Radnor-based fintech BM Technologies is being acquired by First Carolina Bank for $67 million in cash, writes Jeff Blumenthal for Philadelphia Business Journal.
The announcement sent BM Technology stock prices skyrocketing 47 percent Oct 25 to $4.73 a share after the deal was announced.
BM Technologies will be a subsidiary of First Carolina and its stock no longer listed on the New York Stock Exhange. It will keep it name.
Luvleen Sidhu, BM founder and CEO, said in a statement that she looked forward to integrating BM successfully “and supporting their future growth plans while exploring new opportunities for the next phase of my career.”
Sidhu said the deal will “bring enhanced banking services and technology to all current BMTX customers as well as current and future FCB customers.”
BM offers technology to access checking and savings accounts, personal loans, credit cards and other products and services. It also works with universities so students can create accounts for accepting financial aid credits.
First Carolina CEO Ron Day said BM “gives our bank a nationwide deposit gathering business and the opportunity to expand banking relationships with the institutions and their students across the United States.”
Find out more about BM Technologies in Philadelphia Business Journal.
