General World News

First Federal Bank to acquire BNC National Bank’s mortgage business

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 ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com