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SOURCE Newtek Business Services, Inc.
RBFCU to Offer Newtek's Merchant Processing and Payroll Products to its Over 450,000 Members
NEW YORK, Aug. 5, 2014 /PRNewswire/ -- Newtek Business Services, Inc. (NASDAQ: NEWT), The Small Business Authority®, announced today that it has signed a referral partnership agreement with Randolph-Brooks Federal Credit Union ("RBFCU"). RBFCU, one of the largest credit unions in the country with over $6.0 billion in assets, has chosen Newtek Business Services, Inc. to provide merchant processing and payroll products and services to RBFCU's over 450,000 members and almost 50 Texas branch locations. This partnership will enable RBFCU members to consult with Newtek's business service specialists in the aforementioned product lines, and gain assistance with choosing the best solution to suit their particular business needs.
Barry Sloane, Newtek's President, Chairman and Chief Executive Officer said, "We are extremely pleased that the second-largest credit union in Texas, with over $6.0 billion in assets, has chosen to partner with Newtek. We believe our merchant processing and payroll products and services coupled with our industry expertise and top-notch customer service will complement RBFCU's existing robust portfolio of member services. We welcome the opportunity to serve RBFCU's over 450,000 members helping them grow their businesses and effectively compete in their respective markets."
"Our goal as a credit union is to make our members' lives easier and help them save time, save money and earn money," said Sonya McDonald, RBFCU's Executive Vice President/Chief of Staff. "Through our partnership with Newtek, we will offer our members the resources and tools they need to power their small businesses and continue to enrich and stimulate our local economy."
About Newtek Business Services, Inc.
Newtek Business Services, Inc., The Small Business Authority®, is the Authority for the small- and medium-sized business (SMB) market providing a wide range of business services and financial products under the Newtek® brand. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 business accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.
Newtek's products and services include: The Newtek Advantage™, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), eCommerce, Business Lending, Insurance Services, Web Services, Data Backup, Storage and Retrieval, Accounts Receivable Financing, Payroll.
The Small Business Authority® is a registered trade mark of Newtek Business Services, Inc., and neither are a part of or endorsed by the U.S. Small Business Administration.
About Randolph-Brooks Federal Credit Union
Established in 1952, Randolph-Brooks Federal Credit Union is a full-service financial cooperative whose mission is to improve members' economic well-being and quality of life. With assets exceeding $6 billion, RBFCU serves more than 450,000 members from more than 45 branch locations in Texas.
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek's actual results to differ from management's current expectations, are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov.
Newtek Business Services, Inc.
Chairman and CEO
Randolph-Brooks Federal Credit Union
Contact: Simrita Sing
Telephone: (212) 356-9566 / firstname.lastname@example.org
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