The Bank of North Carolina (BNC) is a bank based in High Point, North Carolina, United States. Its parent company BNC Bancorp (NASDAQ: BNCN) has $4.05 billion in assets, 38 branches in North Carolina and 13 in South Carolina. A pending deal, if completed, will give the bank over $4 billion in deposits and nine branches in Virginia.
History
The bank opened in Thomasville, North Carolina on December 3, 1991 in a temporary location in a trailer, moving to its permanent home in Fall 1992.
On December 29, 2001, the Bank of North Carolina and Kernersville-based Independence Bank announced their merger. Bank of North Carolina had $211 million in assets and $171 million in deposits, and Independence Bank had assets of $59 million and deposits of $52 million.
On August 1, 2003, BNC Bancorp began trading on NASDAQ. At the time it had added branches in Archdale, Lexington and Oak Ridge.
After fifteen years of operation, BNC had expanded to 14 branches and $1 billion in assets, doubling its size in 30 months. It was the ninth community bank in the Piedmont Triad to reach that milestone. A 15,000-square foot administrative office was planned in High Point. Only one of the Harrisburg branches had opened.
On September 7, 2012, BNC announced plans to move from its 10,000-square-foot Eastchester Drive headquarters to 22,500 square feet in Premier Center. The company planned to keep a portion of its existing space and move some operations from Thomasville.
During the first quarter of 2014 BNC opened branches in Raleigh, North Carolina and Greenville, South Carolina. This is in addition to buying 11 banks since 2010.
Acquisitions
In a $36 million deal announced February 6, 2006, BNC Bancorp purchased SterlingSouth Bank & Trust of Greensboro, started in 2000, with assets of $148 million, two Greensboro branches and plans for a third. BNC had also opened a branch in High Point and a loan office in Winston-Salem. The deal would give BNC Bancorp ten branches and about $743 million in assets. In addition, BNC planned one branch in Welcome and two branches in Harrisburg outside Charlotte.
Other acquisitions included Blue Ridge Savings Bank of Asheville, Regent Bank in Greenville, South Carolina, and KeySource Commercial Bank in Durham. BNC also bought two branches of The Bank of Hampton Roads in the Triangle.
On April 9, 2010, Myrtle Beach, South Carolina-based Beach First National Bank was the first South Carolina bank to fail in over ten years. It was started in 1996 and had seven branches in the Grand Strand area and in Hilton Head, and $585.1 million in assets and $516 million in deposits. On April 12, 2010, in a deal arranged by the FDIC, Beach First branches reopened as Bank of North Carolina, giving the bank its first operations in South Carolina.
In April 2012, BNC opened a Charlotte branch on Carmel Road. In a $35 million deal announced June 4, 2012, BNC Bancorp announced the purchase of First Trust Bank of Charlotte, adding three branches and $374 million in deposits for a total of $589 million in Charlotte-area deposits.
On June 8, 2012, BNC took over the failed Carolina Federal Savings Bank of Charleston, South Carolina.
On May 31, 2013, BNC announced a $10.4 million deal to buy Randolph Bank & Trust, an institution with $302 million in assets, three branches in Asheboro, and one branch each in Burlington, Mebane, and Randleman.
On December 18, 2013 BNC announced two deals. The $24.2 million purchase of Community First Financial Group, Inc., parent company of Harrington Bank of Chapel Hill, started in 1999, would add 3 branches and $228.5 million in assets. The $23.7 million purchase of South Street Financial Corp, doing business as Home Savings Bank, would add four locations in Albemarle and Stanly County, and $274.1 million in assets. The Albemarle bank was over 100 years old and would likely consolidate some branches. The deals would give BNC over $3.4 billion in assets and 40 branches. The South street purchase was completed April 1, and the Community First purchase was completed June 2, 2014.
On November 17, 2014 BNC announced its first acquisition in Virginia, Valley Financial Corporation of Roanoke, started in 1995. The $101.3 million deal, the bank's largest yet, would add nine branches in Roanoke and Salem, $857 million in assets (21 percent of BNC's assets before the deal), and $682 million in deposits.
On December 1, 2014 BNC announced the completion of a $50.6 million stock deal to buy Harbor Bank Group Inc. of Charleston, South Carolina, started in 2006. BNC would add $325 million in assets, $267 milion in deposits and four branches, three in Charleston and one in Mount Pleasant, South Carolina, along with mortgage offices in Mount Pleasant, Greenville, South Carolina and Hilton Head Island. BNC would have the ninth-largest share of the Charleston market.
See also
- Companies portal
References
External links
- Official website
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