- 1OppFi signed a definitive agreement to acquire BNC National Bank, valued at about $130M.
- 2BNC, based in Glendale, AZ, offers SBA, equipment and working capital loans.
- 3OppFi gains deposits costing under 2%; it also owns 35% of Bitty.
OppFi, a publicly traded fintech lender, has signed a definitive agreement to acquire BNC National Bank in a cash-and-stock transaction valued at approximately $130 million.
The pitch
OppFi says the deal "unites two complementary, market-leading businesses," pairing its online lending platform with BNC's national bank charter and diversified banking infrastructure. It also cites access to BNC's deposit base, which it says carries a cost of less than 2%.
The small business angle
The announcement repeats a detail relevant to small business finance: OppFi owns 35% of Bitty, a small business finance provider. BNC, headquartered in Glendale, AZ, offers SBA loans, equipment financing, working capital loans and more, and the announcement cites its particular strength in business financing and SBA lending. That suggests a natural fit between Bitty and BNC.
Leadership
BNC will continue normal operations as a community banking division within OppFi Bank and will remain led by Dan Collins and the existing BNC management team, the companies said. Todd Schwartz will lead the combined company as chief executive officer and executive chairman, and Michael Vekich will serve on the board of directors of OppFi Bank.
Source reporting: deBanked.
