GBank Financial initiated with a Buy, $18 fair value estimate at Janney

As previously reported, Janney Montgomery Scott initiated coverage of GBank Financial with a Buy rating and $18 fair value estimate. GBank Financial Holdings is the holding company for GBank, a two-branch commercial bank in Las Vegas, noted the analyst, who says GBank partner BankCard Services, which the bank plans to acquire in mid-2024, has the only patented architecture for transactions between users of gaming apps and the app providers that creates FDIC-insured bank accounts and traditional bank protections for each user and points out the company has also developed partnerships in the gaming industry to support cashless payments between gamers and game providers. The firm believes the Gaming FinTech division, which includes products other than BankCard Services, could be a meaningful contributor to fee income and non-interest-bearing deposits, the analyst added.