OppFi to Acquire BNC National Bank in $130M Deal Projecting 40% EPS Gain
OppFi agreed to buy BNC National Bank and parent BNCCORP in a $130m cash-and-stock deal, issuing $19.375 cash plus 1.90 OppFi shares per BNCC share. The acquisition adds $1.1bn assets, cheap funding under 2%, and is expected to lift adjusted EPS by over 25% in 2027 and 40% in 2028.
1. Deal Overview
OppFi has agreed to acquire BNCCORP and its wholly owned subsidiary BNC National Bank for approximately $130 million in a cash-and-stock transaction. Under the deal, BNCC shareholders will receive $19.375 per share in cash plus 1.90 shares of OppFi Class A common stock, giving post-close ownership of 93% to OppFi shareholders.
2. Financial Terms and Projections
As of Dec. 31, 2025, BNC National Bank held about $1.1 billion in total assets and $1.0 billion in deposits, with an average deposit funding cost below 2%. OppFi projects the acquisition will boost adjusted earnings per share by more than 25% in 2027 and over 40% in 2028.
3. Strategic Rationale and Benefits
The combination aligns OppFi’s online lending platform with BNC’s national bank charter and branch infrastructure, bringing all lending and deposit products under Federal Reserve and OCC supervision. The expanded deposit base and integrated compliance and risk management functions are expected to support scalable growth across additional states and new product lines.
4. Governance and Future Structure
Upon completion, OppFi will convert into a bank holding company and transfer most assets and operations into its bank subsidiary, OppFi Bank, N.A., with BNC operating as its community banking division. Current BNC management will remain, Todd Schwartz will lead the combined entity as CEO and executive chairman, and Michael Vekich will join the OppFi Bank board.