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Free Loan-Repayment Processing Helps Microfinance Nonprofit Grameen America Increase Macro Impact on Women

SUNNYVALE, CA and LOS ANGELES, CA–(Marketwired – March 04, 2015) – Grameen America, a nonprofit microfinance organization that helps women in poverty start and expand small businesses, and PayNearMe, the electronic cash transaction network, today announced implementation of PayNearMe as a free new loan repayment option for Grameen America’s borrowers.

After a successful launch in Charlotte, North Carolina, the organization will now roll out the electronic cash transaction network in branches across the country beginning with Oakland, California and Brooklyn, New York.

Many of Grameen’s 43,000 members use their loans to start sole-proprietor businesses such as jewelry resale and nail design, which allows them to support their families while also giving them a flexible schedule to take care of their children. The majority of these businesses operate in cash. Using PayNearMe, borrowers are able to repay their loans using cash at their local 7-Eleven store.

“This innovative partnership is a remarkable advancement for our program that benefits our borrowers and staff alike,” said Andrea Jung, Grameen America’s president and CEO. “PayNearMe has made the payment collection process easier and more efficient. PayNearMe’s cutting-edge technology allows us to expand opportunities and extend access to financial services to thousands of aspiring entrepreneurs from New York to California.”

By eliminating the need to count, collect and deposit cash repayments, Grameen staff gain 40 minutes each day that they can spend with borrowers, providing financial education and facilitating problem-solving for the borrowers’ businesses. Using PayNearMe streamlines Grameen’s accounting processes while enhancing financial controls and efficiencies, which will allow the organization to build capacity to reach 150,000 women by 2018.

“We no longer stress about the amount of cash we are carrying to the bank, and the borrowers feel safer not having to congregate in one place every week with large chunks of cash,” said Ursula Lalone, Grameen’s Charlotte, North Carolina center manager. “With PayNearMe, we don’t have to count and collect cash. It’s a huge advantage to focus our meetings on helping the women invest, save and grow their businesses.”

Most of the 7,800 participating 7-Eleven stores nationwide are open 24 hours a day, seven days a week, making it easy and convenient for borrowers with even the most complex schedules to stay on top of their loan repayments.

To make a payment, a borrower simply walks into the 7-Eleven, hands the cashier their PayNearMe payment code and the cash payment. Additionally, if they choose to pick up some groceries while they are in the store, they can pay for everything in one easy transaction.

“Grameen America is living proof that the term ‘micro’ is relative,” said Danny Shader, PayNearMe’s founder and CEO. “A microloan to one person can make a macro impact on another. We’re proud to support Grameen’s work by offering this payment option at no cost to the borrowers. Everyone should have a right to pay the way they are paid, without having to jump through hoops.”

About PayNearMe
PayNearMe is the electronic cash transaction network that enables consumers to pay rent and utility bills, repay loans, buy tickets, make online purchases and do much more with cash. Consumers can conveniently make payments on their own schedule and in their own neighborhood in less than a minute at one of over 17,000 trusted locations, including 7-Eleven® and Family Dollar® stores across the United States. For more information, please visit: http://www.PayNearMe.com.

About Grameen America
Founded by Nobel Peace Prize recipient Muhammad Yunus, Grameen America is a 501(c)3 nonprofit microfinance organization dedicated to helping women who live in poverty build small businesses to create better lives for their families. Grameen America offers microloans, training and support to transform communities and fight poverty in the United States. Since opening in January 2008, Grameen America has invested over $230 million in more than 43,000 women. Started in Jackson Heights, Queens, Grameen America has expanded across New York City and in Indianapolis, IN, Omaha, NE, Oakland, CA, Charlotte, NC, Los Angeles, CA, San Jose, CA, Austin, TX, Union City, NJ, San Juan, PR and Boston, MA. Learn more at www.grameenamerica.org.

Image Available: http://www.marketwire.com/library/MwGo/2015/3/4/11G034841/Images/Grameen_Open_Sign-757360835081.jpg

[…]

Fitch Affirms 1 Class of South Carolina Student Loan Corp., Series 2010-1

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the ratings on the class A notes currently rated ‘AAAsf’ issued by South Carolina Student Loan Corp., Series 2010-1. The Outlook is Stable.

Key Rating Drivers:

Collateral Quality: The trust collateral is composed of 100% Federal Family Education Loan Program (FFELP) loans. In Fitch’s opinion, the credit quality of the trust collateral is higher based on the guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. The Stable Outlook on the notes is consistent with Fitch’s affirmation of the U.S. sovereign rating at ‘AAA’, Outlook Stable.

Sufficient Credit Enhancement (CE): Transaction CE is provided by overcollateralization and excess spread. As of July 2014, reported parity is at 106.87%. Excess cash has not been released as the trust is currently in turbo. All remaining funds are used to pay down the notes. Excess funds may be released once all of the notes have been paid in full.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at the greater of 0.25% of the pool balance and 0.10% of the initial pool balance. As of July 2014, reserve account balance is $1,069,884.

Satisfactory Servicing Capabilities: South Carolina Student Loan Corporation, servicing 100% of the loans, as well as Nelnet Servicing LLC as a backup servicer, have both demonstrated adequate servicing capabilities. In Fitch’s opinion, both are acceptable servicers of FFELP student loans

Rating Sensitivities

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Initial Key Rating Drivers and Rating Sensitivity further described in the New Issue Report published on Dec. 10, 2010.

