Newtek Business Services completed the acquisition of National Bank of New York City for $20m.

Newtek Business Services, an internally managed business development company, completed the acquisition of National Bank of New York City, a nationally chartered bank, for $20m. "We are pleased with the manner in which Newtek has responded to adverse market conditions throughout its over two-decade operating history. During our enterprise’s lifetime, the 2008-2009 credit crisis and the Covid-19 pandemic clearly were major hurdles for our organization to overcome, and we did so with success. We are proud that our management and team members have always been able to not only respond to challenges but, more importantly, have been able to adapt and persevere in the face of difficult operating environments, and always work to strategically position the company for future success," Barry Sloane, President, Newtek Chairman and CEO.