Ohio lending – Columbus Chamber http://columbus-chamber.org/ Thu, 22 Jul 2021 15:57:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://columbus-chamber.org/wp-content/uploads/2021/05/cropped-icon-32x32.png Ohio lending – Columbus Chamber http://columbus-chamber.org/ 32 32 FirstEnergy to Pay $ 230 Million in Settlement in Ohio Corruption Case | WIVT https://columbus-chamber.org/firstenergy-to-pay-230-million-in-settlement-in-ohio-corruption-case-wivt/ https://columbus-chamber.org/firstenergy-to-pay-230-million-in-settlement-in-ohio-corruption-case-wivt/#respond Thu, 22 Jul 2021 13:43:17 +0000 https://columbus-chamber.org/firstenergy-to-pay-230-million-in-settlement-in-ohio-corruption-case-wivt/ through: MARK GILLISPIE, JULIE CARR SMYTH, Associated Press Posted: July 22, 2021 / 9:43 AM EDT / Update: July 22, 2021 / 11:32 AM EDT FILE – In this May 18, 2011 file photo, a worker drives a tractor through a tree plantation in North Perry, Ohio, near the cooling towers of the Perry Nuclear […]]]>

FILE – In this May 18, 2011 file photo, a worker drives a tractor through a tree plantation in North Perry, Ohio, near the cooling towers of the Perry Nuclear Power Plant. A $ 60 million corruption case, involving former Ohio House president Larry Householder and others, claims to have helped support the Perry and Davis-Besse nuclear power plant in Oak Harbor, Ohio. The 2020 arrests of Householder and four associates in connection with the scheme rocked politics and business across Ohio. (AP Photo / Amy Sancetta, file)

The energy giant at the center of a $ 60 million bribery program in Ohio admitted to captivating new details on Thursday about its role in the plot as part of a settlement deal with federal prosecutors , including how he used secret black money groups to fund the effort and paid a future utility regulator to draft the legislation he received in return.

Akron-based FirstEnergy Corp. is charged with conspiracy to commit honest services wire fraud under the deal, which is the subject of a scheduled press briefing by the U.S. Attorney’s Office at Cincinnati and the FBI.

The deferred settlement agreement requires the company to pay a penalty of $ 230 million, make public any new payments it becomes aware of that were intended to influence a public official and pursue an internal overhaul of its ethical practices. In return, the government will end its criminal proceedings against the company. The deal would be executed in 30 days, once all of its conditions were met.

The agreement, signed by FirstEnergy President and CEO Steven Strah, comes in a scandal that has affected business and politics across Ohio since the arrest a year ago Wednesday of the president of the ‘Ohio House, Larry Householder and four associates. The government says Householder orchestrated a plan to accept corporate money for personal and political gain in exchange for passing a nuclear bailout law and the failure of an effort to repeal the draft. law.

Thursday’s deal requires FirstEnergy to issue a public statement acknowledging the role of black money groups, known as 501 (c) (4) companies, in the scheme. The statement said the company used them “as a mechanism to conceal payments for the benefit of public officials and in exchange for official action.”

New details revealed as part of the case show that one of the black money groups, Partners for Progress, appeared to be independent while in fact controlled by FirstEnergy. The company admits that it handpicked the organization’s three executives, which included Dan McCarthy, lobbyist for Republican Governor Mike DeWine, and transferred $ 15 million in FirstEnergy cash through the nonprofit to Generation Now.

Last year, FirstEnergy fired six senior executives, including CEO Chuck Jones.

A statement of facts filed Thursday said the company paid $ 4.3 million to a public official through his consulting firm to promote the interests of the company while working as a lead agency. Ohio utility regulations, “respecting the passage of nuclear legislation” and other corporate legislative priorities. This official is known to be the former chairman of the Ohio Public Services Commission, Sam Randazzo.

Randazzo resigned from PUCO last November after FBI agents searched his Columbus townhouse and FirstEnergy revealed payment to end a consultancy deal with his company.

Messages seeking comment were left in Randazzo and the office of Republican Gov. Mike DeWine on Thursday, who appointed Randazzo to the public services committee. Neither Randazzo nor Jones have been charged with criminal charges.

The Statement of Facts details the steps taken by Jones, Randazzo and then Speaker of the House Larry Householder, referred to as “Public Agent A” to help Householder supporters get elected, get passage of energy legislation and fund a campaign of low blows. prevent a repeal referendum from reaching the ballot.

According to the statement, “The top priority for FirstEnergy Corp. was the adoption of nuclear legislation.


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A year later, a $ 60 million corruption scandal was felt in business and politics https://columbus-chamber.org/a-year-later-a-60-million-corruption-scandal-was-felt-in-business-and-politics/ https://columbus-chamber.org/a-year-later-a-60-million-corruption-scandal-was-felt-in-business-and-politics/#respond Wed, 21 Jul 2021 08:25:00 +0000 https://columbus-chamber.org/a-year-later-a-60-million-corruption-scandal-was-felt-in-business-and-politics/ The events of the past year suggest that the tentacles of a federal inquiry are only growing. COLUMBUS (AP) – The arrests a year ago today of Ohio House President Larry Householder and four associates in an alleged $ 60 million bribery scheme have rocked business and politics across the state, and the events of […]]]>

The events of the past year suggest that the tentacles of a federal inquiry are only growing.

COLUMBUS (AP) – The arrests a year ago today of Ohio House President Larry Householder and four associates in an alleged $ 60 million bribery scheme have rocked business and politics across the state, and the events of the past year suggest that with a federal investigation the tentacles are only growing.

Here’s a look at the situation in what then-US attorney David DeVillers described as the biggest corruption scandal in Ohio history:

The players

Householder, a Republican, has pleaded not guilty and claims his innocence. He was removed as president last year, re-elected in November despite racketeering charges he faces, and then kicked out of the chamber last month in a landmark vote.

His longtime political adviser Jeff Longstreth, lobbyist Juan Cespedes and Generation Now, a black money group accused of accepting millions in bribes, have pleaded guilty and are awaiting sentencing.

