Bank of North Carolina holding company BNC Bancorp has reached an agreement to purchase all of the common stock of Harbor Bank Group, in a stock transaction worth $50.6m.

Harbor Bank Group is headquartered in Charleston, South Carolina, and operates as the holding company for Harbor National Bank, which manages four branches in Charleston and Mount Pleasant.

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Harbor reported approximately $306m in assets, $253m in loans, $250m in deposits and $33m in tangible common equity as of 31 March 2014.

Once the transaction closes, BNC will have about $4bn in assets, $3bn in loans, and $3.4bn in deposits.

Based on the terms of the agreement, for each share of Harbor common stock, its shareholders will receive 0.950 shares of the BNC Bancorp’s common stock, resulting in the issuance of a total of approximately 2,977,000 shares in the exchange.

The transaction, which has been approved by the boards of directors of both companies, is subject to regulatory approval, the approval of the shareholders of Harbor and other customary conditions, and is likely to close during the fourth quarter of 2014.

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BNC president and CEO Rick Callicutt said, "We are pleased to announce the agreement to acquire Harbor, one of the leading community banks in the Charleston, SC market. This will greatly increase our presence in the Charleston MSA moving us into the top ten in deposit market share."

Harbor president Charlie Rivers said, "Our combination with BNC, with combined total assets of more than $4.0 billion, will provide greater capital resources and operational scale that will allow us to grow with the robust Charleston economy and capture additional market share."

Womble Carlyle Sandridge & Rice, acted as legal counselor to BNC Bancorp, while Bryan Cave provided legal counsel to Harbor.