Newtek Bank Awards Highlight SBA Lending Transition, Deposit Growth
Event summary
- Newtek Bank, a subsidiary of NewtekOne, Inc. (NEWT), received the ‘SBA Bank Lender of the Year’ award from The Coleman Report.
- NerdWallet recognized Newtek Bank for having the ‘Best Savings Account 2026’ after evaluating over 100 financial institutions.
- NewtekOne acquired Newtek Bank in 2023, transitioning its SBA lending operations into the bank.
- Newtek Bank currently holds a 4.6 rating on Trustpilot.
The big picture
The awards highlight NewtekOne’s strategic shift to leverage its banking subsidiary for both SBA lending and deposit acquisition. This transition, completed in 2023, allows NewtekOne to offer a more comprehensive suite of financial services. The NerdWallet recognition underscores the growing importance of digital banking and competitive rates in attracting retail deposits, a crucial element for bank profitability and lending capacity.
What we're watching
- Deposit Retention
- Whether Newtek Bank can maintain its competitive interest rates and digital experience to retain customers attracted by the NerdWallet recognition, especially given broader market pressures on deposit pricing.
- SBA Compliance
- The ongoing regulatory scrutiny of SBA lending practices and Newtek Bank’s ability to maintain compliance while scaling its lending operations post-acquisition.
- Trustpilot Sentiment
- How Newtek Bank’s Trustpilot score evolves as it expands its product offerings and customer base, and whether negative feedback could impact its reputation and deposit growth.
Related topics