INSUBCONTINENT EXCLUSIVE:
enough stake in Twin City Bank to trigger a public disclosure of the transaction by the Federal Reserve Board
Such share purchases are then subject to FDIC approval
Twin City is a small community bank in Longview, Washington, about an hour north of Portland, Oregon
big of a stake he purchased
Whether he owns 11% or, say, 51%, we understand he is not the sole owner
Still, anything upward of 10% makes him a major shareholder
(For comparison, public companies have to disclose all ownership stakes of 5% or more.)The assumption in the industry was that Buckley
wanted a bank to further the ambitions of Increase, his banking-as-a-service (BaaS) startup, multiple sources told A Technology
it hired an agency to pitch the press on writing negative stories about it and him.But, Buckley told A Technology NewsRoom, this was
actually his third investment in a Washington community bank and his interests are not what his competitors think.This is not an effort for
Increase to own the bank, he said
platform that allows financial services to be programmatically served
It performs tasks like automated clearing house transactions, wires, real-time payments, etc
shares revenue with) FDIC-insured banks to offer such regulated services
Obtaining banking licenses themselves is difficult and expensive
Even Chime, which offers checking and savings accounts and recently had an IPO, is not an FDIC-insured bank but has banking partners.In
partners.The biggest example of this is William Hockey, co-founder of Plaid, whose current fintech, Column, bought Northern California
National Bank for $50 million in 2021
large ransomware attack in 2024
Evolve was ordered to implement pages of compliance fixes
explained, referring to banking partnerships with fintechs
competitors will be watching
