Shinhan Bank America

What Shinhan Bank America does

Shinhan Bank America is a US-chartered, FDIC-insured commercial bank operating as a wholly-owned subsidiary of Shinhan Bank (Korea), the banking arm of Shinhan Financial Group. Founded in 1990 (originally as Chohung Bank of New York) and headquartered in New York, the bank operates 13 branches across five states — California, New York, New Jersey, Georgia, and Texas — with an explicit strategic focus on Korean-American individuals and Korean-American-owned small and medium businesses, augmented by cross-border trade and remittance customers doing business with Korea and other Asian markets.

The product portfolio spans core retail banking (Free Checking, Personal Checking, Senior Checking, Statement Savings, Money Market, MIDAS Money Market, CDs, IRAs), consumer credit (Visa personal credit cards, residential mortgages), and a commercial banking suite that includes Simple/Business/ADV Business Checking, business Visa credit cards, ACH origination, Remote Deposit Capture, Bill Payment, Positive Pay, commercial real estate loans (up to 70% LTV), business lines of credit, term loans, Small Business Support Loans, and SBA 7(a) (up to $5M) and SBA 504 loans under the bank's Preferred Lenders Program (PLP) status. Technology is conventional: an Internet Banking platform with multifactor authentication and virtual keyboard security, a mobile-optimized banking interface (iOS 9.0+ / Android 7.0+), 24/7 telebanking, and digital wallet integration with Apple Pay, Samsung Pay, and Google Pay; the bank also connects to Allpoint (55,000+ surcharge-free ATMs), the PLUS/STAR/NYCE/DASH/CIRRUS debit networks, Visa, FedACH, and the Federal Reserve image-clearing system.

Revenue is generated primarily through net interest income on commercial real estate, SBA, term, and residential mortgage loans; deposit-related fees (waivable monthly maintenance, overdraft, and per-transaction charges); wire transfer fees — particularly seasonal promotional events tied to Korean/Lunar holidays — for both consumer remittance and commercial trade; credit card annual fees, interest, and interchange; and CD interest spread. GTM is sales-led and direct-to-consumer via branch-based consultation complemented by digital self-serve channels, with marketing emphasizing SBA lending, CDs, mortgages, wire transfer services, and FDIC-insured credibility. The bank resolved multi-agency AML compliance inquiries with the FDIC, NYS DFS, and FinCEN in September 2023 and has subsequently invested in BSA staffing, policies, and a "sophisticated" transaction monitoring system.

Name

Shinhan Bank America

Legal name

Shinhan Bank America

Website

https://shbamerica.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

101–250 employees

Short description

Shinhan Bank America is a US-chartered, FDIC-insured subsidiary of Shinhan Bank (Korea) operating 13 branches across 5 states (CA, NY, NJ, GA, TX), serving Korean-American individuals and SMBs with retail banking, SBA lending, mortgages, and cross-border wire transfers to Korea and Asia.

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Retail banking services
• Commercial banking services
• Small business lending
• International wire transfers
• Residential mortgage loans

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices15 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest earned on loans including commercial real estate loans, SBA loans (7(a) and 504), term loans, lines of credit, and residential mortgages. Loan products include fixed and variable rate options with terms up to 25 years.
2. Deposit Account Fees and Charges: Monthly maintenance fees on checking and savings accounts (waivable based on balance thresholds), overdraft fees, and transaction fees. Fee schedules vary by account type and balance requirements.
3. Wire Transfer and International Services: Fees charged for domestic and international wire transfers, particularly to Asian countries (South Korea, China, Japan, Vietnam, India). Seasonal wire transfer events offered to customers.
4. Credit Card Revenue: Annual fees on credit cards ($45/year for business credit cards), interest charges on balances, and interchange fees from card transactions.
5. Certificate of Deposit Interest Spread: Earns interest spread on CD products with terms ranging from months to years, offering fixed rates with interest payment options (monthly, quarterly, semi-annually, annually, or at maturity).

