Chime Acquires Stride Bank for $590 Million, Establishing Chime Bank, N.A.

Chime Financial has announced its acquisition of Stride Bank, N.A. for $590 million in cash, a move that will transform the neobank into a more integrated banking institution. The deal, announced on September 8, will see Stride Bank rebranded as Chime Bank, N.A. upon completion. This acquisition marks a significant shift for Chime, which has relied on partner banks for transaction processing since its inception.

The acquisition is expected to generate over $100 million in net synergies for Chime, primarily by eliminating fees paid to sponsor banks and expanding its lending capabilities through direct control of a bank charter. The transaction is structured as an all-cash deal and is anticipated to positively impact Chime's earnings per share immediately. Following the announcement, Chime's stock rose approximately 6% in after-hours trading.

Founded in 1913 and headquartered in Enid, Oklahoma, Stride Bank has been Chime's banking partner for over seven years, holding customer deposits and issuing Chime-branded debit cards. Chime plans to keep the assets of Chime Bank below $10 billion to benefit from higher debit card interchange fees, as stipulated by the Durbin Amendment of the Dodd-Frank Act. While transitioning to in-house banking, Chime will maintain its relationship with The Bancorp Bank, N.A. for the time being.

The acquisition is subject to regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve, with Chime expecting to receive necessary approvals in the first half of 2027. Alongside the acquisition announcement, Chime has raised its financial outlook for the full year 2026, projecting revenues between $2.76 billion and $2.77 billion, reflecting a year-over-year growth of 26% to 27%.

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Source: KLEA News