BNC Bancorp in High Point, N.C., has completed its acquisition of KeySource Financial nearly 10 months after announcing the deal.
BNC (BNCN) said late Friday that it bought KeySource in an all-stock deal valued at $13.7 million. The price, based on BNC's closing share price of $7.60 on Sept. 13, surpassed the deal’s $12.2 million valuation when it was first announced in December.
“The completion of this strategic transaction is consistent with our long-term plan to partner with quality organizations, enhance our presence in desirable markets and provide our diverse financial product suite to new customers,” W. Swope Montgomery, BNC’s president and chief executive, said in a press release.
The deal expands the $2.7 billion-asset BNC into the Raleigh-Durham market and adds $183 million in assets. KeySource actually had $206 million in assets when the deal was announced.
Still, BNC has remained a busy acquirer while waiting to complete the KeySource deal. It bought a failed thrift and announced plans to buy First Trust Bank in Charlotte, N.C. in June.
Last month, BNC participated in the Treasury Department’s latest auctions to unwind its Troubled Asset Relief Program funds. BNC had $31 million in TARP.