BankProv Not Exposed to FTX
Amesbury-based BankProv has more than $70 million in lines of credit secured by digital currencies but has no exposure to collapsed cryptocurrency exchange FTX, according to a recent securities disclosure.
Most of BankProv’s Crypto Mining Loan Portfolio Could Be Impaired
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.
BankProv Saw Loan Growth and Risks With Digital Assets
Digital asset lending helped drive second quarter loan growth at Amesbury-based BankProv, but concerns about risk led the bank to close a couple of deposit accounts for digital asset customers.
BankProv Expands BaaS Reach
The $1.79 billion-asset Amesbury-based lender is finding opportunity with a type of financial service a growing number of banks are looking to offer to the fintech industry.
State Street Launches Digital Assets Division
Boston-based State Street Corp. has launched a new division focused on addressing the industry’s evolving shift to digital finance.
