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Monarch Financial Reports Higher Income, Strong Loan Growth, and Declares Cash Dividend

CHESAPEAKE, Va., Jan. 30, 2015 (GLOBE NEWSWIRE) — Monarch Financial Holdings, Inc. (MNRK), the bank holding company for Monarch Bank, reported improved fourth quarter and annual financial performance. The Board of Directors also announced a quarterly common stock cash dividend of $0.08 per common share, payable on February 27, 2015, to shareholders of record on February 10, 2015.

Annual 2014 highlights are:

Net income of $11,211,850, for Return on Equity of 10.95% Diluted earnings per share of $1.05 Cash dividends of $0.31 paid per share, up 29% from 2013 Loans held for investment grew $59.9 million, up 8.4% Non-performing assets at 0.28% of total assets Net Interest Margin was 4.25% $1.6 billion in mortgage loans closed, with 80% home purchases

Fourth quarter 2014 highlights are:

Quarterly net income of $2,683,163, up 24% Return on equity of 10.03% Diluted earnings per share of $0.25 Loans held for investment grew $58.9 million $446 million in mortgage loans closed with 69% home purchase

“We are pleased with our quarterly and annual financial performance, with very strong organic loan growth finally taking hold in the fourth quarter. Unlike many of our peers we have grown loans with our bankers, in our markets, and have not purchased loans to drive this growth. Mortgage production was in line with the previous year with our best year ever for purchase mortgage loan closings. We improved our performance in all three lines of business to include banking, mortgage, and wealth management,” stated Brad E. Schwartz, Chief Executive Officer. “Non-performing assets remained low, our margin improved due to asset mix and pricing discipline, and our capital grew stronger with our retention of earnings. The market has responded to our performance with price appreciation in our common stock that, when combined with the increase in our common stock dividends, produced a 14% total shareholder return for 2014.”

For 2014 net income was $11,211,850 compared to $11,091,007 for the same period in 2013, a 1% increase. The 2014 return on average equity (ROE) was 10.95%, and the return on average assets (ROA) was 1.13%. Annual diluted earnings per share were $1.05 compared to $1.08 in 2013, as our higher earnings were more than offset by the number of additional outstanding shares.

Net income was $2,683,163 for the fourth quarter of 2014 compared to $2,156,566 for the same period in 2013, a 24% increase. The quarterly annualized return on average equity (ROE) was 10.03%, and the annualized quarterly return on average assets (ROA) was 1.04 %, both metrics up from the same period a year ago. Diluted earnings per share for the fourth quarter were $0.25, up 25% from the previous year.

Total assets at December 31, 2014 were $1.07 billion, up 5% from the prior year. In 2014 loans held for investment grew 8% to $773 million and mortgage loans held for sale grew 48% to $148 million. The vast majority of the net loan growth occurred in the fourth quarter. Total deposits grew 3% to $919 million, with demand deposits growing $40 million or 15% for the year. Demand deposits now represent 33% of total deposits, an achievement driven by our dedicated cash management and banking office teams. While the current rate environment does not appropriately reward banks for a transaction-focused funding strategy, this strategy should deliver net interest margin protection when rates eventually rise.

“We are pleased to deliver over 8% quarterly and year over year loan growth. We are equally proud that we produced each and every loan and have not been tempted by participation loans or other loan purchase programs we see in the marketplace,” stated E. Neal Crawford Jr., President of Monarch Bank. “We continue to hire talented bankers and expect to continue expanding the banking team into 2015. Our Richmond and Peninsula expansion is driving quality loan growth and deposit growth while our cash management and private banking teams continue to focus on growing core deposits.”

Non-performing assets were 0.28% as of December 31, 2014 compared to 0.25% one year prior, and non-performing loans to loans held for investment were 0.37% compared to 0.31% one year prior. Non-performing assets were $3.0 million, comprised of $175 thousand 90 days or more past due and still accruing interest, $2.7 million in non-accrual loans and $144,000 in one parcel of other real estate owned that is already under contract for sale. The allowance for loan losses represents 1.16% of total loans held for investment and 311% of non-performing loans.

Average equity to average assets rose to 10.39% at year-end 2014, an increase from 9.73% one year prior. Cash dividends of $0.08 per share were paid in the fourth quarter of 2014, and a total of $0.31 per share was paid during the year, an increase of 29% over 2013. Total risk-based capital to risk weighted assets at Monarch Bank equaled 13.79%, significantly higher than the required level to meet the highest rating of “Well Capitalized” by federal banking regulators. We also already meet the new Basel III capital standards for a well-capitalized bank. 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, was flat for the year driven by the large volume of mortgage loans held for sale in the first six months of 2013 compared to the balances carried in 2014. These balances are driven by mortgage loan closings. Excluding the mortgage loans held for sale volatility, the net interest income from core banking operations increased 5.9% or $1.9 million. Our net interest margin for 2014 was 4.25%, up from 4.10% due to asset mix, loan and deposit pricing, mortgage loans held for sale pricing, fee income capture, and the additional income from loans previously on non-accrual status. Loan growth that occurred late in the year had minimal impact on net interest income even though it should contribute to net interest income on a going forward basis.

Non-interest income decreased $2.8 million in 2014 over the previous year driven by lower mortgage revenues, which was more than offset by a reduction of $3.6 million in commissions and incentives. Net overhead, or the difference between non-interest income and non-interest expenses, increased only $372 thousand or 1.7% due to increased spending for facilities, technology, technology risk management, compliance and marketing. Salaries and benefits were held flat for the year, a significant accomplishment with our increased benefits costs. Investment revenues related to Monarch Bank Private Wealth totaled $1.6 million for the year compared to $1.1 million the previous year, a noteworthy increase. The Company is recognized by Raymond James Financial Services as a top performing bank investment program, with $235 million in assets under management accumulated since the formation of Monarch Bank Private Wealth in the third quarter of 2012.

Mortgage revenue remains the number one driver of non-interest income. $446 million in mortgage loans were closed during the fourth quarter of 2014 (69% purchase) compared to $350 million in the fourth quarter of 2013 (80% purchase). Monarch closed $1.6 billion in mortgage loans during 2014 compared to $2.0 billion in 2012. While volumes year over year declined approximately 20%, revenues from mortgage lending declined only 5% due to a strong focus on loan product mix, secondary market pricing, and fee income.

“Our focus on the purchase market paid off in 2014 when we had the best year of purchase mortgage business in our history. We closed $1.3 billion in home purchase loans and $0.3 billion in refinances, and altogether closed over 6,000 loans during the year,” stated William T. Morrison, CEO of Monarch Mortgage. “The year 2015 is beginning with an attractive rate environment and a much stronger pipeline of activity, and we expect it to be a great year for our mortgage operations.”

Monarch Financial Holdings, Inc. is the one-bank holding company for Monarch Bank. Monarch Bank is a community bank with ten banking offices in Chesapeake, Virginia Beach, Norfolk, and Williamsburg, Virginia. Monarch Bank also has loan production offices in Newport News and Richmond, 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

December 31, September 30, June 30, March 31, December 31,
2014 2014 2014 2014 2013 ASSETS:

Cash and due from banks $ 14,503 $ 21,083 $ 19,661 $ 18,510 $ 18,971 Interest bearing bank balances 49,761 58,207 37,166 37,033 31,955 Federal funds sold 1,135 3,938 29,761 84,232 53,985

Investment securities, at fair value 23,725 25,137 23,773 23,197 48,822

Mortgage loans held for sale 147,690 138,590 156,584 92,839 99,718

Loans held for investment, net of unearned income 772,590 713,667 700,159 715,088 712,671 Less: allowance for loan losses (8,949) (8,977) (9,070) (9,213) (9,061) Net loans 763,641 704,690 691,089 705,875 703,610

Bank premises and equipment, net 30,247 30,368 31,407 29,902 28,882 Restricted equity securities, at cost 3,633 3,179 3,169 3,156 3,683 Bank owned life insurance 9,687 9,587 7,526 7,467 7,409 Goodwill 775 775 775 775 775 Intangible assets, net — — 15 60 104 Accrued interest receivable and other assets 21,940 23,688 22,973 19,673 18,786 Total assets $ 1,066,737 $ 1,019,242 $ 1,023,899 $ 1,022,719 $ 1,016,700

LIABILITIES:

Demand deposits–non-interest bearing $ 235,301 $ 252,286 $ 240,348 $ 221,357 $ 206,891 Demand deposits–interest bearing 66,682 53,093 51,563 55,949 55,528 Money market deposits 369,221 365,041 377,096 367,590 374,462 Savings deposits 20,003 25,211 24,539 24,327 22,137 Time deposits 228,207 189,142 197,747 224,947 234,100 Total deposits 919,414 884,773 891,293 894,170 893,118

FHLB borrowings 1,075 1,100 1,125 1,150 1,175 Federal funds 10,000 — — — — Trust preferred subordinated debt 10,000 10,000 10,000 10,000 10,000 Accrued interest payable and other liabilities 18,710 18,145 18,650 17,422 14,661 Total liabilities 959,199 914,018 921,068 922,742 918,954

