BNCCORP to sell mortgage business to First Federal, terms not disclosed

BNCCORP announced that its wholly owned subsidiary, BNC National Bank has entered into a definitive agreement with First Federal Bank under which First Federal will purchase certain operating assets and assume certain liabilities of BNC Bank’s mortgage division as part of BNCC‘s strategic decision to exit the residential mortgage origination business. BNC Bank’s mortgage division is principally composed of its Overland Park, Kansas based nationwide consumer direct mortgage platform. The purchase is subject to customary conditions and is expected to close in the second quarter of 2023. Terms of the transaction were not disclosed. As a result of the transaction, First Federal will continue mortgage origination activities in the Overland Park, KS, Moline, IL, Bismarck, ND and Glendale, AZ regions currently served by BNC Bank. After the sale, BNC Bank will continue to arrange or facilitate residential mortgage loans for its bank and wealth management customers as part of its full range of banking services