Investor Update October 2019
It has been another great quarter for Nano Banc. As we say goodbye to summer and approach the holiday season, we continue our upward trajectory and look forward to what the New Year will bring. By 2019 year-end, the Banc is making a big push to gather another $100 million in deposit accounts tied to property management accounts from its clients and investors. Please continue to support the Banc you invested in.
Nano Banc ended the third quarter with $910 million in assets. Since our May 2018 inception, we have grown a total of 727% in total assets, making us the fastest “organic” growing bank in the nation. Q3 2019 net income was $514 thousand, with YTD operating cash flow of $1.2 million. Since our May 2018 inception, we have had no bad loans, not even a 30-day late payment.
The Banc looks forward to sharing a peer group analysis after Q4 2019, showing how we stack up with our peers during the early stage of their banks’ life cycle. We are confident you will be pleased, considering our short history and where the trend is going.
NANO GROWTH OUTLOOK
Nano Banc is currently working to roll-out additional products and services in 2020 to further its endeavors with deposit and loan growth to generate additional long-term non-interest income. Such products are: Atlas Wire Platform, Merchant Services, and Correspondent Lender relationships. We look forward to updating you on these future developments.
In alignment with Community Reinvestment Act goals, Nano Banc endeavors to make philanthropic investments that increase access to economic opportunity in low and moderate income communities. It is with much enthusiasm and excitement that we announce our partnership with Skyhook Foundation, founded by NBA superstar and California STEM (Science, Technology, Engineering, Mathematics) education Ambassador, Kareem Abdul-Jabbar.
Kareem has helped transform STEM education by championing environmental literacy and taking learning outside the classroom. As the flagship program of the Skyhook Foundation, Camp Skyhook partners with Los Angeles Unified School District to get children outdoors. With a curriculum developed by UCLA and NASA, Skyhook prepares students to be leaders and visionaries of the 21st century.
CAMP SKYHOOK SUPPORT
With a 6 year wait list to get into Camp Skyhook, our support is needed to help pursue this endeavor. To learn more, please visit their website, SkyhookFoundation.org. If you are interested in donating to the Skyhook Foundation, please coordinate with Amanda Tarney.