Former Ohio Republican President and lobbyist Matt Borges has pleaded not guilty, admitting in a separate campaign finance investigation that he spent the money but insisted legally. Longtime Statehouse lobbyist Neil Clark died by suicide in Florida in March.

DeVillers, a person appointed by former Republican President Donald Trump, resigned in February to allow the new president to choose a successor. Democratic President Joe Biden has yet to name DeVillers’ permanent replacement.

Politics

The legislation at the heart of the scandal, House Bill 6, included a billion dollar bailout for two nuclear power plants operated at the time by a wholly owned subsidiary of FirstEnergy Corp. Bill had partial roots on a FirstEnergy flight provided to Householder and his son for the Trump nomination in January 2017.

Shortly after the trip, $ 1 million from FirstEnergy began to flow to Generation Now, controlled by Householder, in installments of $ 250,000. That money and more were used to elect candidates backed by Householder and allow him to become president, prosecutors say.

The second step was to pass the bill, titled Ohio Clean Air Program, in July 2019. Ohio Governor Mike DeWine signed it within hours. The third step was FirstEnergy spending around $ 38 million to fund a campaign to prevent a repeal referendum from reaching the poll.

State lawmakers have since rolled back the nuclear bailout and another provision of HB 6 guaranteeing the three Ohio utilities of FirstEnergy revenues equal to what they earned in 2018, a year of extreme weather. Majority Republicans have blocked calls to repeal the entire bill, which they said was bulky and contained good energy policy.

Electricity companies

FirstEnergy has been subject to a review since the DeVillers announcement. Company officials say FirstEnergy is cooperating with investigations by the Department of Justice, the United States Securities and Exchange Commission, and the Federal Energy Regulatory Commission. Company officials also said FirstEnergy spoke with federal prosecutors about a deferred prosecution agreement.

Six senior executives were fired, including CEO Chuck Jones.

The company faces two rounds of class action lawsuits from shareholders, one seeking a court to force the company’s board of directors to implement reforms. The other round of lawsuits claims the company defrauded investors.

FirstEnergy CEO and Chairman Steven Strah, who succeeded Jones, said the company had made significant reforms over the past year.

In June, officials at Columbus-based power company AEP revealed that U.S. Securities and Exchange Commission enforcement officials had subpoenaed documents relating to grants it received from the United States. energy bill of two aging coal-fired power plants partly owned by the company.

AEP officials initially testified against the bill, but then added their support when the coal-fired power plant subsidy was added to the legislation. The bill requires almost all of the state’s electricity customers to subsidize coal-fired power plants. Previously, only Ohio customers of AEP, Duke and AES paid for the grant, which was $ 114 million last year.

The PUCO

The firing of Jones, who initially denied any wrongdoing by the company, appeared to be linked to a $ 4.3 million payment that FirstEnergy made in January 2019, allegedly to end a consulting contract longtime with someone soon to be named Ohio’s premier utility regulator.

There is no doubt that the regulator was Sam Randazzo, a veteran public services lawyer and lobbyist, whom DeWine appointed chairman of the Ohio Public Services Commission in February 2019.

Randazzo resigned from the commission in November after FBI agents searched his Columbus townhouse on the same day FirstEnergy disclosed the payment. The language in a separate loan document filed by the company that month suggests that Randazzo helped the company after he became president of PUCO.

DeWine appointed former Franklin County Common Pleas Judge Jenifer French, a Republican, to succeed Randazzo as president in March. French is committed to restoring public confidence in the commission through increased transparency.

Politics

DeWine, heading for re-election next year, has faced some political setback for ignoring cries of alarm from consumer and environmental advocates and a group of fellow Republicans over the deep ties of Randazzo with FirstEnergy.

The governor defended his decision to appoint the utility law expert.

DeWine reassigned Laurel Dawson, the chief of staff who oversaw Randazzo’s selection process, in a May staff reshuffle described as unrelated. The governor’s main lobbyist, Dan McCarthy, is a former FirstEnergy lobbyist who was chairman of one of the black money groups involved in the alleged bribery scheme. McCarthy said his actions were legal and that he has no indication that he is the target of the investigation.

Still, Ohio Democrats have taken advantage of the ongoing investigation in their efforts to reverse Republican dominance in state politics next year, which is over. The party controls all state offices, both houses of the state legislature and the Ohio Supreme Court, with many of those seats up for grabs.

In May, Democratic state officials Allison Russo and Bride Rose Sweeney reintroduced an anti-corruption bill aimed at shedding light on black money and other political spending in the state.

The following month, Democratic gubernatorial candidate Nan Whaley, mayor of Dayton, unveiled a four-point plan to “fight corruption and restore ethics in Ohio.”

Within weeks and with mounting political pressure, a several-month legislative deadlock on whether to remove the head of the family was broken. The effort to expel Householder was ultimately defended by two Republicans.


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Pelosi weighing GOP’s picks for Jan 6 probe https://columbus-chamber.org/pelosi-weighing-gops-picks-for-jan-6-probe/ https://columbus-chamber.org/pelosi-weighing-gops-picks-for-jan-6-probe/#respond Tue, 20 Jul 2021 17:33:01 +0000 https://columbus-chamber.org/pelosi-weighing-gops-picks-for-jan-6-probe/ Speaker Nancy PelosiNancy Pelosi Jim Jordan among McCarthy’s picks for Jan. 6 panel Democrat unveils bill only allowing House members to serve as president Vaccinated Florida Republican tests positive for COVID-19 PLUS (D-Calif.) Said on Tuesday she had yet to accept the House minority leader Kevin mccarthyKevin McCarthy Jim Jordan among McCarthy’s picks for Jan. […]]]>

Speaker Nancy PelosiNancy Pelosi Jim Jordan among McCarthy’s picks for Jan. 6 panel Democrat unveils bill only allowing House members to serve as president Vaccinated Florida Republican tests positive for COVID-19 PLUS (D-Calif.) Said on Tuesday she had yet to accept the House minority leader Kevin mccarthyKevin McCarthy Jim Jordan among McCarthy’s picks for Jan. 6 panel Democrat unveils bill allowing only House members to serve as president Six takeaways: What FEC reports tell us about the election of mid-term PLUS‘s (R-Calif.) The Republican chooses for the Jan.6 select committee.

