ViZ Bank would eventually have branches across several major U.S. cities, including Dallas, Denver and Atlanta. It would also offer a program to help former inmates build savings and establish credit.
The coronavirus pandemic has created major credit issues at the Boston bank and stymied efforts to improve profits, fueling speculation that the onetime serial acquirer could be a takeover target.
Somerset Trust in rural Pennsylvania has partnered with RoamHR, a financial platform that assists the self-employed, to add tax-withholding help for contract and temporary workers to the bank's services.
Spinning off its digital bank will allow Pennsylvania-based Customers to beef up its commercial lending and buy other banks. BankMobile, meanwhile, plans to pursue more white-label relationships and perhaps explore its own acquisitions.
