BM Technologies Announces Update to Partner Bank Strategy and Mutual Termination of Merger with First Sound; Board Authorizes $10 Million Repurchase Plan

Dec 23, 2022

RADNOR, PA / ACCESSWIRE / December 23, 2022 / BM Technologies, Inc. (NYSE American:BMTX) ("BM Technologies," "BMTX," "we," or the "Company"), one of the largest digital banking platforms and Banking-as-a-Service (BaaS) providers in the country, announced today that the Company and First Sound Bank (OTCPK: FSWA) ("FSB"), a Seattle, Washington-based community business bank, have reached a mutual decision not to move forward with the previously announced merger. The Company will focus near-term strategy on a sponsor bank model. The Company's Board of Directors has authorized the repurchase of up to $10 million of shares and warrants.

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