Fitch has taken the following rating actions:

South Carolina Student Loan Corp., Series 2010-1:

–Class A-2 affirmed at ‘AAAsf’; Outlook Stable;

–Class A-3 affirmed at ‘AAAsf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ May 20, 2014;

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ June 23, 2014.

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended’, April 17, 2012.

–‘South Carolina Student Loan Corp., Series 2010-1’, Dec. 10, 2010.

Applicable Criteria and Related Research:

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=906294

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch RatingsStudent Loan Contact:

Fitch Ratings

Primary Analyst

Charlene M. Davis

Director

+1-212-908-0213

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Sandro Scenga

Media Relations

+1-212-908-0278

New York

sandro.scenga@fitchratings.com […]

Monarch Financial Reports Financial Performance and Declares Cash Dividend

CHESAPEAKE, Va., July 24, 2014 (GLOBE NEWSWIRE) — Monarch Financial Holdings, Inc. (MNRK), the bank holding company for Monarch Bank, reported second quarter profitability and continued strong financial performance. The Board of Directors announced a quarterly common stock cash dividend of $0.08 per common share, payable on August 29, 2014, to shareholders of record on August 8, 2014.

Second quarter 2014 highlights are:

2nd quarter net income of $3,183,574 Return on Equity of 12.63% Return on Assets of 1.29% Diluted earnings per share of $0.30 Equity Capital exceeds $100 million for first time Non-performing assets at 0.36% of total assets $447 million in mortgage loans closed with 85% purchase

Year to date 2014 highlights are:

Net income of $5,720,839, for a return on equity of 11.57% Diluted earnings per share of $0.54 $718 million in mortgage loans closed with 84% purchase

“We are pleased to report our best quarter in the past year. Our efforts to structure the company for the future resulted in improved profitability for all of our business segments. Higher mortgage loan closings, non-existent credit costs, expense management, and a strong net interest margin continued to drive our bottom line results,” stated Brad E. Schwartz, Chief Executive Officer. “Our challenge going forward is growing our loan portfolio with our disciplined style for both credit quality and interest rate risk, in an otherwise undisciplined market. We are up to this challenge.”

Net income was $3,183,574 for the second quarter of 2014, a record for the past five quarters, and up 3.8% from the same period one year ago. The quarterly annualized return on average equity (ROE) was 12.63%, and the quarterly return on average assets (ROA) was 1.29%. Quarterly diluted earnings per share increased to $0.30, compared to $0.24 in the previous quarter and $0.29 for the same quarter in 2013.

Net income was $5,720,839 for the first six months of 2014. The annualized return on average equity (ROE) was 11.57%, and the quarterly return on average assets (ROA) was 1.18%. Diluted earnings per share were $0.54, compared to $0.62 for the same period in 2013.

Total assets at June 30, 2014 were $1.0 billion, with both loans held for investment and deposits slightly down since year-end 2013. The decline in our loans held for investment portfolio was due to several large payoffs, with $95 million in new loans booked in the first six months of the year. This decline was more than offset by growth in our mortgage loans held for sale portfolio driven by stronger mortgage loan closings. Funding continues to shift to a higher level of demand deposits and money market accounts, with 33% of our total deposit mix now in demand deposits. Demand deposit balances are at a record high. Our funding mix should enhance and protect the net interest margin when rates are predicted to rise in the next 12-24 months.

“Our loan pipeline remains robust and we continue to attract top quality clients for their commercial, construction, commercial real estate, and mortgage loan needs. Our cash management and retail deposit teams continue to perform at a high level, with almost a third of our deposits now in demand deposits — which also delivered positive growth in fee income,” stated Neal Crawford, President of Monarch Bank.

Non-performing assets to total assets were 0.36%, which remain significantly below that of our local, state, and national peer group. Non-performing assets were $3.7 million which was up slightly from the previous quarter and the same period in 2013. Non-performing assets were comprised of $3.0 million in non-accrual loans, $499 thousand in loans more than 90 days past due, and $144 thousand in one foreclosed property. Net recoveries for the year were $9 thousand and the allowance for loan losses represents 1.30% of loans held for investment and 257% of non-performing loans.

During the second quarter the Company’s equity capital exceeded $100 million for the first time in its 15 year history. The Board of Directors announced a quarterly common stock cash dividend of $0.08 per common share, payable on August 29, 2014, to shareholders of record on August 8, 2014. Even with two increases in the quarterly cash dividend in the past year, tangible book value per share has increased 8.2% to $9.59, with the stock now trading at 122% of book value. We consider our stock to be undervalued.

Capital strength continues to grow by every metric. Average equity to average assets improved to 10.18%, up from 8.88% one year prior. Total risk-based capital to risk weighted assets at Monarch Bank equaled 14.29%, significantly higher than the level required to be rated “Well Capitalized” by federal banking regulators. Monarch was again awarded the highest 5-Star “Superior” rating by Bauer Financial, an independent third-party bank rating agency that rates banks on safety and soundness.

Net interest income, our number one driver of profitability, declined 2.1% or $211 thousand during the second quarter of 2014 compared to the same quarter in 2013 driven by reduced balances in mortgage loans held for sale. Mortgage loans held for sale interest income declined $499 thousand compared to the same quarter of 2013, which was partially offset by growth in loans held for investment, investment income and a reduction in funding costs. The net interest margin was 4.18% for the second quarter, which was down from the previous quarter of 4.25% but up from 4.11% in the same quarter in 2013.