STOCKHOLDERS’ EQUITY:

Common stock 51,864 51,735 51,624 51,584 51,432 Capital in excess of par value 8,336 7,966 7,675 7,357 7,069 Retained earnings 47,354 45,523 43,566 41,232 39,437 Accumulated other comprehensive loss (102) (135) (159) (314) (419) Total Monarch Financial Holdings, Inc. stockholders’ equity 107,452 105,089 102,706 99,859 97,519 Noncontrolling interest 86 135 125 118 227 Total equity 107,538 105,224 102,831 99,977 97,746 Total liabilities and stockholders’ equity $ 1,066,737 $ 1,019,242 $ 1,023,899 $ 1,022,719 $ 1,016,700

Common shares outstanding at period end 10,652,475 10,646,873 10,624,668 10,619,444 10,502,323

Nonvested shares of common stock included in commons shares outstanding 279,750 299,910 299,910 302,710 215,960

Book value per common share at period end (1) $ 10.10 $ 9.87 $ 9.67 $ 9.40 $ 9.29 Tangible book value per common share at period end (2) $ 10.02 $ 9.80 $ 9.59 $ 9.33 $ 9.20 Closing market price $ 13.75 $ 12.56 $ 11.72 $ 12.26 $ 12.31

Total risk based capital – Consolidated company 13.79% 14.16% 14.29% 14.27% 13.91% Total risk based capital – Bank 13.81% 14.18% 14.31% 14.30% 13.95%

(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 Year Ended
December 31, December 31,
2014 2013 2014 2013 INTEREST INCOME:

Interest on federal funds sold $ 4,980 $ 42,283 $ 84,850 $ 115,963 Interest on other bank accounts 92,156 28,626 244,702 58,027 Dividends on equity securities 33,545 67,540 106,955 277,700 Interest on investment securities 100,957 60,311 359,604 230,496 Interest on mortgage loans held for sale 1,376,920 1,090,070 4,866,818 7,021,186 Interest and fees on loans held for investment 9,752,472 9,388,407 37,327,978 36,645,065 Total interest income 11,361,030 10,677,237 42,990,907 44,348,437 INTEREST EXPENSE:

Interest on deposits 722,537 905,970 3,185,965 3,936,203 Interest on trust preferred subordinated debt 46,337 122,850 416,233 491,910 Interest on other borrowings 16,615 15,002 58,966 358,345 Total interest expense 785,489 1,043,822 3,661,164 4,786,458 NET INTEREST INCOME 10,575,541 9,633,415 39,329,743 39,561,979 PROVISION FOR LOAN LOSSES — — — —

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 10,575,541 9,633,415 39,329,743 39,561,979

NON-INTEREST INCOME:

Mortgage banking income 16,210,774 13,276,836 62,440,013 65,672,402 Service charges and fees 489,974 502,373 2,058,262 1,941,926 Title income 216,895 124,774 669,785 789,253 Investment and insurance income 382,774 336,002 1,592,398 1,053,429 Other income 72,366 111,924 318,783 425,261 Total non-interest income 17,372,783 14,351,909 67,079,241 69,882,271 NON-INTEREST EXPENSE:

Salaries and employee benefits 8,798,996 8,772,157 34,134,998 34,112,834 Commissions and incentives 6,926,507 5,248,131 24,754,633 28,344,347 Occupancy and equipment 2,412,086 2,220,634 9,548,543 8,449,912 Loan expense 1,676,134 1,526,317 6,652,007 7,891,835 Marketing expense 990,383 807,717 3,111,535 2,873,259 Data processing 715,057 459,681 2,272,785 1,696,535 Telephone 296,396 314,984 1,226,389 1,184,894 Other expenses 1,789,789 1,212,731 6,778,966 6,357,202 Total non-interest expense 23,605,348 20,562,352 88,479,856 90,910,818

INCOME BEFORE TAXES 4,342,976 3,422,972 17,929,128 18,533,432 Income tax provision (1,616,093) (1,179,017) (6,490,273) (6,386,040) NET INCOME 2,726,883 2,243,955 11,438,855 12,147,392

Less: Net income attributable to noncontrolling interest (43,720) (87,389) (227,005) (1,056,385) NET INCOME ATTRIBUTABLE TO MONARCH FINANCIAL HOLDINGS, INC $2,683,163 $2,156,566 $11,211,850 $11,091,007

NET INCOME PER COMMON SHARE:

Basic $ 0.25 $ 0.21 $ 1.06 $ 1.09 Diluted $ 0.25 $ 0.20 $ 1.05 $ 1.08

Weighted average basic shares outstanding 10,648,184 10,486,056 10,619,443 10,167,156 Weighted average diluted shares outstanding 10,689,219 10,535,313 10,658,600 10,299,471

Return on average assets 1.04% 0.86% 1.13% 1.07% Return on average stockholders’ equity 10.03% 8.88% 10.95% 11.97%

Financial Highlights Monarch Financial Holdings, Inc. and Subsidiaries
(Dollars in thousands, For the Quarter Ended except per share data) December 31, September 30, June 30, March 31, December 31,
2014 2014 2014 2014 2013 EARNINGS

Interest income $ 11,361 $ 10,639 $ 10,557 $ 10,434 $ 10,677 Interest expense (786) (928) (977) (971) (1,044) Net interest income 10,575 9,711 9,580 9,463 9,633 Provision for loan losses — — — — — Noninterest income – mortgage banking income 16,211 16,658 17,369 12,202 13,277 Noninterest income – other 1,162 1,241 1,130 1,106 1,075 Noninterest expense (23,605) (23,121) (23,007) (18,747) (20,562) Pre-tax net income 4,343 4,489 5,072 4,024 3,423 Minority interest in net income (44) (46) (121) (16) (87) Income taxes (1,616) (1,635) (1,767) (1,471) (1,179) Net income $ 2,683 $ 2,808 $ 3,184 $ 2,537 $ 2,157

PER COMMON SHARE

Earnings per share – basic $ 0.25 $ 0.26 $ 0.30 $ 0.24 $ 0.21 Earnings per share – diluted 0.25 0.26 0.30 0.24 0.20 Common stock – per share dividends 0.08 0.08 0.08 0.07 0.07 Average Basic Shares Outstanding 10,648,184 10,635,275 10,620,869 10,600,766 10,486,056 Average Diluted Shares Outstanding 10,689,219 10,670,507 10,660,217 10,641,782 10,535,313

ALLOWANCE FOR LOAN LOSSES

Beginning balance $ 8,977 $ 9,070 $ 9,213 $ 9,061 $ 11,228 Provision for loan losses — — — — — Charge-offs (174) (181) (184) (12) (2,252) Recoveries 146 88 41 164 85 Net charge-offs (28) (93) (143) 152 (2,167) Ending balance $ 8,949 $ 8,977 $ 9,070 $ 9,213 $ 9,061

COMPOSITION OF RISK ASSETS

Nonperforming loans:

90 days past due $ 175 $ 243 $ 499 $ 759 $ 472 Nonaccrual loans 2,705 2,180 3,028 1,718 1,740 OREO 144 767 144 302 302 Nonperforming assets 3,024 3,190 3,671 2,779 2,514

ASSET QUALITY RATIOS

Nonperforming assets to total assets 0.28% 0.31% 0.36% 0.27% 0.25% Nonperforming loans to total loans 0.37 0.34 0.50 0.35 0.31 Allowance for loan losses to total loans held for investment 1.16 1.26 1.30 1.29 1.27 Allowance for loan losses to nonperforming loans 310.73 370.49 257.16 371.94 409.63 Annualized net charge-offs to average loans held for investment 0.02 0.05 0.08 -0.09 1.25

FINANCIAL RATIOS

Return on average assets 1.04% 1.11% 1.29% 1.06% 0.86% Return on average stockholders’ equity 10.03 10.72 12.63 10.46 8.88 Net interest margin (FTE) 4.42 4.18 4.18 4.25 4.13 Non-interest revenue/Total revenue 60.5 62.7 63.7 56.1 57.3 Efficiency – Consolidated 84.5 83.7 81.8 82.1 85.5 Efficiency – Bank only 61.2 61.7 63.9 59.9 60.4 Average equity to average assets 10.39 10.40 10.18 10.13 9.73

PERIOD END BALANCES (Amounts in thousands)

Total mortgage loans held for sale $ 147,690 $ 138,590 $ 156,584 $ 92,839 $ 99,718 Total loans held for investment 772,590 713,667 700,159 715,088 712,671 Interest-earning assets 1,003,332 945,697 949,872 956,160 952,981 Assets 1,066,737 1,019,242 1,023,899 1,022,719 1,016,700 Total deposits 919,414 884,773 891,293 894,170 893,118 Other borrowings 21,075 11,100 11,125 11,150 11,175 Stockholders’ equity 107,451 105,089 102,706 99,859 97,519

AVERAGE BALANCES (Amounts in thousands)

Total mortgage loans held for sale $ 131,471 $ 138,382 $ 116,851 $ 70,856 $ 104,104 Total loans held for investment 725,093 701,137 698,851 704,917 695,074 Interest-earning assets 958,904 930,420 927,552 910,929 935,059 Assets 1,021,591 999,358 993,003 970,815 990,734 Total deposits 883,478 867,980 867,217 848,969 869,113 Other borrowings 14,575 11,124 11,150 11,174 11,199 Stockholders’ equity 106,088 103,908 101,092 98,374 96,415

MORTGAGE PRODUCTION (Amounts in thousands)

Dollar volume of mortgage loans closed $ 445,846 $ 440,784 $ 446,863 $ 271,233 $ 349,695 Percentage of refinance based on dollar volume 30.9% 16.0% 15.0% 19.1% 20.3%

Financials IndustryBanking & Budgetingmortgage loans Contact:

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

[…]

Sears Borrowing $400 Million From Affiliates Of Eddie Lampert's Hedge Fund

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Less than one year after Sears Holdings borrowed a $1 billion loan, the struggling retailer is in need of yet another cash infusion. And to get the nearly half-billion dollars it needs, the company has turned to its CEO and wannabe-savior, Eddie Lampert.

