Newtek Bank, N.A. Reaches $1.03B In Total Deposits At December 31, 2024, Which Represents A 97% Increase In Total Deposits YoY

Author: Benzinga Newsdesk | January 06, 2025 09:32am

NewtekOne, Inc. ("the Company") (NASDAQ:NEWT) announced today the following deposit metrics of Newtek Bank, N.A. ("Newtek Bank" or the "Bank"), its technology-enabled banking subsidiary, at December 31, 2024:

• $1.03 billion in total deposits at December 31, 2024, which represents a 97.0% increase in total deposits over the year ended December 31, 2023, and growth of $884 million in total deposits since its acquisition in January 2023.
• Insured deposits represent approximately 78% of total deposits at December 31, 2024.
• Core business deposits were $216 million at December 31, 2024, an increase of $106 million, or 96%, over the same period in 2023.
• In the fourth quarter of 2024, Newtek Bank added 950 new business checking accounts.
• At December 31, 2024, Newtek Bank had a deposit base of approximately 15,000 bank accounts, compared to the approximately 1,400 accounts that existed at the time of the Bank's acquisition in January 2023.
• Over the past two years, the Bank's incremental depository accounts were acquired via Newtek Bank's digital account opening process and serviced by U.S.-based representatives, who are available on camera 24/7/365.

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