Newtek Business Services in Boca Raton, Fla., has secured approval from the Office of the Comptroller of the Currency to buy National Bank of New York City.
Newtek said in a press release that it expects to complete its purchase of the $206 million-asset National Bank of New York City next month. Newtek plans to brand its bank holding company as NewtekOne.
The OCC’s approval includes a condition that the bank, which will be renamed NewtekBank, enter into an operating agreement with customary provisions tied to capital, liquidity and concentration limits.
Newtek’s portfolio companies Newtek Business Lending and Small Business Lending will be contributed to Newtek Bank.
“With a national bank charter, we believe Newtek will be able to enhance the business and financial solutions offered to our customers to include personalized digital commercial banking,” Barry Sloane, Newtek’s chairman, president and CEO, said in the release.
The Fed recently approved Newtek’s BHC application.