BNC National Bank Acquired by OppFi | Financial Services M&A Deal

OppFi has acquired BNC National Bank, a banking business in Arizona, for $130 million. OppFi, a Chicago-based subprime lender, plans to pair its online lending platform with BNC’s national bank charter to expand consumer and small-business banking services across Arizona and beyond. BNC National Bank, based in Glendale, supports deposits and funding that can enable offerings such as checking and savings, SBA lending, secured consumer credit, and wealth management. The platform acquisition is a strategic acquisition and financial services M&A deal expected to close in Q4, combining regulatory supervision under the OCC and Federal Reserve, with a cash-and-stock structure and projected synergies of $60 million in year one and $115 million by year three.