
  • Culture Challenges Remain: While regulators around the world have recently placed greater focus on the important role that culture plays in effective risk management, work remains to be done on this front. According to those surveyed, board oversight activities at many financial institutions did not include helping establish and embed the risk culture of the enterprise (67 percent) or review incentive compensation plans to consider alignment of risks with rewards (55 percent).
  • Credit Risk Gets Harder to Gauge: With relatively weak economic conditions in many markets around the world, managing credit risk is a significant challenge for financial institutions. When asked how challenging it would be to manage credit risk over the next two years, the areas most often considered to be extremely or very challenging were collateral valuation (38 percent), commercial real estate (33 percent), unsecured credit (33 percent), and mortgages/home equity lines of credit (30 percent).

Keep Reading

MainStreet Bank Hosts Government Contracting Event

Reading Time: 3 minutes

FAIRFAX, Va., Feb. 28, 2017 /360WiseNews/ — MainStreet Bancshares, Inc. (OTCQX: MNSB) today hosted an event for Government Contractors entitled, “Contracting Opportunities”.

Sam Garbia, Partner of NOVA Business Law Group and Director of the firm’s Corporate Counsel section spoke on the topic of legal issues in the small business government contracting space.  Mr. Garbia regularly advises government contracting clients regarding appropriate business structures.  Mr. Garbia’s remarks were well-focused and one of the key issues he shared was, “Partnership and teaming is key to small business success in government contracting.”

The keynote speaker was Tommy Marks, Director of Small Business Programs for the Office of the Secretary of the Army, Pentagon, Washington DC.  Mr. Marks shared his candid remarks with attendees and answered questions.  Mr. Marks indicated that, “it is imperative that potential contractors understand and focus on the customer’s mission during meetings.”  He also reminded attendees to, “come to the table with your ‘A’ game every day you compete.”

QUOTES: “Having a keynote like Tommy Marks at our seminar was a real win for MainStreet,” said Jeff Satterly, SVP and Head of Government Contract Lending.  “Attendees were delighted to have him in such an intimate setting.”  Satterly also indicated that, “Sam Garbia acts as general counsel for many small government contracting firms and brings an insightful level of knowledge to the table.” Keep Reading

Oasis Outsourcing Announces Two New Senior Vice President Roles

Reading Time: 2 minutes

WEST PALM BEACH, Fla., Feb. 20, 2017 /360WiseNews/ — Oasis Outsourcing, the nation’s largest privately held Professional Employer Organization (PEO), is pleased to announce that Mary Anne Tate has joined the company as Senior Vice President of Client and Partner Management and that Rebecca Woods has been promoted to Senior Vice President of Operations.

Ms. Tate joins Oasis in the newly created role of Senior Vice President of Client and Partner Management. In this role, she will be responsible for all aspects of client service and channel partner strategic relationships. Ms. Tate brings more than 25 years of customer relationship management experience to Oasis from her work in previous roles at Bank of America Merchant Services, First Data Management Corporation and Chase Merchant Services. She holds a Bachelor of Science in Marketing Management from Florida State University.

In the new role of Senior Vice President of Operations, Ms. Woods will be responsible for the operational areas of the business including payroll, benefits, implementations and compliance. Ms. Woods has more than 20 years of experience in the PEO industry and joined Oasis in 2015 as Vice President and General Manager as part of Oasis’ acquisition of Doherty Employer Services. She holds a Bachelor of Arts in Business Administration from Metropolitan State University and is a Senior Professional in Human Resources (SPHR). Keep Reading

National Bank of Angola Reveals International Recognition Strategy in Paris

Reading Time: 2 minutes

PARIS, February 20, 2017 /360WiseNews/ —

Reform of the regulatory framework and banking supervision in Angola 

A delegation of the National Bank of Angola (BNA) headed by Governor Valter Duarte da Silva was in Paris for meetings with the Bank of France and other French banking system institutions, to strength institutional relations and raise awareness in the French financial sector for the reform of the regulatory and banking supervision framework in Angola.

(Photo: http://mma.prnewswire.com/media/469828/National_Bank_of_Angola.jpg )

Through the BNA, Angola has developed a very strong effort to quickly adapt its financial system to international prudential standards and good practices with the objective of restoring international credibility and confidence in the Angolan financial system, aiming its recognition abroad by their counterparts.

BNA has been imposing on Angolan commercial banks the adoption of best practices in financial regulation and supervision, and as a result of this effort seven of the largest banks operating in Angola have already adopted International Accounting and Reporting Financial Statements Standards.

“Our expectation is that the European Central Bank and the United States Federal Reserve will recognize the National Bank of Angola as an entity of equivalence in banking regulation and supervision in the first half of this year,” said Valter Duarte Silva.

The Angolan visit to the French capital is part of a program of contacts and visits of the BNA to the world’s financial centers.

The BNA has developed several contacts with international institutions and counterparts such as the World Bank and the International Monetary Fund, the Federal Reserve of the United States, the Bank of England, the Bank of France, the Bank of Italy, the Bank of Portugal And the Reserve Bank of South Africa in order to adapt to good banking supervision practices in Europe and the United States, and to show what has already been done in Angola, as well as to train its technicians and senior management.

“Our work has been developed in partnership with the International Monetary Fund and the World Bank and in close collaboration with the central banks of Portugal, South Africa, Italy, the United Kingdom, France and the United States of America, with which we have already established protocols for training human resources and for technical assistance,” said the governor of the BNA.

The Angolan delegation has held meetings at the highest level with the Governor of the Bank of France, Mr. François Villeroy Galhau, and with representatives of French banks such as BNP Paribas, Crédit Agricole and Natixis, as well as institutions such as the French Banking Federation, MEDEF International, The International Financial Action Task Force (FATF) and the Paris Club.

SOURCE National Bank of Angola (BNA)

Go to Top