Michael Butler, the former head of Boston-based Radius Bank, will be the next leader of Grasshopper Bank, a New York-based de novo.
Radius Bank was acquired by LendingClub earlier this year, and Butler will start his new role on May 3 as president and CEO of the bank’s parent company, Grasshopper Bancorp Inc. He will become president and CEO of the bank once regulatory approval is received, the bank said in a statement. Butler will also be a director of the bank and the holding company.
“We are excited to welcome Mike Butler as Grasshopper’s new chief executive officer,” John Flemming, chairman of the board of Grasshopper Bank and its parent company, said in a statement. “Mike is a highly accomplished executive with a successful track record leading tech-forward banking companies, elevating them to new heights and delivering great value for clients, employees and shareholders. He brings a unique and relevant perspective, and the energy and experience to double down on our commitments and lead our company into the future.”
Butler spent 13 years as president and CEO at Radius Bank, where he partnered with fintech firms and offered banking as a service (BaaS) to consumers and clients. Before joining Radius, Butler was president for national consumer finance at KeyCorp in Cleveland, Ohio.
He replaces Judith Erwin, who founded Grasshopper Bank in 2016. Erwin will leave Grasshopper Bank effective May 2.
“I’m deeply honored to have the opportunity to succeed Judith and lead Grasshopper on the next phase of its growth trajectory,” Butler said. “I’m looking forward to partnering with the Grasshopper team to accelerate the existing business plan and enhance our business model. The vision has and will continue to be centered on making banking simple, secure, effortless and transparent. In the virtual world that we live and operate in, customers are seeking seamless online services to make their everyday lives easier – now is the time to capitalize on the opportunities ahead and to continue driving new innovation.”
Butler is a member of the Financial Services Committee for the Greater Boston Chamber of Commerce, on the board of trustees for Thompson Island Outward Bound, on the advisory board for FinXTech, and has been active with the Habitat for Humanity program.
“I’m so pleased that Mike, a strong leader with the experience and track record to support Grasshopper’s evolution, will be leading Grasshopper,” Erwin said. “The bank is at a clear inflection point and Mike’s perspective on emerging technology will support the bank’s evolving business and long-term growth. I look forward to watching Grasshopper’s continued success.”
Grasshopper Bank has about $226 million in assets and provides commercial banking products to innovation economy companies and venture capital firms.
