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First Carolina Bank to complete merger with BM Technologies, Inc.

Jan 16, 2025•11 months ago

Acquiring Company

First Carolina Bank

Acquired Company

BM Technologies

Rocky MountFinancial Services

Description

BM Technologies, Inc. (NYSE American: BMTX) is set to finalize its merger with First Carolina Bank. The merger, disclosed on October 24, 2024, is expected to be completed on January 31, 2025, with BM Technologies becoming a wholly owned subsidiary of First Carolina Bank. The strategic move aims to enhance the combined entity's capabilities and market position.

Company Information

Company

First Carolina Bank

Location

Rocky Mount, North Carolina, United States

About

First Carolina is a North Carolina state-chartered bank headquartered in Rocky Mount with about $2.6 billion in total assets as of Nov. 30. First Carolina Bank has full-service banking offices in Rocky Mount, Raleigh, Wilmington, Cary and Reidsville, North Carolina; Virginia Beach, Virginia; Columbia and Greenville, South Carolina; and Atlanta, Georgia.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed