OppFi Provides Update on Pending BNC Acquisition

OppFi has withdrawn its applications to the OCC, Federal Reserve and FDIC related to its proposed acquisition of BNCCORP and its subsidiary BNC National Bank. OppFi cited communication restrictions in the application process and the absence of clearly articulated regulatory standards, though it says it intends to keep engaging with regulators and did not declare the deal dead; the merger could still be delayed, restructured, or terminated. For BNCC shareholders this is a material setback to the pending acquisition, with the risk factors expressly flagging possible termination fees and failure to obtain approvals even under a modified structure.

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