BNC Bancorp, CU Bancorp Complete Acquisitions

BNC Bancorp in High Point, N.C., and CU Bancorp in Encino, Calif., have completed two previously announced acquisitions.

The $4.1 billion-asset BNC said in a press release Monday that it has closed on its purchase of the $325 million-asset Harbor Bank Group in Charleston, S.C. The deal, announced in June, positions BNC for further expansion in South Carolina.

"We look forward to growing our presence in the greater Charleston market in the future," Rick Callicutt, BNC's president and chief executive, said in the release.

BNC—the parent company of the Bank of North Carolina—also announced last month that it plans to enter the Virginia market, agreeing to buy the $857 million-asset Valley Financial in Roanoke.

Separately, CU Bancorp, the parent company of California United Bank, has completed its purchase of the $801 million-asset 1st Enterprise Bank in Los Angeles. It boosts CU's assets to approximately $2.3 billion.

The acquisition, which was also announced in June, expands CU's presence in the Los Angeles market, David Rainer, the company's chairman and chief executive, said in a press release Monday.

"The combined company has a strong banking franchise in one of the largest metropolitan markets in the country," Rainer said in the release.