“I’m reviewing this,” she said Tuesday morning.

But opening the door to McCarthy’s selections, Pelosi also points out that lawmakers who voted in January to cancel President TrumpDonald TrumpGreene gets 12-hour Twitter suspension for COVID-19 disinformation Biden seeks to dump Gitmo PLUS‘Election defeat would not automatically be disqualified from serving on the panel, as some Democrats in his caucus have argued.

“I am studying his proposals,” Pelosi told reporters later in the day. “But to be clear, how people voted for the president – claiming the election of Joe bidenJoe Biden Aides who clashed with Giuliani intentionally gave him the wrong time to prepare for the Trump debate: Biden book says Eid al-Adha has “special significance” amid the Manchin pandemic to support the candidate for the post of head of public lands PLUS – is not a service criterion. It does not matter.”

The comments came a day after McCarthy appointed five Republican lawmakers to the select committee: Reps Jim Banks (Ind.), Jim jordanJames (Jim) Daniel Jordan Jim Jordan among McCarthy’s picks for January 6 panel Six takeaways: What the FEC reports tell us about the midterm elections The controversy equals money for Greene, Gaetz MORE (Ohio), Rodney DavisRodney Lee Davis Jim Jordan among McCarthy’s picks for January 6 panel McCarthy and GOP face a tricky dance at January 6 panel The Hill’s 12:30 Report – Presented by Goldman Sachs – Indictment awaited by CFO of Trump Org MORE (Ill.), Kelly Armstrong (ND) and Troy Nehls (Texas).

Republicans overwhelmingly opposed the select committee, accusing Democrats of wanting to use it simply as a stick to hit the former president and his supporters. Their decision to participate in the panel would guarantee Trump a line of defense as the investigation unfolds.

“Make no mistake, Nancy Pelosi created this committee only to slander the Conservatives and justify the authoritarian left agenda,” Banks said in a statement.

The GOP selections would fill the committee’s 13-member roster, after Pelosi named eight lawmakers to the panel earlier in the month. His choices included representatives. Bennie thompsonBennie Gordon Thompson Jim Jordan among McCarthy’s picks for January 6 panel, NY Progressive Bowman presenting 6B ‘Green New Deal for Public Schools’ Select Committee on Capitol Attack to hear police testimony July 27 (D-Miss.), Who will serve as president, and Liz cheneyElizabeth (Liz) Lynn Cheney Jim Jordan among McCarthy’s picks for January 6 panel Six takeaways: What the FEC reports tell us about the midterm elections The controversy equals money for Greene, Gaetz MORE (R-Wyo.), Who voted to impeach President Trump for instigating the Jan.6 attack and has since become Congress’ most vocal GOP critic of the former president. For his outspokenness, Cheney was kicked out of the ranks of the GOP leadership in May.

The language of the resolution creating the select committee makes it clear that McCarthy’s choices are only recommendations, giving Pelosi a veto over his choices.

Three of McCarthy’s picks – Banks, Jordan and Nehls – had voted to reverse the outcome of the presidential race, endorsing Trump’s false claims that widespread fraud tipped the race over to Biden.

The votes came just hours after a violent mob of Trump supporters stormed the Capitol on Jan.6 to prevent Congress from formalizing Biden’s victory, killing five, injuring nearly 140 police officers and infuriating the Democrats who accused these Republicans of being complicit in the riot.

Pelosi on Tuesday, however, said those votes will be irrelevant as she assesses whether to approve McCarthy’s selections, paving the way for all five to join the panel. And some other Democrats suggested on Tuesday the choices were anything but official.

“We are delighted to be now fully constituted with 13 members,” said Rep. Pete AguilarPeter (Pete) Ray AguilarClyburn: Trump could be called to testify ahead of the January 6 panel. (California), vice-chair of the Democratic Caucus and member of the select committee.

Aguilar later explained that because so many Republicans voted to overturn the election result, it was almost inevitable that some of them would land on the select committee.

“Only on the basis of the calculations, so many of them voted against the certification of the election that we would be hard-pressed to [to reject them]”, he said.” We knew it was possible. And within the Republican Conference, an overwhelming part of them voted not to certify the election. So we will hope that everyone is guided by the resolve to seek the truth and find out what happened. “

Pelosi gives no clue as to when she will make a final decision regarding McCarthy’s selections.

“When I’m ready,” the President said.

She doesn’t have much time to play with it. The select committee’s first hearing, featuring the testimony of four police officers injured while defending the Capitol on January 6, is scheduled for July 27.



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$ 60 million corruption scandal felt in business and politics a year later | News, Sports, Jobs https://columbus-chamber.org/60-million-corruption-scandal-felt-in-business-and-politics-a-year-later-news-sports-jobs/ https://columbus-chamber.org/60-million-corruption-scandal-felt-in-business-and-politics-a-year-later-news-sports-jobs/#respond Tue, 20 Jul 2021 04:20:59 +0000 https://columbus-chamber.org/60-million-corruption-scandal-felt-in-business-and-politics-a-year-later-news-sports-jobs/ FILE – On this Wednesday, October 30, 2019, file photo, Republican Ohio State Representative Larry Householder sits at the helm of a legislative session as Speaker of the House in Columbus. Householder is indicted in a $ 60 million corruption case, alleging he helped bail out a $ 1 billion nuclear power plant. The 2020 […]]]>


FILE – On this Wednesday, October 30, 2019, file photo, Republican Ohio State Representative Larry Householder sits at the helm of a legislative session as Speaker of the House in Columbus. Householder is indicted in a $ 60 million corruption case, alleging he helped bail out a $ 1 billion nuclear power plant. The 2020 arrests of Householder and four associates in connection with the scheme rocked politics and business across Ohio. (AP Photo / John Minchillo, file)

COLUMBUS (AP) – The arrests a year ago Wednesday of Ohio House President Larry Householder and four associates in an alleged $ 60 million corruption scheme rocked business and politics across state, and the events of last year suggest that with a federal investigation the tentacles are only growing.

