White & Case advises BM Technologies, Inc. on sale to First Carolina Bank
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Global law firm White & Case LLP has advised BM Technologies, Inc., one of the largest digital banking platforms in the United States focused on student loan payments, on its sale to First Carolina Bank, a North Carolina state-chartered bank.
Upon completion of the transaction, BM Technologies will become a wholly owned subsidiary of First Carolina Bank, and shares of BM Technologies' common stock will no longer be listed on the New York Stock Exchange. BM Technologies will continue operating under the BM Technologies name and be led by Jamie Donahue, current President and Chief Technology Officer of BMTX.
The merger agreement has been approved by both the boards of BMTX and First Carolina Bank and is subject to stockholder approval by stockholders of BMTX. The parties expect the transaction to close in the first quarter of 2025, subject to the satisfaction of customary closing conditions.
The White & Case team was led by M&A partner Prat Vallabhaneni and Keith Hallam (New York), and included partner Matthew Barnett (Los Angeles), counsel Patti Marks, and associates Hiroyuki Koda, Jennifer Lee, Zane Mitchell (all in New York) and Gabrielle Hodgson (Silicon Valley); Capital Markets partners Daniel Nussen (Los Angeles), David Johansen and Scott Levi, and associate Guiying Ji (all in New York); Employment, Compensation & Benefits partner Victoria Rosamond and associate Peter Shelburne (both in New York); Technology Transactions partner Linda Sim (Los Angeles), and associate Nashel Jung (New York); Tax partner Scott Fryman, and associates Adriana Zhan and Nir Fishbien (all in New York); Real Estate partner Steven Lutt (New York); Environment & Climate Change partner Seth Kerschner (New York); White Collar partner Rachel Rodman (Washington, DC) and Data, Privacy & Cybersecurity partner F. Paul Pittman (Washington, DC).
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