Strategic Insights into Banking & Fintech

Brazil’s Nubank applies with OCC for national bank charter

Brazil’s Nubank applies with OCC for national bank charter

Brazilian digital lender Nubank has applied with the Office of the Comptroller of the Currency for a national bank charter. Nubank said in a press release that the move would allow it to eventually offer deposit accounts, credit cards, loans and digital asset custody. "Today, our core focus remains on delivering growth in our existing markets, where we continue to see substantial opportunities for expansion," David Vélez, Nu Holdings' founder

September 30, 2025
Harris stepping down as New York’s banking regulator

Harris stepping down as New York’s banking regulator

Adrienne Harris is stepping down as Superintendent of New York's Department of Financial Services. Kaitlin Asrow was appointed acting superintendent, effective Oct. 18. Harris, who has held her role since August 2021, did not outline her future plans. “It has been a privilege and an honor to serve New Yorkers, delivering positive outcomes for consumers; cementing DFS as a global regulatory leader; and transforming the Department’s operations," Harris said in

September 29, 2025
Fiserv to buy StoneCastle Cash Management

Fiserv to buy StoneCastle Cash Management

Fiserv in Milwaukee has lined up another acquisition. The company said in a press release that it will buy StoneCastle Cash Management, which enables more than 1,000 banks and credit unions to access stable, cost-efficient deposit funding. The deal is expected to close in the first quarter; the price wasn't disclosed. The acquisition “is an important step forward in our strategy to help financial institutions optimize their balance sheets, which

September 29, 2025
BayFirst in Fla. exiting SBA lending, selling portfolio to Banesco USA

BayFirst in Fla. exiting SBA lending, selling portfolio to Banesco USA

BayFirst Financial in St. Petersburg, Fla., plans to get out of Small Business Administration lending. The $1.3 billion-asset company said in a press release that it will sell about $103 million of SBA 7(a) loan balances to the $5.2 billion-asset Banesco USA. The loans will be sold at 97% of their retained balances; Banesco USA will assume servicing. Banesco USA will also buy, at book value, the servicing rights tied

September 29, 2025
Stearns Bank in Minn. to buy One American Bank in South Dakota

Stearns Bank in Minn. to buy One American Bank in South Dakota

Stearns Bank in St. Cloud, Minn., has agreed to buy One American Bank in Centreville, S.D. The deal was announced on LinkedIn by Performance Trust Capital Partners, which represented Stears Financial Services. The price wasn't disclosed. Stearns has $3.5 billion of assets, while One American has $385.1 million of assets.

September 26, 2025
Heritage Financial to buy Kitsap Bank in Washington

Heritage Financial to buy Kitsap Bank in Washington

Heritage Financial in Olympia, Wash., has agreed to buy Olympic Bancorp in Port Orchard, Wash. The $7.1 billion-asset Heritage said in a press release that it will pay $176.6 million in stock for the parent of the $1.7 billion-asset Kitsap Bank. The deal is expected to close in the first quarter. Kitsap has 17 branches, $942 million of loans and $1.4 billion of deposits. The deal should be 18% accretive

September 26, 2025
Fiserv buys operational advisory firm Smith Consulting Group

Fiserv buys operational advisory firm Smith Consulting Group

Fiserv in Milwaukee bought Smith Consulting Group. Fiserv did not disclose what it paid for SCG, an operational consulting service for small banks and credit unions. “This acquisition enhances our ability to deliver strategic value to our customers by embedding deeper expertise directly into our service model," Andrew Gelb, Fiserv's head of financial solutions, said in a press release. "By bringing more expertise in-house, we’re expanding our ability to advise

September 25, 2025
New Jersey group gets conditional FDIC approval to open bank

New Jersey group gets conditional FDIC approval to open bank

Organizers of a proposed de novo bank in New Jersey have received conditional approval from the Federal Deposit Insurance Corp. The group behind the planned Liberty Bank of New Jersey in Short Hills must raise $40 million before opening, according to the FDIC's order. Organizers applied to the FDIC and the New Jersey Department of Banking on March 4. The proposed bank “intends to opportunistically and prudently expand into other

September 25, 2025