BayFirst Financial Discontinues Bolt Loan Program, Reduces Workforce by 17% Amid Strategic Restructuring

Reuters

08/05

BayFirst Financial Discontinues Bolt Loan Program, Reduces Workforce by 17% Amid Strategic Restructuring

BayFirst Financial Corp. has announced the discontinuation of its Bolt SBA 7(a) loan program as part of a strategic review aimed at long-term growth and enhanced shareholder value. This decision includes a reduction in force, eliminating 26 positions related to Bolt and 25 in other areas, projected to save $6 million annually. The company plans to record a restructuring charge in the third quarter and is seeking to sell the Bolt loan balances and origination platform. To mitigate financial impacts, BayFirst has suspended dividend payments, and directors will forgo board fees. The company is focusing on strengthening its core SBA offerings and enhancing its community banking operations in Florida.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Bayfirst Financial Corp. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001649739-25-000232), on August 04, 2025, and is solely responsible for the information contained therein.

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While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. <a href=\"https://laohu8.com/S/BAFN\">Bayfirst Financial Corp</a>. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001649739-25-000232), on August 04, 2025, and is solely responsible for the information contained therein.</span></em>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BAFN","symbol_name":"Bayfirst Financial Corp","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250804:nNDL8NTGwN:1","article_id":"2557556339","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2557556339","pubTimestamp":1754337679,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"BayFirst Financial Corp. has announced the discontinuation of its Bolt SBA 7 loan program as part of a strategic review aimed at long-term growth and enhanced shareholder value. 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