PANews reported on June 5th that, according to the Bank Reg Blog, Kraken co-CEO Arjun Sethi has signed an agreement to acquire Summit National Bank, a small Wyoming bank currently in bankruptcy proceedings, for $5.5 million. Several previous attempts to sell the bank have failed.
Economist David Beckworth inquired whether this move would affect Kraken's streamlined Federal Reserve master account pilot program, and whether the acquisition would convert the streamlined account into a regular account. Bank Reg Blog responded that it did not expect a direct impact; while the bank does have regular master accounts, the transaction was conducted in Sethi's personal name, not because Kraken owns the bank.
