Newtek Business Services received conditional approval from Office of the Comptroller of the Currency (OCC) to complete its acquisition of the National Bank of New York City (NBNYC).
Newtek Business Services, an internally managed business development company, entered into an agreement to acquire National Bank of New York City for $20 million in cash. The acquisition is part of a plan to reposition Newtek as a bank holding company.
Newtek Business Lending, a portfolio company of Newtek Business Services that originates and funds SBA 504 loans, closed a $100 million credit facility with Deutsche Bank. The facility will be used to fund SBA 504 loans and has an initial two-year term.
Newtek Business Services announced that Premier Payments and Newtek Merchant Solutions closed $50 million in financing arranged by Webster Bank.
Newtek Business Services signed a letter of intent for a proposed $75 million senior secured revolving credit facility through Capital One.
Goldman Sachs increased its commitments under a term loan facility for portfolio companies of Newtek Business Services by $12 million for a total of $50 million.
Newtek Business Services announced its lending subsidiary, Newtek Small Business Finance, received approval/documentation from Capital One to increase its existing revolver to $50 million.