National Commerce Bancorp. in Memphis said Tuesday that it has a deal to buy Piedmont Bancorp in Hillsborough, N.C., for $34.5 million of stock.Piedmont, with $147 million of assets, is the parent of Hillsborough Savings Bank. The acquisition would give $7 billion-asset National Commerce an additional three branches in North Carolina and boost its assets in the state to $492 million.

Branches of Hillsborough Savings, which was founded in 1913, would operate as branches of National Commerce's North Carolina bank subsidiary, NBC Bank FSB. The deal is expected to close in the first or second quarter.

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