Wednesday, December 21, 2011

Bank of North Carolina to buy Durham commercial bank

Thomasville-based Bank of North Carolina announced Wednesday that it has agreed to acquire Durham-based KeySource Financial Inc. in an all-stock deal worth $12.2 million.

The merger will allow Bank of North Carolina to expand its commercial banking presence in the Triangle. KeySource's commercial bank subsidiary reported $157 million in loans at the end of the third quarter, largely in the Durham and Raleigh area.

It marks the third deal in recent months for Bank of North Carolina. The bank also acquired Blue Ridge Savings Bank and Regent Bank of South Carolina.