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The South Carolina bank has been shedding assets in recent months after suffering millions of dollars in losses in recent years. The bank ousted its management team last year due to poor financial performance and conflicts with investors.
June 1 -
BNC Bancorp in High Point, N.C., and CU Bancorp in Encino, Calif., have completed two previously announced acquisitions.
December 1 -
Prosperity Bancshares in Houston has ended a short, self-imposed break from acquisitions, agreeing to buy Tradition Bancshares in Houston.
August 6
BNC Bancorp in High Point, N.C., has agreed to buy Southcoast Financial in Mount Pleasant, S.C., for $95.5 million in stock.
The $4.2 billion-asset holding company for Bank of North Carolina will pay $13.35 per share for Southcoast, based on the 20-day volume weighted average price of BNC stock prior to closing and other conditions.
The merger is expected to close in the first quarter of 2016, pending approval from regulators and shareholders in the $506 million-asset Southcoast.
BNC expects the acquisition to be immediately accretive to earnings and tangible book value, minus merger costs.
BNC will have about $4.8 billion in assets after the acquisition. The deal will let BNC expand its retail presence in the Charleston, S.C., market, where it already has five branches.
FIG Partners and Sandler O'Neill were financial advisers to BNC and Troutman Sanders was legal counsel. Banks Street Partners advised Southcoast and Haynsworth Sinkler Boyd was legal counsel.