In an 8-K filed with the SEC late Monday, Sears revealed that it has entered into a $400 million short-term loan with affiliates of ESL Investments, Lampert’s hedge fund. The first $200 million was funded at the close of business on September 15, and the remaining $200 million will be funded on September 30. The loan will have a base rate of 5% with an upfront fee of 1.75% of $400 million and will mature on December 31, 2014 (though if Sears does not default, the maturity date can be extended another two months).

Sears did not go into the details of how it plans to use these funds, saying only that it expects to use the loan’s proceeds for “general corporate purposes.”

The cash infusion is the latest in a series of Lampert-headed efforts to help the struggling retailer: he combined Sears and Kmart in 2005, made his hedge fund the retailer’s biggest shareholder and has pushed to spin off assets like Sears Auto Center and Lands’ End. However, in December of last year, ESL was forced to cut its stake in Sears in order to meet demands from investors looking to get out of the hedge fund.

For all of Lampert’s efforts, Sears has been bleeding cash: in August, the company revealed that it recorded a $573 million net loss during the second quarter, more than double the $194 million net loss it recorded during the second quarter of 2013. Lampert called the half-billion dollar loss “unacceptable,” and said that the company is taking steps to improve the business and reduce its costs.

Sears shares plummeted on the news and are down more than 6% in early Tuesday trading. Year-to-date, the stock has lost 28% of its value.

[…]

The Wall Street Journal: Sears borrows $400 million from CEO’s hedge fund

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Bloomberg

Sears Holdings Corp. is borrowing $400 million from Chief Executive Edward Lampert’s hedge fund, giving the retailer an infusion for the holidays after it burned through cash over the summer.

The loan is being made by entities affiliated with Lampert’s ESL Investments Inc. and secured by 25 of the company’s properties, Sears SHLD, -2.19% said in a securities filing on Monday.

The loan will mature on Dec. 31, though that could be extended until Feb. 28, assuming Sears doesn’t violate the terms of the loan.

The arrangement underscores the deep and unusual relationship between the hedge fund and the brand. Sears has shed sales, staff and market value amid what critics say has been a lack of investment by Lampert.

Sears recorded a loss of nearly $1 billion in the six months through Aug. 2, extending a string of losses, as revenue fell more than 8%.

Sears had said it planned to raise $1 billion this year, a goal that it has now met with the $400 million ESL loan plus $665 million that the retailer had raised by spinning off its Lands’ End division to shareholders and selling some real estate.

An expanded version of this report appears on WSJ.com

[…]

Global Cash Set to Acquire Multimedia Games for $1.2B

Global Cash Access Holdings (GCA) recently agreed to acquire Multimedia Games Holding Company (MGAM) for approximately $1.2 billion or $36.50 per share. This represents a 31.4% premium to Multimedia Games’ closing price of $27.78 on Sep 5.

Las Vegas-based Global Cash provides services such as cash advance, ATM cash withdrawals and check services to gaming industry companies. The company also sells slot machines and jackpot kiosks.

Multimedia Games primarily sells slot machines. As of Jun 30, 2014, the company’s installed base was approximately 13,167 units throughout North America.

The deal is expected to be immediately accretive to Global Cash Holdings. The combined entity is expected to earn cost synergies of approximately $30 million, favorably impacting profitability.

The combined entity is forecasted to yield earnings before interest, tax, depreciation and amortization (:EBITDA) of $217 million and revenues of $800 million. The proposed merger is expected to be completed in early 2015.

Per Global Cash, the deal will diversify its revenue base, broaden product portfolio and enhance recurring revenue base (approximately 80%) thereby expanding margins. Global Cash Holdings believes that the acquisition provides it a significant cross-selling opportunity and will help it to penetrate new markets.

Global Cash announced that it has received financing commitment from Bank of America Merrill Lynch and Deutsche Bank for $800 million Term B loan, $400 million Senior Notes and a revolving credit facility of $50 million.

However, the debt financing will significantly leverage Global Cash’s balance sheet. As of Jun 30, 2014, Global Cash had cash & cash equivalents of $162 million and borrowings of $96 million.

Currently, gaming operators are replacing existing machines at a much slower rate than they have historically, primarily due to the challenging environment and the need to preserve cash. Frequent consolidations have also become a norm as large established players continue to search for distressed companies for cheap.

Scientific Games (SGMS) recently agreed to buy Bally Technologies (BYI), while Italian operator GTECH Spa is in the process of acquiring slot maker International Game Technology. We believe that the current deal makes Global Cash an attractive acquisition candidate in these sluggish market conditions.

Currently, Global Cash has a Zacks Rank #4 (Sell).

Read the Full Research Report on SGMS
Read the Full Research Report on BYI
Read the Full Research Report on GCA
Read the Full Research Report on MGAM

Zacks Investment Research

Mergers, Acquisitions & TakeoversInvestment & Company Information […]

Monarch Financial Reports Quarterly Results and Raises Cash Dividend by 16%

CHESAPEAKE, Va., Oct. 17, 2013 (GLOBE NEWSWIRE) — Monarch Financial Holdings, Inc. (MNRK), the bank holding company for Monarch Bank, reported third quarter financial results and increased their quarterly cash dividend. The Board of Directors announced a 16.7% increase in the quarterly common stock cash dividend to $0.07 per common share, payable on November 29, 2013, to shareholders of record on November 12, 2013.

Third quarter 2013 highlights are:

Quarterly net income of $2,409,674 for a return on equity of 10.18% Diluted earnings per share of $0.23 Net Interest Margin holding steady at 4.11% Non-performing assets at 0.30% of total assets $478 million in mortgage loans closed with 77% purchase

Year to date 2013 highlights are:

Net income of $8,934,441, for a return on equity of 13.07% Diluted earnings per share of $0.85 $1.6 billion in mortgage loans closed with 60% purchase

“We knew this quarter was going to be a challenge, on a comparative basis, because of the record mortgage refinance volume we closed in the second half of 2012. We are proud to show improved profitability this quarter in our banking and investment operations which was somewhat offset by a decline in mortgage profitability. Our investment in the formation of Monarch Bank Private Wealth, the expansion into the Williamsburg and Peninsula mortgage and banking markets, and our new mortgage venture with Rose and Womble Realty also impacted our solid yet reduced earnings,” stated Brad E. Schwartz, Chief Executive Officer. “We will continue on our strategic path of growing our franchise and diversifying our revenue even if it impacts short-term results. The fact we increased our cash dividend payout by over 16% indicates the confidence we have in our core earnings and performance.”

For the first nine months of 2013 net income was $8,934,441 compared to $9,056,496 for the same period in 2012. While net income was in line with the previous year, net income available to common shareholders rose 13% for an increase of $1,044,679. The nine month annualized return on average equity (ROE) was 13.07%, and the annualized return on average assets (ROA) was 1.14%. Year to date diluted earnings per share were $0.85 compared to $0.89 per share in the same quarter of 2012.

Net income was $2,409,674 for the third quarter of 2013, down 36% from the same period in 2012, which was the second best quarter in the Company’s history. The quarterly annualized return on average equity (ROE) was 10.18%, and the quarterly return on average assets (ROA) was 0.94%. Diluted earnings per share were $0.23, compared to $0.37 per share in the same quarter of 2012.

Total assets at September 30, 2013 were $1.01 billion. Over the past year loans held for investment grew 11% to $698 million while mortgage loans held for sale declined 68% to $120 million. Total deposits remained at the same level as one year ago yet their composition changed. Demand deposits have grown $47 million or 21% from a year ago, with demand deposits now representing 31% of total deposits. Money market accounts have grown $51 million or 16% from one year prior, while higher cost certificates of deposit decreased $101 million or 31%. At the same time borrowings declined $109 million or 99% from one year prior. While the current rate environment does not appropriately reward banks for a transaction-focused funding strategy, this strategy should deliver long-term net interest margin protection when rates eventually rise.