Non-interest income declined 14.7% or $3.2 million from the previous year driven by reduced revenues from mortgage loans sold and related title insurance fees. Investment and insurance revenue increased 37% compared to the previous year due to the continued growth of Monarch Bank Private Wealth. Mortgage revenue continues to be the number one driver of non-interest income. We closed $447 million in mortgage loans (85% purchase) during the second quarter of 2014 compared to $271 million (81% purchase) in the first quarter of 2014, a significant increase.

“The month of June was the best month in our company’s history for purchase mortgage closings, and our realtor and builder focus drove our higher second quarter volume. We are a leaner and more nimble mortgage operation that never stopped investing in our training, technology, marketing or our people when volumes were low. This formula should continue to differentiate us in our markets and lead to continued market share growth,” stated William T. Morrison, CEO of Monarch Mortgage.

Total non-interest expense declined 12.1% or $3.2 million during the second quarter due to reduced commissions and loan expenses. Net overhead, the difference between non-interest income and non-interest expense, improved by $10 thousand. To further improve our efficiency we have decided to close one banking office and one mortgage office in July, and soon plan to announce the relocation of two banking offices to improve our footprint and growth opportunities. These initiatives and many others have allowed us to improve our technology delivery, meet growing compliance burdens, and meet our client service expectations all while keeping our expense structure in line with revenue growth.

Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with eleven banking offices in Chesapeake, Virginia Beach, Norfolk, Suffolk, and Williamsburg, Virginia. Monarch Bank also has a loan production office in Newport News, Virginia. OBX Bank, a division of Monarch Bank, operates offices in Kitty Hawk and Nags Head, North Carolina. Monarch Mortgage and our affiliated mortgage companies have over thirty offices with locations in Virginia, North Carolina, Maryland, and South Carolina. Our subsidiaries/ divisions include Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage origination), OBX Bank Mortgage (secondary mortgage origination), Coastal Home Mortgage, LLC (secondary mortgage origination), Monarch Bank Private Wealth (investment, trust, planning and private banking), Monarch Investments (investment and insurance solutions), Real Estate Security Agency, LLC (title agency) and Monarch Capital, LLC (commercial mortgage brokerage). The shares of common stock of Monarch Financial Holdings, Inc. are publicly traded on the Nasdaq Capital Market under the symbol “MNRK”.

This press release may contain “forward-looking statements,” within the meaning of federal securities laws that involve significant risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and are factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company’s most recent Form 10-K and 10-Q reports and other documents filed with the Securities and Exchange Commission. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Consolidated Balance Sheets Monarch Financial Holdings, Inc. and Subsidiaries (In thousands) Unaudited
June 30,
2014 March 31,
2014 December 31,
2013 September 30,
2013 June 30,
2013 ASSETS:

Cash and due from banks $ 19,661 $ 18,510 $ 18,971 $ 21,016 $ 19,050 Interest bearing bank balances 37,166 37,033 31,955 24,504 15,195 Federal funds sold 29,761 84,232 53,985 83,454 56,972

Investment securities, at fair value 23,773 23,197 48,822 16,973 16,573

Loans held for sale 156,584 92,839 99,718 120,435 166,586

Loans held for investment, net of unearned income 700,159 715,088 712,671 697,541 697,376 Less: allowance for loan losses (9,070) (9,213) (9,061) (11,228) (11,320) Net loans 691,089 705,875 703,610 686,313 686,056

Bank premises and equipment, net 31,407 29,902 28,882 28,454 28,101 Restricted equity securities, at cost 3,169 3,156 3,683 3,666 3,792 Bank owned life insurance 7,526 7,467 7,409 7,351 7,290 Goodwill 775 775 775 775 775 Intangible assets, net 15 60 104 149 194 Accrued interest receivable and other assets 22,973 19,673 18,786 18,857 20,815

Total assets $ 1,023,899 $ 1,022,719 $ 1,016,700 $ 1,011,947 $ 1,021,399

LIABILITIES:

Demand deposits—non-interest bearing $ 240,348 $ 221,357 $ 206,891 $ 222,079 $ 218,880 Demand deposits—interest bearing 51,563 55,949 55,528 48,244 52,101 Money market deposits 377,096 367,590 374,462 364,488 341,042 Savings deposits 24,539 24,327 22,137 22,665 22,172 Time deposits 197,747 224,947 234,100 228,652 264,491 Total deposits 891,293 894,170 893,118 886,128 898,686

FHLB borrowings 1,125 1,150 1,175 1,200 1,225 Short Term borrowings — — — — — Trust preferred subordinated debt 10,000 10,000 10,000 10,000 10,000 Accrued interest payable and other liabilities 18,650 17,422 14,661 17,855 16,733 Total liabilities 921,068 922,742 918,954 915,183 926,644

STOCKHOLDERS’ EQUITY:

Common stock 51,624 51,584 51,432 51,230 50,873 Capital in excess of par value 7,675 7,357 7,069 6,755 6,521 Retained earnings 43,566 41,232 39,437 38,014 36,233 Accumulated other comprehensive loss (159) (314) (419) (406) (480) Total Monarch Financial Holdings, Inc. stockholders’ equity 102,706 99,859 97,519 95,593 93,147 Noncontrolling interest 125 118 227 1,171 1,608 Total equity 102,831 99,977 97,746 96,764 94,755

Total liabilities and stockholders’ equity $ 1,023,899 $ 1,022,719 $ 1,016,700 $ 1,011,947 $ 1,021,399