Here’s a look at the situation in what then-US attorney David DeVillers described as the biggest corruption scandal in Ohio history:

___

THE PLAYERS

Householder, a Republican, has pleaded not guilty and claims his innocence. He was removed as president last year, re-elected in November despite charges of criminal racketeering he faces, and then kicked out of the chamber last month in a landmark vote.

His longtime political adviser Jeff Longstreth, lobbyist Juan Cespedes and Generation Now, a black money group accused of accepting millions in bribes, have pleaded guilty and are awaiting sentencing.

Former Ohio Republican President and lobbyist Matt Borges has pleaded not guilty, admitting in a separate campaign finance investigation that he spent the money but insisted legally. Longtime Statehouse lobbyist Neil Clark died by suicide in Florida in March.

DeVillers, a person appointed by former Republican President Donald Trump, resigned in February to allow the new president to choose a successor. Democratic President Joe Biden has yet to name DeVillers’ permanent replacement.

___

POLITICS

The legislation at the heart of the scandal, House Bill 6, included a billion dollar bailout for two nuclear power plants operated at the time by a wholly owned subsidiary of FirstEnergy Corp. Bill had partial roots on a FirstEnergy flight provided to Householder and his son for the Trump nomination in January 2017.

Shortly after the trip, $ 1 million from FirstEnergy began to flow to Generation Now, controlled by Householder, in installments of $ 250,000. That money and more were used to elect candidates backed by Householder and allow him to become president, prosecutors say.

The second step was to pass the bill, titled Ohio Clean Air Program, in July 2019. Ohio Governor Mike DeWine signed it within hours. The third step was FirstEnergy spending around $ 38 million to fund a campaign to prevent a repeal referendum from reaching the poll.

State lawmakers have since rolled back the nuclear bailout and another provision of HB 6 guaranteeing the three Ohio utilities of FirstEnergy revenues equal to what they earned in 2018, a year of extreme weather. Majority Republicans have blocked calls to repeal the entire bill, which they said was bulky and contained good energy policy.

___

ENERGY COMPANIES

FirstEnergy has been subject to a review since the DeVillers announcement. Company officials say FirstEnergy is cooperating with investigations by the Department of Justice, the United States Securities and Exchange Commission, and the Federal Energy Regulatory Commission. Company officials also said FirstEnergy spoke with federal prosecutors about a deferred prosecution agreement.

Six senior executives were fired, including CEO Chuck Jones.

The company faces two rounds of class action lawsuits from shareholders, one seeking a court to force the company’s board of directors to implement reforms. The other round of lawsuits claims the company defrauded investors.

FirstEnergy CEO and Chairman Steven Strah, who succeeded Jones, said the company had made significant reforms over the past year.

In June, officials at Columbus-based power company AEP revealed that U.S. Securities and Exchange Commission enforcement officials had subpoenaed documents relating to grants it received from the United States. energy bill of two aging coal-fired power plants partly owned by the company.

AEP officials initially testified against the bill, but then added their support when the coal-fired power plant subsidy was added to the legislation. The bill requires almost all of the state’s electricity customers to subsidize coal-fired power plants. Previously, only Ohio customers of AEP, Duke and AES paid for the grant, which was $ 114 million last year.

___

THE PUCO

The firing of Jones, who initially denied any wrongdoing by the company, appeared to be linked to a $ 4.3 million payment that FirstEnergy made in January 2019, allegedly to end a consulting contract longtime with someone soon to be named Ohio’s premier utility regulator.

There was no doubt that the regulator was Sam Randazzo, a veteran public services lawyer and lobbyist, whom DeWine appointed chairman of the Ohio Public Services Commission in February 2019.

Randazzo resigned from the commission in November after FBI agents searched his Columbus townhouse on the same day FirstEnergy disclosed the payment. The language in a separate loan document filed by the company that month suggests that Randazzo helped the company after he became president of PUCO.

DeWine appointed former Franklin County Common Pleas Judge Jenifer French, a Republican, to succeed Randazzo as president in March. French is committed to restoring public confidence in the commission through increased transparency.

___

POLITICS

DeWine, heading for re-election next year, has faced some political setback for ignoring cries of alarm from consumer and environmental advocates and a group of fellow Republicans over the deep ties of Randazzo with FirstEnergy.

The governor defended his decision to appoint the utility law expert.

DeWine reassigned Laurel Dawson, the chief of staff who oversaw Randazzo’s selection process, in a May staff reshuffle described as unrelated. The governor’s main lobbyist, Dan McCarthy, is a former FirstEnergy lobbyist who was chairman of one of the black money groups involved in the alleged bribery scheme. McCarthy said his actions were legal and that he has no indication that he is the target of the investigation.

Still, Ohio Democrats have taken advantage of the ongoing investigation in their efforts to reverse Republican dominance in state politics next year, which is over. The party controls all state offices, both houses of the state legislature and the Ohio Supreme Court, with many of those seats up for grabs.

In May, Democratic state officials Allison Russo and Bride Rose Sweeney reintroduced an anti-corruption bill aimed at shedding light on black money and other political spending in the state.

The following month, Democratic gubernatorial candidate Nan Whaley, mayor of Dayton, unveiled a four-point plan to “Fight corruption and restore ethics in Ohio”.

Within weeks and with mounting political pressure, a several-month legislative deadlock on whether to remove the head of the family was broken. The effort to expel Householder was ultimately defended by two Republicans.

