BNC Bancorp (BNCN) in High Point, N.C., announced two deals Wednesday that would significantly boost its presence in its home state.
BNC agreed to pay about $23.7 million to buy South Street Financial (SSFC), a $274 million-asset company in Albemarle, N.C. The cash-and-stock deal values South Street at $8.85 a share, a premium of about 51% to its Tuesday closing price of $5.88.
Separately, BNC agreed to pay about $24.2 million in cash and stock to buy the $229 million-asset Community First Financial Group in Chapel Hill.
The Community First acquisition would give the $3 billion-asset BNC three additional branches in the Raleigh-Durham-Chapel Hill area, and the South Street deal would give BNC four additional branches in the Charlotte area. BNC currently has 32 branches in North Carolina and 9 in South Carolina.
BNC expects both deals announced Wednesday to close in the second quarter, pending regulatory and shareholder approval.
Banks Street Partners advised BNC on the South Street agreement, and Sandler O'Neill advised it on the First Financial Group agreement. Raymond James advised South Street, and Banks Street advised Community First.