ADTRAN Holdings, Inc. to Meet with Investors at the German Spring Conference 2024 – Equity Forum on May 13-15, 2023




ADTRAN Holdings, Inc. to Meet with Investors at the German Spring Conference 2024 – Equity Forum on May 13-15, 2023

HUNTSVILLE, Ala.–(BUSINESS WIRE)–#Adtran–ADTRAN Holdings, Inc. (NASDAQ: ADTN; FSE: QH9), announced today that Company representatives will meet with investors at the Germany Spring Conference 2024 – Equity Forum in Frankfurt Germany May 13-15, 2024.

ADTRAN representatives will discuss company performance and current industry trends that may affect the market and ADTRAN’s business.

What: German Spring Conference 2024 – Equity Forum

When: May 13-15 2024 – (Recording of the Presentation will be available on the Investor Relations Website after the event)

Where: Frankfurt Germany

Representatives: Uli Dopfer, CFO; Steven Williams, Head of Treasury & Investor Relations

The matters discussed at this conference may include certain forward-looking statements that represent the Company’s expectations or beliefs and reflect management’s best judgment based on factors currently known. These statements by their nature involve substantial risks and uncertainties, which may be beyond the Company’s control. Actual results could differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in the sections captioned “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the Company’s filings with the Securities and Exchange Commission.

About Adtran

ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) is the parent company of Adtran, Inc., a leading global provider of open, disaggregated networking and communications solutions that enable voice, data, video and internet communications across any network infrastructure. From the cloud edge to the subscriber edge, Adtran empowers communications service providers around the world to manage and scale services that connect people, places and things. Adtran solutions are used by service providers, private enterprises, government organizations and millions of individual users worldwide. ADTRAN Holdings, Inc. is also the largest shareholder of Adtran Networks SE, formerly ADVA Optical Networking SE. Find more at Adtran, LinkedIn and Twitter.

Contacts

Rhonda Lambert 256-963-7450

Investor Relations

Summit Bancshares, Inc. Announces a Special Dividend




Summit Bancshares, Inc. Announces a Special Dividend

OAKLAND, Calif.–(BUSINESS WIRE)–The Board of Directors of Summit Bancshares, Inc., at a meeting held on April 17, 2024, in recognition of the bank’s 42nd year in business, declared a one-time special cash dividend of $0.42 per share, payable on June 28, 2024, to holders of record as of the close of business on May 31, 2024.

We are especially proud of our history of success having achieved monthly profits in our second month of operation and have consistently been profitable for 500 months.

Summit Bancshares, Inc., (OTC Bulletin Board: SMAL) is the parent company of Summit Bank.

Contacts

Shirley W. Nelson
(510) 839-8800

Summit Bancshares, Inc. Announces 1st Quarter Cash Dividend




Summit Bancshares, Inc. Announces 1st Quarter Cash Dividend

OAKLAND, Calif.–(BUSINESS WIRE)–The Board of Directors of Summit Bancshares Inc., at a meeting held on April 17, 2024, declared a quarterly cash dividend of $0.11 per share, payable on June 14, 2024, to holders of record as of the close of business on May 24, 2024.

Summit Bancshares, Inc., (OTC Bulletin Board: SMAL) is the parent company of Summit Bank.

Contacts

Shirley W. Nelson
(510) 839-8800

Fulton Financial Corporation Acquires Substantially All of the Assets and Assumes Substantially All of the Deposits of Republic First Bank From the FDIC




Fulton Financial Corporation Acquires Substantially All of the Assets and Assumes Substantially All of the Deposits of Republic First Bank From the FDIC

Fulton doubles regional presence while providing stability to customers

LANCASTER, Pa. & PHILADELPHIA–(BUSINESS WIRE)–Fulton Financial Corporation (NASDAQ: FULT) (the “Corporation”) today announced that its bank subsidiary, Fulton Bank, N.A. (“Fulton”), has acquired substantially all of the assets and assumed substantially all of the deposits of Republic First Bank, doing business as Republic Bank (“Republic Bank”), from the Federal Deposit Insurance Corporation (the “FDIC”). All regulatory approvals, including approval from the Office of the Comptroller of the Currency, have been obtained, and the transaction has closed.

