San Francisco-based fintech Chime announced it will purchase its long-time partner Stride Bank N.A., based in Enid, Okla., for $590 million in cash..Upon closing, Stride will become Chime Bank, N.A. and operate as a wholly owned subsidiary of Chime.After partnering with Stride for the last seven years, Chime said "a direct connection between Chime and the bank behind member accounts will ... deepen trust and give more consumers the confidence to make Chime their primary account." Owning a "subsidiary bank charter will allow for even more streamlined development of regulatory compliant products," Chime said. The company also touted the ability serve consumers across all 50 states and noted that owning the bank will eliminate partner-bank fees and reduce funding costs. In addition to Stride, Chime has partnered with The Bancorp Bank, Sioux Falls, S.D. Stride Bank, founded in 1913, has locations in Oklahoma and Salt Lake City and more than $5 billion in assets.The transaction is expected to close in the first half of 2027 pending approval by the OCC and Federal Reserve.
