OakNorth to acquire Community Unity Bank for $30m.

OakNorth, a British bank for scaling businesses that provides loans and both business and personal savings accounts, agreed to acquire Community Unity Bank, an FDIC-insured community bank based in Birmingham, Michigan, for $30m. "In the summer of 2023 following the collapse of several US banks which had been focused on serving the lower mid-market, we saw an opportunity to step up and do our part in helping to fill the funding gap they were experiencing. Over the last 18 months, we’ve supported businesses with their growth ambitions, providing several hundred million dollars of capital. Demand from US borrowers continues to be exceptionally strong and our differentiated offering and unique approach to lending has enabled us to rapidly establish a strong presence in the US market, resulting in us lending c.3x our initial expectations. As a founder-led business built by entrepreneurs, CUB appealed to us as it shares a lot of our same values with regards to customer experience. These values are reflected in its customer feedback, as well as its strong company culture," Rishi Khosla, OakNorth CEO.