First Federal Bank completed the acquisition of certain operating assets and assume certain liabilities of BNC Bank's mortgage division from BNCCORP, Inc..
June 15, 2023
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First Federal Bank entered into definitive agreement to acquire certain operating assets and assume certain liabilities of BNC Bank's mortgage division from BNCCORP, Inc. (OTCPK:BNCC) on April 12, 2023. As a result of the transaction, First Federal will continue mortgage origination activities in the Overland Park, KS, Moline, IL, Bismarck, ND and Glendale, AZ regions. The Board of Directors of BNCCRP approved the merger as part of BNCC's strategic decision to exit the residential mortgage origination business. The transaction is expected to close in the second quarter of 2023. Robert Flowers of Bradley Arant Boult Cummings LLP acted as legal advisor to First Federal Bank and Kaplan Strangis & Kaplan PA acted as legal advisor to BNCCORP, Inc.
First Federal Bank completed the acquisition of certain operating assets and assume certain liabilities of BNC Bank's mortgage division from BNCCORP, Inc. (OTCPK:BNCC) on June 16, 2023.
BNCCORP, INC. is a bank holding company of BNC National Bank (the Bank). The Bank is engaged in providing banking and wealth management services to businesses and consumers in its local markets. The Company operates community banking and wealth management businesses in North Dakota and Arizona from 11 locations. The Company operates through two segments: Community Banking and Holding Company. The Community Banking segment provides products and services, such as personal loans, commercial real estate loans, SBA loans, business and personal checking, cash management, as well as trust and wealth management services, and retirement plan administration. These products and services are supported through Web and mobile-based applications. It earns interest primarily on loans and debt securities, bank card fees, loan fees, services charges on deposits, and fees on wealth management services. The Holding Company segment consists of management fees charged to the community banking services.
First Federal Bank completed the acquisition of certain operating assets and assume certain liabilities of BNC Bank's mortgage division from BNCCORP, Inc..