OppFi Withdraws BNCCORP Deal Applications After Issuing 2026 Guidance for Revenue of Up to $610 Million
Key Facts
OppFi’s latest developments center on the withdrawal of regulatory acquisition applications for BNCCORP and BNC National Bank, but the withdrawal details in the article published on November 3 could not be verified on a reliable, publicly accessible page. It is therefore not possible to establish the reason for the decision or which authorities the company contacted, nor to confirm that it reaffirmed its 2026 financial guidance in that statement. What is confirmed is that OppFi updated its annual outlook on October 28, setting gross revenue at between $600 million and $610 million. It estimated adjusted net income at between $115 million and $120 million, and adjusted earnings per share at between $1.34 and $1.40. That means the guidance published days before the withdrawal report is the latest documented financial framework here, not a new confirmation from the November 3 statement.
The company based its projections on an approximate weighted average diluted share count of 86 million. This assumption puts projected adjusted earnings per share in a single calculation context with the net income range, without changing the bounds of the company’s guidance. In its third-quarter disclosure, net loan charge-offs were 40.1% of total revenue, compared with 35.1% in the third quarter of 2025. This measure shows an increase in the charge-off ratio year over year, one of the loan portfolio performance indicators the company reported with its results. The revenue, income and earnings-per-share ranges announced on October 28 remain separate from any unverified reaffirmation on November 3.
The BNCCORP deal was part of OppFi’s plan to change its funding mix by acquiring BNC National Bank. The company announced in April that the cash-and-stock consideration was valued at about $130 million. In announcing the deal, OppFi said BNC’s stable, low-cost deposit base, with a cost below 2%, would provide diversified funding sources and lower funding costs. The deal’s strategic rationale was therefore tied as much to funding as to banking expansion, since deposits would have provided a source distinct from existing funding channels. The publicly available facts here do not provide verified details on the reasons for withdrawing the applications or its direct financial impact on the company.
OppFi’s case for the deal drew on BNC’s 2025 results: the bank recorded $51 million in net interest income and $10 million in net income. The company valued the consideration at about 1.2 times BNCCORP’s book value, which stood at $107 million on December 31, 2025. It also projected at least $60 million in operating savings in the first year after closing, more than $90 million in the second, and more than $115 million in the third. The announcement linked those savings to geographic expansion and improved funding. These figures were estimates contingent on the deal closing and therefore do not represent realized savings or operating results recorded by OppFi.
Shareholders had approved the agreement on September 17, 2026, according to an OppFi disclosure, while closing remained subject to regulatory approvals and customary closing conditions. In an earlier disclosure, the company had expected the deal to close in the fourth quarter of 2026, while cautioning that fulfillment of the conditions was not guaranteed. In the latest market data available for this story, OPFI shares closed at $5.60 in the November 2 session. Reliable public figures for the session high or low were unavailable, and the closing price predates the news date and does not establish a market response to the November 3 announcement. The financial guidance published on October 28 and the November 2 close remain a separate timeline from the withdrawal details that could not be verified.