GBank Financial Holdings Stock Price, News & Analysis

GBank Financial Holdings Inc. (OTCQX: GBFH) announced the election of A.G. Burnett to its Bank's Board of Directors, effective December 1, 2024. Burnett, who served as Chairman of the Nevada Gaming Control Board from 2012 to 2017, brings significant legal and regulatory expertise to the board. Currently a Partner at McDonald Carano's Gaming & Administrative Law Group, Burnett has received notable recognitions including 'Lawyer of the Year' in Gaming Law and Band 1 ranking in Gaming & Licensing Law by Chambers USA. He has also provided testimony to Congress and advised policymakers on gaming regulation and sports betting legalization.

GBank Financial Holdings (OTCQX: GBFH) reported record Q3 2024 net income of $5.0 million, or $0.37 per diluted share, up from $1.8 million in Q3 2023. The company achieved record net revenue of $16.1 million and record SBA lending originations of $156.4 million. Net interest margin was 5.00%. The company completed a $20 million private placement offering, with net proceeds of approximately $19.2 million. Total assets increased 3.8% to $1.048 billion, with gross loans at $847.6 million and deposits at $883.5 million.

GBank Financial Holdings Inc. (OTCQX: GBFH), the parent company of GBank, has successfully completed a $20 million Private Placement Offering of common stock. The net proceeds, after deducting expenses, are approximately $19.2 million. Raymond James & Associates, Inc. and Janney Montgomery Scott acted as financial advisors for the private placement.

Edward M. Nigro, Executive Chairman of GBank Financial Holdings Inc., expressed that this additional capital will enable the company to execute its strategic growth initiatives. He also acknowledged the confidence investors have placed in the company.

The private placement was supported by financial advisory services from Raymond James & Associates, Inc., Janney Montgomery Scott , and Chapin Davis, Inc. Legal counsel was provided by Sklar Williams PLLC for GBank Financial Holdings Inc., and Nelson Mullins Riley & Scarborough LLP for the financial advisors.

GBank Financial Holdings Inc. (OTCQX: GBFH), the parent company of GBank, has announced its plans to release Q3 2024 financial results after market close on Tuesday, October 22, 2024. The company will host its quarterly earnings call on Wednesday, October 23, 2024, at 10:00 a.m. PST.

Interested parties can participate remotely via Internet connectivity, with no physical location for attendance. Participants can join through the ZOOM app on smartphones or computers using the provided link, or by telephone. The ZOOM Video Conference ID is 826 3030 7240, with passcode 549549. For telephone access, participants should dial (408) 638-0968 using the same conference ID and passcode.

GBank Financial Holdings Inc. (OTCQX: GBFH) has appointed Todd A. Nigro as the new Vice Chairman of the Board for both GBank Financial Holdings Inc. and GBank, effective August 27, 2024. This appointment is part of the company's business continuity and succession planning. Todd A. Nigro, an accomplished entrepreneur and executive, brings extensive experience in development, construction, asset management, and gaming and hospitality sectors.

As President of Nigro Development , Todd has overseen various commercial real estate projects. He holds multiple licenses in Nevada and has a strong commitment to community service, having served on boards such as Habitat for Humanity Las Vegas, Inc. and the City of Las Vegas Planning Commission. Todd expressed enthusiasm for his new role, aiming to drive growth and deliver value for shareholders, clients, and communities.

GBank Financial Holdings Inc. (OTCQX: GBFH) has announced that BankCard Services, (BCS), a company specializing in cashless gaming technology for financial institutions, has welcomed MassPay as a new PPA client. This development expands the mutual client network for both GBank and BCS, potentially strengthening their position in the gaming FinTech sector.

The partnership highlights GBank's continued efforts to grow its presence in the cashless gaming industry through its Gaming FinTech Division. This collaboration with MassPay could potentially lead to increased transaction volumes and revenue streams for GBank and BCS, although specific financial details were not disclosed in the press release.

GBank Financial Holdings Inc. (OTCQX: GBFH) has announced a significant development through its subsidiary, BankCard Services, (BCS). BCS has executed a Sponsorship and Designation Agreement for Real Time Payments (RTP) with GBank and Trice Technologies, Inc. This agreement marks an important step in the company's involvement in cashless gaming technology and financial services innovation.

The partnership aims to leverage BCS's expertise in enabling financial institutions to participate in cashless gaming, combined with GBank's banking infrastructure and Trice Technologies' technological capabilities. This collaboration is expected to enhance the company's position in the rapidly evolving digital payment landscape, particularly in the gaming sector.

GBank Financial Holdings Inc. (OTCQX: GBFH) reported record net income of $4.7 million, or $0.35 per diluted share, for Q2 2024, up from $2.3 million in Q2 2023. Key highlights include:

- Record net revenue of $15.5 million
- Net interest margin of 4.82%
- Gross loan growth of $35.6 million, or 5% sequentially
- Total assets reached $1 billion
- Completed 32.99% investment in BankCard Services,

The company saw strong performance in its SBA Lending division, with loan sale volume increasing 14% to $77.9 million and gain on sale of loans up 52% to $3.2 million compared to Q1 2024. The Gaming FinTech segment maintained steady deposits, while the Credit Card division showed growth in balances and open credit lines.

GBank Financial Holdings has completed a restructured transaction with BankCard Services (BCS), acquiring a 32.99% non-voting equity interest in BCS. This was achieved by exchanging 231,508 shares of restricted, non-voting GBFH stock for 143,371 shares of non-voting BCS stock. The GBFH shares held by BCS are convertible to voting shares only under specific conditions set by Federal Reserve regulations. The transaction, endorsed by a Special Committee of GBFH's Board, aims to enhance their partnership, focusing on innovative cashless payment solutions for gaming and fintech sectors.