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OppFi Abandons BNC Bank Purchase

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OppFi Abandons BNC Bank Purchase

Digital finance platform OppFi has withdrawn its applications to banking regulators related to its proposed acquisition of BNC National Bank and its parent company, BNCCORP, the company said in a Tuesday (Nov. 3) press release.

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OppFi withdrew applications to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, according to the release.

OppFi said in the release that it was unable to engage with the regulators to address potential concerns due to the application process’ communication restrictions and the regulators’ “lack of articulated objective standards” for evaluating businesses.

“We believe that our applications satisfied the existing statutory criteria for approval, but there is a lack of clearly articulated standards by which those criteria are being used to evaluate our applications and the proposed combination with BNC,” OppFi CEO and Executive Chairman Todd Schwartz said in the release. “We encourage federal regulators to expeditiously articulate clear standards that will allow innovative community banks and financial technology platforms to combine to better serve the tens of millions of Americans whose needs are not being met by traditional banks.”

OppFi announced April 29 that it was set to acquire BNC Bank for $130 million. OppFi said the deal would capitalize on both OppFi’s digital finance capabilities and BNC’s national banking charter.


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