LA VEGAS, March 24, 2022 /PRNewswire/ — GBank Financial Holdings Inc. (“GBank” or the “Company”) (OTCQX: GBFH), the parent company of Bank of George (the “Bank”), today announced an industry report ranking them 6and best performing U.S. community bank under $3 billion in assets.
S&P Global Market Intelligence has just released its ranking of the best performing community banks and credit unions for 2021. The best performing community banks have been ranked in two categories: $3 billion – $10 billion in assets and banks less than $3 billion in assets. The full press release is available here.
“The 6 of the Bankand position places us in the top 100 for the sixth consecutive year. Out of 4,015 banks under $3 billion of assets, this puts us firmly in the top 1% of our banking peer group, which is a testament to our continued spirit of innovation and commitment to providing the best solutions to our clients.” said T. ryan sullivanChairman and CEO of Bank of George.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). According to his websiteit is one of the world’s leading providers of financial information services, and its data and analysis reveals insights of unparalleled breadth and depth that will not be found anywhere else: from comprehensive fundamentals to sector-specific performance indicators, from mergers and acquisitions to credit risk, as well as insightful news, forecasts and analysis.
To compile the rankings, S&P Global Market Intelligence calculated each company’s scores based on six metrics: pre-tax return on tangible equity; efficiency rate; growth in operating income; net write-offs to net average loans and leases of the Payment Protection Program (“PPP” loan ratio); assets and nonperforming loans past due 90 days or more as a percentage of total assets, net of PPP loans; and leverage ratio. Each company’s standard deviation from the industry average was calculated for each raking metric, weighted, and then combined to arrive at a performance score. To help normalize the data and mitigate the impact of outliers, caps and floors have been applied for each metric.
GBank Financial Holdings Inc. (“GBank” or the “Company”) (GBFH), a bank holding company with approximately $618 million of assets to December 31, 2021operates through its wholly owned subsidiary, Bank of George (named in honor of george washington). Founded in 2007, the Bank operates two full-service commercial branches in Las Vegas, Nevadawith core lending activities focused on engaging clients in Nevada, California, Utah, and Arizona. Bank of George has key businesses in three major divisions: SBA Lending, Gaming FinTech and Commercial Lending. The Bank operates nationwide through its SBA lending business (ranked 19th nationally by the U.S. Small Business Administration for SBA 7(a) dollar lending volume through September 30, 2021) and its partnership. Launched in 2016, its Gaming FinTech division powers the Sightline Payments Play+ solution (Sightline Payments) for transparent and secure payment and gaming that enable cashless mobile commerce solutions for gaming, lottery and sports betting ecosystems – positioning GBank as a financial leader in this new world of payments. The Bank also provides general commercial banking services with an emphasis on the needs of small and medium enterprises, high net worth individuals, professionals and investors. The Bank offers a full suite of consumer deposit products and is focused on providing a superior level of service. Bank of George has been recognized annually for each of the past five years by S&P Global Market Intelligence as one of America’s Top 100 Community Banks under $3 billion in assets. For more information on Bank of George, please visit its website at https://www.bankofgeorge.com. GBank’s common stock is listed on the US OTCQX exchange under the symbol GBFH.
GBank has made forward-looking statements in this press release. These forward-looking statements are subject to risks and uncertainties. Forward-looking statements include information regarding the possible or assumed future results of operations of the Company and its subsidiaries. Where words such as “believes”, “expects”, “anticipates” or similar expressions appear in this press release, the Company is making forward-looking statements. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause these results to differ materially from those expressed in the forward-looking statements contained in this press release. These factors include, but are not limited to: the recent and ongoing coronavirus (COVID-19) pandemic which poses risks and could adversely affect the Company’s business and results of operations in the coming quarters, the risk conditions, changes in market interest rates, failure to achieve merger synergies, competition, economic slowdown or recession, and government regulation and supervision. The Company assumes no obligation to update or revise any forward-looking statements.
Questions or comments regarding this press release should be directed to:
GBank Financial Holdings Inc.
T ryan sullivan
President and CEO
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