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Shinhan Bank America is a U.S. commercial bank subsidiary of Shinhan Bank (Korea) that delivers retail and commercial banking services through 13 branches across 5 states. It provides deposit products (checking, savings, money market, CDs, IRAs), lending products (home mortgages, commercial real estate loans, SBA 7(a)/504 loans, business lines of credit, term loans), payment products (personal and business credit cards, wire transfers), and digital banking channels (internet, mobile, telebanking) with bilingual Korean-English service.

Product overview

Shinhan Bank America is a wholly owned subsidiary of Shinhan Bank (Korea) offering a comprehensive suite of banking products and services through 13 branches across 5 states (NY, NJ, CA, GA, TX). The portfolio includes personal and business checking/savings accounts, money markets, certificates of deposit, IRA accounts, credit cards (personal and business), mortgage loans, commercial real estate loans, SBA loans (7(A) and 504), and various business lending products. Digital banking services encompass Internet Banking, Mobile Banking, Telebanking, Digital Wallets (Apple Pay, Samsung Pay, Google Pay), ACH origination, Remote Deposit Capture, Wire Transfers, and Fraud Prevention Services. The bank integrates with major ATM networks (Allpoint, PLUS, STAR, NYCE, DASH, CIRRUS) and card networks (VISA) for nationwide accessibility.

Differentiator

Problem solved

Functional benefit

Brands

• SBA 504 Loan Program: Fixed-rate financing program for major fixed assets including commercial real estate, buildings, and machinery/equipment at below market rates.
• SBA 7(a) Loan
• Small Business Support Loan (SBSL)
• Certificate of Deposit
• MIDAS Money Market