Common shares outstanding at period end 10,624,668 10,619,444 10,502,323 10,480,023 10,408,544 Nonvested shares of common stock included in commons shares outstanding 299,910 302,710 215,960 233,960 233,960

Book value per common share at period end (1) $ 9.67 $ 9.40 $ 9.29 $ 9.12 $ 8.95 Tangible book value per common share at period end (2) $ 9.59 $ 9.33 $ 9.20 $ 9.03 $ 8.86 Closing market price $ 11.72 $ 12.26 $ 12.31 $ 11.72 $ 10.83

Total risk based capital – Consolidated company 14.29% 14.27% 13.91% 13.68% 13.46% Total risk based capital – Bank 14.31% 14.30% 13.95% 13.83% 13.66%

(1) Book value per common share is defined as stockholders’ equity divided by common shares outstanding. (2) Tangible book value per common share is defined as stockholders’ equity less goodwill and other intangibles divided by commons shares outstanding.
Consolidated Statements of Income Monarch Financial Holdings, Inc. and Subsidiaries Unaudited
Three Months Ended
June 30, Six Months Ended
June 30,
2014 2013 2014 2013 INTEREST INCOME:

Interest on federal funds sold $ 24,179 $ 25,312 $ 64,557 $ 30,470 Interest on other bank accounts 54,905 9,952 90,937 18,094 Dividends on equity securities 22,410 69,225 52,410 143,660 Interest on investment securities 91,929 57,302 167,978 114,871 Interest on loans held for sale 1,274,498 1,773,692 2,047,230 4,507,264 Interest and fees on loans held for investment 9,089,071 9,040,004 18,567,963 18,014,998 Total interest income 10,556,992 10,975,487 20,991,075 22,829,357 INTEREST EXPENSE:

Interest on deposits 839,303 1,020,913 1,673,716 2,050,375 Interest on trust preferred subordinated debt 123,359 124,200 245,696 243,242 Interest on other borrowings 14,224 38,810 28,586 327,988 Total interest expense 976,886 1,183,923 1,947,998 2,621,605 NET INTEREST INCOME 9,580,106 9,791,564 19,043,077 20,207,752 PROVISION FOR LOAN LOSSES — — — —

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 9,580,106 9,791,564 19,043,077 20,207,752

NON-INTEREST INCOME:

Mortgage banking income 17,369,228 20,572,388 29,571,390 36,738,324 Service charges and fees 538,579 477,660 1,008,791 928,814 Title income 167,454 232,423 272,488 486,774 Investment and insurance income 335,887 245,524 781,359 452,460 Other income 87,725 146,276 173,496 248,917 Total non-interest income 18,498,873 21,674,271 31,807,524 38,855,289 NON-INTEREST EXPENSE:

Salaries and employee benefits 8,492,446 8,502,755 16,764,007 16,707,830 Commissions and incentives 6,770,022 9,703,820 10,780,986 16,769,296 Occupancy and equipment 2,395,088 2,130,445 4,671,791 3,996,963 Loan expense 2,060,570 2,630,295 3,423,711 4,460,732 Marketing expense 797,908 744,646 1,319,749 1,257,604 Data processing 476,806 435,771 956,084 836,729 Telephone 293,451 308,138 604,588 563,062 Other expenses 1,720,693 1,717,014 3,232,701 3,441,289 Total non-interest expense 23,006,984 26,172,884 41,753,617 48,033,505

INCOME BEFORE TAXES 5,071,995 5,292,951 9,096,984 11,029,536 Income tax provision (1,767,500) (1,797,773) (3,238,740) (3,791,326) NET INCOME 3,304,495 3,495,178 5,858,244 7,238,210

Less: Net income attributable to noncontrolling interest (120,921) (428,540) (137,405) (713,443) NET INCOME ATTRIBUTABLE TO MONARCH FINANCIAL HOLDINGS, INC. $3,183,574 $3,066,638 $5,720,839 $ 6,524,767

NET INCOME PER COMMON SHARE:

Basic $ 0.30 $ 0.29 $ 0.54 $ 0.66 Diluted $ 0.30 $ 0.29 $ 0.54 $ 0.62

Weighted average basic shares outstanding 10,620,869 10,401,992 10,596,786 9,854,418 Weighted average diluted shares outstanding 10,660,217 10,483,420 10,636,968 10,467,707

Return on average assets 1.29% 1.19% 1.18% 1.23% Return on average stockholders’ equity 12.63% 13.42% 11.57% 14.61%

Financial Highlights

Monarch Financial Holdings, Inc. and Subsidiaries

(Dollars in thousands, For the Quarter Ended except per share data) June 30, March 31, December 31, September 30, June 30,
2014 2014 2013 2013 2013 EARNINGS

Interest income $ 10,557 $ 10,434 $ 10,677 $ 10,842 $ 10,976 Interest expense (977) (971) (1,044) (1,121) (1,184) Net interest income 9,580 9,463 9,633 9,721 9,792 Provision for loan losses — — — — — Noninterest income – mortgage banking income 17,369 12,202 13,277 15,657 20,572 Noninterest income – other 1,130 1,106 1,075 1,018 1,102 Noninterest expense (23,007) (18,747) (20,562) (22,315) (26,173) Pre-tax net income 5,072 4,024 3,423 4,081 5,293 Minority interest in net income (121) (16) (87) (255) (428) Income taxes (1,767) (1,471) (1,179) (1,416) (1,798) Net income $ 3,184 $ 2,537 $ 2,157 $ 2,410 $ 3,067

