Newtek Bank, N.A. Achieves 11.7% Deposit Growth in the Third Quarter 2024

Core Insights - NewtekOne, Inc. expects to report deposits at Newtek Bank of $742 million as of September 30, 2024, reflecting an 11.7% sequential increase from $664 million at June 30, 2024, and a 43% increase from $519 million at December 31, 2023 [1] - Insured deposits are projected to represent approximately 75% of total deposits at the end of Q3 2024 [1] - Business core deposits are expected to reach $119 million, an increase of $37 million or 45% from the previous quarter [1][2] - Deposits from lending clients are anticipated to finish Q3 2024 at $78 million, a sequential increase of $30 million [1] Company Strategy and Operations - The company has shown consistent deposit growth from Q2 2024 to Q3 2024, attributed to strategic initiatives implemented since the appointment of the new COO of Digital Banking in November 2023 [2] - Newtek Bank has expanded its staff from 21 to 358 employees to enhance service delivery and operational efficiency [2] - The integration of new business processes and the development of software solutions are key components of the company's strategy to leverage existing customer relationships [2] - The launch of Newtek Zero-Fee Banking™ is expected to attract new clients by highlighting the advantages of banking with Newtek Bank compared to competitors [2] Business Solutions Offered - NewtekOne provides a comprehensive range of business and financial solutions, including banking, business lending, SBA lending solutions, electronic payment processing, technology solutions, eCommerce, accounts receivable financing, insurance solutions, web services, and payroll and benefits solutions [3][4]