Products and services

• Free Checking No-monthly-fee personal checking account for individuals with unlimited deposits/withdrawals, VISA debit card with Zero Liability and EnFACT fraud monitoring, free online bill payment, and Allpoint surcharge-free ATM access (55,000+ ATMs). $100 minimum opening deposit.
• Personal Checking Personal checking account with $10 monthly maintenance fee waivable with $750 daily minimum, $1,500 average daily balance, or $500+ direct deposit. Includes Visa Debit Card with Zero Liability and real-time fraud monitoring. $200 minimum opening deposit.
• Basic Consumer Checking Low-cost personal checking account available to NY and NJ residents with $3 monthly maintenance fee, free online bill payment, mobile check deposit, and SMS security. $25 minimum opening deposit.
• Senior Personal Checking Personal checking account for California residents aged 65+ with $4 monthly fee waivable with $200 daily minimum or $400 average daily balance. Includes low transaction fees and fraud monitoring.
• Super NOW Checking Interest-bearing personal checking account with unlimited transactions. $12 monthly service charge waivable with $2,000 average daily balance. Includes free online bill payment and Online Banking access.
• Statement Savings Interest-bearing personal savings account with competitive monthly interest, $4 monthly maintenance fee waivable with $300 average daily balance, maximum 6 withdrawals per month, and Visa Debit Card with security features.
• Installment Savings Personal savings account with fixed interest rate and daily compounding, including a bonus interest rate for automatic transfer enrollment. Recommended for monthly payroll savers. Minimum contract amount $1,000.
• Flex Customized Deposit Tiered premium personal savings account offering higher interest rates based on contract period and deposit amount. Allows one withdrawal/debit per month. $25,000 minimum opening deposit, quarterly interest credit.
• Flex Customized Deposit Plus Premium tier Flex Customized Deposit offering higher interest rates with $50,000 minimum opening deposit and tiered, variable rates based on daily balance.
• Flex Customized Deposit Plus A Top-tier Flex Customized Deposit offering the highest interest rates in the series with $100,000 minimum opening deposit and quarterly compounded interest.
• Money Market Interest-bearing personal money market account with check-writing capability and up to 6 withdrawals per statement cycle. $10 monthly maintenance fee waivable with $2,500 daily minimum or $5,000 average daily balance.
• MIDAS Money Market Tiered interest-bearing money market account offering higher rates than standard Money Market for larger balances. $25,000 minimum opening deposit, $2,000 average daily balance waives monthly maintenance fee.
• Certificate of Deposit Fixed-interest certificate of deposit with terms ranging from months to years and interest payment options (monthly, quarterly, semi-annually, annually, or at maturity). $1,000 minimum opening deposit. Secured loan available against CD.
• IRA (Individual Retirement Account) Tax-advantaged retirement savings account combining CD stability with FDIC insurance up to $250,000. Available as Roth IRA or Traditional IRA with fixed interest rates and various payment cycles.
• Home Mortgage Loan Residential mortgage products for home purchase, refinancing, or investment properties available in NJ, NY, GA, TX, and CA. Includes Adjustable Rate Mortgages and Affordable Housing Programs.
• Personal Credit Card Visa credit card accepted worldwide, available in Standard and Gold tiers. Can be used for purchases, cash advances, and online transactions, and helps establish credit history.
• Wire Transfer Domestic and international fund transfer service available via Internet Banking, security card, SMS code, or OTP device, and at all branches. Supports wires to Korea, China, Japan, Vietnam, India and other countries with seasonal promotional events.
• Safe Deposit Box Secure storage service for valuables and important documents (excluding cash) at branch locations, with double-lock security requiring customer key and guard key. Available to SHBA customers with an active DDA account in various sizes.
• Simple Business Checking Entry-level business checking account with no monthly maintenance fee and the first 100 debit transactions free per statement cycle. Includes free online bill payment, 24/7 telephone/online banking, Visa debit card, and paperless statements. $500 minimum opening deposit.
• Business Checking Standard business checking account with lower overdraft and NSF fees than Simple Business Checking. $10 monthly maintenance fee waivable with $2,500 daily minimum or $5,000 average daily balance. $200 minimum opening deposit.
• ADV Business Checking Non-interest-bearing business checking for Georgia businesses with unlimited deposits and withdrawals. $12 monthly maintenance waivable with $1,500 average daily balance. Includes Visa Business Debit Card with Zero Liability.
• IOLA/IOLTA Interest-bearing trust account for attorneys and law firms that earns interest on client escrow funds to fund public legal services. Unlimited checks and withdrawals. $12 monthly fee waivable with $2,000 average daily balance.
• ACH Origination Electronic payment network enabling direct deposit, bill payments, and business-to-business payments. Business Internet Banking customers can originate transactions via OTP device with multiple daily transmission deadlines. Bank acts as both ODFI and RDFI.
• Remote Deposit Capture Service enabling business customers to scan and deposit checks from their business location using a PC and scanning device. Electronic images transmitted through 128-bit SSL secure connection to the Federal Reserve Bank, with 5 PM local time daily cutoff for same-day credit.
• Bill Payment Free online bill payment service with manual one-time or automatic recurring options, included with Business Internet Banking. $10,000/day limitation for both manual and automatic payments.
• Commercial Real Estate Loan Financing for commercial property purchase, refinancing, or renovation. Up to 70% loan-to-value, maximum 10-year term with 25-year amortization, with fixed, variable, and mixed interest rate options.
• Business Line of Credit Trade financing for inventory purchases bundling sub-products such as Letter of Credit, Clean Advance Loan, Trade Advance Loan, Trust Receipts, Stand-by Letter of Credit, and Asset Based Lending. Maximum 1-year term, subject to renewal.
• Commercial Line of Credit Short-term revolving credit facility providing temporary operating cash flow support for timing differences between sales and cash collection. Maximum 1-year term with annual review renewal.
• Term Loan to Business Financing for business purchase, equipment, or business projects. Maximum 5-year term with 10-year amortization, credit amount based on cash flow, credit rating, and business experience.
• Small Business Support Loan (SBSL) Short-term financing for inventory or working capital and long-term financing for business expansion or equipment purchase. Amounts from $10,000 to $100,000 (lesser of $100,000 or 1/3 of annual revenue). CLOC up to 1 year; TLTB up to 5 years.
• SBA 7(a) Loan SBA-guaranteed loan for establishing a new business or assisting in acquisition, operation, or expansion of an existing business. Maximum $5 million, up to 25-year term for real estate and up to 10 years for equipment/working capital. SHBA is a Preferred Lenders Program (PLP) lender with delegated authority.
• SBA 504 Loan Fixed-rate financing for major fixed assets promoting business growth, distributed among business owner (10%), lender (50%), and Certified Development Company (CDC) (40%). First loan: 10-year maturity / 25-year amortization; CDC loan: 20-25 years fully amortized.
• Business Credit Card Business credit card with $4,000-$100,000 credit limit, $45 annual fee, and 25-day grace period. Cash advance not available. Requires primary banking relationship with SHBA.
• Internet Banking Online banking platform providing account access, real-time fund transfers between SHBA accounts, domestic/international wire transfers, bill payment, ACH origination, stop payment requests, and paperless e-statements. Features multifactor authentication, virtual keyboard, and OTP device support.
• Mobile Banking Mobile-optimized version of Online Banking accessible via smartphone browsers. Supports Apple iPhone (iOS 9.0+) and Android (7.0+) devices with mobile check deposit, account access, and bill payment.
• Telebanking 24/7 automated and live telephone banking service at 1-877-828-SHBA for account inquiry, transaction history, fund transfers, card services, and branch/ATM location information.
• Digital Wallets Contactless payment integration via Apple Pay, Samsung Pay, and Google Pay supporting tokenization and biometric authentication for enhanced security on supported iPhone, Galaxy, and Android devices.
• Fraud Prevention Services Business fraud prevention suite including Positive Pay (check verification and approval before payment) and ACH Transaction Blocker (review and approval of ACH debits before posting). $40 waivable monthly fee. Cutoffs: 8:00 PM EST registration, 3:00 PM approval.

