OakNorth acquires Community Unity Bank in Michigan

OakNorth, a British digital bank, will announce its acquisition of Community Unity Bank (CUB) in Michigan this week. The deal is an all-share transaction, with the purchase price expected to be in the tens of millions of dollars. This acquisition marks a significant step in OakNorth's expansion into the U.S. market. The bank has already received regulatory approval for a Representative Office in New York and began lending in the U.S. in 2023, issuing $700 million in loans. OakNorth has experienced rapid growth, reporting pre-tax profits of £214.8 million in 2024, up from £187.3 million the previous year. The bank has also paid out over £30 million to shareholders in its first dividend.