kosmos111 Co-produced with Williams Equity Research On January 6, 2023, Newtek (NASDAQ: NEWT ) announced it had completed its acquisition of National Bank of New York City. The latter, a nationwide financial institution, is 59 years old. Asset manager Newtek, meanwhile, only took off at the turn of the century. 1998, to be precise. Perhaps that relative "new kid on the block" status is why it took so long for the deal to close. The two entities first announced their intentions on August 2, 2021, more than five quarters ago. They were waiting to receive approval from the Office of Comptroller of Currency (OCC). Some More Facts and Figures to Know About Newtek I interviewed CEO, President, and founder Barry Sloan on January 12 . It was a great conversation, including his assertion that the company is set to expand significantly from here. He also had this descriptive commentary I’ll share: "… historically, as a non-bank, we were the largest non-bank SBA 7(A) lender in the United States. We also did other types of loans that were always business loans… what we’ve learned from being an SBA lender for 20 years [is] we always take personal guarantees and everybody […]
Newtek Business Services: All In
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