BM Technologies, Inc. (BMTX) entered a merger agreement on October 25, 2024, to be acquired by First Carolina Bank in a deal valued at $54.54 million.
Under the terms of the deal, First Carolina will purchase all of the outstanding shares of BM Technologies for $5.00 per share in an all-cash transaction, representing a premium of 55.28% from the stock’s last close.
BM Technologies is a U.S.-based financial technology company that partners with insured banks to offer digital banking and payment services, focusing on accessible, user-friendly financial solutions for consumers and students. Originally founded as BankMobile Technologies in 2014, the company rebranded to BM Technologies in January 2021 to emphasize its fintech focus.
First Carolina is a North Carolina state-chartered bank headquartered in Rocky Mount, offering full-service banking across multiple locations in North Carolina, Virginia, South Carolina, and Georgia, with assets totaling about $3.1 billion as of September 2024.
After the transaction is closed, expected in the first quarter of 2025, BM Technologies will become a fully owned subsidiary of First Carolina Bank, and its common stock will no longer be listed on the New York Stock Exchange.
Also, the company will continue to operate under the BM Technologies name and will be led by Jamie Donahue, its current President and Chief Technology Officer.
First Carolina Bank is acquiring BM Technologies at 0.65 times its sales.
To explore more about this M&A transaction, you can visit the Deal Metrics page here:
Deal Metrics for the acquisition of BM Technologies, Inc. (BMTX) by First Carolina Bank
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Editor’s Note: Baranjot Kaur contributed to this article