SmartBiz has acquired United Community Bancshares and its subsidiary, Centrust Bank, a Chicago-based community bank.
The combined company will be renamed SmartBiz Bank and operate under the bank holding company, SmartBiz Bancshares. SmartBiz’s mission is to empower business owners by providing access to the financial services they need. SmartBiz Bank will meet the needs of entrepreneurs and small businesses across the U.S. to fuel the growth of the small business community.
“Small businesses are the backbone of the U.S. economy, yet their banking needs are often overlooked by traditional banks. We are building a bank designed specifically to serve small businesses,” Evan Singer, CEO of SmartBiz Bank, said. “Small business owners need financing and banking solutions designed for their unique financial needs. As a bank, we will continue offering clients the best SBA lending options while evolving to become a full-service financial solutions provider for our nation’s small businesses. From providing access to streamlined funding to offering personalized guidance, we are committed to helping small business owners succeed on their terms.”
The transaction recently received regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve Bank of Chicago.
Centrust Bank is a Chicago-based community bank primarily focused on business lending to small to medium-sized businesses. It will continue to provide these small business banking services as Centrust Bank, a division of SmartBiz Bank. Its entire team joins SmartBiz Bank to provide complementary and banking and lending services for current and future small business customers. Gerard Buccino, formerly CEO of Centrust Bank, is now president of SmartBiz Bank.
“For years, Centrust Bank has been committed to building strong relationships with small businesses, ensuring they have the capital and financial expertise needed to thrive,” Buccino said. “By joining forces with SmartBiz, we are combining the best of both worlds—our deep commercial banking experience with their technology-driven approach to SBA lending. Together, we are scaling our capabilities, equipping more small business owners nationwide with the funding and strategic guidance they need to grow, innovate, and navigate an ever-changing economic landscape.”
SmartBiz has been serving the small business community since 2013. By blending technology with personalized customer service, the company transformed the small business loan process, making it simpler and more accessible. SmartBiz has facilitated over 230,000 loans worth more than $9 billion.
“SmartBiz Bank’s approach differs in its ability to address customers’ long-term financial needs by providing technology-enabled, thoughtful, secure, and innovative financial solutions with the added stability and capabilities of a full-service commercial bank. SmartBiz Bank is redefining small business banking and fueling the growth of the U.S. small business community,” Singer said.