“Building a high quality and profitable loan portfolio remains our primary focus, and we are proud of our 11% year over year loan growth,” stated E. Neal Crawford Jr., President of Monarch Bank. “Our peninsula expansion and the integration of Monarch Bank Private Wealth into our client base are just beginning and we continue to attract new banking relationships in all our markets.”

Non-performing assets were 0.30% as of September 30, 2013 compared to 0.48% one year prior, and non-performing loans to loans held for investment were 0.43% compared to 0.65% one year prior. Non-performing assets were $3.1 million, comprised of $82 thousand 90 days or more past due and still accruing interest, $2.9 million in non-accrual loans and $0.1 million in other real estate owned. The Company recorded net loan losses of $92 thousand in the third quarter, and year to date net loan loss recoveries totaled $318 thousand. The allowance for loan losses represents 1.61% of total loans held for investment and 379% of non-performing loans.

Average equity to average assets rose to 9.27% during the third quarter of 2013, an increase from 7.85% one year prior. Total risk-based capital to risk weighted assets at Monarch Bank equaled 13.84%, significantly higher than the required level to meet the highest rating of “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, decreased 6% or $669,000 during the third quarter of 2013 compared to the same quarter in 2012. A decrease in the average balance of our mortgage loans held for sale of $191 million or 58% was partially offset by increases in the average balance of our loans held for investment portfolio of $76 million or 12% when comparing year over year results. Our quarterly net interest margin was 4.11% which was equal to the previous quarter.

Non-interest income decreased $9.9 million or 37% during the third quarter over the previous year, while non-interest expenses declined by $7.5 million, increasing net overhead expense by $2.4 million for the third quarter compared to the previous year. Investment revenues related to Monarch Bank Private Wealth totaled $717,427 for the year compared to $66,138 the previous year, a significant increase. The Company was recently recognized by Raymond James Financial Services as a top performing investment program, with over $150 million in assets under management accumulated since the formation of Monarch Bank Private Wealth in the third quarter of 2012.

Mortgage revenue remains the number one driver of non-interest income. $478 million in mortgage loans were closed during the third quarter of 2013 (77% purchase) compared to $785 million in the third quarter of 2012 (40% purchase). Monarch closed $1.6 billion in mortgage loans during the first nine months of 2013. The reduction in mortgage revenue was due to lower margins driven by competition, a lower volume of closings, and reduced balances and related earnings from our loans held for sale portfolio. The third quarter of 2012 was the best quarter for mortgage loan closings in our Company’s history. Ongoing expense reductions are being made in our mortgage operations to better align our expense structure with current mortgage production levels.

“Our long-term focus on purchase mortgage lending will continue to help us grow market share, with 77% of our mortgages closed in the third quarter being purchase mortgage loans. We took advantage of the refinance market last year and remain committed to building relationships with the realtor and builder community, as well as our past clients to drive loan volume,” stated William T. Morrison, CEO of Monarch Mortgage.

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-five 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), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Advance Financial Group (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

September 30,
2013 June 30,
2013 March 31,
2013 December 31,
2012 September 30,
2012 ASSETS:

Cash and due from banks $ 21,016 $ 19,050 $ 17,414 $ 27,364 $ 14,633 Interest bearing bank balances 24,504 15,195 14,099 14,667 12,043 Federal funds sold 83,454 56,972 21,937 15,744 8,191

Investment securities, at fair value 16,973 16,573 16,493 14,634 10,328

Loans held for sale 120,435 166,586 242,457 419,075 382,095

Loans held for investment, net of unearned income 697,541 697,376 692,410 661,094 627,256 Less: allowance for loan losses (11,228) (11,320) (10,788) (10,910) (10,890) Net loans 686,313 686,056 681,622 650,184 616,366

Bank premises and equipment, net 28,454 28,101 27,507 25,448 23,449 Restricted equity securities, at cost 3,666 3,792 3,781 12,363 8,346 Bank owned life insurance 7,351 7,290 7,231 7,173 7,132 Goodwill 775 775 775 775 775 Intangible assets, net 149 194 238 283 327 Accrued interest receivable and other assets 18,857 20,815 21,421 27,868 26,727

Total assets $ 1,011,947 $ 1,021,399 $ 1,054,975 $ 1,215,578 $ 1,110,412

LIABILITIES:

Demand deposits—non-interest bearing $ 222,021 $ 218,880 $ 201,346 $ 190,120 $ 182,080 Demand deposits—interest bearing 48,302 52,101 57,074 65,369 40,865 Money market deposits 364,488 341,042 332,305 335,899 313,985 Savings deposits 22,665 22,172 23,579 22,127 21,531 Time deposits 228,652 264,491 317,181 288,267 329,246 Total deposits 886,128 898,686 931,485 901,782 887,707

FHLB borrowings 1,200 1,225 1,250 194,299 105,027 Short Term borrowings — — 5,000 5,000 5,000 Federal funds purchased — — — — — Trust preferred subordinated debt 10,000 10,000 10,000 10,000 10,000 Accrued interest payable and other liabilities 17,855 16,733 14,894 15,550 17,151 Total liabilities 915,183 926,644 962,629 1,126,631 1,024,885

STOCKHOLDERS’ EQUITY:

Preferred Stock — — — 2,406 3,945 Common stock 51,230 50,873 50,821 41,632 35,732 Capital in excess of par value 6,755 6,521 6,300 12,718 16,867 Retained earnings 38,014 36,233 33,790 30,786 27,586 Accumulated other comprehensive loss (406) (480) (174) (200) (218) Total Monarch Financial Holdings, Inc. stockholders’ equity 95,593 93,147 90,737 87,342 83,912 Noncontrolling interest 1,171 1,608 1,609 1,605 1,615 Total equity 96,764 94,755 92,346 88,947 85,527

Total liabilities and stockholders’ equity $ 1,011,947 $ 1,021,399 $ 1,054,975 $ 1,215,578 $ 1,110,412

Preferred shares outstanding at period end — — — 481,123 788,900 Common shares outstanding at period end (1) 10,480,023 10,408,544 10,398,073 8,557,939 7,251,491 Nonvested shares of common stock included in commons shares outstanding (1) 233,960 233,960 233,960 231,460 126,072

Book value per common share at period end (1) (2) $ 9.12 $ 8.95 $ 8.73 $ 8.80 $ 8.85 Tangible book value per common share at period end (1) (3) $ 9.03 $ 8.86 $ 8.63 $ 8.68 $ 8.70 Closing market price (1) $ 11.72 $ 10.83 $ 10.61 $ 8.22 $ 8.13

Total risk based capital – Consolidated company 13.70% 13.42% 13.06% 12.05% 12.49% Total risk based capital – Bank 13.84% 13.66% 13.78% 12.73% 13.23%

(1) All share information has been adjusted to reflect the 6 for 5 stock split granted December 7, 2012 and cash in lieu of fractional shares. (2) Book value per common share is defined as stockholders’ equity divided by as-converted common shares outstanding. (3) Tangible book value per common share is defined as stockholders’ equity less goodwill and other intangibles divided by as-converted commons shares outstanding.
Consolidated Statements of Income

Monarch Financial Holdings, Inc. and Subsidiaries

Unaudited

Three Months Ended
September 30, Nine Months Ended
September 30,
2013 2012 2013 2012 INTEREST INCOME:

Interest on federal funds sold $ 43,210 $ 3,973 $ 73,680 $ 19,135 Interest on other bank accounts 11,307 4,713 29,401 13,159 Dividends on equity securities 66,500 38,500 210,160 140,974 Interest on investment securities 55,314 52,670 170,185 149,991 Interest and fees on loans 10,665,512 11,719,849 33,187,774 33,454,639 Total interest income 10,841,843 11,819,705 33,671,200 33,777,898 INTEREST EXPENSE:

Interest on deposits 979,858 1,207,004 3,030,233 3,755,695 Interest on trust preferred subordinated debt 125,818 123,422 369,060 369,697 Interest on other borrowings 15,355 99,723 343,343 199,837 Total interest expense 1,121,031 1,430,149 3,742,636 4,325,229 NET INTEREST INCOME 9,720,812 10,389,556 29,928,564 29,452,669 PROVISION FOR LOAN LOSSES — 898,598 — 4,313,677

NET INTEREST INCOME AFTER PROVISION

FOR LOAN LOSSES 9,720,812 9,490,958 29,928,564 25,138,992

NON-INTEREST INCOME:

Mortgage banking income 15,657,242 25,651,606 52,395,566 62,387,895 Service charges and fees 510,739 458,572 1,439,553 1,340,188 Title income 177,705 294,369 664,479 577,249 Investment and insurance income 264,967 34,826 717,427 66,138 Other income 64,420 121,756 313,337 509,600 Total non-interest income 16,675,073 26,561,129 55,530,362 64,881,070 NON-INTEREST EXPENSE:

