Deals
Fintech BM Makes First Acquisition After Going Public Through a SPAC
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Financial-technology firm BM Technologies Inc. is turning the typical banking tie-up formula on its head with plans to acquire First Sound Bank, a Seattle-based community business lender.
BM Technologies agreed to acquire First Sound for as much as $7.22 a share in a deal valued at $23 million, the Radnor, Pennsylvania-based firm said Monday in a statement. The acquisition will allow BM Technologies to move deposit accounts onto First Sound’s balance sheet and partner with other fintechs. The new company will operate under the name BMTX Bank.