Monday, June 2, 2014

BNC Bancorp completes acquisition of Community First

The parent company of Bank of North Carolina said Monday it has completed its acquisition of the Chapel Hill-based parent company of Harrington Bank.

High Point-based BNC Bancorp announced the roughly $27 million deal to acquire Community First Financial Group in December. Harrington has about $225 million in assets, $165.4 million in loans and $194.7 million in deposits. The bank has three branches, all in Chapel Hill.

Bank of North Carolina said the deal will give it roughly $510 million in loans and $336 million in deposits in the Raleigh-Durham-Chapel Hill area.

The three branches will continue operating under the Harrington Bank name until system conversions are complete in September, BNC Bancorp said.

Bank of North Carolina has seven locations in the Charlotte metropolitan area and is the ninth largest bank in the region by deposits, according to the latest federal data.

In April, Bank of North Carolina announced it completed its acquisition of South Street Financial Corp., a $26 million deal that gives BNC Bancorp a deeper presence in the Charlotte area.