US-based small business lender SmartBiz has completed its acquisition of United Community Bancshares and its subsidiary, Centrust Bank, based in Chicago, Illinois, forming the newly named SmartBiz Bank. The deal, approved by regulators, allows SmartBiz to enhance small business banking services, continuing Centrust’s legacy while integrating financial solutions tailored for SMEs
US-based small business lender SmartBiz has successfully completed the acquisition of United Community Bancshares and its subsidiary, Centrust Bank, based in Chicago, Illinois. The financial terms of the deal remain undisclosed.
SmartBiz, a fintech-driven lender specializing in small business administration (SBA) loans and financial services, confirmed that the newly combined entity will be renamed SmartBiz Bank and will operate under SmartBiz Bancshares as its bank holding company.
Founded in 2006, Centrust Bank has served as a community bank focused on business lending for small and medium-sized enterprises (SMEs), offering deposit, lending, and online banking solutions. With this acquisition, SmartBiz has assured that Centrust Bank’s core small business banking services will continue under the new structure, rebranded as Centrust Bank, a division of SmartBiz Bank, N.A.
SmartBiz Bank will retain Centrust Bank’s entire team, with former Centrust Bank CEO Gerard Buccino taking on the role of President of SmartBiz Bank.
The acquisition has been approved by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank of Chicago.
Commenting on the acquisition, Evan Singer, CEO of SmartBiz, stated,
We are building a bank designed specifically to serve small businesses. Our initial focus will be on SBA lending solutions and personalized financial guidance, with a long-term vision to expand into a full-service financial solutions provider for small businesses across the country.”
SmartBiz has established itself as a leader in SME lending, distributing over $9 billion across more than 230,000 loans since its inception in 2013. The integration of Centrust Bank is expected to bolster its banking capabilities, allowing for streamlined lending services and an expanded financial product suite tailored to small business needs.
The completion of this acquisition marks a significant step for SmartBiz as it transitions from a fintech lending platform to a full-fledged banking institution, reinforcing its commitment to empowering small businesses in the US.
