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FINWIRES

OppFi to Acquire BNCCORP, BNC National Bank in $130 Million Deal

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-- OppFi (OPFI) has agreed to acquire BNCCORP and its wholly owned unit, BNC National Bank, in a cash-and-stock deal valued at about $130 million, the companies said Wednesday.

Under the terms, BNCCORP stockholders will receive $19.375 in cash and 1.90 shares of OppFi class A common stock for each share held. Following the deal, OppFi stockholders will own about 93% of the combined company, while BNCCORP stockholders will hold roughly 7%.

The transaction has been unanimously approved by the boards of both companies and is expected to close in Q4, pending BNCCORP stockholder and regulatory approvals, according to a statement.

OppFi said the acquisition is expected to be "significantly accretive," with adjusted earnings per share projected to rise more than 25% in 2027 and over 40% in 2028, as well as generate synergies of at least $60 million in the first year after closing and over $115 million in the third year.

Separately, BNCCORP said OppFi will become a bank holding company and contribute substantially all assets, liabilities and operations into OppFi Bank, while BNC National Bank will operate as a community banking division within OppFi Bank.

Shares of OppFi rose more than 5% in Wednesday trading.

Price: $9.48, Change: $+0.47, Percent Change: +5.22%

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