National Bank Holdings in Denver has bought a deposit acquisition and processing platform from StoneCastle Partners.
The $9.9 billion-asset banking company did not disclose how much it paid for StoneCastle Digital Solutions, which operates as Cambr.
Cambr, which handles accounts for embedded finance companies, administers about $1.7 billion of deposits comprising more than 500,000 FDIC-insured cash accounts. Many of the deposits are transaction accounts.
“Cambr provides us the ability to significantly grow our core deposits with very little incremental overhead,” Tim Laney, National Bank’s chairman, president and CEO, said in the release.
“Cambr’s high-touch, low-cost model adds a highly scalable client base that delivers deposits at a significantly lower cost than our traditional retail accounts,” Laney added.
Cambr will retain its name and operate as a separate subsidiary of NBH Bank.
Piper Sandler and Wachtell, Lipton, Rosen & Katz advised National Bank on the Cambr acquisition. Keefe, Bruyette & Woods and Gibson Dunn & Crutcher advised StoneCastle.