OppFi withdraws application to acquire BNCCORP in Arizona

OppFi has withdrawn its applications to buy BNCCORP in Glendale, Ariz.

The digital finance platform, which agreed in April to buy the $1.1 billion-asset parent of BNC National Bank, had struggled to gain regulatory approval and faced pressure from politicians such as Sen. Elizabeth Warren (D-Mass.). Pressure increased after Enova ended a similar effort to buy Grasshopper Bank in New York.

Shareholders approved the proposed $130 million deal in September.

“Given the communication restrictions inherent in the application process and the lack of articulated objective standards against which federal regulators are evaluating OppFi’s business, OppFi has not had a meaningful opportunity to engage with federal regulators to address potential concerns,” the company said in a statement.

“We encourage federal regulators to expeditiously articulate clear standards that will allow innovative community banks and financial technology platforms to combine to better serve the tens of millions of Americans whose needs are not being met by traditional banks,” CEO Todd Schwartz said.