$OPFI

2 stories mentioning OPFIUpdated 39d ago

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Sector Update: Financial Stocks Edge Lower in Afternoon Trading

Financial stocks edged down in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally lower.The Philadelphia Housing Index was falling 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.4%.Bitcoin (BTC-USD) was declining 0.5% to $75,931, and the yield for 10-year US Treasuries rose 4.8 basis points to 4.40%.In sector news, the US Senate Banking Committee on Wednesday voted 13-11 to advance Kevin Warsh's nomination as the next chair of the Federal Reserve, according to media reports. Warsh is on track to be confirmed by the full Senate before current Fed Chair Jerome Powell's term ends on May 15, the reports said.In corporate news, Robinhood (HOOD) shares fell past 13% after it reported Q1 earnings and revenue that missed analysts' expectations.Visa (V) shares jumped nearly 9% after it lifted its full-year growth outlook and reported better-than-expected fiscal Q2 results.OppFi (OPFI) shares rose 1.8% after it has agreed to acquire BNCCORP and its wholly owned unit BNC National Bank in a cash-and-stock deal valued at about $130 million.

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Wire50d ago

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%

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