- CSI Acquisition: CSI, a US fintech solutions provider, has acquired Hawthorn River for an undisclosed sum to enhance its loan origination capabilities.
- Hawthorn River Background: Hawthorn River, based in St. Louis, Missouri, founded in 2018, specializes in providing a loan origination system (LOS) tailored for community banks.
- Partnership History: The acquisition follows a partnership established in October, where CSI collaborated with Hawthorn River for its LOS.
- Full Integration: CSI plans to fully integrate Hawthorn River this month, enabling loan origination capabilities for various loan types across commercial and consumer accounts.
- Expansion Plans: CSI aims to extend single-point loan origination solutions, specifically designed for community banks, to non-CSI community banks through channel partnerships and API integrations.
- Strategic Move: David Culbertson, CEO and president of CSI, sees the acquisition as an effort to address lending inefficiencies for community banks, empowering them to compete and scale.
- Community Bank Focus: CSI’s focus on community banks includes recent key appointments, with Linda Fischer as COO in March and Troy Bradley as CTO this month.
- Technology Support: Hawthorn River CEO Jon Rigsby emphasizes the importance of technology partners like CSI for community banks, stating that the acquisition is a natural fit to support their evolution and modernization.
