The deal team of Jon Talcott, Peter Strand, Mike Bradshaw, Kaylen Loflin, and Nick Garifo recently assisted in the definitive merger agreement for its client, BankMobile Technologies, a subsidiary of Customers Bank, with one of America’s largest digital banking platforms, and Megalith Financial Acquisition Corp (NYSE: MFAC) (“MFAC”), a special purpose acquisition company. The Nelson Mullins team was supported by Gary Brown on public company reporting issues, Wells Hall on tax issues, and Brian Galison on merger and acquisition transactional issues. When this transaction closes, the combined company will operate as BM Technologies Inc. and expects to be listed on the NYSE. The transaction reflects an enterprise value for the Company of $140 million. The consideration will include approximately $20 million in assumed debt owed to Customers Bank, cash and MFAC stock. The transaction is subject to, among other things, MFAC stockholder approval and regulatory approval. The closing is anticipated for the fourth quarter of 2020.

Customers Bancorp, Inc. is a Pennsylvania-based bank holding company with over $10 billion in deposits. Customers Bank is a Pennsylvania state-chartered Federal Reserve member bank.

BankMobile Technologies Inc. is a wholly-owned fintech subsidiary of Customers Bank that provides digital banking platforms, disbursements for higher educational institutions and students, workplace banking services, and white-label digital banking services. BankMobile is one of the largest digital banking platforms in the country.