Latest news with #GeorgeGresham
Yahoo
09-05-2025
- Business
- Yahoo
Fintech giant Green Dot attracts private equity interest despite sluggish deal climate
A choppy economic climate has resulted in many deals going on pause but that's not the case for Green Dot, the Utah fintech best known for its prepaid debit cards. First round bids for Green Dot were due last week and the process has attracted private equity firms, according to banking and private equity executives. PE firms are forming consortia that would allow them to buy Green Dot, the people said. Strategics are also involved in the process, they said. The prospective sale has been complicated, however, because Green Dot owns a bank, while federal law prohibits PE firms from owning more than 24.9% of a bank. As a result, Green Dot could get sold in parts, said the people familiar with the deal, who asked not to be identified so they could speak candidly about negotiations. PE Consortia aren't new in bank deals. Last year, Steve Mnuchin's Liberty Strategic Capital led a group of investors, including Hudson Bay Capital Management and Reverence Capital Partners, to buy 40% of troubled New York Community Bank, which has since rebranded to Flagstar Financial. News of the sale comes several weeks since Green Dot announced in March that it had hired Citi to launch a process exploring possible strategic alternatives. This usually means a company is considering a sale although Green Dot did not provide further information. The fintech also appointed William Jacobs, who was chair of its board, as interim CEO. George Gresham, who had served as Green Dot's CEO since 2022, stepped down as president and CEO effective March 7, according to an SEC filing. Shares of Green Dot have jumped more than 12% since the company announced it would explore strategic alternatives. The stock on Wednesday afternoon traded at $8.05 a share, giving the fintech a $443.1 million market capitalization. Green Dot is scheduled to report first quarter results on Thursday, May 8. Green Dot and Citi each declined comment. Founded in 1999, Green Dot offers several different financial products including debit, checking, credit, prepaid, and employer payroll cards. Green Dot Bank has $5.3 billion in assets and provides banking services for Apple Cash, which lets users send each other money. The company also has a long-term relationship with Walmart and is the issuing bank for Walmart Money cards. Apple and Walmart are Green Dot's two biggest customers, generating 65% of the fintech's $1.7 billion revenue in fiscal 2024, according to a March 10 note from Cristopher Kennedy, an equity research analyst at William Blair. Apple produced 50%, or $948 million in revenue, for Green Dot, while Walmart generated 10%, or $171 million, Kennedy wrote in the note. Green Dot's bank charter has limited the list of potential buyers for the company, while federal rules that regulate debit interchange fees have likely led to limited interest from larger institutions, Kennedy wrote in the research note. 'That said, we believe that potentially lower regulatory burdens on financial institutions under the new administration could drive increased bank consolidation and an improved environment for [banking as a service],' he added. President Trump announced his 'Liberation Day' tariffs on April 2, causing the broad market to plunge and IPOs, which were hoped to return this year, to go on ice. Mergers were also impacted. Many new deals, those transactions that have yet to launch, were put on pause. Some deals that were already in process, like Green Dot, are going forward, bankers said. 'Things aren't the disaster we feared they were going to be on April 2,' one banker said. Transactions are expected to take longer, likely six to nine months instead of three to four. Importers, consumer goods companies that sell products like shoes and toys, and manufacturers that are dependent on foreign parts, will likely experience a direct impact from the tariffs. Companies that provide financial software may experience a little bit of buffer initially but that will disappear, bankers said. Many companies will feel 'the pinch' when it comes to buying software, they said. 'Eventually it will all flow down,' a second banker said. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
04-05-2025
- Health
- New York Post
NY's largest health care workers union topples longtime prez
