BNC Bancorp in Thomasville, N.C., said it has agreed to acquire the $148 million-asset SterlingSouth Bank and Trust Co., in Greensboro, N.C., for $36 million in stock.
The deal is expected to close in the third quarter.
Each outstanding share of SterlingSouth stock would be traded for 1.2 shares of BNC stock. On Monday evening, after the deal was announced, the BNC stock was worth about $36 million.
The deal would bring the $578 million-asset BNC into the Greensboro market, where SterlingSouth has two braches and plans to open a third.
"SterlingSouth has an impressive group of shareholders and a board of directors whose members are respected leaders and businesspeople in the Greensboro market," said W. Swope Montgomery Jr., BNC's president and chief executive, in a press release.