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Veritex Holdings, Inc. Completes Investment in Thrive Mortgage https://columbus-chamber.org/veritex-holdings-inc-completes-investment-in-thrive-mortgage/ https://columbus-chamber.org/veritex-holdings-inc-completes-investment-in-thrive-mortgage/#respond Mon, 19 Jul 2021 11:30:00 +0000 https://columbus-chamber.org/veritex-holdings-inc-completes-investment-in-thrive-mortgage/ DALLAS, July 19, 2021 (GLOBE NEWSWIRE) – Veritex Holdings, Inc. (Nasdaq: VBTX) (“Veritex” or the “Company”), the parent holding company of Veritex Community Bank (the “Bank”), announced today The Bank finalized the investment to acquire a 49% interest in Thrive Mortgage, LLC (“Thrive”) for $ 53.9 million in cash. As part of the investment, the […]]]>


DALLAS, July 19, 2021 (GLOBE NEWSWIRE) – Veritex Holdings, Inc. (Nasdaq: VBTX) (“Veritex” or the “Company”), the parent holding company of Veritex Community Bank (the “Bank”), announced today The Bank finalized the investment to acquire a 49% interest in Thrive Mortgage, LLC (“Thrive”) for $ 53.9 million in cash. As part of the investment, the Company has obtained the right to appoint a member of the Board of Directors of Thrive.

Thrive, headquartered in Georgetown, Texas, is a family business led by Roy Jones, President and CEO, and an experienced management team with an average of over 10 years of experience with Thrive. Thrive is an industry leader in transforming the real estate finance process into a digital, customer-centric experience and is the first company in Texas to close a fully electronic note with a remote notary. Thrive’s markets include Texas, Ohio, Colorado, Kentucky, North Carolina, Kansas, Virginia, Florida, Maryland and Indiana, among others.

Veritex Chairman and CEO C. Malcolm Holland said, “I couldn’t be more excited about our partnership with Thrive. The breadth of management and experience, coupled with an industry leader in advanced technology, provides a powerful investment in earnings to generate consistent return for shareholders and mitigate the volatility of the business cycle. our portfolio focused on commerce. “

Roy Jones, Chairman and CEO of Thrive, said, “We are proud to continue our relationship with a valued business partner for over 7 years. With a similar culture and values ​​alignment, Veritex has helped Thrive grow by understanding our business and assisting Thrive with tailor-made financing, including construction warehouse loans. This expanded partnership, while maintaining our agile operational practices, will allow us to better serve our customers and employees with unmatched products and position the company for a strong decade of growth.

Veritex’s investment in Thrive is expected to increase fee income with countercyclical activity on the company’s asset-sensitive balance sheet. The investment is also expected to take advantage of excess liquidity and capital while preserving bandwidth for other strategic opportunities to grow and / or acquire Veritex.

Stephens Inc. has served as financial advisor to Veritex and Skadden, Arps, Slate, Meagher & Flom LLP has served as legal advisor to Veritex.

About Veritex Holdings, Inc.
Based in Dallas, Texas, Veritex is a banking holding company that conducts banking business through its wholly-owned subsidiary, Veritex Community Bank, with locations in the Dallas-Fort Worth metropolitan area and the greater Houston area. . Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Federal Reserve System Board of Governors. For more information visit www.veritexbank.com.

Forward-looking statement
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including relating to the investment in Thrive by Veritex and Veritex’s expectations regarding creating shareholder value, as well as others that can be identified by words such as “believe”, “expect”, “anticipate”, “have the intention to “,” target “,” estimate “,” continue “,” position “,” prospects “or” potential “, by future conditional verbs such as” will “,” would “,” should “,” could ” or “may”, or by variations of these words or by similar expressions. Forward-looking statements involve and are subject to numerous assumptions, risks and uncertainties, many of which are beyond Veritex’s control, which may change over time. Veritex management cautions that the above list of factors is not exhaustive. Forward-looking statements speak only as of the date on which they are made and, except as required by law, Veritex assumes no obligation or obligation to update, supplement or revise forward-looking statements, whether as a result of new information, future developments or otherwise. Veritex’s actual results could differ materially from those expressed or implied in forward-looking statements due to a variety of important factors, both positive and negative, which may be revised or supplemented in subsequent statements and reports filed with of the Securities and Exchange Commission (“SEC”), including in Veritex’s reports on Forms 10-K, 10-Q and 8-K. These risks and other important factors discussed under “Risk Factors In Veritex’s most recent annual report on Form 10-K filed with the SEC, and other reports filed by Veritex with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements contained. in this press release.

Source: Veritex Holdings, Inc.

CONTACT: Investor Relations: 972-349-6132 investorrelations@veritexbank.com



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Energy Efficiency Funding Program Gets PACE in Ohio https://columbus-chamber.org/energy-efficiency-funding-program-gets-pace-in-ohio/ https://columbus-chamber.org/energy-efficiency-funding-program-gets-pace-in-ohio/#respond Sun, 18 Jul 2021 08:00:00 +0000 https://columbus-chamber.org/energy-efficiency-funding-program-gets-pace-in-ohio/ Ohio’s Property Assessed Clean Energy Financing Program, or PACE, a tool that provides long-term, low-rate financing for energy-efficient commercial buildings, is increasingly accepted by lenders, developers and homeowners. PACE became part of state law almost 12 years ago, but has gained more prominence over the past four or five years, said Jason Tiemeier, a lawyer […]]]>


Ohio’s Property Assessed Clean Energy Financing Program, or PACE, a tool that provides long-term, low-rate financing for energy-efficient commercial buildings, is increasingly accepted by lenders, developers and homeowners.

PACE became part of state law almost 12 years ago, but has gained more prominence over the past four or five years, said Jason Tiemeier, a lawyer with the group of Public Finance practice of Bricker & Eckler.

“During the first few years that I participated, there was a lot of effort to make people understand that the program existed,” Tiemeier said. “And in the last few years the awareness has meant more repeat customers, more lenders entering the market able to serve customers at different price points, which has had a huge effect.”

The program, which emerged from the Barack Obama administration, was designed to create a private investment market for alternative and energy efficient projects. Tiemeier said the program was accepted by state lawmakers because it did not involve the creation of a government spending program and opened up a new market for private lenders.

Initially, conventional wisdom was that the program would help stimulate large power generation projects, such as solar panels and wind turbines. But as lenders and developers have learned, PACE has been used as part of capital financing for energy efficient construction and rehabilitation projects of all sizes.

PACE financing involves private lenders using a long-term, low-rate tax assessment to pay the cost of most power generation or energy conservation projects. The loan is added as a special appraisal to the property, and the owner must apply to the municipality where the project is located to create or be added to a special energy improvement district.

