Quontic Bank

Quontic is the adaptive digital bank headquartered in Manhattan, New York City with customers across the United States. As a Community Development Financial Institution, Quontic’s mission is to provide banking solutions and home financing opportunities to the underserved and underbanked.  This includes small business owners, immigrants, and other people with diverse backgrounds.  

Quontic’s deposit products have gained national recognition for their leading rates and innovative features, including the first of its kind Bitcoin Rewards Checking Account, in which customers can earn 1.5% Bitcoin for debit card purchases.

In addition to its industry disrupting deposit products, Quontic offers Community Development Loans  which consider the totality of a borrower’s circumstances and character – rather than relying on burdensome income documentation in order to qualify for home financing.

Quontic
TypePrivate company
IndustryBanking
FoundedGreat Neck, New York, U.S. 2009 (2009)
HeadquartersManhattan, New York City, New York, United States
Key people
Steven Schnall (CEO)
ProductsRetail Banking
Commercial Banking
Mortgage loan
Reverse mortgage
Total assetsUS$ 1 billion (2020)
Number of employees
220
Websitewww.quontic.com

History

In late 2009, real estate developer and entrepreneur Steven Schnall bought Golden First Bank; a small, troubled bank in Great Neck, New York with $24 million in assets. Terms of the sale allowed Schnall to buy the bank with a clean balance sheet.[1] Schnall assembled a new team, injected fresh capital, and renamed it "Quontic Bank."[2] In March 2011, Quontic opened a second branch in the Astoria, Queens neighborhood of New York City[3] Later in 2011, it shuttered the Great Neck location and moved its headquarters to Astoria.[4] Since its humble beginnings, Quontic has relocated its headquarters to Manhattan, New York, in Rockefeller Plaza. Quontic continues to operate a bank branch in Astoria.[5] Though Quontic had expanded its offices to states such as Georgia, New Jersey, and Massachusetts, it now has locations in just 2 states: Florida and New York.

In 2015, Quontic was awarded the title of Certified Community Development Financial Institution (CDFI). Quontic is the only mission-based (CDFI) digital bank in the U.S. As a CDFI, Quontic has more flexibility to structure safe, affordable loans to address unmet demand and help underbanked populations achieve the dream of homeownership.

In December 2020, Quontic was the first bank in the United States to launch the Bitcoin Rewards Checking account. The first deposit account to accrue bitcoin through its rewards checking program. With this new rewards program, both crypto enthusiasts, crypto curious and crypto beginners have the opportunity to grow their net worth via cryptocurrency by earning 1.5% back in Bitcoin on eligible debit card purchases. Quontic Bitcoin Rewards Checking is the only bank and card program that offers consumers the ability to earn a novel, liquid and truly tangible asset that has the potential to appreciate over time.

In 2020, @Bankrate named Quontic a “Top Online Bank” based on its innovative checking and savings accounts.

Locations

Nationwide

As the adaptive digital bank, Quontic gives their customers’ access to their account anytime, anywhere with online banking and withdraw and deposit funds at over 90,000 ATMs across the nation.

New York

Quontic was founded in New York and is headquartered in One Rockefeller Plaza, in Midtown Manhattan. In addition to its Headquarters in New York City, the Astoria location has a home mortgage office, which has gained media attention for its lending to Queens' large immigrant community.[6]


Quontic operated a home mortgage office in Jericho, Long Island before moving to Melville in October 2016.[7][8][9][10]

Florida

Quontic operates a home mortgage office in Coral Gables, a city southwest of Downtown Miami.

References
  1. Smith, Andrew. "Despite shaky economy, some see opportunity for new banks." Newsday. December 19, 2009.
  2. Tennery, Amy. "NY Mortgage Trust founder launches bank." The Real Deal. November 24, 2009.
  3. Doda, Bob. "Quontic Bank coming to Queens." Queens Courier. March 9, 2011.
  4. Schnoonover, Jessie."Broadway welcomes Starbucks, Quontic Bank." Queens Gazette. April 13, 2011.
  5. Rios, Emily. "Banking on Astoria's small businesses." We Heart Astoria. March 21, 2017.
  6. Cortese, Amy. "The Queens bank growing with the city's working-class families." Crain's New York Business. November 8, 2017.
  7. Winzelberg, David. "Bank moves home loan offices to Melville." Long Island Business News. October 4, 2016.
  8. McAtee, Paige. "Bank Upgrades Offices to Melville." Half Hollow Hills Patch. October 4, 2016.
  9. Reich-Hale, David. "Quontic Bank plans to double staff at new Melville office." Newsday. October 10, 2016.
  10. Law, Janee. "Bank relocates to Route 110 corridor." Long Islander News. October 13, 2016.
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