The owners of Latvian payments firm Transact Pro have acquired a small Colorado bank, promising to overhaul it for the 21st century. Mark Moskvin and Maxim Yaroshewsky have bought Colorado National Bank (CNB) for an undisclosed fee and also put $2 million into the bank to boost its capital position.
Moskvin, who is the majority shareholder, founded Latvia's Transact Pro in 2004, offering online payment acceptance and processing services, as well as debit card issuance. In 2007, he brought in Yaroshewsky from DnB Nord Banka as COO and minority shareholder.
Says Moskvin: "Today we finalised a two year process to acquire a bank with over a century of history in its name. Our knowledge and experience will help to build innovative new banking services for the bank that will transform it into a modern bank for the 21st century."
The new owners have put together a board of directors and have retained John Sprengle, the former president and chief credit officer of CNB, to act as a "point of contact" for customers.