Digital British bank OakNorth is acquiring Michigan-based Community Unity Bank. 

The acquisition, announced March 17, will help London-based OakNorth “deepen our support for U.S. lower mid-market businesses, meaning we will now be supporting an even greater number of businesses across the U.S., including those in Michigan, where CUB is based,” an OakNorth spokesperson told Bank Automation News.

To expand operations internationally, $7.4 billion OakNorth evaluated a few dozen merger and acquisition opportunities over the past two and a half years and found that the $70 million CUB presented great strategic alignment in terms of culture, pace and the focus on customer delight, the spokesperson said. 

Once the transaction gains regulatory approval, which is expected this year, “we will look to integrate all key platforms where it makes sense, particularly to leverage our credit expertise and customer-facing features and services,” the spokesperson said. 

CUB will remain its own entity and the bank’s Greg Wernette chief executive will become OakNorth US Bank CEO and further build out the team in Michigan developing a customer hub, the spokesperson said. 

Details of the acquisition was not disclosed. 

Earlier this week, fintech SmartBiz acquired United Community Bancshares for an undisclosed amount to fast track gaining a banking charter license, according to BAN’s reporting. 

Wyndham taps SoFi for debit card rewards 

Wyndham will offer digital bank SoFi’s debit card holders the ability to earn points for stays at the hotel chain. 

The offering is geared toward younger travelers who aim to live debt-free by opting out of credit cards, according to Wyndham’s March 17 release. 

“Research continues to show a large number of travelers, particularly younger consumers such as Gen Z, prefer debit cards as their primary method of payment,” Charmaine Taylor, senior vice president, strategic and financial partnership, Wyndham Hotels and Resorts, said in the release.  

Spenders can earn points on their payments and use them at 60,000 locations across the globe to get discounts and free stays, the release stated. 

ICBA Payments taps Mastercard for new programs 

The Independent Community Bankers of America Payments has tapped Mastercard to offer its 1,400 members the opportunity to provide new card programs for their clients, according to a March 17 ICBA release. 

Mastercard will provide custom solutions for community banks along with aiding them in their marketing strategies to attract new customers, the release stated. 

Mastercard will also provide the banks with contactless plastic cards, tokenization to digital wallets and eight-digit BINs and business BIN optimization, the release stated. 

“Today, we’re not only upgrading payments but also investing in the future of our local communities,” ICBA Payments CEO Jacob Eisen, said in the release. “By partnering with Mastercard, we’re equipping our member banks with innovative, secure and cost-effective solutions that empower them to support and grow the neighborhoods they serve.” 

Live Oak Bank selects Finzly for ISO 20022 migration 

Live Oak Bank has selected Finzly to migrate to the ISO 20022 payments messaging pattern. 

Many FIs in the U.S. are not ready for the migration, The Clearing House Chief Executive David Watson told BAN. “The Fed cannot handhold all 5,000-plus FIs.” 

The Federal Reserve moved its ISO compliance deadline from March 10 to July 14 to give FIs in the U.S. more time to comply with new regulation, according to a March 9 Fed release. 

“Many banks are stuck with outdated systems, and legacy providers aren’t exactly known for their agility when it comes to adapting to new standards, regulations, or even customer expectations,” Booshan Rengachari, CEO at Finzly, told BAN. “Banks working with modern, flexible providers who aren’t just ISO-ready but can easily adapt to future changes can move quickly.” 

NCino acquires Sandbox Banking for undisclosed amount 

Fintech giant nCino acquired IT service provider Sandbox Banking for an undisclosed amount on Feb 11.  

Adding Sandbox Banking, an integration platform as a service, will allow nCino to “expand our APIs and help our customers better connect nCino to their unique ecosystem of technology,” Chris Gufford, chief product officer at nCino, told BAN. 

Sandbox Banking has more than 100 North American financial institutions and its clients range from $500 million to more than $200 billion, he said. 

“As we work to bring Sandbox Banking and their respective product functionality closer into the nCino platform, Sandbox Banking will eventually be rebranded and the connective functionality will be appropriately transitioned into the nCino Platform and brand,” Gufford said. 

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