OakNorth Expands US Hiring as Community Unity Acquisition Nears

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OakNorth Bank is increasing its hiring in the US as it moves closer to completing its acquisition of Michigan-based Community Unity Bank. The transaction, announced a year ago, is going through regulatory procedures and the London-based financial institution is seeking approval from the Office of the Comptroller of the Currency and the Federal Reserve for a national bank charter in connection with the acquisition.

Why it matters

The acquisition of Community Unity Bank would allow OakNorth to expand its presence in the US market, which has become a key growth driver for the company. The move comes as OakNorth seeks to capitalize on opportunities created by the collapse of lenders like Silicon Valley Bank and Signature Bank two years ago.

The details

OakNorth has been permitted to operate a representative office in the US since August 2024, focused on supporting roles such as back-office functions and marketing. The company is now looking to fill positions in areas like product management, compliance, business lending, and debt financing in New York and Michigan. OakNorth is also searching for an investment banker to assess possible market entry strategies as it explores further merger, acquisition, and fundraising options.

• OakNorth has been permitted to operate a representative office in the US since August 2024.
• The acquisition of Community Unity Bank was announced a year ago.

What they’re saying

What’s next

OakNorth is seeking approval from the Office of the Comptroller of the Currency and the Federal Reserve for a national bank charter in connection with the acquisition of Community Unity Bank.