Former Square exec leads acquisition of community bank

A company backed by former Square Capital leader Jacqueline Reses has acquired Lead Bank in Kansas City, Missouri.

Lead Bank, which has $778.9 million of assets, is an independent commercial bank that provides personal and business banking as well as banking as a service. The bank holding company Luna Parent, of which Reses is co-president, announced its purchase of Lead on Aug. 1. Reses is now chairman of Lead Bank. The price of the deal was not disclosed.

"This acquisition is the culmination of my family's decades-long investment in serving the community of Kansas City," Josh Rowland, CEO and vice chairman of Lead Bank, said in a press release. "With Luna's commitment to Lead Bank and the value they place on community banking, we'll be able to accelerate our energy and resources to serve our … neighbors and clients better."

In the release, the two companies said that Luna will expand Lead's banking services to both consumers and fintech companies and continue to invest in the Kansas City metro area while building out a national client base.

Reses was named one of American Banker's Most Powerful Women in Finance in 2020 when she was head of Square Capital. She is credited with leading Square's successful application with the Federal Deposit Insurance Corp. to become an industrial loan company. Soon after, she left the company. Square Capital's parent is now named Block.