Reported 21 days ago
Five Star Bank's parent company, Financial Institutions Inc., announced plans to phase out its banking-as-a-service (BaaS) program by 2025, shifting focus back to community banking. The decision follows several considerations, including regulatory changes and financial results from the BaaS sector, which accounted for only a small portion of their overall deposits and loans. This move reflects broader challenges faced in the BaaS industry, with other banks also retracting from similar services.
Source: YAHOO