BNC Bancorp (BNCN) in High Point, N.C., has agreed to buy Harbor Bank Group in Charleston, S.C.

BNC will pay about $51 million in stock for the $306 million-asset Harbor, the holding company for Harbor National Bank. The price represents a 153% premium to Harbor's tangible book value. Harbor also has four branches, $253 million in loans and $250 million in deposits. BNC said the acquisition should be accretive to its 2015 earnings by 4.5%, excluding $3.4 million in expected merger-related expenses.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.