NewtekOne, Inc. (NEWT): M&A transaction — NewtekOne completes $20M acquisition of NBNYC, transforms from BDC to financial holding company

NewtekOne, Inc.

Acquired National Bank of New York City for $20M cash; renamed Newtek Bank, N.A.
Ceased BDC status; now regulated as financial holding company by Federal Reserve and OCC.
Contributed $31M cash plus subsidiaries NBL and SBL to Newtek Bank at closing.
Pro forma combined assets $1.09B, net assets $223M as of Sep 30, 2022.
Pro forma net income for 9mo 2022: $18.74M ($0.77 EPS); full year 2021: $30.52M.

item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

NewtekOne, Inc. completed an acquisition involving NBNYC shareholders for $20 million (closed 2023-01-06).

Action: acquisition
Counterparty: NBNYC shareholders
Consideration: $20 million
Closing: 2023-01-06

Exact text from the filing

On January 6, 2023, NewtekOne, Inc. (formerly known as Newtek Business Services Corp.) (the “Company”) completed the previously announced acquisition of the National Bank of New York City (“NBNYC” and the “Acquisition,” respectively), a national bank regulated and supervised by the Office of the Comptroller of the Currency, pursuant to which the Company acquired from the NBNYC shareholders all of the issued and outstanding stock of NBNYC for $20 million.

View on SEC.gov

5 m&a transactions filed in the last 30 days. Browse all m&a transactions →

NewtekOne, Inc. filing history →

Source: SEC EDGAR

accession 0001587987-23-000028

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.