OppFi has acquired BNCCorp Inc for $130.0M. BNCCorp is a bank holding company that operates community banking and wealth management businesses from approximately 15 locations across North Dakota, Arizona, and Minnesota. It also conducts mortgage banking from over 10 locations in Arizona, Minnesota, North Dakota, Illinois, Kansas, Arkansas, and Missouri. As the parent company of BNC National Bank, its financial activities encompass a diverse loan portfolio, including loans held for sale-mortgage banking, commercial and industrial, commercial real estate, small business administration (SBA), consumer loans, land, and construction loans. The company also manages investment securities, such as United States Treasury securities and Government National Mortgage Association (GNMA) guaranteed mortgage-backed securities, alongside various deposit products like interest checking, money market accounts, and certificates of deposit.
This acquisition represents a strategic move for OppFi to integrate traditional banking services and expand its financial offerings. BNCCorp's established infrastructure, including its banking charter and extensive branch network, provides OppFi with a robust platform for growth. The integration of BNCCorp's diversified loan portfolio and deposit base is expected to broaden OppFi's operational capabilities and regulatory footprint within the financial sector.
Expected synergies include leveraging BNCCorp's long-standing banking expertise and regulatory framework with OppFi's existing business model. This combination aims to create a more comprehensive financial services entity, capable of serving a wider range of customers and diversifying revenue streams. The acquisition is anticipated to enhance the combined entity's ability to offer a broader suite of financial products and services.
Looking ahead, the combined entity is positioned to capitalize on an expanded market presence and a more robust operational foundation. This integration is expected to drive efficiency and foster innovation across its banking and financial service offerings, ultimately aiming to deliver enhanced value to its customers and stakeholders.