FinTech SmartBiz has acquired Centrust Bank and has now become a full bank, aiming to offer a full suite of commercial banking services to small businesses.
SmartBiz wants to bridge the gap between banks and small businesses by saying 'yes' to the amount they need, in a fast and easy way.
The company has already enabled $9 billion in SBA loans and plans to expand its product offerings, including deposit accounts for small businesses nationally.
As a nationally chartered bank, SmartBiz Bancshares will primarily be regulated by the OCC, the Fed, and the SBA.