This type of financing offers homeowners a long-term fixed rate with a lower interest rate loan than they can get with more traditional financing, while the lender has a secure form of repayment that is collected. with existing property taxes, Tiemeier said.

The assessment also does not deflect taxes from a city or school district. Funding can be used for renovations or new construction.

“There are ways that PACE can be used as a refinancing tool within a year to two years,” Tiemeier said. “If there is a construction loan, when the owner is looking for permanent financing and the outstanding debt is associated with qualifying projects, he can use PACE financing to refinance that part of the debt.

In 2010, the Northeast Ohio Advanced Energy District created a Special Energy Improvement District (SID) so homeowners in 23 communities in Cuyahoga County could benefit from the PACE program, said Jennifer Kuzma, district executive director. .

With the help of the district, 15 PACE projects have been completed to date, ranging in cost from thousands of dollars to 2 million dollars. PACE can be used for a variety of projects including energy efficient machine upgrades, roof and window replacements, and heating, ventilation and air conditioning upgrades.

“What was really appealing to the early suburban towns and the city of Cleveland when we created this neighborhood is that these areas were all facing a stock of older commercial buildings (and) spaces in need of rehabilitation. “Kuzma said. “There aren’t always programs that match this need.”

Kuzma said that PACE “can really slip into funding gaps because it’s so flexible. We are often able to identify enough work for a project to cross the finish line. Years ago , this funding would have been insufficient. “

It is in the identification of energy projects eligible for funding that is involved Nicole Stika, vice president of energy services of the Greater Cleveland Partnership.

GCP offers energy audits because, as Stika explains, “energy is part of economic development and not a silo”.

“We start with an energy audit in order to have a baseline on how the building works, where there are opportunities for improvement, and then we make recommendations on what funding or tax credits are available,” Stika said. .

“Any energy improvement to a building that saves at least one kilowatt hour is eligible for PACE funding,” she said. (One category where PACE funding is not allowed in Ohio: water conservation.)

Since the inception of the program, Stika said, more than 200 lenders across the country have committed to providing or accepting PACE funding, but education is still needed with some financial institutions. She said any primary lender must sign any PACE financing if there is still a mortgage on the property.

But with many Ohio lenders on board in recent years, Kuzma said, the state now has the second-highest number of PACE projects in the country, in part because of the Northeast Ohio Advanced pledge. Energy District and GCP. .

Stika said her group is working on three major renovations and two new construction projects that are expected to start before the end of the year.

In June, the new owners of a former Ohio City Masonic temple, Cleveland Rocks Holding, asked Cleveland City Council to approve the creation of an energy SID for a renovation project. Stika said the project is expected to make the facility, which is expected to be a climbing gym, about 60% more energy efficient.

Cleveland Economic Development Director David Ebersole told council members the new owner plans to spend around $ 500,000 on improvements to the lighting, roof, and heating, ventilation and air conditioning system. of the building.

“There is now a whole market of lenders who work primarily in the area of ​​PACE loans,” Tiemeier said.



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Kish Bancorp Inc. Reports Second Quarter Financial Results | News, Sports, Jobs https://columbus-chamber.org/kish-bancorp-inc-reports-second-quarter-financial-results-news-sports-jobs/ https://columbus-chamber.org/kish-bancorp-inc-reports-second-quarter-financial-results-news-sports-jobs/#respond Sat, 17 Jul 2021 04:15:15 +0000 https://columbus-chamber.org/kish-bancorp-inc-reports-second-quarter-financial-results-news-sports-jobs/ STATE COLLEGE – William P. Hayes, President and CEO of Kish Bancorp Inc., announced unaudited financial results for the six-month period ended June 30. Highlights of the first half of 2021 include: ¯ Strong expansion of net income (a 44.4% increase over profits as of June 30, 2020) ¯ Acquisition of new customers, driving force […]]]>


STATE COLLEGE – William P. Hayes, President and CEO of Kish Bancorp Inc., announced unaudited financial results for the six-month period ended June 30. Highlights of the first half of 2021 include:

¯ Strong expansion of net income (a 44.4% increase over profits as of June 30, 2020)

¯ Acquisition of new customers, driving force behind balance sheet growth (total assets increased by 10.5% compared to 2020)

¯ Sustained expansion of residential mortgage market share (mortgage sales revenue increased 66.9% from 2020)

¯ Strong capital formation (up 12.9% compared to the previous year) combined with an excellent return on equity (15.55% compared to 11.83% in 2020), complemented by a subordinated debt issue successful $ 20 million

¯ Sound credit quality indicators validating the adequacy of the loan loss reserve

¯ Successful expansion into new contiguous markets and northeastern Ohio

¯ Continued financial benefits from investments in operating technology (data processing expenses are down 32.5% from 2020)

In announcing the results for the period, Hayes noted, “While the financial performance during this period of uncertainty has been strong, we are particularly pleased that in this time of great economic distress, the Kish team has been able to pivot our resources to focus on needs. of our customers and communities while simultaneously strengthening our balance sheet to address any uncertainties that may arise. Because of our focus on what matters, we are confident that this period will prove to be fundamental to the success of Kish Bancorp for years to come.

Kish Bancorp’s total assets ended the period at $ 1.159 billion, an increase of 10.58% from total assets of $ 1.048 billion a year ago. Total outstanding loans increased year-over-year by $ 71.3 million, or 9.08%, to $ 856.8 million. A total of $ 35 million in loans were made to local businesses in 2021 under the third round of the Paycheck Protection Program (PPP), which was offset by the cancellation of $ 38.2 million in PPP loans. 2020 during the first semester of 2021.

“The biggest contributor to loan growth in the first half of the year was our Northeast Ohio loan team, which produced more than $ 50 million in outstanding loans,” Hayes said, noting Kish Bank’s successful and continued expansion in the state.

Total deposits increased $ 109 million to $ 928.8 million, an increase of 13.29% from $ 819.8 million a year ago, with continued notable expansion of deposits base created by the acquisition of new customers and the cash generated by the continuation of government stimulus programs. Investment securities reached $ 177.5 million, an increase of $ 38.9 million from last year’s balance. Borrowings increased slightly to $ 137.1 million from $ 136 million a year ago.

