San Francisco fintech to acquire Illinois bank

San Francisco-based fintech  Metallicus, Inc., is forming a bank holding company and plans to acquire Illinois-based State Bank of Nauvoo.

Metallicus, which develops products on the blockchain, is forming FBBT Holdings, Inc., which organizers say will expand banking and financial services to underserved customers in emerging tech industries.

The acquisition is expected to close in the third quarter. A price was not disclosed. 

 State Bank of Nauvoo is expected to continue to serve its community “with continued access to traditional banking services, while infusing the bank with new financial and human capital, enhanced compliance practices, broader revenue generating capabilities and expertise in technology,” the fintech said in a press release.

“We are thrilled to join forces with FBBT Holdings and look forward to offering new services to our existing customers, while also serving the greater Nauvoo community,” added Ted Reinhardt, president of the $37 million State Bank of Nauvoo.

The acquisition was announced shortly after Houston-based LevelField Financial announced its pending acquisition of Illinois-based Burling Bank. According to a press release, LevelField will be the first full-service, FDIC-insured bank to offer both traditional banking and digital services once that deal closes later this year. 

Metallicus board members and executives Marshall Hayner and Irina Berkon said the holding company will provide “regulated and compliant banking services” to new fintechs and their investors. “Our team’s technological expertise will enable us to leverage emerging opportunities and bring innovative solutions, helping clients achieve their financial goals in the digital age,” Hayner said. “Just as community banks have specific local awareness of needs and risk in their areas, we deliver similar insight in our unique community.”