Chicago-based digital finance platform OppFi is acquiring Bismarck, N.D.-based BNCCORP, Inc., and its subsidiary, BNC National Bank, for $130 million..The cash-and-stock deal is expected to close late this year, after which OppFi stockholders will own 93 percent of the bank, while BNCC stockholders will have 7 percent. As of Dec. 31, BNC had $1.1 billion in assets and $1 billion in deposits along with branches and wealth management offices in North Dakota, Arizona and Minneapolis. “Combining our operations under unified regulatory supervision by the OCC and Federal Reserve simplifies and strengthens our compliance and risk management,” said OppFi Executive Chair Todd Schwartz. “This will position OppFi/BNC for long-term scalability and sustainable growth.” BNCC President and CEO Dan Collins said the deal “significantly strengthens our capital base, enabling us to maximize our growth potential.” After the deal closes, OppFi will become a bank holding company while BNC continues operations as a community banking division within OppFi Bank. Schwartz will lead the combined organization as CEO and executive chair. BNCCORP Chair Michael Vekich will serve on the OppFi board of directors.
