Simple Bank Is Shutting Down
Simple, an online only bank, is shutting down amid the pending sale of its parent bank, BBVA USA. Simple notified employees on Wednesday and told customers Thursday, calling the pending closure a “strategic decision.”
A date has not been set yet, but client accounts will be transferred to BBVA soon. In November, BBVA announced it would sell its U.S. business to PNC Financial Services Group for $11.6 billion. Here’s the text of the notice that was sent out to customers:
We have an update for you about your banking relationship with Simple, a subsidiary of BBVA USA. BBVA USA has made the strategic decision to close Simple. There is no immediate impact to your accounts at Simple and nothing you need to do at this time. Since your deposits are already housed at BBVA USA, they will remain in FDIC insured accounts there, up to the applicable limits. In the future, your Simple account will become exclusively serviced by BBVA USA, but until then you can continue to access your account and your money through the Simple app or online at simple.com. You will receive additional information in the near future about the transition of your account servicing to BBVA USA. Thank you for being a Simple customer, it’s been an honor to serve you.
Simple was founded in 2009 in Brooklyn and moved it headquarters to Portland two years later. Spanish banker BBVA bought it for $117 million in 2014. I have covered Simple Finance occasionally since they offered some great bonuses for new customers in the past.