BOCA RATON, Fla., Feb. 11 11, 2022 (GLOBE NEWSWIRE) — Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company (“BDC”), today announced its guidance for its second quarter 2022 cash dividend of 0 $.65 per share.¹ The Company previously declared a first quarter 2022 dividend of $0.65 per share, which is payable March 31, 2022 to shareholders of record March 21, 2022.

Barry Sloane, President, Chairman and Chief Executive Officer, said, “We are pleased to anticipate a dividend of $0.65 per share for the second quarter of 2022. We couldn’t be happier with how we have ended calendar year 2021. As we move forward through the first quarter of 2022, the momentum and traction of our core businesses has allowed us to feel comfortable forecasting a dividend of $0.65 for the second trimester. This scheduled Q2 2022 dividend, if declared, combined with our already declared Q1 2022 dividend of $0.65 per share, would equal $1.30 per share for the first six months of this calendar year. We look forward to releasing results on February 23 and providing an update on efforts to acquire National Bank of New York City.

¹Note regarding dividend payments: The amount and timing of dividends, if any, remain subject to the discretion of the Board of Directors of the Company. The Company’s Board of Directors expects to maintain a dividend policy with the objective of paying quarterly distributions in an amount equivalent to approximately 90 to 100% of the Company’s annual taxable income. The determination of the tax characteristics of the Company’s distributions is made annually at the end of the Company’s fiscal year based on its taxable income for the full year and the distributions paid for the full year.

Newtek Business Services Corp., your business solutions company^®, is an internally managed BDC which, together with its controlled holding companies, provides a wide range of business and financial solutions under the name Newtek^® brand to the small and medium-sized enterprise (“SME”) market. Since 1999, Newtek has provided leading, cost-effective products and services and effective business strategies to SMB relationships in all 50 states to help them increase sales, control expenses and reduce risk.

Products and services of Newtek and its portfolio companies include: business loans, SBA loan solutions, electronic payment processing, technology solutions (cloud computing, data backup, storage and recovery, IT consulting) , eCommerce, Accounts Receivable and Inventory Financing, Insurance Solutions, Web Services, and Payroll and Benefits Solutions.

Newtek^® and your business solutions company^® are registered trademarks of Newtek Business Services Corp.

Note Regarding Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as “believes”, “intends”, “expects”, “plans”, “anticipates”, “plans”, “goal” and “future” or similar expressions are intended to identify forward-looking statements. 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 or implied by the forward-looking statements. These risks and uncertainties include, among others, increased competition, operational issues and their impact on revenues and profit margins, expected future business strategies and financial performance, expected future number of customers, trade, legislative developments and other 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 cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied by such statements.

SOURCE: Newtek Business Services Corp.

Investor Relations and Public Relations
Contact: Jayne Cavuoto
Phone: (212) 273-8179 / [email protected]