Chime Acquires Stride Bank for $590 Million to Obtain National Bank Charter
San Francisco-based fintech Chime has agreed to acquire Oklahoma-headquartered Stride Bank, N.A. for $590 million in cash, gaining a national bank charter through the acquisition of an existing institution rather than applying for one de novo. The deal is expected to close by mid-2027 after regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve's Board of Governors are secured. Stride Bank has $5.4 billion in assets, with branch locations in Oklahoma and Salt Lake City. Chime plans for Stride to operate as a wholly owned subsidiary named Chime Bank, N.A., while maintaining combined entity assets below $10 billion to avoid regulatory constraints from the Durbin amendment. The acquisition is projected to generate net synergies exceeding $100 million through reduced fees and expanded lending capabilities. Chime expects the deal to be immediately accretive to earnings and has raised its financial guidance for Q3 2026 revenue, now projecting $705 million compared to a prior range of $680–$690 million. Chime shares rose nearly 10% in premarket trading following the announcement.
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Topics: Banking Corporate Strategy Fintech