Avidbank Holdings Inc. (OTC:AVBH) Stock on Watchlist After Recent Development

The bank holding company and parent firm of Avidbank, Avidbank Holdings Inc. (OTC:AVBH), announced that Art Wasson will join the bank’s Treasury Management Services team as the Executive Vice President to lead the Treasury Management Services team.

He has been working with entrepreneurs and investors in the venture banking space for over a decade. Recently, he was the founding member and managing group director of the venture banking team at Signature Bank. Earlier, he had spent seven years at Square 1 Bank, besides being the Executive Vice President and head of the Equity Funds Group and Global Treasury Management.

Art commenced his career with over 16 years at Morgan Stanley and Merrill Lynch in their private banking divisions. He was engaged in working with both small and middle-market businesses. Wasson is being accompanied by Christina Scheper in the Treasury Management Division, who will be the senior vice president. Additionally, Jeff Massey will be the vice president.

Ms. Scheper has been in the banking arena for more than 16 years, with her most recent stint being with Mr. Wasson as a founding member of the Venture Banking Team at Signature Bank. Massey is a founding member of the Venture Banking Team at Signature Bank, besides serving as Vice President, Global Treasury Management.

Mark Mordell, Chairman and Chief Executive Officer, said that Christina and Jeff’s induction into the team, along with Art, will produce significant results in the distribution of its products. Mordell expressed satisfaction in welcoming them and hoped it would augment the non-interest income.

Wasson said that Avidbank shows a novel combination of culture, people, and opportunity, focused on providing first-class products as well as services to business clients. He expressed excitement about joining the team and adding value.

Avidbank Holdings Inc. announced net income for quarter two of 2023 at $4.7 million, or $0.63 per diluted share. The company’s total deposits were $1.75 billion on June 30, 2023, a surge of $131 million, or 8%, as compared to March 31, 2023. From this, venture lending was $49 million. Uninsured deposits were 40% of total deposits on June 30, 2023. The lower deposits included $692 million in ICS reciprocal deposits.

Mark Mordell, Chairman and Chief Executive Officer, said that the company is pleased with the deposit growth as well as the improvement in its liquidity position. Mordell-added deposits have surged since May 1 for all the banking divisions. There have been lower uninsured deposits, at 40% of total deposits in quarter two. He expressed gratitude to the Avidbank team for harnessing relationships amidst the challenging banking environment.

He also stated that credit quality remains robust with stable trends in the portfolio. Nonperforming loans total $15.5 million, including a $14.1 million construction loan.

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