Latest news with #Bishop
Yahoo
4 hours ago
- Business
- Yahoo
Atlantic Union sells $2B CRE portfolio to Blackstone unit
In a deal that closes the loop on its transformative acquisition of Sandy Spring Bank, Atlantic Union Bankshares said it sold $2 billion in performing commercial real estate loans to Blackstone Real Estate Debt Strategies. The $38 billion-asset Atlantic Union announced its intent to sell a CRE portfolio in October, when it struck its $1.3 billion deal for Sandy Spring. The subsequent loan sale, announced late Thursday, reduces Atlantic Union's CRE exposure while providing the means to pay down high-cost funding and add to the securities book. The episode "is another proof point of Atlantic Union's ability to execute and deliver on transactions that create long-term value for our shareholders," President and CEO John Asbury said in a press release. "[It] reduces our CRE concentration and frees up capacity for potential future growth." The Richmond, Virginia, bank will continue servicing the CRE loans it sold to Blackstone. Retaining servicing rights is crucial because it provides an opportunity to preserve the banking relationships with borrowers and, potentially, make new loans when the existing credits mature, Hovde analyst David Bishop wrote Friday in a research note. Atlantic Union had already marked the CRE portfolio to market, so there was no loss associated with the sale, even though the loans were sold at a discount, according to Bishop. Indeed, the deal might yield a small gain, he wrote. "We view this sale as a major first-step positive," Bishop wrote. An Atlantic Union spokesperson had not responded to a request for comment at deadline. Banks selling off commercial real estate loans has become a recurrent theme as financial institutions look to limit downside vulnerability to a sector marked by concerns about retail, multifamily and office vacancy rates. In December, the $62 billion-asset Valley National Bancorp in New York sold a $1 billion CRE portfolio to Brookfield Asset Management. The same month, HomeStreet in Seattle agreed to sell a $990 million CRE portfolio to Bank of America. HomeStreet, the holding company for HomeStreet Bank, later agreed to sell itself to the $16 billion-asset Mechanics Bank in Walnut Creek, California. Blackstone Real Estate Debt Advisors, which originates loans and invests in real estate-related debt for institutional and private investors, has completed several recent transactions involving bank CRE portfolios. In May 2024, Blackstone acquired $1 billion of loans originated by a German bank backed by multifamily, office and hospitality properties in the U.S. and the United Kingdom. Five months earlier, in December 2023, Blackstone acquired a 20% stake in a joint venture holding $17 billion of CRE loans originated by the failed Signature Bank. The Atlantic Union loan sale "demonstrates the breadth of our market-leading platform and deep expertise providing solutions to financial institutions for their commercial real estate portfolios," Tim Johnson, global head of Blackstone Real Estate Debt Strategies, said in a press release. Atlantic Union closed its acquisition of the Olney, Maryland-based Sandy Springs ahead of schedule in April. The deal established the company as the largest regional bank in Maryland and Virginia. With Sandy Spring under its belt, Asbury said the company plans to pivot south and seek growth opportunities in North and South Carolina. "We push south and make the investment in the Carolinas over time. That will be the next big thing," Asbury said in a recent interview with American Banker. 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
The Independent
10 hours ago
- General
- The Independent
Tech founder and engineers among the latest class of Catholic priests
Under the Gothic arches of a cathedral, a dozen men prepared for their ordination Mass, marking a significant moment for the Catholic Church. On a balmy June afternoon, they rehearsed the intricate rituals of their impending priesthood, a culmination of six years of seminary and a lifetime of spiritual discernment. Their sheer number, the largest group ordained by the diocese in nearly three decades, presented a logistical challenge, barely fitting before the altar. Dubbed "the 12" by their bishop, a reference to Jesus's apostles, their collective presence has become a symbol of hope and renewal for a Church grappling with deep divisions, crises, and abuse. The diverse cohort includes engineers, a tech company founder, and two future military chaplains, with ages spanning from 28 to 56. While most are US-born, their origins also stretch to nations with strong Catholic traditions, such as Cameroon, Mexico, Peru, and Haiti. They are entering the priesthood at an exciting time, just as the first US-born pope begins his papacy. Yet, there remains an acute shortage of clergy like them. In the US, the number of priests has declined by more than 40 per cent since 1970, according to CARA, a research center affiliated with Georgetown University. During their final year of seminary, these 12 men have served as transitional deacons, offering baptisms, homilies and promising to live in obedience and celibacy. 'We've already made the promises that are, I guess, 'the scariest,'' said the Rev. Ricky Malebranche, one of the ordinands. Soon they will be entrusted with more sacraments. As ordained priests, they will work at parishes around northern Virginia, with the ability to consecrate the Eucharist, hear confessions and anoint the sick. For now, they shuffle side to side until they can fit in a row. Carefully they lie down to practice the act of prostration — arguably the most dramatic moment during an ordination ceremony. Elbows bent, hands cradling their heads, the men press their faces to the cold, marble floor. It's a position of vulnerability that signals absolute surrender. 'We're laying before the Lord,' the Rev. Mike Sampson, an ordinand, explained before the rehearsal. 