Treasury to auction Bank of North Carolina's TARP investment

The U.S. Treasury announced today that it intends to auction the bailout-program investment it has in High Point-based BNC Bancorp, the parent company of Bank of North Carolina.

The government has increasingly looked to do this as a way to speed the ending of the politically unpopular program, also known as the Troubled Asset Relief Program or TARP.

As last reported, BNC had about $31 million in TARP money remaining.

While the Treasury could take a loss on TARP investments it auctions, it reports already making a profit on the program. The government says it has gotten back $265 million in principal and interest payments, compard with a $245 million initial investment. About 300 banks still have bailout money.

The auction will be run by Bank of America Merrill Lynch and Sandler O’Neill.

Bank of North Carolina opened a new Charlotte branch in April and announced the acquisition of a small Charlotte commercial bank in June.