Quantifiable outcome

• SBA 7(a) loans available up to $5 million
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and supporting.

• FDIC (Federal Deposit Insurance Corporation)coreOthers · 29 September 2023Federal regulator providing deposit insurance up to $250,000 per depositor. Shinhan Bank America reached agreement with FDIC in September 2023 to resolve AML compliance inquiries.
• FinCEN (Financial Crimes Enforcement Network)coreOthers · 29 September 2023Bureau of the U.S. Department of Treasury focused on anti-money laundering. Shinhan Bank America reached agreement with FinCEN in September 2023 to resolve AML compliance inquiries.
• NYS DFS (New York State Department of Financial Services)coreOthers · 29 September 2023New York state banking regulator. Shinhan Bank America reached agreement with NYS DFS in September 2023 to resolve AML compliance inquiries, with bank committing to strengthen compliance program.
• AllpointcoreOthersATM network partnership providing surcharge-free transactions at 55,000+ Allpoint ATMs nationwide, enabling customers convenient cash access without fees when using Shinhan Bank America cards.
• PLUS, STAR, NYCE, DASH, CIRRUSsupportingOthersPartnership with major U.S. ATM networks (PLUS, STAR, NYCE, DASH, CIRRUS) providing customers nationwide ATM and point-of-sale service regardless of location within the U.S.
• Apple PaycoreTechnology or IntegrationDigital wallet integration enabling contactless payments using Apple devices with tokenization and biometric security features.
• Samsung PaycoreTechnology or IntegrationDigital wallet integration enabling contactless payments using Samsung Galaxy devices with tokenization and biometric security features.
• Google PaycoreTechnology or IntegrationDigital wallet integration enabling contactless payments using Android devices with tokenization and biometric security features.
• Certified Development Companies (CDC)coreStrategic or Co-development PartnerNon-profit corporations that partner in SBA 504 Loan Program, providing 40% of loan financing for commercial real estate and major fixed assets. CDCs exist to support economic growth in local areas.
• U.S. Small Business Administration (SBA)coreStrategic or Co-development PartnerSBA Preferred Lenders Program (PLP) partner allowing Shinhan Bank America to make final credit decisions and service SBA loans with delegated authority. Offers SBA 7(a) loans up to $5 million and SBA 504 loans for commercial real estate.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shinhan Bank America