Salaries and employee benefits 8,632,847 7,944,646 25,340,677 21,669,084 Commissions and incentives 6,326,920 14,501,486 23,096,216 33,586,352 Occupancy and equipment 2,232,315 1,827,114 6,229,278 5,141,293 Loan expense 1,904,786 2,226,109 6,365,518 6,025,563 Marketing expense 807,938 632,996 2,065,542 1,636,813 Data processing 400,125 360,284 1,236,854 1,069,616 Other expenses 2,010,030 2,317,353 6,014,381 6,068,856 Total non-interest expense 22,314,961 29,809,988 70,348,466 75,197,577

INCOME BEFORE TAXES 4,080,924 6,242,099 15,110,460 14,822,485 Income tax provision (1,415,697) (2,111,207) (5,207,023) (5,089,042) NET INCOME 2,665,227 4,130,892 9,903,437 9,733,443

Less: Net income attributable to noncontrolling interest (255,553) (367,489) (968,996) (676,947) NET INCOME ATTRIBUTABLE TO MONARCH

FINANCIAL HOLDINGS, INC $ 2,409,674 $ 3,763,403 $ 8,934,441 $ 9,056,496

Preferred stock dividend and accretion of preferred

stock discount — (386,734) — (1,166,734) NET INCOME AVAILABLE TO COMMON

STOCKHOLDERS $ 2,409,674 $ 3,376,669 $ 8,934,441 $ 7,889,762

NET INCOME PER COMMON SHARE:

Basic $ 0.23 $ 0.47 $ 0.89 $ 1.09 Diluted $ 0.23 $ 0.37 $ 0.85 $ 0.89

Weighted average basic shares outstanding 10,464,992 7,251,870 10,060,179 7,144,496 Weighted average diluted shares outstanding 10,519,472 10,255,285 10,479,841 10,388,676

Return on average assets 0.94% 1.43% 1.14% 1.25% Return on average stockholders’ equity 10.18% 18.24% 13.07% 15.23%

(1) All share information has been adjusted to reflect the 6 for 5 stock split granted December 7, 2012 and cash in lieu of fractional shares.
Financial Highlights Monarch Financial Holdings, Inc. and Subsidiaries

(Dollars in thousands,
except per share data) For the Quarter Ended
September 30,
2013
June 30,
2013
March 31,
2013
December 31,
2012
September 30,
2012
EARNINGS

Interest income $ 10,842 $ 10,976 $ 11,854 $ 12,690 $ 11,820 Interest expense (1,121) (1,184) (1,438) (1,591) (1,430) Net interest income 9,721 9,792 10,416 11,099 10,390 Provision for loan losses — — — (517) (899) Noninterest income – mortgage banking income 15,510 20,572 16,166 23,826 25,652 Noninterest income – other 1,018 1,102 1,015 1,054 909 Noninterest expense (22,315) (26,173) (21,861) (29,058) (29,810) Pre-tax net income 3,934 5,293 5,736 6,404 6,242 Minority interest in net income (108) (428) (285) (298) (368) Income taxes (1,416) (1,798) (1,993) (2,338) (2,111) Net income $ 2,410 $ 3,067 $ 3,458 $ 3,768 $ 3,763

PER COMMON SHARE

Earnings per share – basic $ 0.23 $ 0.29 $ 0.37 $ 0.44 $ 0.47 Earnings per share – diluted 0.23 0.29 0.33 0.37 0.37 Common stock – per share dividends 0.06 0.06 0.05 0.05 0.05 Average Basic Shares Outstanding 10,464,992 10,401,992 9,300,760 7,980,259 7,251,870 Average Diluted Shares Outstanding 10,519,472 10,483,420 10,451,897 10,315,360 10,255,285

ALLOWANCE FOR LOAN LOSSES

Beginning balance $ 11,320 $ 10,788 $ 10,910 $ 10,890 $ 10,724 Provision for loan losses — — — 517 899 Charge-offs (137) (279) (554) (622) (823) Recoveries 45 811 432 125 90 Net charge-offs (92) 532 (122) (497) (733) Ending balance $ 11,228 $ 11,320 $ 10,788 $ 10,910 $ 10,890

COMPOSITION OF RISK ASSETS

Nonperforming loans:

90 days past due $ 82 $ — $ 351 $ 153 $ — Nonaccrual & Restructured debt 2,883 2,933 3,149 3,483 4,105 OREO 95 95 95 0 1,250 Nonperforming assets 3,060 3,028 3,595 3,636 5,355

ASSET QUALITY RATIOS

Nonperforming assets to total assets 0.30% 0.30% 0.34% 0.30% 0.48% Nonperforming loans to total loans 0.43 0.42 0.51 0.55 0.65 Allowance for loan losses to total loans held for investment 1.61 1.62 1.56 1.65 1.74 Allowance for loan losses to nonperforming loans 378.68 385.95 308.23 300.06 265.29 Annualized net charge-offs to average loans held for investment 0.05 -0.31 0.07 0.31 0.48

FINANCIAL RATIOS

Return on average assets 0.94% 1.19% 1.27% 1.28% 1.43% Return on average stockholders’ equity 10.18 13.42 15.86 17.51 18.24 Net interest margin (FTE) 4.11 4.11 4.12 4.02 4.27 Non-interest revenue/Total revenue 60.4 66.4 59.2 66.3 69.2 Efficiency – Consolidated 84.8 83.0 79.1 80.4 80.6 Efficiency – Bank only 59.1 58.2 53.1 54.5 52.6 Average equity to average assets 9.27 8.88 8.00 7.29 7.85

PERIOD END BALANCES (Amounts in thousands)

Total loans held for sale $ 120,435 $ 166,586 $ 242,457 $ 419,075 $ 382,095 Total loans held for investment 697,541 697,376 692,410 661,094 627,256 Interest-earning assets 950,760 960,481 994,946 1,141,180 1,051,145 Assets 1,011,947 1,021,399 1,054,975 1,215,578 1,110,412 Total deposits 886,128 898,686 931,485 901,782 887,707 Other borrowings 11,200 11,225 16,250 209,299 120,027 Stockholders’ equity 95,593 93,147 90,737 87,342 83,912

AVERAGE BALANCES (Amounts in thousands)

Total loans held for sale $ 136,660 $ 200,733 $ 316,189 $ 423,354 $ 327,378 Total loans held for investment 692,731 680,037 665,542 637,774 616,728 Interest-earning assets 946,575 964,872 1,033,838 1,103,667 978,135 Assets 1,013,932 1,032,345 1,105,933 1,173,820 1,044,966 Total deposits 882,553 908,229 865,146 945,297 890,772 Other borrowings 11,257 11,250 123,291 114,140 46,320 Stockholders’ equity 93,958 91,638 88,430 85,584 82,070

MORTGAGE PRODUCTION (Amounts in thousands)

Dollar volume of mortgage loans closed $ 478,304 $ 607,189 $ 542,235 $ 762,131 $ 784,963 Percentage of refinance based on dollar volume 22.6% 39.2% 56.8% 61.4% 59.8%

Contact:

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

[…]

Cash Window: Who’s the Biggest Saver? The UK’s 2013 Spending Habits Revealed.

LEEDS, England–(BUSINESS WIRE)–

A recent survey commissioned to discover the UK’s spending habits in 2013, today reveals who the biggest spenders are in the UK, and how they’re spending their hard earned cash. The research aimed to gain insights into how much people spend and on what, how much disposable income the average person has, and which work sector is best at saving.

The national research study of 1,000 UK workers, conducted by OnePoll for the new short terms loan company Cash Window, (part of the long-standing financial parent company Albemarle Bond Holdings PLC), discovered that those working in the financial sector are the worst at saving money each month. The majority of UK residents have changed their spending habits in the last 5 years, with 4 out of 5 people now claiming to be more careful with their spending. However, 1 in 4 respondents admitted to not saving anything at all at the end of the month.

When broken down by region, the South West are the worst at saving, putting only 18% of their disposable income into savings. 61% of people in the UK have some disposable income each month, with those in the West Midlands having the most disposable income. Over 55s top the chart when it comes to disposable income.

Gary Miller-Cheevers, Director of Unsecured Lending at Cash Window, says: “The survey revealed some really interesting insights around how the UK’s spending habits have changed in recent years, especially when it comes to ‘the battle of the regions’ and what people are spending their money on. The survey also revealed that people earning £20 – 25k save a higher percentage of their income than those earning £70-80k, which suggests those who earn less are the most money conscious.”

For more information and to see the infographic based on the UK’s spending habits survey, visit: https://www.cashwindow.co.uk/habits

-Ends-

Notes to Editors

Cash Window has nearly 200 shops throughout the UK and operate online, in store and on mobile. Phone lines operate 9:00 – 17:30 as do most shops.

Cash Window is the new online arm of Albemarle Bond PLC, whose heritage dates back to 1840.