'We're laying our lives down.' Searching for something more While neighboring dioceses have shuttered parishes and face dire budget shortfalls, the Diocese of Arlington is opening new churches. Its finances are solid. This year's class of new priests is the second largest in the diocese's 50-year history. The reasons behind that success 'are a little bit mysterious,' said the Rev. Michael Isenberg, the diocese's outgoing vocations director. He points to one factor helping the recruiting pool: vibrant parishes, full of young professionals drawn to jobs around Washington, D.C. Sampson, 42, was a government lawyer and raised a Protestant before he was baptized as a Catholic in 2013. Six years later, he enrolled in seminary to become a priest. The Rev. Tim Banach, 31, worked as a consultant in the same office complex as Sampson. 'I enjoyed the work I was doing, but there was something more that I desired." 'I had the dream job,' said the Rev. Alfredo Tuesta, 40, who earned a doctorate in engineering and was working at the US Naval Research Laboratory when he felt called to the priesthood. 'I had the job that I had trained many years to achieve — and it wasn't enough.' At a Sunday family dinner two weeks before ordination, Malebranche's father, Jacques, talked up these '12 great guys.' 'This kid already had two master's degrees,' he said, pointing to his son Ricky, 37, who worked as a counselor and coach at a Catholic high school before seminary. 'They had good lives. When they say they received a call, they mean it,' he said. 'They gave up a lot, and this is not easy.' A higher barrier to entry Prospective priests undergo a rigorous screening process. 'This is going to sound crazy, but they're normal,' said the Rev. Donald J. Planty Jr., who mentored several of this year's ordinands. 'They can talk to anyone.' In the wake of the clergy sex-abuse crisis, there is a greater emphasis on applicants' psychological health and emotional well-being. They go before an admissions board that includes women and laypeople, and as ordinands, meet with abuse survivors. They ultimately answer to Bishop Michael Burbidge, the diocese's avuncular prelate. 'A thing that has changed for the positive in the church is that bishops really know their men,' said Burbidge, who calls, texts and meets with seminarians regularly. 'When I was in seminary, there was no expectation that you would know the bishop.' Politically and theologically, young US priests are more likely to identify as conservative or moderate than their clerical elders who came of age in the 1960s and 1970s, according to a 2023 report from the Catholic Project at Catholic University. For these men in Virginia, the rightward tilt of the US Catholic Church is not a deciding factor in their priesthoods. They have pledged, though, to uphold the church's teachings, which remain conservative on issues such as gender identity, sexual orientation, contraception and abortion. 'I look at the young adults in our parishes, growing up in a world where in many ways the sacred has been removed,' Burbidge said. 'They're looking for something more. 'Give me beauty. Give me truth. Give me clarity.' I see that in young adults in our church, and these men are products of that.' The sacrifices of priestly life For many of the men, priesthood means forgoing dreams of an ordinary family life. 'I thought I was going to be a great dad and have a wonderful family,' Malebranche recalled. 'And I was like, 'Lord, why would you not want that for me?'' For many, there's a grieving process in letting go of that vision, even for deeply Catholic families. 'Every parent wants grandkids,' said Banach, whose career change initially surprised his supportive Catholic parents. Priests give up biological children, he said, but are privileged to raise 'spiritual children.' His fellow ordinand Malebranche ministers to families out of what he calls a 'deep love of my own for a family.' Two weeks before ordination, Malebranche channeled that love into a baptism conducted in Spanish, the parents' native tongue. He was nervous beforehand. A gregarious, gifted speaker, he is less confident in Spanish — though it's necessary in a diocese where nearly half the parishioners are Latino. 'It was a beautiful ceremony,' Gloria Marquez told him after, beaming and holding her 9-month-old. She said she and her husband had tried for nearly 20 years to have a baby. Malebranche teared up, grateful to be part of the longed-for moment. He wants the Catholic Church to be welcoming, especially for those who have been hurt. 'I really just want to make Catholicism warm,' he said. Like all the ordinands, he is very aware that in his clerical garb, he represents the church and the presence of Jesus. 'I have to be on every time I'm in this collar,' Malebranche said. 'That is a fitting weight for the gift of the priesthood, but it is a weight nonetheless.' A new chapter Ordination-day morning had the nervous energy of a wedding, an apt parallel for the impending commitment and pageantry. Anxious parents took their places in pews alongside friends and family who traveled from around the world to witness the ceremony. The evening would bring receptions in honor of the new priests, who would then have two weeks off before their new ministry assignments began. Sampson was going to Italy with a priest friend. Banach was hiking part of the Appalachian Trail with a small kit for the Eucharist in his pack. Tuesta was flying to Lima, Peru, his birthplace, to celebrate with family. Malebranche planned to visit loved ones in his native Virginia. 'I'm kind of looking to show off,' he said, laughing. 'I'll have my confessional stole on me at all times.' When their ordination Mass got underway, it was standing room only, with more than 1,200 well-wishers crowded into the cathedral. As part of the three-hour service, nearly 200 priests lined up to embrace and welcome into the fold their new brothers, now cloaked in ivory and blue robes. At the close of Mass, they walked down the aisle to cheers and applause, and the 12 priests were sent out, like the apostles who had come before them.