Net income for the six-month period was $ 5.22 million, an increase of $ 1.60 million, or 44.42%, compared to $ 3.61 million for the same period in 2020. This increase reflects the expansion of net interest income, up 13.86% from last year, and non-interest income, which grew by 35.18% overall.

“The expansion of net interest income benefited from the continued decline in interest expense on deposits”, said Hayes, continuing, “The strong increase in non-interest income is attributable first to the increase in gains on mortgage sales of $ 1.367 million in 2021 compared to $ 0.819 million the previous year, and secondly to the ‘added revenue from insurance agencies due to the Sausman acquisition. Insurance Agency. Net income was also positively impacted by increases in the market value of the equity portfolio and lower contribution to the loan loss reserve, with overall credit quality metrics remaining at excellent levels.

Non-interest expense increased $ 1.6 million, or 11.05%, to $ 16.4 million, partly reflecting higher salaries and benefits associated with additions to the Kish team, as well as the occupancy costs associated with the opening of the new Kish innovation center. Data processing costs fell 33.52% to $ 882,000 from $ 1.3 million the year before. These lower costs are a result of the Kish Bank base conversion, completed in the second quarter of 2020. All other expense categories remained well controlled.

The Board of Directors declared a quarterly dividend of $ 0.29 per share, payable July 30, 2021, to shareholders of record on July 15, 2021. This is an increase of $ 0.02 per share from the previous year.

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Why Fed Chairman Jerome Powell Wants A Crackdown On Stablecoin https://columbus-chamber.org/why-fed-chairman-jerome-powell-wants-a-crackdown-on-stablecoin/ https://columbus-chamber.org/why-fed-chairman-jerome-powell-wants-a-crackdown-on-stablecoin/#respond Thu, 15 Jul 2021 21:58:29 +0000 https://columbus-chamber.org/why-fed-chairman-jerome-powell-wants-a-crackdown-on-stablecoin/ Pippa Stevens of CNBC.com brings you today’s top business news headlines. On today’s show, CNBC.com’s MacKenzie Sigalos explains why the Fed wants tougher rules on certain cryptocurrencies. What’s more, the average hourly wage worker can no longer afford a one-bedroom apartment as prices soar. An economic rebound, rising wages and falling jobless claims were not […]]]>


Pippa Stevens of CNBC.com brings you today’s top business news headlines. On today’s show, CNBC.com’s MacKenzie Sigalos explains why the Fed wants tougher rules on certain cryptocurrencies. What’s more, the average hourly wage worker can no longer afford a one-bedroom apartment as prices soar.

An economic rebound, rising wages and falling jobless claims were not enough to spare Federal Reserve Chairman Jerome Powell from criticism in the Senate on Thursday.

During their testimony before the Senate Banking Committee, Democrats asked Powell about the central bank’s support for climate change initiatives and reduced financial protections, while Republicans asked Powell about his commitment to control inflation.

“The big banks are raising money – and they are spending it on executive compensation, dividends and buyouts, instead of lending to communities or raising capital to reduce risk,” the committee chairman said, Senator Sherrod Brown, D-Ohio. “The Fed should fight this trend, shield our progress from the greed and recklessness of Wall Street – not making it worse.”

Ranker Senator Pat Toomey, R-Pa., Criticized what he sees as the Fed’s inaction on inflation.

Jackson Palmer, the co-creator of the memes-inspired cryptocurrency dogecoin, made a rare comeback on Twitter on Wednesday with harsh words about crypto in general.

“I am often asked if I will ‘go back to cryptocurrency’ or if I will return to regularly sharing my thoughts on the subject. My answer is a wholehearted ‘no’,” Palmer said. tweeted wednesday.

In 2013, Palmer and Billy Markus created dogecoin as a joke based on the “Doge” meme, which depicts a shiba inu dog. Markus and Palmer did not intend for dogecoin to be taken seriously.

But the coin recently took off, and dogecoin is currently one of the 10 best cryptocurrencies by market value. Earlier this year, it hit a record high of nearly 74 cents. Despite its recent rise in popularity, Markus and Palmer did not profit, as they both exhausted before the meteoric rise of dogecoin.

People working full-time for minimum wage cannot afford a two-bedroom apartment in any state in the country, according to the annual report of the National Low Income Housing Coalition “Out of reachThe report notes. In 93% of US counties, the same workers cannot afford a modest one bedroom.

The report defines affordability as the hourly wage a full-time worker must earn in order to spend no more than 30% of their income on rent, in line with what most budgeting experts recommend. This year, workers are expected to earn $ 24.90 an hour for a two-bedroom house and $ 20.40 an hour for a one-bedroom rental. That’s an increase from $ 23.96 and $ 19.56, respectively, from last year.

The average hourly worker currently earns $ 18.78 an hour, according to the report, more than $ 6 less than what it takes to afford a two-bedroom rental.





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Over 90% of Tucson Families Qualify for New Child Tax Credit, Study Finds | Local News https://columbus-chamber.org/over-90-of-tucson-families-qualify-for-new-child-tax-credit-study-finds-local-news/ https://columbus-chamber.org/over-90-of-tucson-families-qualify-for-new-child-tax-credit-study-finds-local-news/#respond Wed, 14 Jul 2021 23:44:23 +0000 https://columbus-chamber.org/over-90-of-tucson-families-qualify-for-new-child-tax-credit-study-finds-local-news/ The average credit will be $ 7,270 “The unfortunate fact that Tucson is among the top 10 cities in the country with the most qualified families means that we must use strategies to better address the persistent poverty that continues to exist, especially among families with children.” , she said. “What Tucson has done so […]]]>


The average credit will be $ 7,270

“The unfortunate fact that Tucson is among the top 10 cities in the country with the most qualified families means that we must use strategies to better address the persistent poverty that continues to exist, especially among families with children.” , she said. “What Tucson has done so far does not solve the problem and it is a problem that deserves a real solution.”

Income levels determine why more families in cities like Tucson are eligible for full benefits. The median household income in the United States is $ 62,843, while in Tucson it is $ 43,425.

