GBank Founder Steps Down Amid Fintech Expansion, Eyes New Chapter in Israel

Las Vegas, NV – November 6, 2025 – Alan C. Sklar, a founding director of GBank Financial Holdings Inc. (Nasdaq: GBFH), is stepping down from the Boards of Directors of both the holding company and its banking subsidiary, GBank, effective October 28, 2025. The announcement signals a leadership transition at a critical juncture for the financial institution, which is rapidly expanding its footprint in the fintech and gaming sectors.

Sklar’s departure marks the end of an era for GBank, a company he helped build from the ground up nearly two decades ago. Sources close to the company describe him as a steadying influence, particularly in matters of governance and regulatory compliance. While the company publicly cites his desire to spend more time in Israel as the primary driver of his decision, analysts suggest the timing may also reflect a strategic shift within the organization.

“Alan has been instrumental in shaping GBank’s culture and governance framework,” stated Edward M. Nigro, Chairman and CEO of GBank Financial Holdings Inc., in a press release. “His integrity, wisdom, and unwavering commitment have strengthened this organization at every stage.”

Navigating a Changing Landscape

GBank has experienced significant growth in recent years, fueled by its focus on specialized lending, particularly within the Small Business Administration (SBA) program, and its growing presence in the gaming and fintech industries. The company’s GBank Visa Signature® Card, tailored for the gaming and sports entertainment markets, has proven particularly successful. This expansion has positioned GBank as a national player, operating across 40 states and boasting a robust payment infrastructure.

However, the fintech landscape is fiercely competitive and constantly evolving. Companies must adapt quickly to new technologies, changing consumer behaviors, and increasingly stringent regulations. Some analysts believe Sklar’s departure may pave the way for a more aggressive push into new markets or a greater emphasis on innovation.

“The fintech space rewards agility,” explains a financial industry consultant who asked not to be named. “A founding director stepping down after two decades could indicate a desire to bring in new perspectives and a willingness to take more risks. It's a natural evolution for a company that's already achieved significant success.”

A Shift in Priorities?

While GBank publicly attributes Sklar’s decision to personal reasons – specifically, a desire to spend more time in Israel – some observers suggest that other factors may be at play. “It’s not unusual for founding directors to eventually step aside and allow a new generation of leaders to take the reins,” explains a corporate governance expert. “However, the timing of this announcement, coupled with GBank’s rapid expansion, raises some questions.”

Sources close to the company indicate that discussions regarding strategic direction and potential acquisitions have been ongoing in recent months. Sklar, known for his conservative approach to risk management, may have been hesitant to pursue certain opportunities. His departure could signal a willingness to explore more ambitious growth strategies.

Looking East: A New Chapter in Israel?

Sklar’s decision to focus his attention on Israel is intriguing. While he has not publicly disclosed his plans, observers speculate that he may be involved in philanthropic endeavors or exploring investment opportunities in the country. Israel has emerged as a global hub for innovation and technology, attracting significant investment from around the world.

“Israel is a dynamic and exciting place to be right now,” explains a venture capitalist specializing in Israeli startups. “The country has a thriving ecosystem of entrepreneurs, engineers, and investors. It’s a natural destination for someone looking to pursue new challenges and make a meaningful impact.”

The company confirmed Sklar’s plans to relocate, but offered no further details. One source noted that Sklar has long-standing personal ties to Israel and has expressed a desire to become more involved in the country’s economic and social development.

A Smooth Transition?

GBank has not yet announced a replacement for Sklar. The company stated that it is actively searching for a qualified candidate to fill the vacancy. However, analysts caution that filling Sklar’s shoes will be a challenging task.

“Alan Sklar brought a wealth of experience and expertise to the board,” explains a financial analyst. “He was a respected leader and a trusted advisor. Finding someone who can replicate his contributions will be crucial to GBank’s continued success.”

The company intends to leverage its existing leadership team to ensure a smooth transition. Edward M. Nigro, the Chairman and CEO, is expected to play a central role in guiding the company through this period of change.

“We are confident that GBank is well-positioned for continued growth and success,” stated Nigro in a statement. “We thank Alan for his many years of service and wish him all the best in his future endeavors.”

Despite the leadership change, GBank appears to remain optimistic about its future. The company’s strong financial performance and expanding market share suggest that it is well-equipped to navigate the challenges and opportunities that lie ahead. However, analysts caution that the company must remain agile and innovative to maintain its competitive edge in the rapidly evolving fintech landscape.