Kraken Co-CEO to Acquire Small Wyoming Bank for $5.5 Million

On June 5, according to Bank Reg Blog, Kraken Co-CEO Arjun Sethi has signed an agreement to acquire Summit National Bank, a small Wyoming bank in bankruptcy proceedings, for $5.5 million. Previous attempts to sell the bank had failed. Economist David Beckworth inquired whether this move would affect Kraken's pilot program for a streamlined Fed master account and if the acquisition would convert the streamlined account to a regular one. Bank Reg Blog responded that no direct impact is expected. The bank does possess a regular master account, but the transaction is being made under Sethi's personal name, not Kraken's ownership of the bank.