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BNC, of High Point, N.C., would pay $35 million for First Trust, its fifth deal in the Carolinas in nine months.
June 4 -
The more than $500 million that investors pumped into banks in the Tar Heel State has turned marginal players into consolidators, provided a way to absorb failures and instilled new discipline.
June 14 -
BNC Bancorp (BNCN) in High Point, N.C., is remaking its executive staff with a half-dozen new appointments.
April 12
BNC Bancorp (BNCN) in High Point, N.C., has agreed to buy Randolph Bank & Trust (RDBN) in Asheboro, N.C.
BNC will pay roughly $10.4 million in cash and stock to Randolph Bank's common shareholders and $8.7 million in cash to liquidate the seller's preferred shareholders, including stock issued to the Treasury Department under the Troubled Asset Relief Program. BNC said in a press release Friday that it expects to complete the acquisition in the third quarter.
BNC will have $3.2 billion when the deal closes. Randolph Bank has $302 million in assets, including six branches and $168 million in loans.
"This transaction epitomizes our current strategy of growing within our existing markets both organically and through acquisition, thus further leveraging our infrastructure to produce greater performance for our shareholders," Rick Callicutt, BNC's president, said in the release. He said the acquisition should immediate boost earnings and will be "minimally dilutive to tangible book value."
Callicutt is
Led by Montgomery and
Banks Street Partners advised BNC; Womble Carlyle Sandridge & Rice provided legal counsel. Randolph Bank & Trust was advised by Sandler O'Neill as financial advisor and Wyrick Robbins Yates & Ponton as legal advisor.