This information was brought to you by Cision http://news.cision.com

Contact:

Maria Hagman

0113 3912929

email:

maria.hagman@stickyeyes.com […]

The Cash Store Australia Holdings Inc. Announces the Appointment of a Voluntary Administrator by its Wholly-Owned …

EDMONTON , Sept. 17, 2013 /CNW/ – The Cash Store Australia Holdings Inc. (“Cash Store Australia” or the “Company”) (AUC.V) today announced that, on September 13, 2013 , its wholly-owned subsidiary, The Cash Store Pty Ltd. (“Pty”), appointed a voluntary administrator (the “Administrator”) pursuant to Section 436A of the Corporations Act 2001. In the opinion of the directors of Pty, Pty is insolvent or is likely to become insolvent at some future time. The Administrator has taken control of the operations and assets of Pty.

On September 10, 2013 , Pty received a letter from its third party lender’s counsel giving Pty notice that it is suspending its consent to allow Pty to broker any further loans to customers. Pty complied with this request by suspending all broker activities. Cash Store Australia has no other operations other than the operations of Pty which is now under the control of the Administrator. Mr. Tom Denovan , the CEO of the Company, resigned on September 12, 2013 .

On September 6, 2013 the Australian Securities and Investments Commission filed a Statement of Claim seeking a civil penalty against Pty for alleged breaches of the NCCP Act for loans originated between July 2010 and March 2012 . The alleged breaches included not making reasonable enquiries into a borrower’s financial situation, not making a preliminary assessment as to whether the loan is unsuitable and failing to verify the borrower’s financial information. The Company is not a party to the Claim. The Administrator will be handling this Claim in the course of its administration of Pty’s operations.

On September 4, 2013 , the Company received correspondence from the Alberta Securities Commission (the “ASC”) confirming that as a result of the content of the Company’s news release dated August 30, 2013 , staff at the ASC was closing its file and that the application seeking an order revoking the cease trade order was considered withdrawn.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE The Cash Store Australia Holdings Inc.

Contact:

For further information on Cash Store Australia, please contact:

Bill Johnson, Chief Financial Officer
(780) 732-5695; e-mail: bill.johnson@cashstore.com.au

[…]

The Cash Store Australia Holdings Inc. Reports that Assistive Financial Corp. has Issued a Demand Letter for Loan …

EDMONTON , Sept. 4, 2013 /CNW/ – The Cash Store Australia Holdings Inc. (“Cash Store Australia ” or the “Company”) (AUC.V) today announced that, on September 3, 2013 , Assistive Financial Corp. (“AFC”) issued a demand letter demanding repayment of principal and interest owing under its loan to the Company and issuing a warning with respect to enforcement of the corresponding security agreement with The Cash Store Australia Holdings Inc.

The letter asserts that the total amount outstanding on the loan as at September 3, 2013 was $35,514,654.97 plus interest of $532,241.39 due on September 3, 2013 . The letter demands repayment on or before September 13, 2013 and payment of all costs incurred by AFC with respect to the collection of the outstanding loan balance.

The letter also states that if the loan is not repaid by September 13, 2013 , AFC’s counsel is expected to receive instructions from AFC to commence legal proceedings for recovery of the loan which may include the appointment of a receiver manager.

About Cash Store Australia

Cash Store Australia operates 62 branches in the States of Victoria, Queensland, Tasmania, Northern Territory, and New South Wales, Australia under the banner “The Cash Store”.

On August 30, 2013 , the Company issued a news release announcing that it is not able to raise funding required and that the inability to raise capital will materially impact the continuing operations of the Company and will affect its ability to meet its obligations in the future.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: The Cash Store Australia Holdings Inc.

Contact:

For further information on Cash Store Australia, please contact:

Bill Johnson, Chief Financial Officer
(780) 732-5695; email: bill.johnson@cashstore.com.au

[…]

Monarch Financial Reports Record 2nd Quarter and Declares Cash Dividend

CHESAPEAKE, Va., July 25, 2013 (GLOBE NEWSWIRE) — Monarch Financial Holdings, Inc. (MNRK), the bank holding company for Monarch Bank, reported their best second quarter profits in the Company’s history. The Board of Directors also declared a cash dividend of $0.06 per share. Second quarter 2013 highlights are:

Net income available to common shareholders up 29% Record quarterly net income of $3,066,638, up 10% Diluted earnings per share of $0.29, up 7% Net Interest Margin holding steady at 4.11% Non-performing assets at 0.30% of total assets $607 million in mortgage loans closed

“The second quarter of 2013 represents the 18th record quarterly improvement in our profitability. The leading drivers of our performance were improved credit quality, non-interest income growth, consistent mortgage loan closings and net interest income growth. Even with startup expenses related to Monarch Bank Private Wealth, expansion into the Williamsburg and Peninsula mortgage and banking markets, and our new mortgage venture with Rose and Womble Realty, we managed to improve our profitability and financial performance from the same period one year ago.” stated Brad E. Schwartz, Chief Executive Officer. “Our shareholders have been rewarded this year with an improved stock price, increased cash dividends, and higher earnings per share.”

The Board of Directors on July 24, 2013 declared a regular quarterly cash dividend of $0.06 per share of common stock. The dividend is payable on August 30, 2013 to shareholders of record on August 9, 2013. The amount and declaration of future cash dividends are subject to Board of Director’s approval in addition to regulatory restrictions.

For the first six months of 2013 net income was a record $6,524,767 compared to $5,293,093 for the same period in 2012, a 23% increase. The six month annualized return on average equity (ROE) was 14.61%, and the annualized return on average assets (ROA) was 1.23%. Year to date diluted earnings per share were $0.62 compared to $0.52 per share in the same quarter of 2012, a 19% improvement.

Net income was $3,066,638 for the second quarter of 2013, up 10% from the same period in 2012, which was the Company’s previous record second quarter with $2,776,987 in net income. The quarterly annualized return on average equity (ROE) was 13.42%, and the quarterly return on average assets (ROA) was 1.19%. Diluted earnings per share were $0.29, compared to $0.27 per share in the same quarter of 2012.

Total assets at June 30, 2013 were $1.02 billion, up from $995 million one year prior. While total asset growth was nominal year over year, the shift in assets continued with loans held for investment growing $70.9 million, cash and funds sold growing $64.5 million, and short-term mortgage loans held for sale declining $115.4 million. A major company focus in 2013 has been to improve delivery and funding times for mortgage loans sold to our correspondents to improve our liquidity position, reduce potential interest rate risk, and ensure adequate funding to grow loans held for investment.

Loans held for investment grew $70.9 million or 11% in the past year. Loans held for investment grew a net of $5 million during the second quarter of 2013 and have grown $36 million year to date. We booked and funded $63 million in new loans held for investment during the second quarter of 2013 and $117 million year to date. The majority of our second quarter new loan growth was offset by loan payments and payoffs.

Deposits increased $45.3 million or 5.3% year over year and now total $898.6 million. The positive shift between deposit categories continued with our focus on generating commercial demand deposits through our cash management team. Demand deposits grew $51.2 million to $271.0 million, money market accounts grew $33.7 million to $341.0 million, and higher-cost certificates of deposits declined $42.2 million to $264.5 million. At the same time borrowings declined $35.1 million. The shift in certificates of deposit and borrowings is a direct reflection on our streamlined process for delivering closed mortgage loans held for sale to improve funding turnaround. Demand deposits now represent 30.2% of our total deposits. While the current rate environment does not appropriately reward banks for a demand deposit-focused funding strategy, this strategy should deliver long-term net interest margin protection when rates eventually rise.

“We are pleased to report a great quarter and year for loan production and growth, with all of this accomplished to our higher credit standards. We continue to see credit standards in the marketplace loosen and pledge to lend as we have in the past to the top clients in our markets with properly structured and priced loans.” stated Neal Crawford, President of Monarch Bank. “Our funding initiatives continue to improve our deposit mix and for the first time we have over 30% of our deposits in demand deposit accounts. We are very proud of our team in hitting this goal in the second quarter.”

Non-performing assets were 0.30%, which remains below that of our local, state, and national peer group. This was down from 0.34% in the first quarter of 2013 and 0.82% one year ago. Non-performing assets were $3.0 million, comprised of no loans 90 days or more past due and still accruing interest, $2.9 million in non-accrual loans and $0.1 million in other real estate owned. There was one property held at quarter-end in other real estate owned. The Company recorded net loan loss recoveries in the second quarter of $532 thousand, and year to date net loan loss recoveries totaled $410 thousand. The allowance for loan losses represents 1.62% of total loans held for investment and 385% of non-performing loans.

Average equity to average assets was 8.88% during the second quarter of 2013, an increase from 8.34% one year prior. Total risk-based capital to risk weighted assets at Monarch Bank equaled 13.66%, significantly higher than the required level to meet the highest rating of “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, increased 2.5% or $236,000 during the second quarter of 2013 compared to the same quarter in 2012. Our net interest margin was 4.11% which improved from 4.02% at year-end 2012 and was in line with the previous quarter of 4.12%. Competition for loans for top credit clients continues to impact new loan pricing. Our focus on improving mortgage loan funding speeds also reduced our total earnings assets quarter over quarter.

