We are FinWise Bancorp, a Utah bank holding company headquartered in Murray, Utah. We operate through our wholly owned subsidiary, FinWise Bank, a Utah state-chartered non-member bank formerly known as Utah Community Bank. We are your digital community bank. ( See: https://www.finwisebank.com/ ) We are also one of the nation’s most active Small Business Administration (SBA 7(a) ) lenders. For FY2021 as of June 30, 2021, FinWise had approved 108 SBA 7(a) loans in the total amount of $133.77 million, according to the SBA.
From the prospectus: “We make loans to and take deposits from consumers and small businesses across the United States of America (“USA”). Since 2016, we have focused on enhancing the technological infrastructure and data analytics that make up what we call FinView™, our analytics platform, which we use to collect, analyze and apply data to provide potential borrowers with enhanced access to credit while managing the Bank’s risk profile.
“Kent Landvatter joined the company and the bank in September 2010 as the president and CEO. Mr. Landvatter has over 40 years of financial services and banking experience, including experience with distressed banks and serving as the president of two de novo banks, Comenity Capital Bank and Goldman Sachs Bank, USA.
“As of Dec. 31, 2020, on a consolidated basis, we had total assets of $317.5 million; total loans of $261.8 million, including $107.1 million in PPP (Paycheck Protection Program) loans; total deposits of $164.5 million, and total shareholders’ equity of $45.9 million.
As of March 31, 2021, on a consolidated basis, we had total assets of $330.1 million; total loans of $245.2 million, including $65.9 million in PPP loans; total deposits of $188.5 million, and total shareholders’ equity of $52.3 million.
For the year ended Dec. 31, 2020, we originated $2.6 billion in total loans; had net income of $11.2 million and a 28.4% return on average equity. For the three months ended March 31, 2021, we originated $1.0 billion in total loans; had net income of $5.3 million and a 43.1% return on average equity.”
Note: FinWise Bancorp reported net income of $11.2 million on revenue of $43.9 million for the year ended Dec. 31, 2020, according to the prospectus.
(Note: FinWise Bancorp postponed its IPO on Aug. 12, 2021, “due to market conditions.” On Wednesday, Aug. 11, 2021, the company amended its Free Writing Prospectus to disclose litigation filed on Aug. 10, 2021, according to a filing with the SEC.)
|Address||756 East Winchester Suite 100, Murray, UT 84107|
|Phone Number||(801) 501-7200|
|View Prospectus:||FinWise Bancorp|
|Revenues||$ mil (last 12 months)|
|Net Income||$14.68 mil (last 12 months)|
|Price range||$13.00 - $15.00|
|Est. $ Volume||$57.8 mil|
|Manager / Joint Managers||Piper Sandler|
|Expected To Trade:||8/13/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|