Radius Bank (formerly First Trade Union Bank) is an online focused community bank based in Boston, Massachusetts. Radius Bank is a member of the FDIC and an Equal Housing Lender as well as a member of the NYCE SUM ATM network. Radius is one of the fastest growing banks in Massachusetts. and is currently the 39th largest bank headquartered there.
Video Radius Bank
History
Radius Bank was founded in 1987 by the carpenters union in Massachusetts, using pension funds. The bank, however, struggled during the Subprime mortgage crisis, when it invested heavily in commercial real estate.
In June 2016 private investors acquired approximately 95% of Radius Bancorp in response to Dodd Frank regulations.
Maps Radius Bank
Business model
Consumer banking
Radius Bank only has one physical branch located in Boston. Customers have access to an online banking system through Radiusbank.com, or mobile apps available for iOS and Android devices and offers free ATM reimbursements worldwide.
Partnerships
The Bank launched its first fintech partnership with LevelUp in 2013. This was followed by a partnership with Prosper to provide personal loans in 2015.
Radius Bank launched another fintech partnership in July 2015 with Aspiration.
Commercial banking
Radius Bank provides depository services and financing to small and middle market businesses. The Bank has been a Small Business Administration (SBA) Lender since 2009, primarily focused on lending in the northeast region of the U.S. In May 2016, the Bank expanded its SBA lending program nationally with the establishment of a new government-guaranteed lending team. In December 2016, the Bank acquired the equipment financing division of NewStar Financial.
References
Source of the article : Wikipedia
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