Two years after being hit with a disastrous $35 million loss in its cryptocurrency mining loan portfolio, the Amesbury-based bank is flying high as New Hampshire’s fastest-growing CRE lender.
While the biggest news to come out of Fed Chair Jerome Powell’s regular testimony before Congress was his willingness to make aggressive interest rate hikes to cool the economy, he also revealed that the central bank is worried about American financial institutions’ work in the crypto space.
Amesbury-based BankProv had third quarter losses of more than $35 million and identified weaknesses in internal controls and procedures that affected one of its cryptocurrency-related loan portfolios, according to the bank’s third quarter report.
BankProv’s third quarter losses could exceed $27 million, and a majority of a cryptocurrency-related loan portfolio could be impaired, the bank said yesterday in a securities filing.
Amesbury-based BankProv announced Tuesday that a soured $28 million loan to a bitcoin mining company will create a hit to its third-quarter earnings.
After launching a cryptocurrency lending platform in 2021, Amesbury-based BankProv saw its digital asset lending portfolio grow to $120 million and earnings increase 34 percent.
Amesbury-based BankProv has partnered with a cryptocurrency technology firm to provide equipment financing for Bitcoin miners.
