BM Technologies in Radnor, Pa., is dealing with regulatory approvals delays for its planned deposits partnership with First Carolina Bank in Raleigh, N.C.
BM Technologies agreed in March to have First Carolina Bank support its higher education business. The regulatory delay is expected to negatively impact the company’s core EBITDA results from $1 million to $1.5 million a month.
The company said that, based on feedback received, it remains optimistic that the regulatory review will be completed during the third quarter “with expected transfer of customer deposits thereafter.”