Portland, Oregon-based Simple, an online technology-based bank specializing in free FDIC-insured checking account with built-in budgeting tools, is shutting down. The shut-down will impact all of the bank's current headcount, estimated to be 220 employees.
According to a notice on Simple's website, "Simple will be closing and it's been an honor to serve you. Thanks to all the customers who have been part of our journey. Simple account servicing will transition to BBVA USA later this year. Customers can still use their accounts as usual for now."
The shut-down is a consequence of the sale of their parent organization Birmingham, Alabama BBVA who is selling its U.S. business to PNC Financial Services Group for $11.6 billion.
A BBVA spokesperson noted, “We’re focused on the things that make the most sense for the company’s future whether on a standalone basis or a potentially combined basis with PNC." BBVA is also shutting down two other financial technology services it owns, Azlo and Open Platform.
Portland-based Azlo is similar to Simple, offering free checking accounts, and will likewise layoff all of their employees.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?