Friday, May 31, 2013

Bank of North Carolina to merge with Randolph Bank

The parent company of Bank of North Carolina said Friday that it plans to merge with Randolph Bank & Trust Co., in a deal that will grow BNC by six branches.

BNC Bancorp said terms call for Randolph common shareholders to receive $10.4 million in cash and shares of BNC common stock. BNC will also pay $8.7 million in cash to liquidate Randolph’s preferred shareholders, including the U.S. Department of the Treasury, which bought Randolph shares in 2009 under the Troubled Asset Relief Program.

High Point-based BNC, which last year bought Charlotte-based First Trust Bank, said the merger will also give it $168 million in loans and $270 million in deposits from Randolph, which is based in Asheboro.

The merger still needs approval from regulators and Randolph shareholders, but BNC said it is expected to be finalized in the third quarter.

BNC has four offices in the city of Charlotte. Randolph does not have branches in the Charlotte area. 

Through the merger, BNC said, it will acquire three branches in Asheboro and one each in Burlington, Mebane and Randleman.

Among banks, BNC is No. 19 in Mecklenburg County when ranked by deposits. BNC has $49.4 million in deposits in the county, giving it a 0.03 percent share of the market.