Capital Bancorp, Inc. Completes Operational Conversion of Integrated Financial Holdings, Inc.
Rhea-AI Summary
Capital Bancorp (CBNK) has successfully completed the operational conversion of Integrated Financial Holdings (IFH) into its systems, following their merger from October 1, 2024. The conversion, executed between February 21st and 24th, 2025, integrates IFH customer accounts into CBNK's products and services.
Former IFH subsidiaries, West Town Bank & Trust has merged with Capital Bank, N.A., while Windsor Advantage became a CBNK subsidiary. IFH customers, including those from the North Riverside, IL branch, now have access to CBNK's full range of services, locations, digital banking, and ATM network.
CBNK plans to open a new branch in Raleigh, NC on March 3, 2025. The company has maintained communication with customers since October 2024 to ensure a smooth transition.
Positive
- Completed operational integration of IFH acquisition
- Expansion of geographical presence with new Raleigh branch opening
- Expected merger synergies to be realized
Negative
- None.
News Market Reaction
On the day this news was published, CBNK declined 2.00%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ROCKVILLE, Md., Feb. 24, 2025 (GLOBE NEWSWIRE) -- Capital Bancorp, Inc. (“CBNK”) announced that it had completed the conversion of Integrated Financial Holdings, Inc. (“IFH”) into its operations and systems. This conversion integrates IFH customer accounts into CBNK’s products and services.
West Town Bank & Trust and Windsor Advantage previously operated as subsidiaries of IFH. In connection with the merger completed on October 1, 2024, West Town Bank & Trust merged with and into Capital Bank, N.A. and Windsor Advantage became a subsidiary of Capital Bancorp, Inc.
"While Capital and IFH have already been effectively operating as one company, this conversion marks a major milestone," said Ed Barry, Chief Executive Officer of CBNK. "Now that the conversion is complete, we are well positioned to better serve our customers and continue to execute on the meaningful synergies that we expect to accrue in the merger.”
CBNK completed the conversion between the close of business on February 21st and reopening on February 24th. IFH customers – including customers of its North Riverside, IL branch – now have access to a wide selection of CBNK products and services. In addition, they can bank at any CBNK location, through digital banking or ATM. In connection with the merger, CBNK also anticipates opening a branch in Raleigh, NC on March 3, 2025.
Information about the conversion and transition to CBNK was mailed to these customers on October 1, 2024. Since then, we have maintained ongoing communications to support a smooth transition.
ABOUT CAPITAL BANCORP, INC.
Capital Bancorp, Inc., Rockville, Maryland is a registered bank holding company incorporated under the laws of Maryland. Capital Bancorp has been providing financial services since 1999 and now operates bank branches in six locations including Washington D.C., Reston, VA, Ft. Lauderdale, FL, Rockville, MD, Columbia, MD and N. Riverside, IL. Capital Bancorp had assets of approximately
Capital Bank, N.A.
Media Contact:
Bryon Stevens
Investor Relations
Email: bstevens@capitalbankmd.com
FAQ
When did Capital Bancorp (CBNK) complete the operational conversion of IFH?
What happens to former IFH customers after the CBNK merger conversion?
When is CBNK opening its new Raleigh, NC branch?
What happened to West Town Bank & Trust after the CBNK merger?
What became of Windsor Advantage after the CBNK-IFH merger?