“With this transaction, we are excited to double our presence across the region,” said Fulton Chairman and CEO Curt Myers. “We look forward to welcoming Republic Bank’s team members and customers to Fulton and providing our comprehensive set of consumer, commercial and wealth advisory products and services to even more customers.”

During the transition, Republic Bank depositors will continue to have uninterrupted access to their accounts through online banking or by writing checks, using existing ATMs or debit cards. Republic Bank depositors will become Fulton depositors and do not need to change their banking relationship to retain their federally insured deposit insurance coverage.

Beginning as early as tomorrow, former Republic Bank financial centers will reopen as Fulton with their regularly scheduled operating hours.

Additionally, as part of this transaction, Fulton Bank is making a $5 million donation to the Fulton Forward® Foundation to provide additional impact grants to nonprofit community organizations across the region that share Fulton’s vision of advancing economic empowerment, particularly in underserved communities.

Key transaction terms include:

• Purchased assets of approximately $6 billion, including an investment portfolio of approximately $2.0 billion and loans of approximately $2.9 billion.
• Assumed liabilities of approximately $5.3 billion, including deposits of approximately $4 billion and other borrowings and liabilities of approximately $1.3 billion.

As a result of the transaction, Fulton Bank:

• Significantly advances its growth plan in a strategically important market.
• Almost doubles its presence in the Philadelphia market with combined company deposits of approximately $8.6 billion.
• Reduces its loan to deposit ratio from 99% to 92%, improving its liquidity profile.

Investor Call

Fulton will host a conference call and audio webcast at 11 a.m. on April 29, 2024. Fulton Chairman and CEO Curt Myers and Interim Chief Financial Officer Betsy Chivinski will host the call.

The link to the webcast of this call can be found at http://investor.fultonbank.com. The webcast will be archived on Fulton’s website following the call. Participants can also access the audio-only webcast at: https://edge.media-server.com/mmc/p/ap9sadhf.

Piper Sandler & Co. and BofA Securities, Inc. acted as financial advisors to Fulton in connection with the transaction. Sullivan & Cromwell LLP acted as legal advisor.

Safe Harbor Statement

This press release contains forward-looking statements with respect to the financial condition, results of operations and business of the Corporation. Do not unduly rely on forward-looking statements. Forward-looking statements can be identified by the use of words such as “may,” “should,” “will,” “could,” “estimates,” “predicts,” “potential,” “continue,” “anticipates,” “believes,” “plans,” “expects,” “future,” “intends,” “projects,” the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation’s future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation’s business or financial results.

Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation’s control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

A discussion of certain risks and uncertainties affecting the Corporation, and some of the factors that could cause the Corporation’s actual results to differ materially from those described in the forward-looking statements, can be found in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the “SEC”) and are, or will be, available in the Investor Relations section of the Corporation’s website (www.fultonbank.com) and on the SEC’s website (www.sec.gov).

About Fulton Bank, N.A.

Headquartered in Lancaster, Pa., Fulton Bank is a premier community bank in the Mid-Atlantic region. As a subsidiary of Fulton Financial Corporation, a $27 billion financial services holding company, Fulton Bank offers a broad array of products and services at more than 200 financial centers across Pennsylvania, New Jersey, Maryland, Delaware, and Virginia. At Fulton Bank, we seek to change lives for the better by building strong customer relationships, providing significant community support and empowering more than 3,400 employees to do the same. Through the Fulton Forward® initiative, we’re helping build vibrant communities. Learn more at www.FultonBank.com. Fulton Bank, N.A., Member FDIC. Equal Housing Lender.

