As of June 30, 2024, the Company's balance sheet included approximately $108 million of deposits, representing about 2% of total deposits, and $31 million of loans, representing less than 1% of total loans, related to its BaaS offerings.
The Company looks forward to providing additional detail on its third quarter earnings call in October.
As the Bank begins the process of working to support orderly transitions for its BaaS partner firms, the Bank is preliminarily targeting completion of the wind down of its BaaS business sometime in 2025.
The Bank expects to retain all personnel positions supporting the BaaS line of business, both through the wind down period and beyond, refocusing those roles on supporting the growth of its core banking operations.
