The online small-business lender is enjoying a payoff from its year-old push to cut costs and tighten underwriting standards. It is also set to announce another lending agreement with a major bank this year, its CEO said Tuesday.
Marquette Bank is proof that community banks don't have to be the fastest or flashiest to compete with online lenders. Instead, the Chicago bank closely mirrored fintech offerings while promoting personal service to set itself apart.
Its small, locally owned banks were as decimated after the crisis as in any big city. But community bankers say changes to the economy and their lending practices offer them a shot at challenging the big banks that dominate their market.
Seacoast Commerce is San Diego is already one of the biggest Small Business Administration lenders — half the loans on its books are tied to SBA programs. But will its underwriting hold up outside its traditional markets?