Chime, the San Francisco-based banking fintech (NASDAQ: CHYM), is acquiring Stride Bank, a nationally chartered bank headquartered in Enid, Oklahoma, for $590 million in cash.
The $5.4 billion-asset Stride, which has been Chime’s bank partner for more than seven years, will become Chime Bank NA and operate as a wholly owned subsidiary of Chime. The acquisition will expand Chime’s product offerings to include residential and commercial real estate lending.
“We founded Chime because mainstream America deserved better banking,” said Chris Britt, CEO and co-founder of Chime. “Our member-aligned, technology-driven strategy will remain the same. This acquisition will make our proven model even stronger. By combining Chime’s leading brand and deep member relationships with Stride’s national charter and team, we will accelerate toward our vision to be the largest provider of primary bank accounts in America.”
“Stride has spent more than a century serving customers and strengthening communities,” said Brud Baker, chairman and CEO of Stride Bank. “For seven years, we have seen firsthand how Chime puts members first and how seriously it takes its mission. That gives us real confidence in this combination and the future we can build together. Stride’s national bank charter and experienced team will be central to what comes next. I look forward to continuing to lead Chime Bank, creating new opportunities for our customers, communities, and employees.”
Photo courtesy of Stride Bank
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