Non-interest income increased $0.8 million during the second quarter over the previous year, while non-interest expenses grew by $1.7 million, increasing net overhead expense by $0.9 million for the second quarter compared to the previous year. Every category of non-interest income increased for the quarter and year to date. Investment revenues related to Monarch Bank Private Wealth totaled $452 thousand for the year compared to $31 thousand the previous year, a significant increase. The net overhead growth is attributed to the strategic growth of all our lines of business in the Williamsburg and Peninsula markets which opened in September 2012, the startup of Monarch Bank Private Wealth which began business in the third quarter of 2012, as well as mortgage and bank staffing growth. Salary and benefits expense, facilities expense, marketing expense, and the cost of governmental compliance expenses were the primary drivers of our net overhead growth.

Mortgage revenue continues to be the number one driver of non-interest income. $607 million in mortgage loans were closed during the second quarter of 2013, and home purchase mortgage loans represented 61% of total closed loans. We have closed $1.1 billion in mortgage loans during the first six months of 2013, which is in line with the same period in 2102. During the second quarter we also opened several mortgage banking offices of Advance Financial Group, our mortgage partnership with Rose and Womble Realty.

“We are pleased to report another quarter of strong mortgage production with over 60% of our volume from purchase mortgage loans. We have always structured our company to focus on purchase money mortgages and while we enjoyed the refinance volume in the past we are well positioned to continue our profit contribution in the current environment.” stated William T. Morrison, CEO of Monarch Mortgage. “Our expansion in the Peninsula and Williamsburg markets is just beginning, with our Newport News mortgage office opening just last week. We remain focused on building relationships with the realtor and builder community, as well as our past clients to drive production volume.”

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), Regional Home Mortgage, LLC (secondary mortgage origination), Monarch Home Funding, LLC (secondary mortgage origination), Advance Financial Group (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, March 31, December 31, September 30, June 30,
2013 2013 2012 2012 2012 ASSETS:

Cash and due from banks $ 19,050 $ 17,414 $ 27,364 $ 14,633 $ 16,263 Interest bearing bank balances 15,195 14,099 14,667 12,043 4,295 Federal funds sold 56,972 21,937 15,744 8,191 6,142

Investment securities, at fair value 16,573 16,493 14,634 10,328 10,820

Loans held for sale 166,586 242,457 419,075 382,095 282,014

Loans held for investment, net of unearned income 697,376 692,410 661,094 627,256 626,464 Less: allowance for loan losses (11,320) (10,788) (10,910) (10,890) (10,724) Net loans 686,056 681,622 650,184 616,366 615,740

Bank premises and equipment, net 28,101 27,507 25,448 23,449 23,210 Restricted equity securities, at cost 3,792 3,781 12,363 8,346 4,885 Bank owned life insurance 7,290 7,231 7,173 7,132 7,069 Goodwill 775 775 775 775 775 Intangible assets, net 194 238 283 327 372 Accrued interest receivable and other assets 20,815 21,421 27,868 26,727 23,649

Total assets $ 1,021,399 $ 1,054,975 $ 1,215,578 $ 1,110,412 $ 995,234

LIABILITIES:

Demand deposits—non-interest bearing $ 218,880 $ 201,346 $ 190,120 $ 182,080 $ 178,520 Demand deposits—interest bearing 52,101 57,074 65,369 40,865 41,219 Money market deposits 341,042 332,305 335,899 313,985 307,392 Savings deposits 22,172 23,579 22,127 21,531 19,633 Time deposits 264,491 317,181 288,267 329,246 306,649 Total deposits 898,686 931,485 901,782 887,707 853,413

FHLB borrowings 1,225 1,250 194,299 105,027 31,324 Short Term borrowings — 5,000 5,000 5,000 5,000 Federal funds purchased — — — — — Trust preferred subordinated debt 10,000 10,000 10,000 10,000 10,000 Accrued interest payable and other liabilities 16,733 14,894 15,550 17,151 14,260 Total liabilities 926,644 962,629 1,126,631 1,024,885 913,997

STOCKHOLDERS’ EQUITY:

Preferred Stock — — 2,406 3,945 3,945 Common stock 50,873 50,821 41,632 35,732 35,732 Capital in excess of par value 6,521 6,300 12,718 16,867 16,724 Retained earnings 36,233 33,790 30,786 27,586 24,512 Accumulated other comprehensive loss (480) (174) (200) (218) (299) Total Monarch Financial Holdings, Inc. stockholders’ equity 93,147 90,737 87,342 83,912 80,614 Noncontrolling interest 1,608 1,609 1,605 1,615 623 Total equity 94,755 92,346 88,947 85,527 81,237

Total liabilities and stockholders’ equity $ 1,021,399 $ 1,054,975 $ 1,215,578 $ 1,110,412 $ 995,234

Preferred shares outstanding at period end — — 481,123 788,900 788,900 Common shares outstanding at period end (1) 10,408,544 10,398,073 8,557,939 7,251,491 7,251,491

Nonvested shares of common stock included in commons shares outstanding (1) 233,960 233,960 231,460 105,060 105,060

Book value per common share at period end (1) (2) $ 8.95 $ 8.73 $ 8.80 $ 8.85 $ 8.40 Tangible book value per common share at period end (1) (3) $ 8.86 $ 8.63 $ 8.68 $ 8.70 $ 8.24 Closing market price (1) $ 10.83 $ 10.61 $ 8.22 $ 8.13 $ 8.21

Total risk based capital – Consolidated company 13.42% 13.06% 12.05% 12.49% 12.17% Total risk based capital – Bank 13.66% 13.78% 12.73% 13.23% 12.79%

(1) All share information has been adjusted to reflect the 6 for 5 stock split granted December 7, 2012 and cash in lieu of fractional shares. (2) Book value per common share is defined as stockholders’ equity divided by as-converted common shares outstanding. (3) Tangible book value per common share is defined as stockholders’ equity less goodwill and other intangibles divided by as-converted commons shares outstanding.
Consolidated Statements of Income Monarch Financial Holdings, Inc. and Subsidiaries Unaudited

Three Months Ended Six Months Ended
June 30, June 30,
2013 2012 2013 2012 INTEREST INCOME:

Interest on federal funds sold $ 25,312 $ 8,903 $ 30,470 $ 15,162 Interest on other bank accounts 9,952 4,898 18,094 8,446 Dividends on equity securities 69,225 64,974 143,660 102,474 Interest on investment securities 57,302 51,090 114,871 97,321 Interest and fees on loans 10,813,696 10,853,754 22,522,262 21,734,790 Total interest income 10,975,487 10,983,619 22,829,357 21,958,193 INTEREST EXPENSE:

Interest on deposits 1,020,913 1,266,904 2,050,375 2,548,691 Interest on trust preferred subordinated debt 124,200 123,425 243,242 246,275 Interest on other borrowings 38,810 37,607 327,988 100,114 Total interest expense 1,183,923 1,427,936 2,621,605 2,895,080 NET INTEREST INCOME 9,791,564 9,555,683 20,207,752 19,063,113 PROVISION FOR LOAN LOSSES — 1,484,400 — 3,415,079

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 9,791,564 8,071,283 20,207,752 15,648,034

NON-INTEREST INCOME:

Mortgage banking income 20,572,388 20,152,078 36,738,324 36,736,289 Service charges and fees 477,660 467,565 928,814 881,616 Title income 232,423 168,622 486,774 282,880 Investment and insurance income 245,524 16,676 452,460 31,312 Other income 146,276 118,992 248,917 387,844 Total non-interest income 21,674,271 20,923,933 38,855,289 38,319,941 NON-INTEREST EXPENSE:

Salaries and employee benefits 8,502,755 7,093,920 16,707,830 13,724,438 Commissions and incentives 9,703,820 10,352,665 16,769,296 19,084,866 Occupancy and equipment 2,130,445 1,715,098 3,996,963 3,314,179 Loan expense 2,630,295 2,184,323 4,460,732 3,799,454 Marketing expense 744,646 593,526 1,257,604 1,003,817 Data processing 435,771 363,342 836,729 709,332 Other expenses 2,025,152 2,202,905 4,004,351 3,751,503 Total non-interest expense 26,172,884 24,505,779 48,033,505 45,387,589

INCOME BEFORE TAXES 5,292,951 4,489,437 11,029,536 8,580,386 Income tax provision (1,797,773) (1,556,294) (3,791,326) (2,977,835) NET INCOME 3,495,178 2,933,143 7,238,210 5,602,551

Less: Net income attributable to noncontrolling interest (428,540) (156,156) (713,443) (309,458) NET INCOME ATTRIBUTABLE TO MONARCH FINANCIAL HOLDINGS, INC $ 3,066,638 $ 2,776,987 $ 6,524,767 $ 5,293,093

