Connect with us

Business Wire

Northwest Federal Credit Union Foundation Awards $150,000 in Scholarship Money

Business Wire

Published

on

Reading Time: 2 minutes

HERNDON, Va.–(BUSINESS WIRE)–#NWFCUNorthwest
Federal Credit Union’s
charitable arm, the NWFCU
Foundation
, recently awarded $150,000 in scholarships to
college-bound individuals, including $20,000 to Northern
Virginia Community College
for their “Lifeline Grant,” an emergency
relief fund for students on their campuses.

“It is our privilege to award these outstanding students $5,000 each to
assist them in pursuing their higher education goals,” said Executive
Director of the Northwest Federal Credit Union Foundation, Kaycee
Childress. “We also want to sincerely thank our scholarship committee
and our donors, both individuals and businesses, who have given their
time and funds to help a deserving group of young people achieve their
dreams.”

The Foundation has awarded nearly $1.4 million in scholarships to 310
recipients from 22 states since its inception. This represents 102
colleges in the United States where students have attended due in part
to the generosity of Northwest Federal Credit Union Foundation donors.

About Northwest Federal Credit Union Foundation

The NWFCU Foundation was established in 2004 to promote and manage
Northwest Federal Credit Union’s philanthropic activities. The mission
of NWFCU Foundation is to empower youth to achieve their goals by
helping them learn and celebrate life and supporting their health and
well-being. The NWFCU Foundation is a 501(c)(3) organization. Donations
are tax deductible to the extent permissible by law for those who
itemize deductions. For more information, visit www.nwfcufoundation.org.

About Northwest Federal Credit Union

Northwest Federal Credit Union is a full-service financial institution
ranking among the largest credit unions in Virginia and in the top 60
credit unions in the nation. Established in 1947 and headquartered in
Herndon, Va., Northwest Federal’s Why is to serve and inspire to
transform lives. The Credit Union currently serves more than 260,000
members and has assets in excess of $3.4 billion. For more information,
visit www.nwfcu.org
or connect with us on Facebook,
Twitter
or LinkedIn.

Contacts

Kristen Soller
Manager, Event and Communication Strategy
571-585-0700
ksoller@nwfcu.org

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

For the last half century, thousands of communications professionals have turned to us to deliver their news to the audiences most important to their business through the sources they trust most. Over that time, we've gone from a single office with one full time employee to more than 500 employees in 32 bureaus.

Business Wire

Allegion Announces Pricing of $400 Million of Senior Notes

Business Wire

Published

on

Reading Time: 3 minutes

DUBLIN–(BUSINESS WIRE)–Allegion plc (NYSE: ALLE) (“Allegion” or the “Company”), a leading global provider of security products and solutions, today announced that it priced its previously announced offering of $400 million aggregate principal amount of 3.500% senior notes due 2029 (the “Notes”). The offering is expected to close on September 27, 2019, subject to the satisfaction of customary closing conditions.

The Notes will be guaranteed upon their issuance by Allegion US Holding Company Inc., a wholly-owned subsidiary of Allegion.

Allegion intends to use all of the net proceeds from the offering to repay a portion of the borrowings under its term loan facility. “This offering allows us to extend maturities at attractive interest rates,” said Patrick Shannon, senior vice president and CFO of Allegion.

BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers.

Allegion has filed an effective registration statement with the U.S. Securities and Exchange Commission (SEC) for the offering and encourages investors to read it (including the accompanying prospectus, the related prospectus supplement and the information incorporated by reference therein) for more complete information about Allegion and the offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies may also be obtained by contacting BofA Securities, Inc. at the following address: NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina, 28255-0001, Attn: Prospectus Department, or by calling 1-800-294-1322, or by emailing dg.prospectus_requests@baml.com; Goldman Sachs & Co. LLC at the following address: 200 West Street, New York, New York 10282, Attn: Prospectus Department, or by calling 1-866-471-2526; or J.P. Morgan Securities LLC at the following address: J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179, Attn: Investment Grade Syndicate Desk, 3rd Floor, or by calling collect 1-212-834-4533.

These securities are only offered by means of a prospectus and a prospectus supplement related to the offering. This news release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor will there be any sales of securities mentioned in this news release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the expected closing of the offering and the use of proceeds therefrom. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative thereof or variations thereon or similar expressions generally intended to identify forward-looking statements. These statements are based on the Company’s currently available information and its current assumptions, expectations and projections about future events. They are subject to future events, risks and uncertainties – many of which are beyond the Company’s control – as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Further information on these factors and other risks that may affect the Company’s business is included in filings it makes with the SEC from time to time, including its Form 10-K for the year ended December 31, 2018, Form 10-Q for the quarters ended March 31, 2019, and June 30, 2019, and in its other SEC filings. The Company undertakes no obligation to update these forward-looking statements.

