-BNC Bancorp acquires Randolph Bank & Trust Company.
Global Banking News - 02 October 2013
BNC Bancorp (NASDAQ: BNCN) has acquired Randolph Bank & Trust Company, in a bid to boost its footprint in the Piedmont-Triad Area of Central North Carolina, and expand its franchise into Asheboro, Burlington and Randleman markets, the Banking Business Review has reported.
Under the terms of the transaction, Randolph Bank & Trust common shareholders will get an amount of cash or shares of BNC common stock equal to USD10 per share. Randolph Bank had total assets of USD288m, loans of USD161m and deposits of USD257m, as of September 30, 2013. The acquired bank branches will continue to operate under the Randolph Bank name until systems conversion, which is set to complete in early December 2013.
Under the agreement, Bank of North Carolina, a subsidiary of BNCN, will purchase three branches in Asheboro, North Carolina and one each in Burlington, Mebane and Randleman, North Carolina, as well as USD168m in loans and USD270m in deposits. After completion of the acquisition, BNC Bancorp will own nearly USD1bn in loans and USD1.5bn in deposits in the Piedmont-Triad area of central North Carolina.
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