SmartBiz Completes Acquisition of Centrust Bank

In a big boost the small businesses, the US-based financing platform SmartBiz on Tuesday announced the closing of its acquisition of United Community Bancshares, Inc. and its wholly-owned subsidiary, Centrust Bank, N.A. in Illinois. With this SmartBiz became a bank and a Bank Holding Company.

The combined company, renamed SmartBiz Bank, will operate under the bank holding company, SmartBiz Bancshares, Inc. This transaction recently received regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve Bank of Chicago.

SmartBiz’s evolution into a bank furthers its mission of empowering business owners to thrive by providing access to the financial services they need. With this strategic acquisition, SmartBiz Bank will meet the dynamic needs of entrepreneurs and small businesses across the US to fuel the growth of the small business community.

SmartBiz Bank CEO Evan Singer said that small businesses are the backbone of the US economy, whose banking needs were often overlooked by traditional banks and they were building a bank designed specifically to serve small businesses.

“Small business owners need financing and banking solutions designed for their unique financial needs. As a bank, we will continue offering clients the best SBA lending options while evolving to become a full-service financial solutions provider for our nation’s small businesses. From providing access to streamlined funding to offering personalized guidance, we are committed to helping small business owners succeed on their terms,” Singer explained.

Founded in 2006, Centrust Bank is a Chicago-based community bank primarily focused on business lending to small to medium-sized businesses, offering both conventional and Small Business Administration (SBA) loan products.

Its team of experienced commercial bankers delivers superior commercial banking services and a full spectrum of deposit, lending, and online banking products and services. It will continue to provide these vital small business banking services as Centrust Bank, a division of SmartBiz Bank.

Its entire team joins SmartBiz Bank to provide complementary and robust banking and lending services for current and future small business customers. Gerard Buccino, formerly CEO of Centrust Bank, is now President of SmartBiz Bank.

Buccino said that for years, Centrust Bank has been committed to building strong relationships with small businesses, ensuring they have the capital and financial expertise needed to thrive.

“By joining forces with SmartBiz, we are combining the best of both worlds—our deep commercial banking experience with their technology-driven approach to SBA lending. Together, we are scaling our capabilities, equipping more small business owners nationwide with the funding and strategic guidance they need to grow, innovate, and navigate an ever-changing economic landscape,” Buccino added.

Facilitating Small Business Growth

SmartBiz has been serving the small business community since 2013, specialising in loans up to $500,000. By blending technology with personalised customer service, the company transformed the small business loan process, making it simpler and more accessible while ensuring compliance and loan performance.

With over 230,000 loans facilitated for over $9 billion, SmartBiz has helped countless small business owners secure vital capital, driving their growth, stability, and success in a competitive market.

Singer added: “SmartBiz Bank’s approach differs in its ability to address customers’ long-term financial needs by providing technology-enabled, thoughtful, secure, and innovative financial solutions with the added stability and capabilities of a full-service commercial bank. SmartBiz Bank is redefining small business banking and fueling the growth of the U.S. small business community.”