About Allegion

Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, businesses, schools and other institutions. Allegion had $2.7 billion in revenue in 2018, and sells products in almost 130 countries.

Contacts

Media Contact:
Whitney Moorman – Reputation Management Leader

+1.317.810.3241

Whitney.Moorman@allegion.com

Analyst Contact:
Mike Wagnes – Vice President, Treasury and Investor Relations

+1.317.810.3494

Michael.Wagnes@allegion.com

Continue Reading

Business Wire

First BanCorp to Announce 3Q 2019 Results on October 22, 2019

Business Wire

Published

on

Reading Time: 1 minute

SAN JUAN, Puerto Rico–(BUSINESS WIRE)–First BanCorp (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced today that it expects to report its financial results for the third quarter ended September 30, 2019, before the market opens on Tuesday, October 22, 2019.

First BanCorp will hold a conference call and live webcast to discuss the financial results at 10:00 a.m. Eastern time on Tuesday, October 22, 2019. The call and webcast will be broadcast live over the Internet and can be accessed through the investor relations section of the Corporation’s website: www.1firstbank.com.

Listeners are recommended to go to the website at least 15 minutes prior to the call to download and install any necessary software. The call may also be accessed through a dial-in telephone number 877-506-6537 or 412-380-2001 for international callers. Following the webcast presentation, a question and answer session will be made available to research analysts and institutional investors.

A replay of the webcast will be archived in First BanCorp’s website until October 22, 2020. A telephone replay will be available one hour after the end of the conference call through November 22, 2019 at 877-344-7529 or 412-317-0088 for international callers. The replay access code is 10135120.

About First BanCorp

First BanCorp. is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC. Among the subsidiaries of FirstBank Puerto Rico are First Federal Finance Limited Liability Company and First Express, Inc., both small loan companies, and FirstBank Puerto Rico Securities Corp., a broker-dealer subsidiary. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”

Contacts

First BanCorp.
John B. Pelling III

Investor Relations Officer

787-729-8003

john.pelling@firstbankpr.com

Continue Reading

Business Wire

AM Best Upgrades Credit Ratings of First Chicago Insurance Company and United Security Health and Casualty Company

Business Wire

Published

on

Reading Time: 3 minutes

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating (FSR) to B- (Fair) from C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb-” from “b+” of First Chicago Insurance Company (FCIC). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. Concurrently, AM Best has upgraded the FSR to C+ (Marginal) from C (Weak) and the Long-Term ICR to “b-” from “ccc” of United Security Health and Casualty Company (USH&C), a wholly owned subsidiary of FCIC. The outlook of the Long-Term ICR has been revised to stable from positive while the outlook for the FSR remains stable. Both companies are domiciled in Bedford Park, IL.

The ratings of FCIC reflect its balance sheet strength, which AM Best categorizes as weak, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM).

The rating upgrades reflect FCIC’s adequate operating performance, which has resulted in favorable underwriting gains, net income and additions to surplus for five consecutive years. These favorable operating metrics are due mainly to consistent underwriting profitability bolstered by other fee income and an increasing stream of net investment. As a result, FCIC’s five-year average combined and operating ratios have outperformed the private passenger non-standard automobile composite.

Partially offsetting these positive rating factors is FCIC’s significantly elevated underwriting leverage and expense ratio, which compare unfavorably with the composite. Despite adding to surplus for five consecutive years, the group continues to grow its direct and new written premiums and policy counts, which may expose the company to pricing and loss reserving errors. As a result, the net and gross underwriting leverage ratios remain well above composite averages. In addition, elevated underwriting expenses driven by commission and other expenses, dampen overall profitability. Further, FCIC has a geographic concentration of risk, as 74% of direct written premium is written in two states, Illinois and Indiana.

Concurrently, the ratings of USH&C reflect its balance sheet strength, which AM Best categorizes as weak, as well as its weak operating performance, very limited business profile and marginal ERM. These assessments reflect the company transitioning since 2017 to a health and property/casualty (P/C) entity from a life/health entity. These rating upgrades mainly reflect additional capital of $1.8 million contributed by its parent in 2019.

Partially offsetting this positive factor is the continued execution risk in management’s ability to execute the business plan successfully and gain traction as a P/C carrier. This execution risk is mitigated somewhat, as USH&C’s parent company has experienced management and a history of operating P/C companies. The positive outlooks reflect AM Best’s expectation that the company will meet its projections for premium growth and operating profitability in 2019.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Kevin Dorsey

Senior Financial Analyst

+1 908 439 2200, ext. 5401
kevin.dorsey@ambest.com

Joseph Burtone
Director
+1 908 439 2200, ext. 5125
joseph.burtone@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Continue Reading

Font Resizer

Subscribe to PICANTE via Email

Enter your email address to subscribe to PICANTE and receive notifications of new posts by email.

Follow us on Facebook

Read more from our authors

Follow our Tweets

Trending

Please turn AdBlock off