StoneCastle Partners Completes Sale of Cambr

Rhea-AI Summary

StoneCastle Partners announced the sale of its subsidiary Cambr to National Bank Holdings Corporation (NYSE: NBHC) through its bank subsidiary NBH Bank. Cambr is a deposit acquisition platform that specializes in cash processing solutions for embedded finance companies. The platform aims to provide banks with a low-cost, scalable method to source deposits without significant overhead or customer acquisition costs. While specific financial terms of the sale were not disclosed, the transaction is expected to enable NBH Bank to enhance its deposit strategy and improve its service offerings. Cambr will operate under its brand as a subsidiary of NBH Bank. The transaction signifies a strategic move for NBHC in the competitive banking landscape.

Positive

• Acquisition of Cambr enhances NBHC's deposit acquisition capabilities.
• Cambr's platform allows for diversified deposits with minimal overhead, increasing operational efficiency.

Negative

• None.

NEW YORK, April 19, 2023 /PRNewswire/ -- StoneCastle Partners, LLC announced today that it has sold its subsidiary StoneCastle Digital Solutions, LLC (d/b/a Cambr) to National Bank Holdings Corporation's (NYSE: NBHC) bank subsidiary NBH Bank ("NBH").

Cambr is a deposit acquisition platform that provides cash processing solutions to leading embedded finance companies. StoneCastle Partners developed Cambr to provide a low-cost, scalable and diversified deposit channel for a future bank owner. During its two-decade history, StoneCastle Partners has built numerous businesses that utilize non-traditional strategies to create efficiencies in financial services.

"Cambr provides an opportunity for a bank owner to source deposits in a unique way while continuing to provide leading service to top-tier embedded finance companies," said Joe Healey, Managing Director and operating partner at StoneCastle Partners. "The platform allows a bank to benefit from the diversified deposits of hundreds of thousands of underlying accounts with virtually no marginal overhead or customer acquisition costs. We believe that banks who efficiently source deposits through differentiated and durable strategies will significantly outperform over the long-term."

Cambr will continue to go-to-market under the Cambr brand and will operate as a separate subsidiary of NBH Bank. Financial terms of the transaction were not disclosed.

Keefe, Bruyette & Woods, a Stifel Company, served as exclusive financial advisor and Gibson Dunn & Crutcher LLP served as legal advisor to StoneCastle.

Piper Sandler & Co. served as financial advisor and Wachtell, Lipton, Rosen & Katz served as legal advisor to NBH. 

About StoneCastle Partners, LLC
Founded in 2003, StoneCastle Partners develops businesses focused on banking and associated technologies. StoneCastle Partners creates innovative platforms and disruptive technology to enhance or redefine inefficient banking processes. For the past 19 years, StoneCastle Partners has built and sold platforms to strategic buyers, including banks, asset managers, and fintechs. Over 1,000 banks trust StoneCastle Partners and use its companies' products; for more information, visit www.scpdevco.com.

About National Bank Holdings Corporation
National Bank Holdings Corporation is a Denver-based bank holding company created to build a leading community bank franchise delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 95 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho. Its comprehensive residential mortgage banking group primarily serves the bank's core footprint. Its trust business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Utah, Texas, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. For more information, visit www.nationalbankholdings.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication, and all oral statements made regarding the subject matter of this communication, contain "forward-looking" statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed acquisition. Such forward-looking statements reflect current views with respect to future events and financial performance. Statements that include the words "should," "would," "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," and similar statements of a future or forward-looking nature identify forward-looking statements in this material for within the meaning of the federal securities laws. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Among the key factors that could cause results to differ materially from those projected in the forward-looking statements are the following: the impact that any litigation may have on the parties or the transaction; and the impact of potential legislative, regulatory and competitive changes. Any forward-looking statements speak only as of the date of this communication. StoneCastle Partners undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

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SOURCE StoneCastle Partners, LLC

FAQ

What is the significance of NBHC's acquisition of Cambr?

The acquisition of Cambr enhances NBHC's capabilities in deposit acquisition, providing a unique platform for sourcing deposits at lower costs.

When was Cambr sold to NBHC?

Cambr was sold to National Bank Holdings Corporation on April 19, 2023.

What is Cambr's role in the banking sector?

Cambr serves as a deposit acquisition platform that provides cash processing solutions for embedded finance companies.

How will Cambr operate after being sold to NBHC?

After the sale, Cambr will continue to operate under its brand as a subsidiary of NBH Bank.