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 set to succeed W. Swope Montgomery as BNC's chief executive on June 11.

Led by Montgomery and backed by capital from Aquiline Capital Partners, BNC has been an aggressive acquirer in North Carolina in recent years, buying First Trust Bank, KeySource Financial, Carolina Federal Savings Bank and two branches from Hampton Roads Bankshares.

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.

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