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First Federal Bank Announces Agreement To Acquire Mortgage Division From Bnc National Bank

Apr 12, 2023•over 2 years ago

Acquiring Company

First Federal Bank

Acquired Company

Mortgage Division

Lake CityBanking

Description

First Federal Bank and BNC National Bank announce that they have signed a definitive agreement for First Federal to acquire certain assets and liabilities of BNC National Bank's mortgage division. The purchase is expected to close in the second quarter of 2023; terms of the transaction were not disclosed.

Company Information

Company

First Federal Bank

Location

Lake City, Florida, United States

About

First Federal Bank is a community-based bank offering consumer and commercial banking solutions, services, and loans through banking offices in Florida's Panhandle, North Central and East Florida, and coastal South Carolina. Mortgage, SBA and USDA customers are served through lending offices across the Southeast and Midwest. First Federal is headquartered in Lake City, Florida with assets totaling over $3.6 billion. First Federal has received a "5-Star, Superior" financial rating from BauerFinancial, Inc., of Coral Gables, Fla. for more than two decades and was recognized by Newsweek as "Best Small Bank in Florida" in 2020, 2021, 2022 and 2023. For more information, visit www.ffbf.com.

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