Scoop
a day ago
- Automotive
- Scoop
Driver Licencing Wait Times Shortest Yet
Minister of Transport The Government's work to deliver better public services for New Zealanders is paying dividends for people working to gain their driver licence, Transport Minister Chris Bishop says. 'National average wait times are now just four days for a full licence test and seven days for a restricted licence test, down from a peak of up to 90 days in some regions,' Mr Bishop says. 'At one point in 2024, we saw wait times get as high as 90 days in some regions, with a backlog of over 80,000 people applying to sit their licence tests at one point. 'These unacceptable wait times were the result of the previous government's decision to remove re-sit fees for theory and practical tests in 2023. This led to people not preparing properly for their tests, no shows, and people failing. These people simply went back in line to re-sit their test again and again. 'The Government took decisive action to reduce wait times. We introduced a limit of one free re-sit for Class 1 driver licence tests, removed free re-sits for overseas licence conversions, and temporarily extended the amount of time people can drive on their overseas licence from 12 months to 18 months. 'NZTA and VTNZ have also recruited and trained more than 70 new Driver Testing Officers, introduced new temporary testing sites, and extended testing site hours in some regions. Text alerts were also introduced to remind people of their driving test and ensure they turn up on the day. 'Wait times are continuing to be monitored closely, and if they increase at individual testing sites NZTA will work with testing agents to bring them down. 'We have delivered on our promise to bring wait times down, creating a more efficient licensing system that contributes to road safety. 'I also encourage anyone preparing for their test to check out the free resources available on the Drive website. Developed by NZTA and ACC, Drive is an official resource designed to help learner drivers and those teaching others how to drive. 'A driver licence can unlock many opportunities for a person and improve access to employment. We want to make sure we're removing barriers and keeping people safe on our roads.'
Scoop
3 days ago
- Business
- Scoop
'Once-in-a-generation' National Infrastructure Plan sets vision for next 30 years
The draft National Infrastructure Plan is challenging the government to "lift its game" on project planning, saying it has often been "short-term and reactive". The strategy has been developed by the infrastructure commission, Te Waihanga, laying out the key areas in need of attention over the next three decades. Infrastructure Minister Chris Bishop acknowledged the invocation and said the recommendations aligned with the government's priorities. Bishop cited the proposed shift towards user-pays, spatial planning, and better asset management and maintenance. "The government is determined to improve New Zealand's infrastructure system and to work alongside the industry and other political parties to establish a broad consensus about what needs to change," he said. The commission's chief executive Geoff Cooper said New Zealand spent a greater percentage of gross domestic product (GDP) on infrastructure compared to other high-income countries, but was in the bottom 10 percent for the value from that spend. "To ensure New Zealanders are getting the infrastructure services they need, it's critical that we get smarter about how we invest," he said. "A National Infrastructure Plan can help, showing where our infrastructure dollar will have the greatest impact in meeting New Zealand's future needs." The plan contains a "Priorities Programme List" of 17 projects, six of which relate to the Defence Force. As well, it endorses the upgrade of the Reserve Bank's cash centre and vault, and the redevelopment of Hawke's Bay Regional Prison. The commission said more investment would be needed over the next three decades in hospitals and electricity, while changes would be required in land transport investment. The draft plan laid out a litany of problems with the existing approach, including that infrastructure projects were announced before establishing whether they were affordable or achievable. "Half of the large projects seeking funding through central government's annual Budget lack business cases to demonstrate that they're ready to fund. "Maintenance funds, which should provide a steady, ongoing stream of work, may get diverted to new builds. Consequently, efforts to recruit, develop, and retain a skilled workforce are stretched" It said New Zealand needed to get smarter about infrastructure planning, and suggested easing the regulatory environment or taking a "more commercial approach". "It's time to start fixing up our essential infrastructure assets, rather than seeing them breaking under our feet because we didn't set aside money for maintenance. "It's time to invest in infrastructure that will lift our productivity and cut our carbon emissions. "It's time to do new projects right, rather than dreaming big and seeing them constantly delayed, rescoped, and cancelled because they're too big for us to afford." The plan will now go out for consultation with a final version to be published by the end of the year. Speaking at a symposium at Parliament on Wednesday morning, Bishop said the independent plan would succeed only if it was accepted and adopted by successive governments. "This