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The more than $500 million that investors pumped into banks in the Tar Heel State has turned marginal players into consolidators, provided a way to absorb failures and instilled new discipline.
June 14 -
BNC Bancorp in High Point, N.C., has agreed to buy KeySource Financial Inc. in Durham, N.C., in an all-stock deal valued at $12.2 million.
December 21 -
The Treasury Department plans next week to auction preferred shares in five banks that received a combined $84 million from the Troubled Asset Relief Program.
August 17
BNC Bancorp in High Point, N.C., has completed its acquisition of KeySource Financial nearly 10 months after announcing the deal.
BNC (BNCN) said late Friday that it bought KeySource in an all-stock deal valued at $13.7 million. The price, based on BNC's closing share price of $7.60 on Sept. 13, surpassed the deal’s $12.2 million valuation when it
“The completion of this strategic transaction is consistent with our long-term plan to partner with quality organizations, enhance our presence in desirable markets and provide our diverse financial product suite to new customers,” W. Swope Montgomery, BNC’s president and chief executive, said in a press release.
The deal expands the $2.7 billion-asset BNC into the Raleigh-Durham market and adds $183 million in assets. KeySource actually had $206 million in assets when the deal was announced.
Still,
Last month, BNC participated in the Treasury Department’s