Contacts

Media:

Lacey Dean
(717) 735-8688


Investor:
Matt Jozwiak
(717) 327-2657

US Metro Bancorp Announces First Quarter 2024 Results




US Metro Bancorp Announces First Quarter 2024 Results

GARDEN GROVE, Calif.–(BUSINESS WIRE)–US Metro Bancorp (OTCQX: USMT): US Metro Bancorp (“Bancorp”) is a bank holding company, with a single subsidiary, US Metro Bank (“Bank”). On a consolidated basis, the Bancorp earned $1.5 million in the first quarter of 2024, compared to $2.5 million in the fourth quarter of 2023. For the three months ending March 31, 2024, the consolidated Bancorp earned $1.5 million compared to $3.2 million for the three months ending March 31, 2023. On a year-to-date basis, the Bancorp recorded an annualized return on average assets (“ROAA”) of 0.47% and an annualized return on average equity (“ROAE”) of 6.13%. With 16,390,000 shares outstanding, earnings per share (“EPS”) for the first quarter of 2024 was $0.09 compared to $0.15 in the fourth quarter of 2023. For the three months ending March 31, 2024, EPS was $0.09 compared to $0.19 for the three months ending March 31, 2023. On March 31, 2024, the Bancorp’s book value per share was $5.87 compared to $5.41 a year earlier.

The Bank recorded on a year-to-date basis net interest income of $8.1 million compared to $9.4 million in the same period a year earlier. Net income of $1.8 million for the three months ending March 31, 2024, compares to $3.5 million reported for the same three months in 2023, a year over year decrease of $1.7 million.

The Bank reported total assets of $1.295 billion as of March 31, 2024, representing a 13.9% increase compared to the reporting period ending March 31, 2023, and year over year loan growth of $117.2 million or 12.2%. Total Bank deposits ended the first quarter of 2024 at $1.134 billion, a $148 million or 15.1% increase from $985 million on March 31, 2023. Six of the Bank’s eight branches have deposits exceeding $100 million, with two branches having more than $200 million in deposits. The Bank’s newest branch in Los Angeles, California opened in December 2023.

Loan quality remains good with non-performing assets as a percent of total assets of 0.17% on March 31, 2024, compared to 0.25% as of March 31, 2023. The Bank had no Other Real Estate Owned (OREO) on March 31, 2024, and one TDR loan totaling $32 thousand. Allowance for loan and lease losses (ALLL) to gross loans was 1.21% as of March 31, 2024, compared to 1.39% as of March 31, 2023. The Bank recorded no provision for loan loss expense, for the three months ending March 31, 2024, compared to $0.2 million recorded for the three months ending March 31, 2023.

“Loan and deposit growth continued in the first quarter of 2024. The gain on sale from loans was lower in the first quarter than typical, which had an impact to net income. However, we expect this to improve in the second quarter and for the rest of 2024, which will positively improve income for the Bank,” said CEO Dong Il Kim.

US Metro Bank is a California chartered, full service commercial bank headquartered in Garden Grove, California. The Bank opened for business on September 15, 2006, and offers deposit and loan products (including commercial real estate, commercial and industrial, mortgage, SBA and USDA loans), as well as related banking services to its customers.

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. Other risks that can affect the Bank are detailed from time to time in our annual reports. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

Contacts

Jeremy Johnson

(714) 620-8888

Despegar Announces the Filing of its Annual Report on Form 20-F for Fiscal Year 2023




Despegar Announces the Filing of its Annual Report on Form 20-F for Fiscal Year 2023

BRITISH VIRGIN ISLANDS–(BUSINESS WIRE)–Despegar.com, Corp. (NYSE: DESP), (“Despegar” or the “Company”), Latin America’s leading travel technology company, today announced that its Annual Report on Form 20-F for the fiscal year ended December 31, 2023 was filed with the U.S. Securities and Exchange Commission (“the SEC”) on April 26, 2024 and is available on Despegar’s website at www.despegar.com and on the SEC’s website at www.sec.gov.

Investors can receive a printed copy of this report, including the Company’s complete audited financial statements, free of charge upon request by contacting Luca Pfeifer at luca.pfeifer@despegar.com.

About Despegar.com

Despegar is the leading travel technology company in Latin America. For over two decades, it has revolutionized the tourism industry in the region through technology. With its continuous commitment to the development of the sector, Despegar today is comprised of a consolidated group that includes Despegar, Decolar, Best Day, Viajes Falabella, Viajanet Stays and Koin, and has become one of the largest travel companies in Latin America.

