Two executives at Metallicus, a San Francisco fintech, has applied to form a bank holding company and buy State Bank of Nauvoo in Illinois.
The company, which develops product on the blockchain, said in a press release that it created FBBT Holdings to expand banking and financial services to underserved clients in emerging technology industries.
FBBT agreed to buy the $37 million-asset State Bank of Nauvoo in a deal expected to close in the third quarter. The price wasn’t disclosed.
“Our team’s technological expertise will enable us to leverage emerging opportunities and bring innovative solutions, helping clients achieve their financial goals in the digital age,” Marshall Hayner said in the release. “Just as community banks have specific local awareness of needs and risk in their areas, we deliver similar insight in our unique community.
“We are excited to provide traditional banking services to emerging fintech and technology companies without interruption,” Irina Berkon added. “With our expertise and focus on regulatory compliance, our clients can grow their businesses with confidence that their banking services won’t be shut off.”
FBBT’s planned board has several financial services veterans, including Bryan Hubbard, former deputy controller at the Office of the Comptroller of the Currency, and Mark Carawan, who was at Citigroup.
Other proposed directors include Lee Woolley, Donald Berk, Lauren Hargraves, Sergio Rodriguera Jr. and Marc Joseph.
The announcement comes weeks after LevelField Financial, a Houston fintech that focuses on digital assets, agreed to buy Burling Bank in Chicago.