Rollstone Bank & Trust, based in Fitchburg, Massachusetts, along with its parent company, Rollstone Bancorp, will merge into Newburyport-based River Run Bancorp. This merger marks the addition of a third mutual community bank under the River Run umbrella, the organization announced last week. With the merger, Rollstone Bank will bring 10 additional locations and more than $900 million in assets, including a distinctive wealth management and trust services division not commonly found in local banks, according to River Run. Rollstone’s CEO, Martin Connors Jr., will retire in mid-2025 following the merger. Mary Beth Jokela, currently the bank’s chief operating officer,…
Author: Editorial Team
Grasshopper Bancorp is set to acquire Auto Club Trust through a cash and stock transaction, a move that has been unanimously approved by the boards of directors from both companies. The deal, which is subject to regulatory approval and customary closing conditions, is anticipated to be finalized in the first half of 2025. This strategic acquisition will combine Grasshopper Bank’s expertise in digital banking with Auto Club Trust’s established marketing strengths. The merger will not only expand the range of products and services offered to their growing client base but will also enhance the overall customer experience. Both institutions will…
AMINA Bank, a leading global crypto bank, has announced a strategic partnership with Tenity, a global innovation ecosystem and early-stage VC firm focused on fintech. Through this collaboration, AMINA will offer a unique blend of banking solutions and mentorship to selected companies within Tenity’s vast network of over 1,600 startups. This initiative underscores AMINA’s ongoing dedication to delivering innovative financial solutions to Web3 startups, a sector often underserved by traditional banking services. As part of its Startup Partnership Programme for VCs, investors, incubators, and accelerators, AMINA aims to support as many eligible businesses as possible. Through the Tenity partnership, qualifying…
Community First Credit Union (CFCU) of Santa Rosa, California, has announced a strategic partnership with TruStage™, a leading provider of insurance, investment, and technology solutions. This collaboration will introduce TruStage’s Payment Guard embedded insurance within CFCU’s indirect auto loan channel, offering members enhanced financial protection during disruptive life events such as involuntary job loss or disability. Serving over 60,000 members across five Northern California counties, including Sonoma, Napa, Lake, Mendocino, and Marin, CFCU has long been committed to supporting its community. The credit union’s portfolio holds a high concentration of indirect auto loans, prompting the decision to integrate Payment Guard…
Hakbah, the country’s foremost decentralized savings platform, has entered into a strategic partnership with Tarabut, the leading open banking platform in the MENA region. This collaboration marks a pivotal moment for Hakbah, streamlining operations and enhancing customer experience. Leveraging Tarabut’s cutting-edge open banking connectivity platform, Hakbah is set to simplify onboarding processes, optimize data processing, and significantly reduce operational costs by 40%. These advancements align seamlessly with Hakbah’s commitment to offering top-notch services at an affordable cost. Transformative Benefits of the Hakbah-Tarabut Partnership In the wake of this strategic alliance, Hakbah is poised to experience a paradigm shift in its…
In a significant stride towards bolstering Saudi Arabia’s fintech landscape, Fintech Saudi and Kyndryl (NYSE: KD) have inked a Memorandum of Understanding (MoU) to catalyze advanced innovation within the Kingdom’s burgeoning fintech sector. The collaboration, a cornerstone of Fintechs Enablement Program “Makken,” endorsed by Saudi Central Bank (SAMA) and the Capital Market Authority, is designed to streamline the journey of local fintech entrepreneurs and startups to market. Aligned with Saudi Vision 2030, the program empowers fintech players, translating “Makken,” an Arabic verb meaning “to enable” or “to empower,” into tangible progress. Fintech Ecosystem and Innovations in Saudi Arabia Launched in…
In a strategic move aimed at revolutionizing the travel retail industry, Magnati, a prominent player in payment solutions across the Middle East, has teamed up with Lagardere Travel Retail to deploy an advanced cashless payment system. The collaboration focuses on providing a seamless and secure payment experience at over 200 points of acceptance within Abu Dhabi International Airport and Dubai International (DXB). The Future of Cashless Payments Unveiled Integration for Efficiency: Magnati’s state-of-the-art cashless payment solution is directly integrated into Lagardere Travel Retail’s cash tills, streamlining transactions and enhancing operational efficiency. This move reflects both companies’ commitment to staying at…
VentureSouq-led Series A Fuels Hakbah’s Ambitious Expansion and Innovation. Saudi-based fintech powerhouse, Hakbah, has successfully closed a noteworthy $5.1 million Series A funding round, underscoring its position as a dominant player in the regional savings market. The funding was spearheaded by VentureSouq, a prominent MENA-based venture capital firm renowned for its global portfolio. New investors, M-Capital and Bunat Ventures, joined the round, along with continued support from existing backers Global Ventures and Aditum Investment Management Ltd. Impressive Growth Metrics and Strategic Alliances Hakbah, recognized as one of the fastest-growing startups in the MENA region, operates within Saudi Arabia’s substantial $216…
Digital Token Identifier Foundation (DTIF), spearheaded by Etrading Software (ETS) for ISO standard identifiers, has inked a pivotal agreement with DLC Distributed Ledger Consulting. The collaboration aims to introduce a ‘Crypto Risk Metrics Score’ on Digital Token Identifiers (DTIs) for frequently traded tokens. This initiative enhances market transparency by combining the established DTI standard with a comprehensive risk assessment. What is Crypto Risk Metrics? DTIF’s DTI, compliant with ISO 24165, stands as a benchmark for uniquely identifying digital tokens. Under the ESMA DLT Pilot Regime and consideration in the ESMA MiCA consultation, DTI has garnered approximately 1850 issuances. The collaboration…
Eltropy, the US-based digital conversations platform, has joined forces with Magnifi Financial to usher in a new era of generative AI solutions. This strategic collaboration focuses on deploying advanced AI technology to streamline traditional support and employee training processes, ultimately elevating the quality of member and employee interactions. Transforming Support and Training Processes with Generative AI The cornerstone of this collaboration is the introduction of sophisticated generative AI solutions designed to optimize engagement strategies for community banks and credit unions. Eltropy, known for its expertise in creating large language models (LLMs) tailored for Community Financial Institutions (CFIs), aims to revolutionize…