BNC Bancorp in North Carolina Completes Tarp Exit

The company paid roughly $939,000 to repurchase a warrant that would have allowed the Treasury Department to buy about 543,300 shares of BNC's common stock at $8.63 per share, BNC said in a regulatory filing Thursday.

Last month, the Treasury sold roughly 31,000 shares of BNC's preferred stock at $921.23 a share through an auction. BNC received $31 million in Tarp funds in December 2008.

W. Swope Montgomery, BNC's president and chief executive, had indicated that he wasn't in a hurry for his company to exit the program and had declined to use private equity raised to repay the funds. Instead, the company has been an aggressive acquirer in the Carolinas.