PER COMMON SHARE

Earnings per share – basic $ 0.30 $ 0.24 $ 0.21 $ 0.23 $ 0.29 Earnings per share – diluted 0.30 0.24 0.20 0.23 0.29 Common stock – per share dividends 0.08 0.07 0.07 0.06 0.06 Average Basic Shares Outstanding 10,620,869 10,600,766 10,486,056 10,464,992 10,401,992 Average Diluted Shares Outstanding 10,660,217 10,641,782 10,535,313 10,519,472 10,483,420

ALLOWANCE FOR LOAN LOSSES

Beginning balance $ 9,213 $ 9,061 $ 11,228 $ 11,320 $ 10,788 Provision for loan losses — — — — — Charge-offs (184) (12) (2,252) (137) (279) Recoveries 41 164 85 45 811 Net charge-offs (143) 152 (2,167) (92) 532 Ending balance $ 9,070 $ 9,213 $ 9,061 $ 11,228 $ 11,320

COMPOSITION OF RISK ASSETS

Nonperforming loans:

90 days past due $ 499 $ 759 $ 472 $ 82 $ — Nonaccrual loans 3,028 1,718 1,740 2,814 2,889 OREO 144 302 302 95 95 Nonperforming assets 3,671 2,779 2,514 2,991 2,984

ASSET QUALITY RATIOS

Nonperforming assets to total assets 0.36 % 0.27 % 0.25 % 0.30 % 0.29 % Nonperforming loans to total loans 0.50 0.35 0.31 0.42 0.41 Allowance for loan losses to total loans held for investment 1.30 1.29 1.27 1.61 1.62 Allowance for loan losses to nonperforming loans 257.16 371.94 409.63 387.71 391.83 Annualized net charge-offs to average loans held for investment 0.08 -0.09 1.25 0.05 -0.31

FINANCIAL RATIOS

Return on average assets 1.29 % 1.06 % 0.86 % 0.94 % 1.19 % Return on average stockholders’ equity 12.63 10.46 8.88 10.18 13.42 Net interest margin (FTE) 4.18 4.25 4.13 4.11 4.11 Non-interest revenue/Total revenue 63.7 56.1 57.3 60.4 66.4 Efficiency – Consolidated 81.8 82.1 85.5 84.8 83.0 Efficiency – Bank only 63.9 59.9 60.4 59.1 58.2 Average equity to average assets 10.18 10.13 9.73 9.27 8.88

PERIOD END BALANCES (Amounts in thousands)

Total loans held for sale $ 156,584 $ 92,839 $ 99,718 $ 120,435 $ 166,586 Total loans held for investment 700,159 715,088 712,671 697,541 697,376 Interest-earning assets 949,872 956,160 952,981 950,760 960,481 Assets 1,023,899 1,022,719 1,016,700 1,011,947 1,021,399 Total deposits 891,293 894,170 893,118 886,128 898,686 Other borrowings 11,125 11,150 11,175 11,200 11,225 Stockholders’ equity 102,706 99,859 97,519 95,593 93,147

AVERAGE BALANCES (Amounts in thousands)

Total loans held for sale $ 116,851 $ 70,856 $ 104,104 $ 136,660 $ 200,733 Total loans held for investment 698,851 704,917 695,074 692,731 680,037 Interest-earning assets 927,552 910,929 935,059 946,575 964,872 Assets 993,003 970,815 990,734 1,013,932 1,032,345 Total deposits 867,217 848,969 869,113 882,553 908,229 Other borrowings 11,150 11,174 11,199 11,257 11,250 Stockholders’ equity 101,092 98,374 96,415 93,958 91,638

MORTGAGE PRODUCTION (Amounts in thousands)

Dollar volume of mortgage loans closed $ 446,863 $ 271,233 $ 349,695 $ 478,304 $ 607,189 Percentage of refinance based on dollar volume 15.0 % 19.1 % 20.3 % 22.6 % 39.2 % Banking & BudgetingFinancials Industrymortgage loans Contact:

Brad E. Schwartz - (757) 389-5111, www.monarchbank.com

[…]

Announcing a New Source for Reliable, Low Cost Retail Business Cash Advance Loans, Thanks to Alternative Lender …

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Retail Business Cash Advances Available

Available Low Cost Retail Business Cash Advance Loans, Thanks to Alternative Lender, BusinessCashAdvanceGuru.com

Nationwide (PRWEB) July 22, 2014

There’s never been a more straightforward and easy qualification retail business cash advance available to small businesses. With these merchant account cash advance loans, companies can access working capital without a credit check. Competitive merchant cash advance rates are available through this bad credit quick business cash advance program.

The five largest banks in the nation, recently surveyed by news media, state new federal regulations are the primary reason for the high percentage of small business loan rejections. Citing Frank-Dodd, along with previously enacted compliance laws, financing institutions deny commercial loan applications at historical levels. Banks undergo several “stress tests” each year, a result of the economic meltdown which gripped the nation beginning in mid 2008. Now, those same institutions hold billions of dollars in their reserves.

Small business owners with near perfect personal credit files and high company credit scores are routinely denied financing. Banks now require more than good credit. Small business loan approval requires substantial collateral and full disclosure of all personal and company assets and liabilities. In addition, applicant businesses must provide years of tax returns and scores of financial documents for verification. Personal guarantee notes are common and lengthy applications make funding complex.

Banks assert that hundreds of millions of dollars in defaulted consumer loans, ranging from lines of credit to mortgages, to auto loans, require heavier application scrutiny. Traditional banks are not providing access to working capital, still reeling from such large losses. Under pressure from congressional members to offer more financing options, banks are resisting.

