First Carolina Bank to acquire BM Technologies for $67m.

First Carolina Bank, a bank, agreed to acquire BM Technologies, financial services company, for $67m. “BMT is a leader in the disbursements process for federal aid to colleges, universities, and students. Currently serving over 700 campuses, this digital platform gives the Bank a nationwide deposit gathering business and the opportunity to expand banking relationships with the institutions and their students across the United States. We started having discussions in late 2022 with management at BMT and were immediately drawn to the added relationship possibilities for the Bank through the company’s technology and market position. We believe this is a game-changing combination, and we are thrilled for the employee and shareholder bases of both companies given BMT’s customer base. Jamie Donahue, current President and Chief Technology Officer of BMT will join the Bank’s leadership team as President of the newly formed subsidiary and will report to Pat Pritchard, the Bank’s Chief Information Officer. Both will lead the integration of the new line of business into the core activities of the Bank and the plan to grow the platform over time,” Ron Day, First Carolina Bank President and CEO.