Billfloat has acquired United Community Bancshares in Northbrook, Ill.
The Federal Reserve approved the San Francisco small business lender’s BHC application on Feb. 21. The company, which operated as SmartBiz Loans, has begun referring to itself as SmartBiz Bank on its website.
Billfloat operates as SmartBiz Loans. United was the parent company of the $148 million-asset Centrust Bank.
“As a bank, we are committed to delivering the best SBA lending solutions while evolving into a full-service financial partner for small businesses across the U.S.,” Evan Singer, SmartBiz’s CEO, said in a LinkedIn post.
“Our mission remains clear: to empower small business owners with the tools, resources, and capital they need to thrive—on their terms,” Singer added. “We understand that every small business has its own path to success, and we’re here to support them every step of the way, now, in an even fuller capacity.”
The Office of the Comptroller of the Currency also gave Billfloat conditional approval to change Centrust’s business model to conduct small business lending activities on a nationwide basis.
“A safe, sound and fair fintech business model has a place in today’s federal banking system,” Acting Comptroller of the Currency Rodney E. Hood said in a press release announcing the decision. “This conditional approval demonstrates the OCC’s commitment to a regulatory framework that supports innovations in banking that expand access to financial services for consumers and communities across the country.”
Billfloat filed its BHC application in March 2024.