Stephen Sorenson
Fintech Executive & Chairman at First Electronic Bank
- Role
- Chairman of the Board of Directors, CEO (2019-2021) at First Electronic Bank
- Location
- Salt Lake City, UT, US
- LinkedIn followers
- 500 followers
About Stephen Sorenson
FinTech Executive
Experience
Chairman of the Board of Directors, CEO (2019-2021)
Jan 2006 — Present
FEB, a Utah based ILC, offers consumer and commercial loans through web/app based partners as well as conventional loan channels. Successfully implemented new strategic direction of niche market, BaaS, partner banking. Increased loan originations and sales from $50 million to $13.0 billion per year while consistently generating profit. Specifically, as CEO, brought in new partners that increased originations and diversified revenue sources. Led successful securitization of consumer receivables. Developed and implemented Strategic Plan focused on diversification. Diversified into SPV management and credit card business. Led IT initiatives in blockchain and real time loan funding. Diversified forms of revenue including warrants and cryptocurrency (sold at a profit). First bank to operate a node on a blockchain network. Initiated and primary contributor to OCC adopting new policy (OCC 1174 and ratified by OCC 1179) on permissibility of banks operating nodes on a blockchain and minting stablecoin.
Education
Stanford University
Bachelor of Science (BS)
Santa Clara University - Leavey School of Business
Master of Business Administration (M.B.A.)
Stanford University
Master’s Degree
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