However, innovative alternative lenders are filling the void. With new technology and easier lending standards, low cost loans are available without a credit check. No collateral is required, and there are no application fees. Application approvals stand at 98 percent and approval notification comes in just 24 hours. Funds are made available through direct deposit in three to five business days. Funds can be used for any purpose and rates are competitive. Payments are based on a percentage, rather than a fixed dollar amount. Loan amounts range from $5,000 up to $500,000.

BusinessCashAdvanceGuru.com expanded nationwide services are now available in the following geographical areas:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.

About Business Cash Advance Guru

http://www.BusinessCashAdvanceGuru.com is a division authorized by TieTechnology, LLC. Business Cash Advance Guru’s merchant cash advance division specializes in helping small business owners realize their dreams. That’s why we created our merchant cash advance program in 2003, and continue to be a merchant cash advance leader in the industry, offering the most flexible payment options and the lowest interest rates and in the business.

About TieTechnology, LLC

http://www.tietechnology.com specializes in small business service based solutions for businesses. Services provided by TieTechnology LLC, include: merchant credit card processing, business service telecommunications, and web based visibility marketing. The advantages of doing business with TieTechnology is their commitment to customer service excellence and their offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services and their specialized divisions, see the following links and descriptions.


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Introducing the Best New and Most Affordable Restaurant Merchant Cash Advance Loans Available on the Market Today …

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Available Restaurant Merchant Cash Advances

Easy Access Restaurant Working Capital, Thanks to Business Cash Advance Guru

Nationwide (PRWEB) July 13, 2014

Small businesses continue to struggle to find affordable financing options, even well-after the end of the Great Recession. Now, low cost restaurant merchant cash advance loans are available, thanks to alternative lenders. With competitive merchant cash advance rates, these online merchant cash advance options are the best and fastest merchant cash advance loans on the market today.

In the period lasting from mid 2008 through 2009 and into early 2010, the national economic downturn dampened commercial funding greatly. Tough economic circumstances led to a wave of loan defaults, which banks are in the processes of recovering from slowly. Hundreds of millions of dollars in mortgages, auto loans, student loans, credit card lines, home equity, and small business loans remain unpaid.

Making matters worse are dozens of new federal mandates and banking regulations. Small businesses are disproportionately harmed, as a result, with loan denials at near record highs. Loan applications are long and complicated; requirements are stricter and substantial verifications are now normal. In addition, applicant businesses must have near perfect credit and demonstrate the ability to repay in several ways. Loan qualifications are based on future profit and loss projections and personal and business assets and liabilities. Years of tax returns must be provided as well as certified financial statements.

Online merchant cash advance alternative lenders make commercial financing a simple process, not requiring credit history reviews or collateral commitments. In addition, there are no application fees or hidden costs. Approval rates are 98 percent and loan application approvals are delivered within 24 hours. Funds can be used for any purpose and are directly deposited in just three to five business days.

Restaurants can get the funding they need easily and make opportunistic buys, purchase new equipment, or expand their footprint. Businesses may borrow between $5,000 and $500,000, and poor credit is okay. Payment installments are based on a percentage of the loan, not a fixed sum, making these loans very affordable.

Tap into a merchant cash advance today and move business forward for a brighter future. Get funding fast with limited paperwork without a credit check or collateral. Simply fill out the online form to apply and qualify and receive funds in less than a week.

BusinessCashAdvanceGuru.com expanded nationwide services are now available in the following geographical areas:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.

About Business Cash Advance Guru

http://www.BusinessCashAdvanceGuru.com is a division authorized by TieTechnology, LLC. Business Cash Advance Guru’s merchant cash advance division specializes in helping small business owners realize their dreams. That’s why we created our merchant cash advance program in 2003, and continue to be a merchant cash advance leader in the industry, offering the most flexible payment options and the lowest interest rates and in the business.

About TieTechnology, LLC

http://www.tietechnology.com specializes in small business service based solutions for businesses. Services provided by TieTechnology LLC, include: merchant credit card processing, business service telecommunications, and web based visibility marketing. The advantages of doing business with TieTechnology is their commitment to customer service excellence and their offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services and their specialized divisions, see the following links and descriptions.


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CFPB Moves Against Payday Loan Industry, Orders ACE Cash Express To Pay $10 Million

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In another sign that the payday loan industry is increasingly under siege, the CFPB today reached a settlement with one of the nation’s largest payday lenders for $10 million over its illegal debt collection tactics.

The lender, ACE ACE Cash Express, “used false threats, intimidation, and harassing calls to bully payday borrowers into a cycle of debt,” said CFPB Director Richard Cordray. “This culture of coercion drained millions of dollars from cash-strapped consumers who had few options to fight back.”

For example, the CFPB says consumers faced the threat of extra fees, being reported to credit reporting agencies and criminal prosecution if they didn’t make payments. Some collectors repeatedly called consumers, their offices and even their relatives, disclosing information about their loans.

An ACE Cash Express storefront in North Carolina. (Sonny Hedgecock/AP)

A graphic pulled from the ACE Cash Express training manual shows how new employees were taught to contact the customer after he or she “exhausts the cash and does not have the ability to pay.” Employees were instructed to “create a sense of urgency” when calling delinquent borrowers.

Of the $10 million total that is owed, $5 million will be paid to consumers in the form of refunds and $5 million will be paid as a penalty to the CFPB. ACE Cash Express is also ordered to end illegal debt collection threats and harassment and stop pressuring borrowers into taking out repeated loans.

