Simple, the Portland-based online banking company with a presence in Seattle, is shutting down due to the sale of banking giant BBVA, The Oregonian reported on Thursday.

Founded in New York in 2009 and moved to Portland in 2011, the company was one of Portland’s most prominent tech startups. Simple opened a Seattle office in 2017 in the Pioneer Square neighborhood, employing people working in engineering, product, marketing, and other roles.

Simple was acquired for $117 million in 2014 by Spain’s BBVA, which announced in November that it was selling its U.S. business to PNC Financial Services Group for $11.6 billion.

Former CEO and co-founder Josh Reich tweeted that he did not have any additional insight about the closure, adding that he was saddened by the development.

I have no confirmation or any background information on the situation. If true, it’s a shame and I’m also so thankful for everyone who joined us on the journey. DMs are open and I want to help anyone impacted.

Worked there 2015-2017! Not my first coding gig, but it was my first at a tech co. Made lifelong friends and gave me the opportunity to start over in PDX. ❤️

Shoutout to @i2pi, who set a high bar early in my career for what I should expect from startup founders. 💞

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News – Portland online banking service Simple shutting down