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BNC Bancorp in High Point, N.C., has agreed to buy Randolph Bank & Trust in Asheboro, N.C.
May 31 -
BNC Bancorp in High Point, N.C., has completed its acquisition of KeySource Financial nearly 10 months after announcing the deal.
September 17 -
The North Carolina market is poised for a big round of M&A, and executives at NewBridge Bancorp which has made two acquisitions this year believe they can build the state's first super-community bank.
December 9
BNC Bancorp (BNCN) in High Point, N.C., announced two deals Wednesday that would significantly boost its presence in its home state.
BNC agreed to pay about $23.7 million to buy South Street Financial (SSFC), a $274 million-asset company in Albemarle, N.C. The cash-and-stock deal values South Street at $8.85 a share, a premium of about 51% to its Tuesday closing price of $5.88.
Separately, BNC agreed to pay about $24.2 million in cash and stock to buy the $229 million-asset Community First Financial Group in Chapel Hill.
The Community First acquisition would give the $3 billion-asset BNC three additional branches in the Raleigh-Durham-Chapel Hill area, and the South Street deal would give BNC four additional branches in the Charlotte area. BNC currently has 32 branches in North Carolina and 9 in South Carolina.
The announcements come just over two months after BNC
BNC expects both deals announced Wednesday to close in the second quarter, pending regulatory and shareholder approval.
Banks Street Partners advised BNC on the South Street agreement, and Sandler O'Neill advised it on the First Financial Group agreement. Raymond James advised South Street, and Banks Street advised Community First.
