Bank’s spinoff: a startup for merchant- and payment-processing, unleashed

A bank in Flagler, Colorado, has created a new affiliate company called Craft Financial Group, which will offer merchant and payment-processing solutions to small businesses. The company will provide services such as setting up businesses to accept and process credit-card payments, as well as specialized solutions such as loan packaging, profit-improvement strategies, and debt restructuring. Craft Financial Group was officially launched on 1 January 2024.

Chris McVay, former chief development officer and Longmont market president of High Plains Bank, will be the CEO of the new company. High Plains Bank decided to spin off its merchant-processing division to Craft Financial Group when McVay relocated to Florida to expand business lines offered by High Plains Bank. The new affiliate relationship with Craft Financial Group will allow High Plains Bank to extend its reach and help small businesses in unique ways.