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MarketScreener Homepage  >  Equities  >  Nyse  >  Square, Inc.    SQ

SQUARE, INC.

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Square : Nelnet receive FDIC approval for bank charters

03/19/2020 | 11:46am EST

The FDIC approved the long awaited bank charter application for Square Inc. along with student loan and payments firm Nelnet Bank, a move that may usher in a new era of transformation for the banking industry. 

San Francisco-based Square is one of the nation's largest payments firms, operating a widely used point of sale platform for retail merchants and restaurants and also operates the popular Cash App, for consumers. 

Square said it received conditional approval for deposit insurance for an Industrial Loan Company bank charter and also received charter approval from the Utah Department of Financial Institutions

The bank operation, called Square Financial Services, will mainly provide small business loans for Square Capital's commercial loan business and offer deposit products. 

"We appreciate the FDIC's thoughtful approach to our application and their recognition that Square Capital is uniquely positioned to build a bridge between the financial system and the underserved," Jacqueline Reses, Square Capital lead and executive chairwoman of Square Financial Services, said in a company release. "We're now focused on the work ahead to build out Square Financial Services and open our bank to small business customers."

Square Financial Services CEO Lewis Goodwin and CFO Brandon Soto will lead the Salt Lake City-based bank. The executives are the former CEO and CFO respectively of Green Dot Bank

Nelnet will operate as Salt Lake City-based internet bank franchise, offering products to students and their families. 

"We are excited to have earned both the FDIC's and UDFI's approval," Tim Tewes, president of Nelnet. "This is an important milestone and brings us a step closer to launching Nelnet Bank and being able to combine our experience and lending to help students and their families make informed education funding decisions."

"This is big news since the FDIC has been very conservative in approving new banks since the 2008 recession," Thad Peterson, senior analyst at Aite Group, told Mobile Payments Today via email. "The move to an ILC charter makes sense for both organizations."





 

Copyright © 2020 Networld Media. All rights reserved., source Industry News

Stocks mentioned in the article
ChangeLast1st jan.
NELNET, INC. -0.65% 72.22 Delayed Quote.1.38%
SQUARE, INC. -2.17% 227.75 Delayed Quote.4.65%
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Financials (USD)
Sales 2020 9 374 M - -
Net income 2020 -84,8 M - -
Net cash 2020 1 227 M - -
P/E ratio 2020 -1 221x
Yield 2020 -
Capitalization 103 B 103 B -
EV / Sales 2020 10,8x
EV / Sales 2021 7,71x
Nbr of Employees 3 835
Free-Float 83,9%
Chart SQUARE, INC.
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Square, Inc. Technical Analysis Chart | SQ | US8522341036 | MarketScreener
Technical analysis trends SQUARE, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 220,34 $
Last Close Price 227,75 $
Spread / Highest target 33,5%
Spread / Average Target -3,26%
Spread / Lowest Target -65,8%
EPS Revisions
Managers and Directors
NameTitle
Jack Dorsey Chairman, President & Chief Executive Officer
Amrita Ahuja Chief Financial Officer & Treasurer
James Morgan McKelvey Independent Director
Lawrence Henry Summers Independent Director
David Alan Viniar Lead Independent Director
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