The Bank Slate


Wyo. bank with Nexo ties completes private placement

Hulett Bancorp in Hulett, Wyo., which sold a stake in itself to Nexo earlier this year, raised another $400,000 through a private placement of common stock

The stock sale, which took place on Dec. 13, was included in data aggregated by Performance Trust Capital Partners.

Hulett, which operates as Mode Eleven and owns Summit National Bank, sold an undisclosed stake to Nexo, a European digital assets firm, last fall. The $93 million-asset Summit, which is looking to reinvent itself as a fintech-focused digital bank, had planned to work with Nexo to offer digital assets products.

Nexo has since announced plans to retreat from the U.S. market after the Consumer Financial Protection Bureau disclosed that it was investigating the company for potential violations of federal consumer financial laws.

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