LAS VEGAS - GBank Financial Holdings Inc. (OTCQX: GBFH), parent company of GBank, has appointed Scot M. Levine as the new Executive Vice President and Chief Risk Officer (CRO), effective as of last Monday. Levine will be responsible for overseeing the risk management operations of the company and the bank, including regulatory compliance and lending practices.
Levine's appointment brings over 14 years of experience in risk management to GBank, with a background that includes Compliance Management Systems and regulatory examinations. His previous tenure at other financial institutions has been marked by significant contributions to their risk management and compliance structures.
T. Ryan Sullivan, President and CEO of GBank Financial Holdings Inc., praised Levine's extensive experience and understanding of the financial industry, emphasizing his track record in implementing effective risk management strategies. Edward M. Nigro, Executive Chairman, also expressed confidence in Levine's expertise and its importance to GBank's growth while protecting client and stakeholder interests.
In response to his appointment, Levine expressed his excitement to join GBank and his anticipation to further strengthen the bank's risk management frameworks in support of the company's strategic goals.
GBank Financial Holdings Inc., with assets totaling approximately $963.5 million as of March 31, 2024, operates through GBank and is engaged in lending activities in Nevada, California, Utah, and Arizona. GBank is recognized for its SBA lending, ranked 6th nationally by the U.S. Small Business Administration for SBA 7(a) loan volume as of December 31, 2023. It also has a Gaming Fintech Division, offering services such as prepaid card programs for gaming operators.
This news is based on a press release statement from GBank Financial Holdings Inc. and contains forward-looking statements that involve risks and uncertainties. Factors that could affect the company's financial performance include the ongoing impact of the COVID-19 pandemic, credit risks, market interest rate changes, competition, economic downturns, and regulatory supervision. GBank Financial Holdings Inc. has stated it is under no obligation to update these forward-looking statements.
InvestingPro Insights
GBank Financial Holdings Inc. (OTCQX: GBFH), with the recent appointment of Scot M. Levine as Chief Risk Officer, is poised to enhance its risk management frameworks, a move that could be pivotal for its financial health. In the light of this development, InvestingPro data provides a snapshot of the company's current market performance. GBFH has shown resilience with a 1 Month Price Total Return of 1.85% and a striking 6 Month Price Total Return of 24.36%, reflecting a robust short-term growth trajectory. The company's stock is currently trading at 88.98% of its 52-week high, with a previous close at 15.98 USD, indicating a strong market position relative to the past year.
InvestingPro Tips suggest that GBFH is expected to navigate through its weak gross profit margins, which are seen as a challenge. However, analysts are optimistic about the company's profitability, predicting GBFH will be profitable this year. It's noteworthy for investors that GBFH does not distribute dividends, which could influence investment strategies focused on income. These insights are particularly relevant as GBank continues to expand its reach and solidify its presence in the competitive lending market.
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InvestingPro's fair value assessment, based on analyst targets, places GBFH at 19 USD, suggesting potential upside from the current trading price. With a market cap of 205.02M USD, GBFH remains a notable player in the financial sector, especially considering its strategic focus on risk management and compliance under the guidance of its new CRO.
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