OppFi Withdraws Applications for $130 Million BNC Bank Acquisition
OppFi has withdrawn the regulatory applications needed for its proposed acquisition of BNCCORP and BNC National Bank, putting a major step in its banking expansion on hold.
The company announced the withdrawal on November 3, covering applications submitted to the Office of the Comptroller of the Currency, Federal Reserve and Federal Deposit Insurance Corporation. The cash-and-stock transaction was valued at approximately $130 million when it was announced in April.
But the acquisition agreement is still in place. In its November 3 SEC filing, OppFi said the merger agreement had not been terminated and remained in effect. Withdrawing the applications does not, by itself, mean the companies have called off the transaction.
What OppFi wanted from BNC
For OppFi, which works with banks to provide consumer financial products, the proposed purchase offered a route to owning a bank rather than relying only on bank partnerships.
BNC is a nationally chartered commercial bank based in Glendale, Arizona. It had approximately $1.1 billion in assets and $1 billion in deposits at the end of 2025, according to the original acquisition announcement. OppFi pointed to that deposit base as a way to diversify funding and lower its funding costs.
The broader plan also included expansion into SBA lending, secured consumer lending and wealth management. OppFi originally expected the deal to close in the fourth quarter of 2026, subject to regulatory approvals and other closing conditions.
Why the applications were withdrawn
OppFi described a process in which it had answered extensive information requests but struggled to address regulators’ potential concerns. The company cited restrictions on communication and what it considered unclear evaluation standards. This application process is similar to what Enova went through in pursuit of Grasshopper Bank before they also withdrew from the application process.
CEO and Executive Chairman Todd Schwartz said OppFi believed its applications met the statutory criteria for approval. The company said it intended to continue engaging with federal regulators. Those are OppFi’s views of the process; its announcement did not report a formal regulatory denial.
The proposal had also drawn opposition from Senators Elizabeth Warren and Chris Van Hollen. In a joint statement welcoming the withdrawal, they criticized triple-digit interest rates and argued that regulators should protect consumers from high-cost lending practices. Their objections centered on consumer lending, rather than a new rule governing commercial finance.
The business-lending connection
Although OppFi is best known for consumer lending, the story reaches into small-business finance. BNC’s business includes commercial and SBA lending. OppFi also disclosed a 35% equity interest in Bitty Holdings in its April announcement; Bitty provides revenue-based financing and other working-capital products to small businesses.
That makes the proposed combination relevant beyond consumer credit. Deposit funding, bank ownership and regulatory supervision can shape how a financing company expands. The withdrawal, however, does not establish that any existing BNC or Bitty lending program has changed.
As we discussed in our coverage of elections and business-lending policy, legislation is only part of the picture. Regulatory decisions also affect which business models and expansion plans can move ahead.
For now, the unresolved question is how OppFi and BNC move forward with an agreement still in force and the approval applications withdrawn. A signed deal was the starting point. Getting permission to complete it remains the hurdle.
