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BNC Bancorp in High Point, N.C., started making acquisitions in the Carolinas three years ago, with private-equity help. Now it can afford to take its time and digest while other banks feel pressure to buy.
July 1 -
Regulators shuttered four banks Friday evening — totaling $676 million of assets — that combined are estimated to cost the Federal Deposit Insurance Corp. about $80 million.
June 8 -
BNC Bancorp (BNCN) in High Point, N.C., announced two deals Wednesday that would significantly boost its presence in its home state.
December 18
BNC Bancorp (BNCN) in High Point, N.C., has agreed to buy Harbor Bank Group in Charleston, S.C.
BNC will pay about $51 million in stock for the $306 million-asset Harbor, the holding company for Harbor National Bank. The price represents a 153% premium to Harbor's tangible book value. Harbor also has four branches, $253 million in loans and $250 million in deposits. BNC said the acquisition should be accretive to its 2015 earnings by 4.5%, excluding $3.4 million in expected merger-related expenses.
The acquisition will include "minor" dilution to tangible book value that should be earned back within 18 months, BNC said. The transaction is expected to close on Nov. 30.
Harbor will make BNC one of Charleston's 10 biggest banks, Rick Callicutt, BNC's president and chief executive, said in a press release Thursday. "The Harbor team has spent their entire careers in the Charleston market, which has allowed them to build a great bank that consistently outperforms its peer group," Callicutt added.
BNC said it expects to extract 35% to 40% of Harbor's annual expenses due to "significant branch overlap." The company said it plans to close three branches.
Womble Carlyle Sandridge & Rice advised BNC. Banks Street Partners and Bryan Cave advised Harbor.
BNC entered Charleston in 2012 by
