BCT-Bank of Charles Town has made an anchor investment in BankTech Ventures, a new venture fund focused on backing community banks. The fund is targeting $150 million to $200 million for its first fund and has reached a first close of $55 million.
CHARLES TOWN, W.Va., Nov. 12, 2021 /PRNewswire/ — (OTC:PTBS) – BCT-Bank of Charles Town, also known as The Community’s Bank, announced today that it has committed to be an early investor in BankTech Ventures, LP (“BTV” or the “Fund”), a newly launched venture capital fund with the mission to support community banks through investment and education around banking technology. With general partners from The Venture Center, the Independent Community Bankers of America (“ICBA”), Hovde Group and two leading community banks, Coastal Community Bank and Sunwest Bank, BankTech Ventures looks to partner with premier community banks to identify emerging technologies for investment and use by them.
Supported and endorsed by the ICBA and The Venture Center, which was named Finovate’s 2020 Best Accelerator of the Year, BankTech Ventures is building an ecosystem that pairs community banks with emerging technology companies that can serve banks’ immediate needs whether it be regulatory, customer acquisition, process improvement, or other areas of focus. The Fund ultimately aims to provide its bank investors with the opportunity to obtain significant research & development “spend” at a much lower cost than if undertaken in-house, as well as strong returns from the underlying company investments. With a limited partner base expected to reach over 150 community banks across the US, the strategic value of the fund’s ecosystem for both bank-focused startups and community banks is unprecedented.
“When presented the opportunity to invest in and join the BankTech Ventures partnership, we jumped in right away,” said Alice Frazier, President & CEO of BCT. “BankTech Ventures has assembled the ideal team to identify, evaluate, invest in and align our bank’s success through emerging technologies. We can move forward as an innovative bank in our community, learn about market changes and our customers’ needs at a more rapid rate, and participate in the value created by leading technology companies. It’s a great partnership.”
“Community banks like Bank of Charles Town are so important to the communities they serve, and as they continue to evolve, emerging technologies will play a key role for them and their customers,” said Carey Ransom, Managing Director of BankTech Ventures. “I’m excited to welcome Alice and team from Bank of Charles Town to our partnership in BankTech Ventures. Together and as part of our ecosystem, we will help ensure community banks remain competitive amid a rapidly changing environment.”
BankTech Ventures, LP (www.banktechventures.com) is targeting $150-200MM for its first fund and has reached a first close of $55MM with 60 initial limited partners, including Bank of Charles Town. The fund is already evaluating several investment opportunities. In addition to Ransom, the fund’s other general partners are Eric Sprink, CEO of Coastal Community Bank; Carson Lappetito, President of Sunwest Bank; Steve Hovde, Chairman & CEO of Hovde Group; Charles Potts, Chief Innovation Officer, ICBA; and Wayne Miller, Executive Director, The Venture Center.
About BCT-Bank of Charles Town
Founded in 1871 and celebrating their 150th year of service, BCT – Bank of Charles Town, also known as The Community’s Bank, is a wholly owned subsidiary of Potomac Bancshares, Inc. (OTC:PTBS). With approximately $701 million in assets as of September 30, 2021, the Company conducts operations through its main office, an additional eight branch offices, and two loan production offices. BCT’s offices are located in Jefferson and Berkeley Counties (WV), Washington County (MD), and Loudoun and Stafford Counties (VA). The Bank provides various banking products and services including free access to over 55,000 ATMs through the Allpoint® network plus online and mobile banking for individuals, businesses, and local governments. The Bank also offers commercial lines and term loans, residential and commercial construction, commercial real estate loans and agricultural loans. The Residential Lending division offers secondary market and portfolio mortgage loans, one-time close construction to perm loans, as well as home equity loans and lines of credit. For over 60 years, BCT Wealth Advisors has provided financial management, investment, trust, and estate services to its clients. In 2019 and 2020, the Bank was named a “Best Bank To Work For” by American Banker. In 2018, Forbes named BCT a “Best In State Bank” for Maryland. The Company’s shares are quoted on the OTC Pink Sheet marketplace under the symbol “PTBS.” For more information about Potomac Bancshares, Inc., and the Bank, please visit our website at www.mybct.bank.