The payday loan industry is estimated to make over $3 billion a year.

A statement from ACE Cash Express says the allegations relate to practices prior to March 2012 and they have cooperated with the CFPB to implement recommended changes. They offer payday loans online and in storefronts across 36 states and DC.

Payday loans, which provide borrowers with quick access to cash, are widely criticized for their ultra-high interest rates, short repayment periods and predatory practices.

“Payday loans are designed to create a debt trap,” says Diane Standaert, senior policy counsel at the Center for Responsible Lending. “They are marketed as a quick financial fix, but in reality leave people in a worse financial position than when they started.”

The CFPB, which was the first federal regulator to oversee the payday loan industry starting in 2012, began collecting consumer complaints about payday loans last fall and is in the “late stages” of working on rules for the industry. This is the second enforcement action it has taken against a big payday lender, and the first time it has used the Dodd-Frank provision against abusive practices that take “unreasonable advantage” of consumers.

States like Illinois have recently taken action against payday lenders, and a federal probe dubbed “Operation Choke Point” has gone after them too. A recent report from KPMG’s financial services regulatory practice warns that payday lenders will face “heightened regulatory scrutiny” at both the state and federal level.

Move up http://i.forbesimg.com tMove down Why It Could Pay To Get A Credit Card From Your Regular Bank Lauren Gensler Forbes Staff Public Pensions Finance Payday Lenders Edward “Ted” Siedle Contributor […]

Revealing the Best New and Most Affordable Source for Grocery Merchant Cash Advance Financing, Thanks to Alternative …

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Grocery Business Cash Advance

Revealing the Best and Most Affordable Source for Grocery Merchant Cash Advance Financing, Thanks to Alternative Lender, BusinessCashAdvanceGURU.com

Nationwide (PRWEB) July 10, 2014

Small businesses need working capital to stay competitive in today’s economic environment. Fortunately, there are affordable, grocery merchant cash advance loans that work based on merchant credit card processing. With these merchant cash advance options, it’s now easier than ever to answer the question, “who qualifies for working capital from merchant cash advance lenders?”

Big bank small business loan denials remain at historical levels. The corporate lending institutions point to a wave of new federal lending and banking regulations. Compounding the matter to make financing more difficult to obtain is the losses incurred by traditional banks during the course and well after the end of the Great Recession.

As the housing market began booming in the mid part of the decade, lenders were in the business of routinely approving “NINJA loans,” an acronym which stands for No Income, No Assets, and No Job. The result was hundreds of millions of dollars in defaulted debt instruments. That left a small percentage of credit unions to fill the small business lending gap. That resource, however, had a short life span and now, it’s only alternative lenders which remain; but, with very innovative products that come at a low cost.

These loans are available by applying online, with simple applicant forms, and approvals are delivered within 24 hours. Approval rates are 98 percent, and small businesses can apply and receive between $5,000 and $500,000 in three to five days through direct deposit. Funds may be used for any purpose, and no credit check or collateral is required to qualify.

Rates are extremely competitive, and repayment installments are based on a percentage of the loan, not a fixed sum. This means during slow sales months; payments are automatically lowered. What’s more, there is no certified financial statement or years of personal and business tax returns to qualify. Instead, qualification is based on monthly credit card receipts and not assets and liabilities.

Big banks, by contrast, take weeks, even months to process loan applications, and there are several credit and financial documentation requirements. For a low cost, reliable source of commercial grade funding, the choice is clear.

BusinessCashAdvanceGuru.com expanded nationwide services are now available in the following geographical areas:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.

About Business Cash Advance Guru

http://www.BusinessCashAdvanceGuru.com is a division authorized by TieTechnology, LLC. Business Cash Advance Guru’s merchant cash advance division specializes in helping small business owners realize their dreams. That’s why we created our merchant cash advance program in 2003, and continue to be a merchant cash advance leader in the industry, offering the most flexible payment options and the lowest interest rates and in the business.

About TieTechnology, LLC

http://www.tietechnology.com specializes in small business service based solutions for businesses. Services provided by TieTechnology LLC, include: merchant credit card processing, business service telecommunications, and web based visibility marketing. The advantages of doing business with TieTechnology is their commitment to customer service excellence and their offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services and their specialized divisions, see the following links and descriptions.


[…]

Introducing a New Merchant Cash Advance Program That’s Affordable, Comes Without a Credit Check or Need for Collateral …

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Merchant Cash Advance Business Expansion

Introducing a Merchant Cash Advance Program that’s Affordable, Comes without a Credit Check, and No Collateral, Courtesy of BusinessCashAdvanceGuru.com

Nationwide (PRWEB) July 04, 2014

In a recent study conducted by a credit marketplace, over 1,000 small business loan application denials were analyzed. The findings reveal five major national chains, corporate banking institutions routinely turned down loans for small businesses. That’s in line with the National Federation of Independent Business, which in its entrepreneur optimism survey, learned that more business owners have a negative outlook on obtaining financing.

However, the merchant cash advance is booming, lending money at a record rate, especially for its products which give small companies an business loan with bad credit. It’s commonly referred to as a business cash advance, and increasingly, more and more entrepreneurs are applying to receive enough business money with a cash advance. The reason is simple; when asked by journalists why banks deny small business loan applications, the overwhelming response given was due to new federal regulations.

