Monday, December 3, 2012

BNC closes First Trust acquisition

BNC Bancorp has closed its acquisition of Charlotte-based commercial bank First Trust.

The deal was announced in June, when it was valued at $35 million. By the time it closed, First Trust's stock had risen, valuing the deal at $38.1 million.

High Point-based BNC Bancorp is the parent company of Bank of North Carolina, which has several offices in Charlotte.

First Trust's offices in Charlotte and Mooresville will keep their name until February, when the two systems are merged, BNC said.

"The completion of this merger is a product of a lot of effort and great teamwork between the BNC and First Trust organizations," Bank of North Carolina president Rick Callicutt said in a statement. "The Charlotte area represents an attractive, growth-oriented market for us and this merger provides a strong presence in Charlotte and further establishes BNC's position as a Carolinas-focused financial institution."