Newtek Bank became a national bank in January 2023, when NewtekOne (NASDAQ: NEWT) acquired the National Bank of New York City and folded two decades of small business lending into a chartered institution. It is digital only, run from Boca Raton, and built around one customer type: the owner operator. Business checking and savings carry no minimum balance, CDs start at 2,500 dollars, and account holders use the MoneyPass ATM network at no extra cost.
Beyond deposits and SBA 7(a) loans, the group sells payroll, payment processing, insurance and web services, so a business can consolidate several vendors. That bundle is also the catch: expect cross selling, and price each affiliate service against the open market rather than accepting it as part of the banking relationship. No branches means cash intensive trades should look elsewhere.
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