BCT is excited to embrace banking innovations through its involvement in the recently launched banktech-focused venture capital fund
BCT-Bank of Charles Town, also known as The Community’s Bank, announced 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.
“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.”
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“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.
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