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Radius Bank
Formation1987
TypePrivate
HeadquartersBoston, Massachusetts, United States
ProductsConsumer banking, corporate banking,
Websiteradiusbank.com

Radius Bank (formerly First Trade Union Bank[1]) is an online focused community bank based in Boston, Massachusetts.[2][3][4][5] Radius Bank is a member of the FDIC and an Equal Housing Lender as well as a member of the NYCE SUM ATM network.[6][7] Radius is one of the fastest growing banks in Massachusetts.[8][9] and is currently the 39th largest bank headquartered there.[10]

History

Radius Bank was founded in 1987 by the carpenters union in Massachusetts, using pension funds.[11][12][1] The bank, however, struggled during the Subprime mortgage crisis, when it invested heavily in commercial real estate.Subprime mortgage crisis

In June 2016 private investors acquired approximately 95% of Radius Bancorp in response to Dodd Frank regulations.[1][13][14][15]

Business Model

Consumer Banking

Radius Bank only has one physical branch located in Boston[16]. 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.[17][18][19] [20][21][22]

Partnerships

The Bank launched its first fintech partnership with LevelUp in 2013.[23][24] This was followed by a partnership with Prosper to provide personal loans in 2015.[25][26][27]

Radius Bank launched another fintech partnership in July 2015 with Aspiration.[28][29]

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.[30][31] In May 2016, the Bank expanded its SBA lending program nationally with the establishment of a new government-guaranteed lending team.[30] In December 2016, the Bank acquired the equipment financing division of NewStar Financial.[32][33][34][35]

References

  1. ^ a b c Fernandes, Deirdre (4 November 2014). "Union's bank is set to go public". The Boston Globe. Retrieved 6 November 2017.
  2. ^ "Radius Bank: CEO and Executives - Bloomberg". www.bloomberg.com. Retrieved 2017-09-26.
  3. ^ "About Us - Radius Bank". www.radiusbank.com. Retrieved 2017-09-26.
  4. ^ Cocheo, Steve. "Radius Bank stakes out the web - Banking Exchange". Retrieved 2017-09-26.
  5. ^ "Radius Bank: Becoming a Virtual Bank | Celent". www.celent.com. Retrieved 2017-09-26.
  6. ^ "ATM Locator". www.nyceinfomanager.com. Retrieved 2017-09-26.
  7. ^ "FAQs". www.radiusbank.com. Retrieved 2017-09-26.
  8. ^ "Norwell-based mortgage lender among fastest-growing in Massachusetts - The Boston Globe". BostonGlobe.com. Retrieved 2017-09-26.
  9. ^ "https://www.bizjournals.com/boston/news/2016/10/04/here-are-the-15-fastest-growing-banks-in.html". www.bizjournals.com. Retrieved 2017-09-26. {{cite web}}: External link in |title= (help)
  10. ^ "Radius Bank Raises High Yield Savings Rate". Deposit Accounts. Retrieved 2017-09-26.
  11. ^ "About Us - Radius Bank". www.radiusbank.com. Retrieved 2017-09-26.
  12. ^ "InstitutionHistory". www.ffiec.gov. Retrieved 2017-09-26.
  13. ^ "Radius Bank Promises New Growth After Sale – LaborPress". laborpress.org. Retrieved 2017-09-26.
  14. ^ "BayBoston - A Financial Services Private Equity Firm". BayBoston - A Financial Services Private Equity Firm. Retrieved 2017-09-26.
  15. ^ "Radius Bank Announces Closing of Transaction With Investor Group". Marketwired. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  16. ^ "How One Community Bank Closed Its Branches And Went Fully Digital". The Financial Brand. 26 July 2016. Retrieved 6 November 2017.
  17. ^ "Radius Bank Overhauls Its Digital Banking Platforms". American Banker. Retrieved 2017-09-26.
  18. ^ Bank, Radius (2017-04-21), Radius Mobile, Radius Bank, retrieved 2017-09-26
  19. ^ "Radius Mobile on the App Store". App Store. Retrieved 2017-09-26.
  20. ^ "Radius Bank Review: Checking, Savings & CDs - NerdWallet". NerdWallet. 2017-06-01. Retrieved 2017-09-26.
  21. ^ "FAQs". www.radiusbank.com. Retrieved 2017-09-26.
  22. ^ "Radius Bank Hybrid Checking Account - The New Standard". cashmoneylife.com. Retrieved 2017-09-26.
  23. ^ "How Radius Bank Closed Its Branches And Went Fully Digital". The Financial Brand. 2016-07-26. Retrieved 2017-09-26.
  24. ^ "http://www.tearsheet.co/modern-banking-experience/inside-radius-banks-virtual-banking-strategy". www.tearsheet.co. Retrieved 2017-09-26. {{cite web}}: External link in |title= (help)
  25. ^ "This Small Bank Is Putting Its Brand on Prosper's Loan Experience". American Banker. Retrieved 2017-09-26.
  26. ^ "Personal Loans - Radius Bank". www.radiusbank.com. Retrieved 2017-09-26.
  27. ^ "Prosper Marketplace and Radius Bank Join Forces to Offer Personal Loans Through Online Lending Platform | Prosper". Prosper. 2015-09-16. Retrieved 2017-09-26.
  28. ^ "'Private-ish' Bank Aspiration to Exit Beta Within 6 Months". Bank Innovation. 2015-09-24. Retrieved 2017-09-26.
  29. ^ "Radius Bank Partners With Aspiration to Launch New Best-In-Class Personal Checking Account". Retrieved 2017-09-26.
  30. ^ a b "Radius Bank in Boston Launches National SBA Lending Platform". American Banker. Retrieved 2017-09-26.
  31. ^ "https://www.bizjournals.com/boston/news/2016/05/25/with-hiring-spree-radius-bank-takes-small-business.html". www.bizjournals.com. Retrieved 2017-09-26. {{cite web}}: External link in |title= (help)
  32. ^ "Radius Equipment Finance". www.radiusbank.com. Retrieved 2017-09-26.
  33. ^ "radius-bank-announces-acquisition-of-equipment-finance-division". {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  34. ^ "Radius Equipment Finance – Community Banking Redefined - Article | Equipment Finance Advisor". www.equipmentfa.com. Retrieved 2017-09-26.
  35. ^ Inc., NewStar Financial,. "NewStar Sells Equipment Finance Business To Radius Bank". GlobeNewswire News Room. Retrieved 2017-09-26. {{cite news}}: |last= has generic name (help)CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link)

Category:Banks Category:Finance Category:Massachusetts Category:Boston Category:Financial technology Category:Financial technology companies


Category:Banks based in Massachusetts Category:Companies based in Massachusetts Category:Companies based in Boston

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