A special purpose acquisition company affiliated with Figure Technologies said it has a nonbinding letter of intent to buy a bank holding company with national mortgage lending and servicing operations.
Figure Acquisition Corp. I, a San Francisco blank check company founded by Figure’s management team, did not disclose the name of the bank, though it said the lender has $3 billion to $5 billion of assets.
Michael Cagney, Figure Acquisition’s chairman and CEO of Figure Technologies, said the SPAC believes it can complete the acquisition by late August.
Figure Acquisition said it sees potential bringing blockchain into the bank, particularly with its warehouse business.