BNC Bancorp has secured all necessary regulatory approvals for its merger with Southcoast Financial, the parent of Southcoast Community Bank.
The deal has been approved by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the North Carolina Officer of the Commissioner of Banks, and the South Carolina State Board of Financial Institutions.
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BNC Bancorp agreed to acquire Southcoast Financial in an all-stock transaction worth about $95.5m in August 2015.
The deal, which has already secured the green light from Southcoast Financial shareholders, is expected to be concluded on 17 June 2016.
Mt. Pleasant, South Carolina-based Southcoast Financial operates with 10 branches. As of 30 June 2015, the bank managed about $506m in assets, $383m in loans, and $361m in deposits.
High Point, North Carolina-based BNC Bancorp is the parent of Bank of North Carolina, a bank managing $5.70bn in total assets as of 31 March 2016. Bank of North Carolina serves both individuals and businesses through its network of 62 offices in Virginia, North and South Carolina.
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