Prior to the national economic downturn, known as the Great Recession, small business lending was robust. Owners of small and medium-sized organizations could simply complete an application and provide a few financial documents for approval. That’s changed drastically. Banks are now reeling from hundreds of millions of dollars in defaulted home mortgages, student loans, auto loans, small business loans, and many other credit debt instruments.

Combined with a wave of new federal banking regulations, which curtail commercial lending, big banks are turning away otherwise creditworthy business. Companies with credit blemishes or bad credit are being denied outright. However, alternative lenders are stepping up to fill the void. A business can apply for a loan online, simply by filling out a short form. Applicant businesses are approved in 24 hours for amounts ranging from $5,000 to $500,000 and receive funds via direct deposit in three to five days.

Funds may be used for any purpose, and there is no credit check or collateral required. With an approval rate of 98 percent, all types of businesses are receiving low-cost, flexible repayment loans which are based on a percentage, not a fixed dollar amount. That means these loans automatically adjust downward during slow sales months to make them more affordable for businesses.

BusinessCashAdvanceGuru.com expanded nationwide services are now available in the following geographical areas:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.

About Business Cash Advance Guru

http://www.BusinessCashAdvanceGuru.com is a division authorized by TieTechnology, LLC. Business Cash Advance Guru’s merchant cash advance division specializes in helping small business owners realize their dreams. That’s why we created our merchant cash advance program in 2003, and continue to be an merchant cash advance leader in the industry, offering the most flexible payment options and the lowest interest rates and in the business.

About TieTechnology, LLC

http://www.tietechnology.com specializes in small business service based solutions for businesses. Services provided by TieTechnology LLC, include: merchant credit card processing, business service telecommunications, and web based visibility marketing. The advantages of doing business with TieTechnology is their commitment to customer service excellence and their offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services and their specialized divisions, see the following links and descriptions.


[…]

Bank Watch: Bank of America joins NY effort to stop payday lending

Bank of America has become the first financial institution to use a tool developed by a New York regulator to crack down on online payday lending in that state, officials announced Monday.

The tool, created by the New York Department of Financial Services, is a database of companies that have faced actions from the department based on evidence of payday lending, the department said. Payday lending in all forms, including online, is illegal in New York.

The Charlotte-based bank will use the tool to identify and stop online payday lending in New York, in the latest move by officials in that state to do something about short-term lending over the Internet. A press release from the Department of Financial Services says Bank of America will use the database to, among other things, identify companies that might be involved in illegal lending.

Nationwide, the online payday lending industry has been under scrutiny by regulators, who say such lenders are attempting to skirt state bans on payday lending by offering loans over the Internet. As regulators across the country increasingly crack down on payday lenders, big banks that finance those businesses have also come under scrutiny.

“Our administration is continuing to aggressively combat online payday lending, and today we are urging the private sector to join us in protecting New Yorkers from this illegal activity,” New York Governor Andrew Cuomo said in a statement. “I applaud Bank of America for stepping up as an industry leader in this area and doing the right thing to help safeguard New York’s consumers.”

In an email to the Observer, Bank of America spokeswoman Anne Pace said the New York initiative provides the bank with another tool to help protect its customers from predatory lending practices in New York. The bank will use the database to spot and manage potentially problematic activity affecting customers who have deposits in the bank, she said.

Payday loan businesses are banned in North Carolina, but state officials say that hasn’t prevented the products from being offered here.

Late last year, North Carolina Attorney General Roy Cooper filed suit against South Dakota-based payday lender Western Sky. In filing the suit, Cooper said more than 100 complaints had been logged with his office about the company.

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S.C. State gets first money from S.C. loan

South Carolina State University has drawn out about $847,000 of a $6 million loan approved by the S.C. Budget and Control Board on April 30.

Scott Hawkins, the agency’s public information officer, reported on Monday that the budget board has made two cash transfers to the university, $600,000 to meet recent payroll expenses and $246,903 for debt service.

Hawkins noted that up to $500,000 of the loan is to be used by the budget board to retain auditing/consulting services to assess the university’s financial needs and management.

The university has applied for the remainder of the loan to be spent in the following order of priority: debt service and other secured obligations, payroll and other critical operating expenses, and vendor payments.

Earlier, S.C. State President Thomas Elzey reported that funds were reserved for payroll through June and would not have to be taken from the loan funds. However, at a recent board meeting, he told trustees there had been a “miscalculation” and monies were being drawn down from the loan for payroll as well as debt service.

Hawkins said the budget board is working to verify how much the institution owes to vendors and which invoices meet standards set up by the board’s April 30 resolution authorizing the money for S.C. State, he said.

He reported that “the board continues to work with SCSU to monitor their cash-flow situation to ensure that the university will be able to meet its payroll and debt-service obligations. This will be an ongoing review,” he said.

S.C. State has operated with a deficit for at least eight years.

In February, Elzey reported to the budget board that he anticipated the university would end fiscal year 2014 with a deficit of more than $13 million. He called on the Legislature to appropriate funds to pay it off.

The April 30 loan, called a “Band Aid” by some, was designed to help the university meet its most pressing bills while waiting on the Legislature to take action on the university’s request.

The $6 million must be collected by the university before the end of June, and the university will have to begin repaying the loan by the beginning of the 2015-16 school year.

Last week, the Legislature passed a bill creating a committee to create an accountability plan and specific steps to ensure financial stability at S.C. State. The bill also provides bailout money for the university once the accountability plan is in place.

Contact the writer: dlinder-altman@timesanddemocrat.com or 803-533-5529.

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