BM Technologies, Inc. (BMTX) Announces John Dolan as New Board Member
May 13, 2022 (GLOBE NEWSWIRE) -- BM Technologies,
Inc. (NYSE American: BMTX), one of the largest digital banking
platforms and Banking-as-a-Service (BaaS) providers in the country,
is proud to announce the expansion of its Board with the naming of
John Dolan to the Audit Committee and as its chairperson.
Dolan has worked in the banking world for more than 30 years, as
both a CFO and then CEO of First Commonwealth Financial Corporation
(NYSE American: FCF). Before becoming CEO of First Commonwealth,
Dolan served as the company's CFO for more than 20 years. As CFO,
he directed financial accounting and reporting, management and
regulatory reporting, budgeting, tax planning, and all internal
controls, as well as a broad range of M&A activity. During his
tenure as a member of the executive team, he helped transform the
bank from a $200 million asset institution to a publicly traded
bank holding company with $6 billion in assets.
"We are delighted to welcome John Dolan to the Board," stated
Luvleen Sidhu, Chair, CEO, and Founder of BMTX." Mr. Dolan brings
to our Board extensive financial and regulatory expertise and
experience as the strategic and financial leader of a community
bank, including raising capital, preparing financial reports,
developing strong internal controls, developing executive
management teams, and achieving growth through acquisitions. As a
newly formed public company and as we navigate our transition to a
true fintech bank, his experience is invaluable."
John is also the founder of Dolan Financial Solutions, a
consulting firm helping entities discover appropriate financing
options to execute their strategic and growth plans. Reflecting his
passion for public service and community building, Dolan has been
active in economic development and assisting early-stage companies
during their development. He is an experienced angel investor and a
member of the board of directors of Pratter, Inc., an early-stage
company that provides transparency to reduce healthcare costs.
Dolan also served as the Non-Executive Chairman of the Board and
Audit Committee Chair of Atlantic Coast Financial Corp. (NASDAQ:
ACFC), beginning in late 2013 until its successful turnaround and
sale in 2018.
Dolan remained active in industry groups throughout his banking
tenure, including the Financial Services Roundtable (now the Bank
Policy Institute), the Pennsylvania Bankers Association, and the
American Bankers Association. Dolan resides in Indiana, PA, and has
served on several not-for-profit boards. He is currently the Board
Chair for West Liberty University Foundation, Inc. and on the
McGowan Institute for Regenerative Medicine advisory board in
He earned his B.S. in Business Administration with a
Specialization in Accounting in 1978 from West Liberty University
in West Virginia.
"I am honored and delighted to be joining the Board," said
Dolan. "BMTX represents the future of banking, and I am excited to
add my expertise and collaborate with other board and executive
committee members to ensure the best interests of our
Launched in 2015, BMTX is one of America's largest digital
financial services platforms with approximately two million
accounts. BMTX is on a mission to financially empower millions of
Americans by providing a more affordable, transparent, and consumer
friendly digital banking experience. BMTX is a pioneer in the BaaS
sector, powering non-banks to expand access to digital banking
products through its award-winning technology. BMTX also currently
provides disbursement services at approximately 750 college and
university campuses (covering one out of every three college
students in the U.S.) through BankMobile Disbursements. BMTX
recently announced the signing of a definitive agreement to merge
with First Sound Bank, a Seattle, Washington-based business bank.
The combined company will be a fintech-based bank focused on
serving customers digitally nationwide. The transaction is subject
to regulatory approvals and other customary closing conditions and
is expected to close in the second half of 2022.
About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX)—formerly known as
BankMobile—is among the largest digital banking platforms and
Banking-as-a-Service (BaaS) providers in the country, providing
access to checking and savings accounts, personal loans, credit
cards, and financial wellness. It is focused on technology,
innovation, easy-to-use products, and education with the mission to
financially empower millions of Americans by providing a more
affordable, transparent, and consumer-friendly banking experience.
The BM Technologies (BMTX) digital banking platform employs a
multi-partner distribution model, known as "Banking-as-a-Service"
(BaaS), that enables the acquisition of customers at higher volumes
and substantially lower expense than traditional banks, while
providing significant benefits to its customers, partners, and
business. BM Technologies (BMTX) currently has approximately two
million accounts and provides disbursement services at
approximately 750 college and university campuses (covering one out
of every three college students in the U.S.). BM Technologies, Inc.
(BMTX) is a technology company and is not a bank, which means it
provides banking services through its partner bank. More
information can also be found at www.bmtx.com.
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