First Carolina Bank Launches Fintech Partnership Line of Business

First Carolina Bank announced the launch of a new fintech partnership line of business in December 2023. The initiative was designed to expand the bank's deposit portfolio and attract new customers through fintech collaborations. By entering the fintech partnership space, First Carolina Bank joined a growing number of community banks seeking to diversify revenue and deposit sources through embedded finance relationships.

The specific fintech partners and detailed program terms were not publicly disclosed. The move reflects a broader trend of smaller regional and community banks exploring banking-as-a-service and fintech-enabled deposit gathering strategies. The partnership reportedly netted meaningful deposit growth and new customer acquisition for the bank.