Quontic Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | 2009 |
| Founder | Steven Schnall |
| Headquarters | Astoria, New York City , United States |
Area served | United States |
| Products | Personal checking accounts, savings accounts, certificates of deposit, mortgage loans |
Quontic is a digital banking institution based in the United States, with its main office situated in Astoria, New York City. It operates loan offices located in New York and Miami, Florida. The bank provides a range of financial products including personal checking accounts, savings accounts, certificates of deposit, and various mortgage loan options tailored to serve non-traditional borrowers.
History
In late 2009, Steven Schnall, a real estate developer, purchased Golden First Bank, a small struggling institution in Great Neck, New York holding $24 million in assets, acquiring it with a clean financial slate. Following this acquisition, Schnall revamped the management team, injected new capital, and rebranded the entity as Quontic Bank. By March 2011, Quontic expanded by opening a second branch in Astoria, Queens. The original Great Neck branch was subsequently closed, and the headquarters were relocated to Astoria. Over time, Quontic shifted to a branchless operational model while broadening its mortgage and banking services across the country. Although it once maintained loan offices in Georgia, New Jersey, and Massachusetts, its current physical presence is limited to locations in Florida and New York.
In 2015, Quontic earned the designation of Community Development Financial Institution (CDFI), distinguishing itself as the only fully digital CDFI bank within the United States. In 2020, it pioneered the launch of the first Bitcoin Rewards Checking account offered by any U.S. bank. By 2022, Quontic introduced the Pay Ring contactless payment device and became the inaugural bank to establish operations within the Metaverse. The institution has received numerous honors including Bankrate’s Best Savings Account 2023, Forbes’ Best Overall Online Bank 2022, Newsweek’s America’s Best Banks 2022, and Money.com’s Most Innovative Online Bank for 2022-2023.
New York
Quontic’s origin and headquarters are located in Astoria, Queens, within New York City. The Astoria branch specializes in home mortgage services with a particular focus on serving Queens’ substantial immigrant population.
The bank previously operated a home mortgage office in Jericho on Long Island before moving this operation to Melville in October 2016 to support business growth.
Florida
In addition to its New York presence, Quontic runs a home mortgage office situated in Coral Gables, Florida, close to Downtown Miami.
