OppFi, a publicly traded fintech lender, announced it has entered into a definitive agreement to acquire BNC National Bank in a transaction valued at approximately $130 million. The deal combines OppFi's online lending platform with BNC's national bank charter and banking infrastructure, according to the company's statement.
The acquisition creates strategic advantages for OppFi, particularly through access to BNC's deposit base, which carries costs below 2%. The arrangement also aligns with OppFi's existing portfolio: the company owns a 35% stake in Bitty, a small business finance provider. BNC's lending capabilities—including SBA loans, equipment financing, and working capital loans—complement Bitty's offerings, suggesting operational synergies across OppFi's financial services ecosystem.
BNC National Bank, headquartered in Glendale, Arizona, is known for its strength in business financing and SBA lending. Following the acquisition's completion, the bank will operate as a community banking division within OppFi Bank under the leadership of its existing management team, headed by Dan Collins. The combined entity will be led by Todd Schwartz as Chief Executive Officer and Executive Chairman, with Michael Vekich joining the board of directors of OppFi Bank.
The transaction reflects a broader trend of fintech companies acquiring or integrating with traditional banking institutions to gain regulatory approval and deposit-gathering capabilities. By acquiring BNC's charter, OppFi gains the ability to operate as a bank holding company while expanding its lending reach through established banking operations.
