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BNC Bancorp in High Point, N.C., has agreed to buy Southcoast Financial in Mount Pleasant, S.C., for $95.5 million in stock.
August 14 -
ASB Bancorp in Asheville, N.C., has received its second demand in less than a month to put itself on the auction block.
August 24 -
Cardinal Financial made a big push into wealth management a decade ago. Today, it remains an inconsistent business, though management is optimistic about the future.
September 25
Park Sterling in Charlotte, N.C., has agreed to buy First Capital Bancorp in Glen Allen, Va.
The $2.4 billion-asset Park Sterling said in a press release Thursday that it will pay $82.5 million in cash and stock for the $617 million-asset First Capital. The deal is expected to close in the first quarter.
Park Sterling said the price values First Capital at 151% of its tangible book value and that 70% of the consideration will involve stock.
The deal will expand Park Sterling's operations around Richmond, Va., where it already has two branches. Park Sterling said it expects to incur $10.5 million to $11.5 million in merger-related costs, though it also plans to cut 40% of First Capital’s expenses.
“The partnership helps us achieve our strategic goal of building out our Richmond presence,” James Cherry, Park Sterling's chief executive, said in the release.
Ken Lehman, a former banking lawyer who invests heavily in community banks,
Keefe, Bruyette & Woods and McGuireWoods advised Park Sterling. Banks Street Partners and LeClairRyan advised First Capital.
