Utah-based Capital Community Bank is rebranding itself to Quill Bank next week “to meet the needs of tech-forward financial companies” in the “fintech banking vertical,” the lender announced this month.
A new website for the seven-location, $1.5 billion-asset bank is set to launch June 30.
Andrew Cusick, the bank’s chief business development officer, called the timing of the rebrand a “unique opportunity.”
“We are not shifting away from community banking customers, but creating a brand to enhance the visibility and branding for the fintech side of our bank,” Cusick told American Banker. “We will stay true to our community banking roots while continuing to innovate in the fintech space.”
Capital Community, which calls itself CCBank, acts as a sponsor bank for several fintechs, including OppFi, Lendly and NetCredit. It also operates Limelight Bank, an online-only subsidiary that provides certificates of deposit.
CCBank’s legacy fintech partnerships have drawn the attention of regulators before. One partner, Wheels Financial Group, agreed to a consent order with the California Department of Financial Protection and Innovation in 2021 over auto-title loans the company offered. The regulator accused Wheels of using its partnership with an out-of-state bank to dodge the 36% interest rate cap that California imposes.
On a frequently asked questions page, CCBank noted that 80% of its lending portfolio, as of late 2021, was “comprised of 'traditional' loans unrelated to our fintech programs.”
"Although our lending programs with fintech are indeed an important part of our diversified lending business, these programs are by no means a solitary focus or a majority of the asset base for CCBank," the lender said.
Quill, named after the old-school pen, may allow the bank to turn a page from its past.
"We've always believed that banking done right is built on relationships and reputation,” Mike Watson, the bank’s CEO, said in a statement this month. “As we grow and evolve, Quill gives our fintech programs a dedicated identity that speaks their language while drawing on everything we've built over the last few decades.”
Cusick said Quill is meant to be “the type of bank that makes fintech programs not just possible but credible.”
"The fintech space is driven by innovation, but innovation without a solid banking backbone can be a liability,” Cusick said in a statement. “Quill Bank exists because the fintechs we work with deserve a brand that reflects the institution standing behind them, one with tested experience, real relationships, and know-how.”
