MOCKSVILLE, N.C. - A three-year-old bank in western North Carolina announced plans Friday to acquire a much older company in a neighboring county and adopt its bank's name.
Bank of Davie, a $93 million-asset bank based in Mocksville, said it would buy 88-year-old BOC Financial Corp., a $41 million-asset company in Landis, for about $9.7 million in stock. The deal is scheduled to close by yearend.
BOC Financial owns Bank of the Carolinas, which, like Bank of Davie, has two branches.
They would all become branches of Bank of Davie, which would rename itself Bank of the Carolinas.
Robert Marziano would remain the buyer's president and would also become its chief executive officer; its chairman would be Stephen R. Talbert, BOC's president.
BOC converted from a state savings bank to a commercial banking company in 1998. Mr. Talbert said that selling to Bank of Davie would help it expand its product offerings well beyond mortgages.