First Federal Bank is acquiring BNC National Bank’s mortgage business. BNC National Bank is a subsidiary of TCF Financial Corporation. The transaction is expected to close in the fourth quarter of 2019.
First Federal Bank is a subsidiary of First Interstate BancSystem, Inc., a regional banking holding company headquartered in Billings, Montana. First Interstate BancSystem operates more than 130 banking locations in 18 states across the country. First Interstate BancSystem was founded in 1968 and has more than $14 billion in assets.
The acquisition of BNC National Bank’s mortgage business will allow First Federal Bank to expand its footprint in the Midwest and enter new markets in Minnesota and Wisconsin. BNC National Bank is a full-service mortgage bank with a focus on providing home financing solutions to customers in the Midwest. BNC National Bank has a servicing portfolio of more than $3 billion and originates residential mortgage loans through a network of retail branches, wholesale channels, and correspondent lenders.
First Federal Bank is a leading provider of home mortgage loans in the United States. The Bank offers a variety of loan products, including fixed-rate and adjustable-rate mortgages, jumbo loans, government-insured loans, and home equity lines of credit. First Federal Bank has a nationwide lending footprint and is approved to originate and service home mortgage loans in all 50 states.
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