-
BNC Bancorp in High Point, N.C., is planning to issue $60 million in subordinated notes to pay off a loan from another bank.
September 26 -
BNC Bancorp in High Point, N.C., increased profits by nearly two-thirds thanks to higher net interest income and other factors.
October 20 -
BNC Bancorp (BNCN) in High Point, N.C., has agreed to buy Harbor Bank Group in Charleston, S.C.
June 5
BNC Bancorp in High Point, N.C.,
The $3.7 billion-asset BNC will pay $101.3 million in stock for the $857 million-asset Valley National. The deal value is about 173% of Valley National's tangible book value.
The deal will provide BNC with its first operations in Virginia, where Valley National has nine branches in Roanoke and Salem. The deal is expected to close in the second quarter. No leadership changes were announced, though BNC expects to cut Valley National's annual operating costs by $6.6 million, or 30%.
BNC plans "further expansion" in Virginia, said Rick Callicutt, BNC's president and chief executive, said in a press release Monday. The company added that it expects the acquisition to be immediately accretive to its earnings per share, excluding deal costs. BNC said it should incur about $8 million in merger-related costs.
BNC, the holding company for Bank of North Carolina, has expanded rapidly through acquisitions in recent years. The company in June completed its purchase of the $224 million-asset Harrington Bank in Chapel Hill, N.C. It also bought the $278 million-asset Home Savings Bank, located in Albemarle, N.C., in April.
Additionally, BNC agreed earlier this year to buy the $306 million-asset
Womble Carlyle Sandridge & Rice provided legal counsel to BNC, while Banks Street Partners served as its financial advisor. Sandler O'Neill + Partners advised Valley Financial, while Williams Mullen provided legal counsel.
Separately, BNC
