Cobalt Bank - Success or Scam?

The new financial powerhouse in Los Santos has members of the public split in opinion.

Cobalt Bank has seen a meteoric rise in recent weeks, however some still aren't convinced

(Image: C. Roundtree [Note: This image does not represent any finalized branding for Cobalt Bank®])

With the economic revival of Los Santos in full swing, many new businesses have opened their doors to the public of San Andreas, and among them none have been more prevalent, yet more divisive than Cobalt Bank.

Founded by the enigmatic Fletcher Cobalt, Cobalt Bank has quickly become one of the major talking points within the public opinion of Los Santos, with many praising the up-and-coming private banking institution as the adrenaline shot that the city's economy needs to return to its former glory, applauding their conceptual approach to affordable loans, as well as their promises regarding financial returns on loans repaid to the bank to their investors.

However, others don't seem to feel the same way, with some citizens considering Cobalt Bank's promises 'too good to be true', even going as far as to label Cobalt Bank as a whole a 'ponzi scheme to make the rich richer', and a predatory system that will damage the economy in the long run, opting to keep their funds within Maze Bank or Fleeca, the two major public banks operational in Los Santos.

The Daily Scoop conducted two separate interviews with Cobalt Bank employees, on topics ranging from physical locations within the city, future plans for the company, and personal beliefs regarding the company as a whole, to better paint a picture of what Cobalt Bank means for the future of Los Santos.

One of Maze Bank's physical locations in Los Santos, the most popular public bank in San Andreas State

(Image: P.H III)

The Daily Scoop: So, what does Cobalt Bank mean to you?

Martin Pierce - Accountant at Cobalt Bank: "To me? Cobalt Bank means family. That's what we are - A family, for families. We might be a private bank, but we believe we're a bank for the people, a bank the people can rely on for financial security, that they can rely on for capital to help jumpstart their endeavors and economy in the city, business-oriented or otherwise. Here at Cobalt, we want your money to make money for you."

Todd Langerhans: - Business Associate at Cobalt Bank: "Cobalt Bank, to me, means a chance to get the economical status of the city going. It feels to me that a lot of people are struggling, there’s not many good ways to make money, and with Cobalt, one - We’re using the people who have been well off to provide capitol, two - We’re using loans to provide capitol to the people, and three - The interest gained from those loans goes back into that capitol and helps pay our members. "

The Daily Scoop: I see. So, onto an actual question. Cobalt Bank is a financial institution - Do you intend to have any physical locations in the future?

TL: "Yeah, we want a physical location, and quite frankly, we think with our model we don’t think there’s much contest between us and the current public banks in this city. We think private banks that let the people make money are the future, rather than banks that keep their money stagnant - But we don’t intend to shoehorn them out of business."

MP: "Absolutely. We don't intend to take over the business of Fleeca or Maze here in Los Santos - Only to offer a stable and financially beneficial alternative."

The Daily Scoop: I see! It seems that Cobalt Bank has some pretty lofty asperations! Anything else in the future that we can expect from the company?

MP: "Well, in the future, we're hoping we can work our way into the real estate market, offering loans to aspiring homeowners, quotes on housing and location pricing, and the like. We're looking into expanding into other ventures too, however I'd rather not talk about anything that isn't concrete."

The Daily Scoop: Exciting. Well, to close us off - There's been some negative opinion over Cobalt Bank in the eye of the public, I'm sure you know. Do you have anything to say to the people who don't quite know what to think yet?

TL: “First, I’d say the negative views have lessened as we’ve grown - We’ve went through every legal route to prove our legitimacy to the state. We’re just a private bank, and yes, we did cold call people in our early days, but this is a fresh city. Everyone has to start somewhere. What I’ll say - Anyone can retrieve their investments at any time, it’s not been touched, and we won’t hold it. We just want you to make passive income and get loans to those who need it. This is simply a bank. We’re not a loan shark strip mall business - We want people to make money. It’s that simple.”

Regardless of opinion, one thing is certain when it comes to Cobalt Bank: With their ever-expanding roster of talented staff, their outreach into the community, and their transparent convictions when interviewed here at the Daily Scoop, it's clear that they're well on the way to becoming a financial powerhouse here in the city of Los Santos, and it appears that it may well be for the better.