New owners mean a new name for Colorado National Bank.
The Denver-based bank, whose parent company filed for bankruptcy in 2017 and sold to the co-owners of a Latvian payment processing firm the next year, said Tuesday it has changed its name to Transact Bank.
The new moniker mirrors that of Transact Pro, the firm controlled by new owners Mark Moskvin and Maxim Yaroshewsky, who paid just under $9 million.
The bank has one branch, at 700 17th St. in downtown Denver. At the time of the 2018 sale, it had a second branch in the western Colorado town of Palisade, but that branch was sold to Grand Junction-based Grand Valley Bank last April.
“We are proud to build on our momentum as an innovative fintech-focused organization with a solid presence in the US and EU,” said Moskvin, who serves as CEO of Transact Bank.
Moskvin said Transact Pro, which was founded in 2004, processes 7 billion Euros annually.
Transact Bank describes itself as the first US national bank aiming to focus solely on payment processing and card-issuing businesses, domestically and cross-border.