In Detroit, the city that stands to benefit the most, according to LendingTree, it’s $ 30,894.

Families typically do not have to do anything to receive their payments, which are based on income reported on 2020 tax returns. If a 2020 return is not available, the Internal Revenue Service will instead review the returns. income 2019.

The average tax credit expected for a family in Tucson will be $ 7,270, according to the study by LendingTree, which describes itself as an online loan market.

High incomes are not eligible

Typically, a married couple with a joint income over $ 150,000 and singles earning over $ 75,000 will not receive full benefits, according to the study.



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National nonprofit lender, donor returns to Cleveland after 15 years of absence https://columbus-chamber.org/national-nonprofit-lender-donor-returns-to-cleveland-after-15-years-of-absence/ https://columbus-chamber.org/national-nonprofit-lender-donor-returns-to-cleveland-after-15-years-of-absence/#respond Sun, 11 Jul 2021 08:00:00 +0000 https://columbus-chamber.org/national-nonprofit-lender-donor-returns-to-cleveland-after-15-years-of-absence/ A national loan and grant organization that pulled out of Cleveland 15 years ago is returning to the region, with the aim of narrowing the gaps in wealth, work and well-being. Local Initiatives Support Corp., better known as LISC, quietly began to reestablish its presence here last year by awarding more than $ 1 million […]]]>


A national loan and grant organization that pulled out of Cleveland 15 years ago is returning to the region, with the aim of narrowing the gaps in wealth, work and well-being.

Local Initiatives Support Corp., better known as LISC, quietly began to reestablish its presence here last year by awarding more than $ 1 million in loans and grants to small businesses, community groups and to a redevelopment of housing for the elderly in the city center. Today, the New York-based nonprofit is setting up a local office with $ 3 million in support from the Cleveland Foundation.

At the end of June, the foundation’s board of directors approved a three-year grant to help LISC open this office, hire staff and develop a longer-term strategy. The funding comes after more than two years of discussions about the possibilities of pumping money out of town into everything from neighborhood revitalization to financial advice to workforce development.

LISC, launched in 1979 by the Ford Foundation, acts as an intermediary between funders – banks, private companies, foundations and governments – and people and places in need. The nonprofit organization provides loans, grants, and equity for real estate development and businesses, as well as technical assistance to community development corporations and other organizations.

“I think they bring a lot of national resources that can be harnessed here in Cleveland,” said India Pierce Lee, senior vice president of the Cleveland Foundation who leads the granting and former senior program director of LISC who ran an office here from 1998 to 2004.

The nonprofit first entered Cleveland in 1981 with the support of local foundations and societies. Over the past quarter of a century in the region, LISC has invested more than $ 33 million in affordable housing. The Northeast Ohio office once covered an area of ​​six counties.

LISC quietly closed its doors here in 2006, after Lee changed jobs.

Denise Scott, executive vice president of programs for the association, said she did not know the specific reasons for the decision. But the organization has periodically left markets due to funding issues, lackluster local support, or a feeling that its programs are not making enough of a difference in communities.

“I was always sad every time LISC came out,” said Scott, who oversees the organization’s 37 offices and country programs. “Now that I am sitting in this seat, I am delighted to say that we are returning.”

In the years that followed, the group’s mission extended far beyond affordable housing, job creation, business growth, education, safety and health. LISC, which also provides services in approximately 2,200 rural areas, invests more than $ 1 billion annually in a wide range of programs.

As a community development financial institution, the association provides debt and equity to real estate developers, small businesses, and other clients who may find it difficult to secure traditional financing. LISC often invests some of the earliest and riskiest funds in a project.

Last year, for example, the association granted a loan of $ 450,000 to the owner of Carter Manor to study the feasibility of renovating the building, a senior housing tower on Prospect Avenue downtown. In May, a Chicago-based developer announced plans to move forward with an $ 18 million renovation of the 270-unit rental property.

Through a trio of affiliates, LISC connects investors and developers within the framework of agreements involving tax credits for social housing; uses federal tax credits for new markets to fill funding gaps for projects in struggling communities; and serves as a Small Business Administration lender.

In November, the group announced an initiative called Project 10X, a decade-long initiative to improve the health and wealth of communities of color. So far, the billion-dollar effort relies on money from the big tech, retail and financial companies; corporate foundations; and philanthropist MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos.

The 10X project got its start as discussions about LISC’s return to Cleveland were well underway. But the program’s goals align closely with the Cleveland Foundation’s growing focus on equity, said Keisha Gonzalez, the foundation’s program manager for social impact investing and community development initiatives.

“I think everyone is collectively on this journey of what equity is, what justice is and how it manifests in community development and economic development,” Gonzalez said.

In the short term, LISC is committed to selecting four geographies for investments, said Kevin Jordan, senior vice president who lives in the Cleveland area and represents LISC in the field as the association searches for a local executive director. .

The first two target sites are the adjacent Stockyards and Clark-Fulton neighborhoods on the West Side of Cleveland and the endemic city of East Cleveland.

Cuyahoga County officials brought LISC to East Cleveland, Mayor Brandon King said. The organization is contributing to an nascent master planning process focused on approximately 40 acres near the city’s western border. And the nonprofit is helping the city’s new community development corporation, the Northeast Ohio Alliance for Hope, recruit staff and develop expertise.

“We want to ensure that quality housing and businesses that support quality housing are built in the city, to protect the integrity of current residents and new residents. I think LISC has a great track record in both of these areas, ”King said. “And I think they will play a very important role in ensuring that the development of mixed income is done in a responsible manner.”

It is too early to say how much of a big mark LISC can make in Cleveland.

Tania Menesse, CEO of the nonprofit Cleveland Neighborhood Progress, said she was encouraged by the work LISC did last year, during the worst of the pandemic, to support small businesses through through grants to community development corporations and through the federal paycheck protection program.

Most of the direct loans or grants have gone to minority-owned or female-owned businesses with fewer than 10 employees, Scott said.

“We are a growing market,” Menesse said. “We need all the resources we can get.”



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