Denver-based NBH Bank recently acquired deposit acquisition and processing platform Cambr.
A subsidiary of New York City-based StoneCastle Partners LLC, Cambr generates core deposits from accounts offered through embedded finance companies and administers approximately $1.7 billion of deposits from more than 500,000 FDIC-insured cash accounts. Cambr will continue to operate under its brand as a separate subsidiary of the $9.5 billion NBH Bank. The platform is expected to allow for expanded capabilities for embedded finance companies while expanding to serve clients across a broader array of sectors.
“Cambr provides us the ability to significantly grow our core deposits with very little incremental overhead,” said Tim Laney, NBH Bank chair, president and CEO. “Cambr’s high-touch, low-cost model adds a highly scalable client base that delivers deposits at a significantly lower cost than our traditional retail accounts. The Cambr deposit channel provides NBH with a truly unique source of liquidity and diversifies our funding capabilities and lowers our all-in funding costs.”
Minneapolis-based Piper Sandler & Co. served as financial adviser to NBH while Wachtell, Lipton, Rosen & Katz, New York City, served as legal adviser. New York City-based Keefe, Bruyette & Woods served as exclusive financial adviser while Los Angeles-based Gibson Dunn & Crutcher LLP served as legal adviser to StoneCastle.