BNCCORP, INC. Announces Strategic Decision to Sell Mortgage Business

BISMARCK, N.D., April 12, 2023 /PRNewswire/ -- BNCCORP, INC. (OTCQXMarkets:BNCC) announced that its wholly owned subsidiary, BNC National Bank (BNC Bank), has entered into a definitive agreement with First Federal Bank under which First Federal will purchase certain operating assets and assume certain liabilities of BNC Bank's mortgage division as part of BNCC's strategic decision to exit the residential mortgage origination business. BNC Bank's mortgage division is principally composed of its Overland Park, Kansas based nationwide consumer direct mortgage platform. The purchase is subject to customary conditions and is expected to close in the second quarter of 2023. Terms of the transaction were not disclosed.