OppFi to Acquire BNCCORP, BNC National Bank in $130 Million Deal

-- OppFi (OPFI) has agreed to acquire BNCCORP and its wholly owned unit, BNC National Bank, in a cash-and-stock deal valued at about $130 million, the companies said Wednesday.

Under the terms, BNCCORP stockholders will receive $19.375 in cash and 1.90 shares of OppFi class A common stock for each share held. Following the deal, OppFi stockholders will own about 93% of the combined company, while BNCCORP stockholders will hold roughly 7%.

The transaction has been unanimously approved by the boards of both companies and is expected to close in Q4, pending BNCCORP stockholder and regulatory approvals, according to a statement.

OppFi said the acquisition is expected to be "significantly accretive," with adjusted earnings per share projected to rise more than 25% in 2027 and over 40% in 2028, as well as generate synergies of at least $60 million in the first year after closing and over $115 million in the third year.

Separately, BNCCORP said OppFi will become a bank holding company and contribute substantially all assets, liabilities and operations into OppFi Bank, while BNC National Bank will operate as a community banking division within OppFi Bank.

Shares of OppFi rose more than 5% in Wednesday trading.

Price: $9.48, Change: $+0.47, Percent Change: +5.22%

RBC Maintains First Quantum's Outperform Rating, C$45 Price Target

RBC Capital Markets maintained its outperform, speculative risk, rating on the shares of First Quantum Minerals (FM.TO)' and its C$45.00 price target following the company's first-quarter results.RBC expects a modest negative reaction to the results, given a headline miss on EBITDA and adjusted earnings per share.The company reported a first-quarter EBITDA of US$326 million, below RBC's forecast of US$461 million and the consensus estimate of US$448 million.Adjusted loss of US$0.18 per share also missed RBC's EPS forecast of US$0.01 per share and the consensus estimate of US$0.06 per share.First Quantum's financial results were impacted by US$144 million of losses on hedges and from lower sales due to timing and inventory replenishment.Price: $33.64, Change: $-0.65, Percent Change: -1.90%

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US Equity Indexes Fall as Iran War Deadlock Sends Crude Oil, Treasury Yields Sharply Higher

US equity indexes traded lower around midday Wednesday as crude oil futures and government bond yields rose amid concern that Iran's blockade will be extended to force Tehran into a peace deal.The Dow Jones Industrial Average fell 0.7% to 48,789.2, with the S&P 500 down 0.2% to 7,122.9. The Nasdaq Composite was 0.2% lower at 24,620.7.President Donald Trump has instructed aides to prepare for an extended blockade of Iran, US officials told The Wall Street Journal. In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran's economy and oil exports by preventing shipping to and from its ports, the WSJ said.Trump assessed with his aides that the other options open to him -- resume bombing or walk away from the conflict -- carried more risk than maintaining the country's blockade, the officials told the WSJ."Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!" Trump said in a Truth Social post Wednesday.Meanwhile, West Texas Intermediate crude oil futures jumped 4.9% to $104.86, and Brent crude futures surged 5% to $116.85 amid concern that Trump's policy will prolong disruption in the Strait of Hormuz, the chokepoint for 20% of global crude oil flows.

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OppFi to Acquire BNCCORP, BNC National Bank in $130 Million Deal

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