Bank targets mobile market in $175M deal

CLEARWATER — Flagship Community Bank, based in Clearwater, has entered an agreement to purchase the BankMobile division of Customers Bancorp for $175 million.

BankMobile provides digital banking services to college students, middle-income Americans and underbanked Americans, according to a press release.

“While Flagship continues to believe in the demand for a locally owned and managed community bank, and will continue its model of local community banking through its two branches in Clearwater, we also recognize that digital banking is expanding and the acquisition of BankMobile provides us with an opportunity to meaningfully expand our digital banking footprint beyond our Florida markets,” says Chairman, President and CEO of Flagship Community Bank Frank Burke in a statement.

Under the deal, Flagship Community Bank will acquire BankMobile's deposits, technology, intellectual property and customer accounts.