Members of New York's largest health care workers union just voted to topple their longtime president amid accusations of mismanagement and lavish spending. Yvonne Armstrong, senior executive president of Service Employees International Union 1199 East, easily defeated George Gresham in a landslide vote of 26,623 to 11,722 in a sign of major discontent over the current leadership. The results were announced by the union Sunday after an official count Saturday night. 3 Members of Service Employees International Union 1199 East voted out president George Gresham. Christopher Sadowski Gresham, who started out as a housekeeper at Presbyterian Hospital, had been president since 2007. But he was dogged by accusations of using union-fund accounts as his personal 'piggy bank' to benefit himself, family and allies, according to a recent Politico investigation. He denied wrongdoing. Gresham also is in poor health. 'Although this election did not go as I had hoped, I want to congratulate the candidates from both slates for their victories,' Gresham said in a statement released Sunday. 'No matter who you voted for, at the end of the day we are all part of our precious 1199 family, and I know that we share the same deep love for our union and the labor movement. 'It has been the honor of my lifetime to serve as your President for the past 17 years. I started my journey as a proud rank-and-file member in housekeeping at Presbyterian Hospital 50 years ago, full of the same passion and commitment that still drives me today to fight for the rights and dignity of all healthcare workers, our patients and communities.' 3 Gresham had been the head of the union since 2007. X / @1199Prez Gresham played a key role in winning increases in New York's minimum wage and expanding home-care services and Medicaid funding, which is the financial lifeblood for many hospitals that employ his members. SEIU 1199 East is part of the largest health care workers union in the country, representing 450,000 total members throughout New York, New Jersey, Massachusetts, Maryland, Florida, and Washington, DC. Gresham has urged union officials to keep their eye on the ball by fighting back against proposed federal cuts in Medicaid and to negotiate stronger labor contracts. 'Once my term ends in June, I look forward to a new role in our great union – [as] an active 1199 retiree,' Gresham said. 3 A recent Politico investigation accused Gresham of using union-fund accounts as his personal 'piggy bank.' Christopher Sadowski The development came as New York City United Federation of Teachers President Michael Mulgrew, who has been in power since 2009, is facing a tough re-election fight himself. He's is battling a spirited challenge from Amy Arundell, the former Queens borough representative who has held key positions in the union. She previously served in Mulgrew's dominant unity faction in the union. Mulgrew scored a big victory when he persuaded the state Legislature and Gov. Kathy Hochul to approve a class-size-reduction law in New York City classrooms. But his unity caucus is facing growing discontent. Last year, challengers to his slate won seats in the retiree chapter and the unit representing paraprofessionals. Retirees were particularly incensed over proposed changes in their Medicare coverage.
Yahoo
25-04-2025
- Business
- Yahoo
Major health care union backs Cuomo's mayoral bid
NEW YORK — New York City's largest private sector union endorsed Andrew Cuomo's mayoral bid Friday, adding to the list of politically influential labor organizations backing the scandal-scarred former governor. The union, 1199SEIU United Healthcare Workers East, cited Cuomo's 'record of delivering for health care workers' and his work securing a $15 minimum wage, expanding paid family leave, winning marriage equality and defending immigrant rights. 'New York is at a crossroads, and we need leaders who will stand up for working people, fight for good union jobs, and ensure every New Yorker — no matter their zip code — has access to quality healthcare, affordable housing, and a living wage,' President George Gresham said in a statement Friday. 'At a time when our city is facing enormous challenges, we need leaders with the experience and vision to deliver real results — our members recognize that Governor Cuomo is the clear choice to lead New York forward.' The union represents 200,000 health care workers within the five boroughs and played a large part in getting former Mayor Bill de Blasio elected, making it one of local politicians' most coveted endorsements. It may not be the most consequential now, though. The union's political power has softened from years without a permanent political director and an increasingly disenchanted membership. Lawyer Maya Wiley won the union's support in the 2021 mayoral race, to no avail. President George Gresham, a longtime Cuomo ally who eventually called on him to resign, urged the union's top officers weeks ago to throw their support behind his candidacy. But the endorsement landed on the union's backburner, as Gresham campaigned for reelection and grappled with fallout from a nine-month POLITICO investigation into his lavish spending of union funds. The union's internal election — its first contested leadership race since 1989 — is being conducted by mail through the end of the month. Cuomo campaign spokesperson Rich Azzopardi did not respond to requests for comment on the POLITICO investigation into Gresham's spending. The union has donated heavily to Cuomo's gubernatorial campaigns in the past and, through an advocacy arm co-led by the Greater New York Hospital Association, spent millions on television ads in 2018 praising his health care policies.
