BNC Bancorp in High Point, N.C., plans to raise about $55 million through a common stock offering.
The $6.4 billion-asset company said in a press release Thursday that it plans to sell 2.5 million shares at $22 each. The offering is expected to close around July 26.
BNC Bancorp said it expects to use the net proceeds for general corporate purposes that include contributing capital to its bank, financing the expansion of its branch system and buying other financial institutions, branches or fee-generating businesses.
The offering's underwriters have a 30-day option to buy 375,000 additional shares, which could push the offering to $63 million.
Stephens Inc. is the sole book-running manager. Keefe, Bruyette & Woods and Sandler O'Neill are co-lead managers, while FIG Partners is a co-manager.