Wednesday, December 18, 2013

Bank of North Carolina buys two more banks

The parent company of Bank of North Carolina announced Wednesday that it has bought two more banks as it deepens its expansion into the two biggest metro areas in the state.

BNC Bancorp's two deals will boost Bank of North Carolina's assets in the Charlotte and Raleigh metro areas by more than a half-billion dollars.

In the first purchase, Bank of North Carolina will acquire the parent company of Home Savings Bank of Albemarle, a $274.1 million in assets bank that also has locations in Locust and Oakboro. BNC will pay $23.7 million in a cash and stock deal, based on the bank's latest closing price.

In the second, Bank of North Carolina is buying the parent company of Harrington Bank, a $228.5 million in assets bank located in Chapel Hill and Durham. BNC will pay $24.2 million in cash and stock.

"Both companies are important additions with different dynamics that address BNC’s long term strategy of building one of the premier franchises in the Carolinas and Virginia," CEO Rick Callicut said in a statement.

The acquisitions still need regulatory approval. Callicut said he expects them to be finalized by the third quarter of 2014.

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