Politico
25-04-2025
- Business
- Politico
Major health care union backs Cuomo's mayoral bid
NEW YORK — New York City's largest private sector union endorsed Andrew Cuomo's mayoral bid Friday, adding to the list of politically influential labor organizations backing the scandal-scarred former governor. The union, 1199SEIU United Healthcare Workers East, cited Cuomo's 'record of delivering for health care workers' and his work securing a $15 minimum wage, expanding paid family leave, winning marriage equality and defending immigrant rights. 'New York is at a crossroads, and we need leaders who will stand up for working people, fight for good union jobs, and ensure every New Yorker — no matter their zip code — has access to quality healthcare, affordable housing, and a living wage,' President George Gresham said in a statement Friday. 'At a time when our city is facing enormous challenges, we need leaders with the experience and vision to deliver real results — our members recognize that Governor Cuomo is the clear choice to lead New York forward.' The union represents 200,000 health care workers within the five boroughs and played a large part in getting former Mayor Bill de Blasio elected, making it one of local politicians' most coveted endorsements. It may not be the most consequential now, though. The union's political power has softened from years without a permanent political director and an increasingly disenchanted membership . Lawyer Maya Wiley won the union's support in the 2021 mayoral race, to no avail. President George Gresham, a longtime Cuomo ally who eventually called on him to resign, urged the union's top officers weeks ago to throw their support behind his candidacy. But the endorsement landed on the union's backburner, as Gresham campaigned for reelection and grappled with fallout from a nine-month POLITICO investigation into his lavish spending of union funds . The union's internal election — its first contested leadership race since 1989 — is being conducted by mail through the end of the month. Cuomo campaign spokesperson Rich Azzopardi did not respond to requests for comment on the POLITICO investigation into Gresham's spending. The union has donated heavily to Cuomo's gubernatorial campaigns in the past and, through an advocacy arm co-led by the Greater New York Hospital Association, spent millions on television ads in 2018 praising his health care policies.
Yahoo
17-03-2025
- Politics
- Yahoo
Neighbors group gathers in Ogdensburg to protest DOGE cuts
Mar. 17—OGDENSBURG — Approximately 200 protesters gathered in front of Ogdensburg City Hall Saturday to rally against the federal cuts being made by the Trump administration's Department of Government Efficiency. The protest, titled a "March To Stop The Cuts," was sponsored by Adirondack Voters for Change and North Country Neighbors for Civic Engagement. According to a press release from North Country Neighbors for Civic Engagement, the group is concerned with a February budget resolution passed by House Republicans that would cut nearly $880 billion over the next 10 years with expectations that deep cuts would be made to Medicare, Medicaid and the Children's Health Insurance Program. "The budget resolution passed would enact a vast tax giveaway to billionaires, funded by ripping away up to $880 billion in Medicaid funding that millions of Americans rely on. This would be a looting of our nation's safety net on a massive scale, making our nation sicker and poorer. We call on members of Congress to stop these egregious cuts to prevent severe harm to working families, children, pregnant women, seniors, people with disabilities and all who rely on Medicaid for the care they need," George Gresham, president of 1199SEIU United Healthcare Workers East, said in a statement. NY-21 congressional candidate Blake Gendebien, a Lisbon farmer, said that families and seniors in the district are "feeling the squeeze." "Too many working families and seniors in our district are feeling the squeeze, struggling to keep up with rising costs. But instead of making life more affordable, politicians in Washington and Albany are busy playing political games. With nearly half of our community over 65 and living on fixed incomes, we need real solutions to bring prices down and make everyday essentials affordable. That's why I will never vote to cut Social Security, Medicare, or Medicaid — seniors and families deserve the care they've earned," Gendebien said. Steve Knight, former CEO of United Helpers, said that nursing home and home care costs have been inflated due to inadequate Medicaid reimbursement. "Many times I've seen a private pay resident's life savings be devoured in 2-3 years leaving no legacy for their children or loved ones. Thousands of North Country jobs and countless businesses depend on organizations who rely on Medicaid reimbursement," he said. A similar protest took place at the Clinton Government Building in Plattsburgh. Both have offices for Rep. Elise M. Stefanik, who is expected to vacate her seat this year and be confirmed as the U.S. ambassador to the United Nations.