is not the... coalition government's plan, this is New Zealand's plan. We will all be better off if we follow its recommendations," Bishop said. He also use his speech to take a whack at "14 laggard councils" which had not yet lodged bids with the infrastructure pipeline. "I'm going to be writing to them, saying that they need to get on board," Bishop said. "My own view is we do need to get away from the rhetoric of needing a bipartisan pipeline, and instead we need to start talking about building bipartisan consensus on the idea that governments of all flavours should use best-practice to plan, select, fund and finance, deliver, and look after our infrastructure." Infrastructure New Zealand chief executive Nick Leggett described the plan as a "once-in-a-generation" opportunity. "The draft Plan is a clear-eyed assessment of the infrastructure challenges facing New Zealand, our historic under-performance and provides a solid pathway for improvement, particularly from our government agencies," he said. "If we don't face up to this now, there will be real pain for our future generations." Leggett said the association particularly supported the design of a "steady project pipeline" to allow providers to invest in their workforce. Labour leader Chris Hipkins said the plan was a welcome contribution. "If we can agree some shared priorities, we can avoid this flip-flopping cycle where everything just takes too long and costs too much." Hipkins expected there were some assumptions in the plan that would be tested over the consultation process, and there would still be some debate over who pays for what. "Even in transport, we have partial user-pays for public transport at the moment. There's probably going to be some differences between Labour and National, in particular about where we think the balance of that should rest."
Otago Daily Times
3 days ago
- Business
- Otago Daily Times
National Infrastructure Plan sets vision for next 30 years
The draft National Infrastructure Plan is challenging the government to "lift its game" on project planning, saying it has often been "short-term and reactive". The strategy has been developed by the infrastructure commission, Te Waihanga, laying out the key areas in need of attention over the next three decades. Infrastructure Minister Chris Bishop acknowledged the invocation and said the recommendations aligned with the government's priorities. Bishop cited the proposed shift towards user-pays, spatial planning, and better asset management and maintenance. "The government is determined to improve New Zealand's infrastructure system and to work alongside the industry and other political parties to establish a broad consensus about what needs to change," he said. The commission's chief executive, Geoff Cooper, said New Zealand spent a greater percentage of gross domestic product (GDP) on infrastructure compared to other high-income countries, but was in the bottom 10 percent for the value from that spend. "To ensure New Zealanders are getting the infrastructure services they need, it's critical that we get smarter about how we invest," he said. "A National Infrastructure Plan can help, showing where our infrastructure dollar will have the greatest impact in meeting New Zealand's future needs." The plan contains a "Priorities Programme List" of 17 projects, six of which relate to the Defence Force. As well, it endorses the upgrade of the Reserve Bank's cash centre and vault, and the redevelopment of Hawke's Bay Regional Prison. The commission said more investment would be needed over the next three decades in hospitals and electricity, while changes would be required in land transport investment. The draft plan laid out a litany of problems with the existing approach, including that infrastructure projects were announced before establishing whether they were affordable or achievable. "Half of the large projects seeking funding through central government's annual Budget lack business cases to demonstrate that they're ready to fund. "Maintenance funds, which should provide a steady, ongoing stream of work, may get diverted to new builds. Consequently, efforts to recruit, develop, and retain a skilled workforce are stretched" It said New Zealand needed to get smarter about infrastructure planning, and suggested easing the regulatory environment or taking a "more commercial approach". "It's time to start fixing up our essential infrastructure assets, rather than seeing them breaking under our feet because we didn't set aside money for maintenance. "It's time to invest in infrastructure that will lift our productivity and cut our carbon emissions. "It's time to do new projects right, rather than dreaming big and seeing them constantly delayed, rescoped, and cancelled because they're too big for us to afford." The plan will now go out for consultation with a final version to be published by the end of the year. Infrastructure New Zealand chief executive Nick Leggett described the plan as a "once-in-a-generation" opportunity. "The draft Plan is a clear-eyed assessment of the infrastructure challenges facing New Zealand, our historic under-performance and provides a solid pathway for improvement, particularly from our government agencies," he said. "If we don't face up to this now, there will be real pain for our future generations." Leggett said the association particularly supported the design of a "steady project pipeline" to allow providers to invest in their workforce.
