First Federal Bank will acquire the mortgage division of BNC National Bank, which will give the Florida-headquartered community-based bank a nationwide consumer direct mortgage platform.
The two banks announced they have signed a definitive agreement for First Federal to acquire certain assets and liabilities of BNC National Bank’s mortgage division on Wednesday. The purchase, which includes the bank’s consumer-direct technology platform, is expected to close in the second quarter of 2023.
The BNC platform is expected to transition to the First Federal branch within a few months of closing. Terms of the transaction were not disclosed.
Headquartered in Bismarck, details ⇒
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