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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.