BM Technologies acquires First Sound Bank at $23M

• BM Technologies (BMTX +17.9%) agrees to merge with Seattle-based community bank First Sound (OTCPK:FSWA) for $23M payable in consideration.
• BMTX will pay up to $7.22 in cash for each share of First Sound Bank's common stock. FSWA stock last closed at $5.25, up 31% on Monday.
• The combined company will be named BMTX Bank to operate on a fintech-based model with full suite of digitally-advanced banking products.
• "This strategic merger is expected to be significantly accretive to the combined company’s revenue, EBITDA, and earnings trajectory over the next 1-3 years," the company statement.
• Closing of the transaction is expected in second half of 2022.
• "Looking ahead, BMTX Bank expects to add direct to consumer and small business operations, marketplace lending, robo-advisory and blockchain based payment systems," says BMTX CEO Luvleen Sidhu.
• The merger news comes along with BM Technologies' Q3 earnings posting mixed results