Wednesday, January 30, 2013

BNC Bancorp reports profit in year of expansion

BNC Bancorp, the High Point-based parent company of Bank of North Carolina, reported Wednesday a profit for shareholders of $8 million in 2012, a year in which the bank expanded across Charlotte and the Carolinas.

The bank closed on its acquisition of Charlotte commercial bank First Trust in December, and opened a Southern regional headquarters in SouthPark later that week.

BNC also bought banks in Durham and Charleston, and purchased branches in Chapel Hill and Cary. It finished a $72.5 million capital raise and closed "unproductive offices."

The bank's $8 million profit for the year is 78 percent higher than in 2011. For the fourth quarter, BNC reported a profit for shareholders of $4.4 million, up from $796,000 in the same period the year before.