Investment Boost for Grasshopper: $46.6 Million Secured, New Board Members Recruited for Further Expansion
Grasshopper Bank Announces New Board Members Following $46.6 Million Funding Round
Grasshopper Bank, a digital banking institution, has announced the appointment of four new members to its Board of Directors. These appointments come following a successful $46.6 million funding round and the upcoming merger with Auto Club Trust, FSB, scheduled for April 2025.
The new board members are James Fitzgerald, a retired banking executive, Brian Graham, an expert in banking, investment strategy, and public policy, Karen Solomon, a seasoned bank regulatory lawyer, and John M. Surgent, an entrepreneur with a strong background in accounting and professional education.
James Fitzgerald is a banking veteran who played a significant role in the growth of Eastern Bank. He helped the company's assets grow from $8 billion to over $25 billion by the end of 2024, overseeing the company’s IPO and multiple acquisitions.
Brian Graham brings a wealth of experience to the table, having served as CEO of BancAlliance, an SVP of CapitalSource, founder of CapitalSource Bank, and an investment partner focusing on financial services investments for Blue Ridge Capital Management.
Karen Solomon is a bank regulatory lawyer with over 30 years of experience, having held senior roles at the Office of the Comptroller of the Currency.
John M. Surgent, CPA, is an entrepreneur who founded firms such as GMS Surgent CPAs and Surgent Professional Education.
These appointments are aimed at supporting Grasshopper Bank's strategic growth and expansion. The new board members are united in their mission to set the standard for how digital banks can better serve communities and deliver cutting-edge financial experiences to a wider, more diverse audience.
The recent funding round will support Grasshopper's growth, with the aim of accelerating scaling technology, expanding product offerings, and deepening its commitment to digital banking solutions. The funding was led by Patriot Financial Partners LP, with Glendon Capital Management participating.
Grasshopper is also planning to serve consumers through an affinity banking partnership with The Auto Club Group. The bank's total deposits increased 81% to $2.37 billion, and total assets grew 53% to $1.33 billion. Total loans of $961.8 million at June 30, 2025, were up 49% compared to December 31, 2024.
The new board members will join Mike Butler, Grasshopper CEO, and the six standing members of the board. The momentum Grasshopper has maintained throughout the first half of 2025 is expected to continue, propelling the bank towards its goal of delivering a more comprehensive and inclusive digital banking experience.
[1] [Source for James Fitzgerald's background] [2] [Source for James Fitzgerald's role at Eastern Bank] [3] [Source for John M. Surgent's background] [4] [Source for Brian Graham's background] [5] [Source for Karen Solomon's background]
- The appointment of James Fitzgerald, a retired banking executive who significantly contributed to Eastern Bank's growth, is expected to bring valuable insights to Grasshopper Bank's digital business strategy and finance management.
- As the merger with Auto Club Trust, FSB, approaches in April 2025, John M. Surgent's expertise in technology, accounting, and professional education will be instrumental in enhancing Grasshopper Bank's digital banking solutions and expanding its business reach.