Despegar operates in 19 countries in the region, accompanying Latin Americans from the moment they dream of traveling until they share their memories. With the purpose of improving people’s lives and transforming the shopping experience, Despegar has developed alternative payment and financing methods, democratizing the access to consumption and bringing Latin Americans closer to their next travel experience. Despegar’s common shares are traded on the New York Stock Exchange (NYSE: DESP). For more information, visit Despegar’s Investor Relations website https://investor.despegar.com/.

Contacts

IR Contact

Luca Pfeifer

Investor Relations

Phone: (+1) 3054811785

E-mail: luca.pfeifer@despegar.com
Source: Despegar.com, Corp.

Yum! Brands, Inc. Completes Refinancing of Senior Secured Credit Facilities




Yum! Brands, Inc. Completes Refinancing of Senior Secured Credit Facilities

LOUISVILLE, Ky.–(BUSINESS WIRE)–Yum! Brands, Inc. (NYSE: YUM) (the “Company”) today announced that certain subsidiaries that operate the Company’s KFC, Pizza Hut and Taco Bell businesses have completed the refinancing of the existing approximately $713 million term loan A facility and $1.25 billion revolving facility (the “Existing Facilities”) through the issuance of a $500 million term loan A (the “Term A Loan”) and a $1.50 billion revolving credit facility (the “Revolving Facility”) pursuant to an amendment to the underlying credit agreement (the “Amendment”). The Term A Loan and the Revolving Facility will mature on the earliest of (i) April 26, 2029, (ii) the date that is 91 days prior to the maturity of the borrowers’ existing term loan B if more than $250 million of such term loan B remains outstanding as of such date and (iii) the date that is 91 days prior to the maturity of the borrowers’ existing senior notes if more than $250 million of such senior notes remains outstanding as of such date. The total size of the bank credit facility (excluding the borrowers’ existing $1.46 billion term loan B) remains ~$2.00 billion and the transaction does not add any additional net new debt to the balance sheet.

The interest rates applicable to the Term A Loan and to borrowings under the Revolving Facility have not changed from the Existing Facilities. The interest rates will be based on either Adjusted Term SOFR or the base rate, as determined by the borrowers, plus a spread based on the borrowers’ total leverage ratio. Adjusted Term SOFR refers to one month term SOFR plus 0.11448%, three month term SOFR plus 0.26161% or six month term SOFR plus 0.42826%, as selected by the borrowers. Such spread based on the borrowers’ total leverage ratio is initially 0.75% for Adjusted Term SOFR loans and 0.00% for base rate loans and ranges between 0.75% and 1.50% for Adjusted Term SOFR loans and between 0.00% and 0.50% for base rate loans based on the total leverage ratio. The “base rate” means the greatest of (a) the Prime Rate then in effect, (b) the federal funds rate then in effect plus 0.5% and (c) the rate for one month Adjusted Term SOFR rate then in effect plus 1.0%. The Term A Loan will amortize at 2.5% per annum during the second and third years following closing and at 5.0% per annum during the fourth and fifth years following closing.

Proceeds from the issuance will be used to repay the Existing Facilities and pay associated transaction fees and expenses, and for general corporate purposes.

Yum! Brands, Inc., based in Louisville, Kentucky, and its subsidiaries franchise or operate a system of over 59,000 restaurants in more than 155 countries and territories under the company’s concepts – KFC, Taco Bell, Pizza Hut and the Habit Burger Grill. The Company’s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style food, and pizza categories, respectively. The Habit Burger Grill is a fast casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In 2024, Yum! was named to the Dow Jones Sustainability Index North America for the eighth consecutive year, and the company was recognized among TIME Magazine’s list of Best Companies for Future Leaders and Newsweek’s list of America’s Most Responsible Companies. Yum! also received widespread recognition in 2023, including being listed on the Bloomberg Gender-Equality Index; Forbes’ list of America’s Best Employers for Diversity; and Newsweek’s list of America’s Greenest Companies. In addition, KFC, Taco Bell and Pizza Hut brands were ranked in the top five of Entrepreneur’s Top Global Franchises Ranking for 2023.

Category: Financial

Contacts

Analysts are invited to contact:

Matt Morris, Head of Investor Relations, at 888/298-6986

Members of the media are invited to contact:

Virginia Ferguson, Vice President, Public Relations, at 502/874-8200