Preferred stock dividend and accretion of preferred stock discount — (390,000) — (780,000) NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 3,066,638 $ 2,386,987 $ 6,524,767 $ 4,513,093

NET INCOME PER COMMON SHARE:

Basic $ 0.29 $ 0.33 $ 0.66 $ 0.63 Diluted $ 0.29 $ 0.27 $ 0.62 $ 0.52

Weighted average basic shares outstanding 10,401,992 7,188,270 9,854,418 7,183,028 Weighted average diluted shares outstanding 10,463,851 10,225,182 10,451,897 10,214,481

Return on average assets 1.19% 1.18% 1.23% 1.14% Return on average stockholders’ equity 13.42% 14.14% 14.61% 13.63%

(1) All share information has been adjusted to reflect the 6 for 5 stock split granted December 7, 2012 and cash in lieu of fractional shares.
Financial Highlights Monarch Financial Holdings, Inc. and Subsidiaries
(Dollars in thousands, except per share data) For the Quarter Ended

June 30,

March 31,
December 31, September 30,
June 30,

2013 2013 2012 2012 2012 EARNINGS

Interest income $ 10,976 $ 11,854 $ 12,690 $ 11,820 $ 10,983 Interest expense (1,184) (1,438) (1,591) (1,430) (1,428) Net interest income 9,792 10,416 11,099 10,390 9,555 Provision for loan losses — — (517) (899) (1,484) Noninterest income – mortgage banking income 20,572 16,166 23,826 25,652 20,152 Noninterest income – other 1,102 1,015 1,054 909 772 Noninterest expense (26,173) (21,861) (29,058) (29,810) (24,506) Pre-tax net income 5,293 5,736 6,404 6,242 4,489 Minority interest in net income (428) (285) (298) (368) (156) Income taxes (1,798) (1,993) (2,338) (2,111) (1,556) Net income $ 3,067 $ 3,458 $ 3,768 $ 3,763 $ 2,777

PER COMMON SHARE

Earnings per share – basic $ 0.29 $ 0.37 $ 0.44 $ 0.47 $ 0.33 Earnings per share – diluted 0.29 0.33 0.37 0.37 0.27 Common stock – per share dividends 0.06 0.05 0.05 0.05 0.05 Average Basic Shares Outstanding 10,401,992 9,300,760 7,980,259 7,235,370 7,188,270 Average Diluted Shares Outstanding 10,483,420 10,451,897 10,315,360 10,255,285 10,205,401

ALLOWANCE FOR LOAN LOSSES

Beginning balance $ 10,788 $ 10,910 $ 10,890 $ 10,724 $ 10,400 Provision for loan losses — — 517 899 1,484 Charge-offs (279) (554) (622) (823) (1,403) Recoveries 811 432 125 90 243 Net charge-offs 532 (122) (497) (733) (1,160) Ending balance $ 11,320 $ 10,788 $ 10,910 $ 10,890 $ 10,724

COMPOSITION OF RISK ASSETS

Nonperforming loans:

90 days past due $ — $ 351 $ 153 $ — $ 461 Nonaccrual & Restructured debt 2,933 3,149 3,483 4,105 5,691 OREO 95 95 0 1,250 2,013 Nonperforming assets 3,028 3,595 3,636 5,355 8,165

ASSET QUALITY RATIOS

Nonperforming assets to total assets 0.30% 0.34% 0.30% 0.48% 0.82% Nonperforming loans to total loans 0.42 0.51 0.55 0.65 0.98 Allowance for loan losses to total loans held for investment 1.62 1.56 1.65 1.74 1.71 Allowance for loan losses to nonperforming loans 385.95 308.23 300.06 265.29 174.32 Annualized net charge-offs to average loans held for investment -0.31 0.07 0.31 0.48 0.76

FINANCIAL RATIOS

Return on average assets 1.19% 1.27% 1.28% 1.43% 1.18% Return on average stockholders’ equity 13.42 15.86 17.51 18.24 14.14 Net interest margin (FTE) 4.11 4.12 4.02 4.27 4.36 Non-interest revenue/Total revenue 66.4 59.2 66.3 69.2 65.6 Efficiency – Consolidated 83.0 79.1 80.4 80.6 80.3 Efficiency – Bank only 58.2 53.1 54.5 52.6 57.0 Average equity to average assets 8.88 8.00 7.29 7.85 8.34

PERIOD END BALANCES (Amounts in thousands)

Total loans held for sale $ 66,586 $ 242,457 $ 419,075 $ 382,095 $ 282,014 Total loans held for investment 697,376 692,410 661,094 627,256 626,464 Interest-earning assets 960,481 994,946 1,141,180 1,051,145 935,908 Assets 1,021,399 1,054,975 1,215,578 1,110,412 995,234 Total deposits 898,686 931,485 901,782 887,707 853,413 Other borrowings 11,225 16,250 209,299 120,027 46,325 Stockholders’ equity 93,147 90,737 87,342 83,912 80,614

AVERAGE BALANCES (Amounts in thousands)

Total loans held for sale $ 200,733 $ 316,189 $ 423,354 $ 327,378 $ 239,558 Total loans held for investment 680,037 665,542 637,774 616,728 613,334 Interest-earning assets 964,872 1,033,838 1,103,667 978,135 891,340 Assets 1,032,345 1,105,933 1,173,820 1,044,966 947,060 Total deposits 908,229 865,146 945,297 890,772 827,258 Other borrowings 11,250 123,291 114,140 46,320 20,367 Stockholders’ equity 91,638 88,430 85,584 82,070 78,969

MORTGAGE PRODUCTION (Amounts in thousands)

Dollar volume of mortgage loans closed $ 607,189 $ 542,235 $ 762,131 $ 784,963 $ 605,926 Percentage of refinance based on dollar volume 39.2% 56.8% 61.4% 59.8% 47.5%

Contact:

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

[…]

Situs Grows Bank and Loan Advisory Group with the Addition of Four Senior Executives

NEW YORK–(BUSINESS WIRE)–

Situs, a leading provider of global commercial real estate advisory services, today announced the expansion of its Bank & Loan Advisory Group with the appointment of two directors and two vice presidents. Roger Johnson and Edward Robertson have been named Directors, and Brian Murray and David Risdon have been appointed as Vice Presidents.

As the regulatory environment continues to evolve and put pressure on banks, real estate loan portfolios need to have accurate data with realistic asset valuations, especially as the portfolios become more complex. In order to meet this demand, Situs’ Bank & Loan Advisory Group continues to expand its capabilities and services. In their new roles, Murray and Risdon will be responsible for all aspects of engagement management, including the underwriting and valuation of commercial real estate, commercial and industrial loans and cash flow modeling for bank recapitalization, M&A and loan acquisition assignments. Johnson will be primarily focused on business development, leveraging his extensive sales experience and industry reputation. Robertson will be directly involved in both the strategic direction of the business and overseeing quality control for the business unit.

“Banks are faced with high costs to comply with regulations while the smaller firms are struggling to endure this burden,” said Kenneth Segal, Managing Director and head of Situs’ Bank & Loan Advisory. “We have been focusing on expanding our capabilities, execution and counsel to provide valuation and advisory services to our clients. The wealth of knowledge these four individuals bring to our group is indispensable and each executive will add significant value and thought leadership to our team.”

Robertson joins Situs from Clayton Holdings, where he spent five years as Managing Director, Commercial Services Division. During his time at Clayton Holdings, Robertson created and led a profitable commercial business servicing all aspects of financial services. Johnson has spent the past 18 years in the financial services industry, focusing for the last five years on distressed community banks. Most recently, Johnson served as Managing Director and Business Development Officer at Garrison Investment Group. Risdon was the Commercial Services Underwriting Manager at Clayton Holdings and led contract underwriting teams on bank recapitalizations and M&A assignments. Murray has been in the industry for almost ten years, with the majority of his experience the investment bank, Keefe, Bruyette & Woods, as Vice President and Head Underwriter in the Loan Portfolio Strategies Group.

Situs’ Bank & Loan Advisory Group serves as a trusted advisor to global investment banks, financial advisors and government regulators, and has supported hundreds of investment banking transactions in excess of $100 billion through its expertise in credit, lending, capital markets, asset management, disposition and resolution strategies. The firm also advises banks, private equity firms and REITs in portfolio loan sales in the U.S. and Europe.

Notes to Editors

ABOUT SITUS

Situs is a leading provider of commercial real estate advisory services and innovative solutions to the global financial services industry. Since 1985, clients have relied on Situs as the trusted advisor. Combining creativity, flexibility and strategic planning, Situs offers services including, Real Estate Consulting, Strategic Real Estate Advisory, Loan Servicing and Asset Management, Outsourcing Solutions, and Technology Solutions.

Contact:

PRESS:

Situs

Jennifer Caluri, +1-212 294-1312

Jennifer.Caluri@Situs.com

or

Cognito

Oksana Poltavets, +1-646-395-6300

situs@cognitomedia.com […]