Marc A. White Jr., president and CEO of Ethic, a Wealth Bank. Photo by Kerry Brett | Courtesy of ETHIC

Boston-based Admirals Bank has completed its rebranding by relaunching as ETHIC, a Wealth Bank. Headquartered at 125 High St. in Boston, ETHIC unveiled its new look on Jan. 21. The bank offers a platform of banking and wealth management solutions.

The change comes after Admirals Bank recapitalized last year, announcing in April that it had raised $26.5 million. The bank had faced significant hurdles since 2017, when it reported more than $19 million in losses and saw former CEO Nicholas Lazares leave his post. Also in 2017, Admirals became subject to a federal consent order and saw a plan fall apart to sell off most of the bank’s assets to a group of private bankers, including Marc White Jr., now ETHIC’s president and CEO. White joined Admirals Bank later in 2017.

Admirals Bank as of Sept. 30 had $216.4 million in total assets and $162.9 million in total deposits, according to FDIC data.

The bank plans to continue Admirals Bank’s focus on the wealthy and on wealth management. White said in a statement that ETHIC recognized “a need to shift the lens through which people consider wealth.”

“Wealth should be about the person first – values, challenges, goals, legacy – and then the focus should shift to finances and planning,” White said in a statement. “With this approach, we are the first resource for our clients, as they make any meaningful decisions and problem solve throughout their lives.”

He added that ETHIC would shift away from “ineffective automated systems to the best practices in personalized client service supported by integrated technology and transactional simplicity.” The bank aims to work with clients representing every generation.

“We recognize that every client banks and plans for the future in different ways. Some people love to be presented with lots of data, whereas others just want to ensure that their needs are being met, and they don’t desire more engagement than that. Some people like to conduct all transactions on their smartphones, others choose to meet face-to-face, and then there are those who prefer a combination of both. We customize our service and solutions based on our clients’ needs and interests. It’s that simple,” White said in the statement. “We are the trusted adviser for every generation from grandparents focusing on the legacy they’ll leave behind to Millennials who are beginning to think about how to grow wealth and plan for the future.”