In an interesting move for a bank that seeks to have a national presence, Radius Bank has filed to change charters.

The Boston-based bank submitted an application with the Massachusetts Division of Banks to convert from a federal charter to a state charter.

Different from most community banks, Radius Bank only has one branch and considers itself a national, almost entirely digital player.

The roughly $1.2 billion asset bank was an early innovator and has made deals and partnerships with five or six different fintechs in the last five years or so.

In 2016, four private equity firms acquired Radius and gave bank executives the green light on a campaign to pursue consumer deposits with its virtual banking platform nationally. Later in the year, Radius’ Small Business Administration lending team followed suit, setting up offices in Pennsylvania, Florida, Colorado and Arizona.

The bank did not respond to a request for comment yesterday.

Radius Bank to Seek State Charter

by Bram Berkowitz time to read: 1 min
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