CSI snaps up partner Hawthorn River for single-platform loan origination system
US fintech solutions provider CSI has snapped up Hawthorn River for an undisclosed sum as it eyes enhanced loan origination capabilities.
CSI acquires Hawthorn River for undisclosed sum
Based in St. Louis, Missouri and founded in 2018, Hawthorn River provides a loan origination system (LOS) built specifically for community banks.
The deal comes after CSI initially struck a partnership with the solutions provider in October this year for its LOS.
CSI says that the full integration of Hawthorn River this month will enable loan origination capabilities for all types of loans across both its commercial and consumer accounts.
It also expects the acquisition of what it states is the only single-point solution built specifically for community banks to enable it to provide single-point loan origination solutions to non-CSI community banks via channel partnerships and API integrations.
Recognising the inefficiencies that plague lending and one of the most critical lines of revenue for community banks, David Culbertson, CEO and president of CSI, says the acquisition of Hawthorn River marks the company’s attempt to connect community banks with technologies that “empower them to compete and scale”.
He says that the initial partnership and subsequent conversations revealed “how much their solution resonates with community bankers”.
CSI’s latest efforts to expand the number of solutions available to the community banks it serves includes the appointment of both Linda Fischer as chief operating officer (COO) in March, and more recently, of Troy Bradley as chief technology officer (CTO) this month.
Hawthorn River co-founder and chief executive officer (CEO) Jon Rigsby emphasises that community banks need the support of their technology partners to evolve and modernise, adding the acquisition by CSI is “a natural fit”.
