Community banks can also play the fintech game.BankMobile — the digital bank, formerly a division of Customers Bancorp Inc. — was acquired by Flagship, a Florida-based community bank, for $175 million.
“We are an independent bank,” said Luvleen Sidhu, BankMobile’s co-founder, regarding the acquisition. “We are no longer a partner or a division of a bank, now we are the bank.” Its acquirer, Clearwater, Florida-based Flagship Community bank, has about $100 million in assets, offering plenty of opportunity for BankMobile’s growth, according to Sidhu. The local bank (which currently operates two branches in Clearwater) hopes the acquisition will help it create a larger digital presence, while staying locally owned and operated.
http://bankinnovation.net/2017/03/175m-acquisition-turns-community-bank-into-fintech-player/
