HF Financial Corp. (HFFC) Issues Earnings Results

Category: Business Loans
Published: Sunday, 31 January 2016
Written by Super User

HF Financial Corp. is a bank holding company. The Companys banking subsidiary is Home Federal Bank (NASDAQ:HFFC). The Companys segments include banking (including leasing activities), which is conducted through the Bank and Mid America Capital Services, Inc., and other. The Bank provides consumer and commercial business banking, including an array of financial products and services. It attracts deposits from the general public and uses such deposits, together with borrowings and other funds, to originate one- to four-family residential loans, commercial business loans, agriculture loans, consumer loans, multi-family and commercial real estate loans and construction loans. The Banks consumer loan portfolio includes automobile loans, recreational vehicle loans, boat loans, home equity loans and lines of credit. The Bank, through its subsidiaries, offers annuities, mutual funds, life insurance and other financial products and services, as well as equipment leasing services.

Pacific Mercantile Bank Expands Small Business Lending Programs

Category: Business Loans
Published: Saturday, 30 January 2016
Written by Super User
Pacific Mercantile Bank Expands Small Business Lending Programs January 27, 2016: 08:00 AM ET

COSTA MESA, Calif., Jan. 27, 2016 (GLOBE NEWSWIRE) -- Pacific Mercantile Bank ("the Bank"), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced that it is now participating in the California State Small Business Loan Guarantee Program ("SBLGP"), as part of the Bank's efforts to expand the amount of credit available to small business owners in Southern California.  The SBLGP offers a guarantee of up to 80% for small business loans under $20 million, thereby providing broader access to financing for small businesses having difficulty obtaining credit.

Pacific Mercantile Bank has added the features of the SBLGP to its existing Business Advantage Program that offers:

  • Business lines of credit and loans for a range of purposes:

    • Revolving lines of credit to finance temporary or seasonal working capital
    • Term loans to provide permanent working capital or purchase or refinance fixed assets
    • Vehicle loans to purchase new cars or trucks used for business purposes

  • Business revolving lines of credit with terms of up to 12 months
  • Business term loans with terms of 36-60 months
  • Local decision-making by experienced bankers who will invest the time to understand your business and financial needs

"We are excited to partner with Pacific Mercantile Bank as a participating lender under the SBLGP in conjunction with the California Infrastructure & Economic Development Bank, assisting small businesses to obtain access to capital needed to grow their companies," said Michael A. Ocasio, President and CEO of the Small Business Development Corporation of Orange County.  "There are many entrepreneurs and companies with solid business ideas and plans who have difficulty meeting traditional underwriting criteria.  Through the SBLGP and the participation of banks like Pacific Mercantile, we can expand the number of credit-worthy small businesses and stimulate job creation throughout the greater Orange County region."

"We are very pleased to expand the resources we have available to support small business owners," said Kittridge Chamberlain, EVP and Head of Relationship Banking for Pacific Mercantile Bank.  "It is extremely rewarding to see a small business flourish after getting the capital it needs to pursue its growth opportunities.  We look forward to helping more small business owners thrive and grow their companies in the years ahead."

For business owners interested in applying for a small business loan, please visit the Small Business Lending section of the Pacific Mercantile Bank website and contact the closest commercial branch.

About Pacific Mercantile Bank

Pacific Mercantile Bank opened for business March 1, 1999. The Bank, which is FDIC insured and a member of the Federal Reserve System, provides a wide range of commercial banking services to businesses, business owners and business professionals through its combination of traditional banking offices and comprehensive, sophisticated electronic banking services.

The Bank, headquartered in Orange County, operates a total of nine offices in Southern California, located in Orange, Los Angeles, San Diego, and San Bernardino counties. In addition, the Bank offers comprehensive online banking services accessible at www.pmbank.com.  Pacific Mercantile Bancorp (NASDAQ:PMBC) is the parent holding company of Pacific Mercantile Bank.

Forward-Looking Information

This news release contains statements regarding our expectations, beliefs and views about our plans to continue to build our loan portfolio and supporting systems and processes.  These statements, which constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, can be identified by the fact that they do not relate strictly to historical or current facts. Often, they include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are subject to numerous risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond our control. These risks and uncertainties include, but are not limited to, the following: the impact of interest rates and other external economic factors and competition among financial services providers. We undertake no obligation (and expressly disclaim any such obligation) to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. For additional information concerning factors that could cause actual conditions, events or results to materially differ from those described in the forward-looking statements, please refer to the factors set forth under the headings "Risk Factors" in our most recent Form 10-K and 10-Q reports and to our most recent Form 8-K reports, which are available online at www.sec.gov. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition.

Contact: Kittridge Chamberlain EVP & Head of Relationship Banking 714-438-2500

 



Singapore: DBS issues fixed notes, start providing SME business loans amidst uncertain 2016 predictions

Category: Business Loans
Published: Friday, 29 January 2016
Written by Super User

DBS Group Holdings Ltd has successfully priced the issue of S$250,000,000 ($173.8 million) fixed rate callable subordinated notes due in 2028, as a component of its $30 billion Global Medium Term Note Programme.

According to a release, this is This is DBSH's first Basel III- compliant Tier 2 issue. The notes will initially bear a fixed coupon of 3.80 per cent per annum with interest payable semi- annually. If the notes are not redeemed on 20 January 2023, the interest rate from that date will be reset at a fixed rate per annum of the then-prevailing 5-year swap offer rate and 1.10 per cent.

Expected to be issued on 20 January 2016, the notes are expected to qualify as Tier 2 capital of DBSH and its subsidiaries  supplementary bank capital that includes items such as revaluation reserves, undisclosed reserves, hybrid instruments and subordinated term debt.

Net proceeds from the notes issue will be used for the finance and treasury activities of DBS Group, including the provision of intercompany loans or other forms of financing to subsidiaries and associated firms.

DBS Group has mandated DBS Bank Ltd. as the sole book runner, with the Bank of China Singapore Branch, Citigroup and Deutsche Bank as co-managers for the note issuance. The notes are expected to be rated A2 by Moodys Investors Service and A+ by Fitch Ratings Ltd.

Also Read: DBS, StanChart among banks facing forex business curbs in China

In separate developments involving DBS, the note issue comes as they formed a partnership with AMP Credit Technologies to roll out DBS mLoan, which targets small businesses for unsecured short-term loans. The partnership with AMP enables DBS to offer loans of up to SGD100,000 with no collateral required.

This is due to AMP technology enabling a credit assessment using information from electronically verifiable cash flows (eg card payments) to assess each application.

These developments serve to strengthen DBS, given that the DBS group CEO, Piyush Gupta, is predicting uncertainty in Singapores economy for the coming year, as well as strong risks from China. Gupta stated: Singapore, I think, will be particularly challenged because in addition to the overall macro global outlook, we're trying to do two things.

He added, One, we're trying to deflate parts of the economy, particularly the housing market, including consumer demand. Secondly, we're trying to restructure the supply side through the labour crunch, land This is not an easy transition for us. So I continue to think this is the trickiest and most sensitive time in Singapore's economic transformation that we'll see for a long time.

Also Read: 

Singapore: DBS seen as bidder for Barclays Asia wealth biz, exploring blockchain tech with StanChart

StanChart shares upgraded by CLSA with Singapore's DBS seen as likely buyer

Singapore's DBS Group, IDFC Bank looking to bid for RBS' India assets



Opus Bank Will Refer Small-Business Loans to OnDeck

Category: Business Loans
Published: Thursday, 28 January 2016
Written by Super User