Nexo Had Acquired a Stake in Hulett Bancorp

Nexo disclosed Tuesday that it had acquired a stake in Hulett Bancorp, a holding company that owns the federally chartered Summit National Bank, which is regulated by the Office of the Comptroller of the Currency. The terms of Nexo’s acquisition and its ownership stake in Hulett Bancorp were not revealed. The acquisition gives Nexo and its customers the ability to open bank accounts with Summit National Bank. U.S.-based retail and institutional clients of Nexo will also have access to asset-back loans, card products, and escrow and custodial solutions offered through Summit.