OppFi Inc. (NYSE: OPFI) entered into a definitive agreement to acquire BNCCORP, Inc. and its wholly‑owned subsidiary, BNC National Bank, in a cash‑and‑stock transaction valued at approximately $130 million. The deal, announced on April 29 2026, will give OppFi a 93 % ownership stake in the combined entity after the exchange of $19.375 in cash and 1.90 OppFi Class A shares for each BNCC share.
BNCCORP reported December 31 2025 financials of $107 million in book value, $1.1 billion in assets, and $10 million in net income. BNC National Bank, a community‑focused national bank, had $1.1 billion in assets, $1.0 billion in deposits, $51 million in interest income, and a deposit cost of less than 2 %. The transaction values BNCC at roughly 1.2 times its book value, reflecting the market’s confidence in the combined entity’s growth prospects.
The acquisition is intended to transform OppFi into a bank holding company, allowing the company to combine its digital‑first lending platform with BNC’s national bank charter and deposit base. The move provides OppFi with a stable, low‑cost funding source, expands its geographic reach, and simplifies regulatory oversight by operating under a unified federal framework overseen by the OCC, Federal Reserve, and FDIC.
OppFi projects significant synergies, estimating $60 million in the first year, $90 million in the second, and $115 million in the third. The deal is also expected to be accretive to earnings, with adjusted EPS accretion projected at 25 %+ in 2027 and 40 %+ in 2028. The low deposit cost and strong deposit base are key drivers of the projected accretion, while the integration of OppFi’s technology platform is expected to unlock additional revenue opportunities.
Todd Schwartz, CEO and Executive Chairman of OppFi, said the combination unlocks “significant opportunities for growth and product diversification” and that unified regulatory supervision would “simplify and strengthen our compliance and risk management.” Michael Vekich, Chairman of BNCCORP, noted that the board’s unanimous support reflects the long‑term interests of both companies and the communities they serve.
The transaction follows OppFi’s corporate simplification completed on April 28 2026, which eliminated the Up‑C structure and terminated the Tax Receivables Agreement, further streamlining the company’s balance sheet. The acquisition is subject to regulatory approvals, and the expected closing is in the fourth quarter of 2026.
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