WSJ: Dodd-Frank Rule Leads to $175 Million Digital Bank Deal

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8 March 2017
The Wall Street Journal

BankMobile CEO Jay Sidhu will join buyer Flagship Community Bank as part of the deal

BankMobile, a two-year-old digital-banking upstart founded by a veteran executive of financial firms, announced Wednesday that it is being sold for $175 million after its parent company said it wouldn’t be able to operate the business profitably.

It was the latest move by a new online bank to reorganize in a market that has shown stiff competition from the nation’s largest banks and uncertain growth prospects for pure-play deposit...

News article details

Sector
Banking, Corporate Banking, Retail & Business Banking
Media Type
In the News
Location
North America