BNC Bancorp (BNC), the holding company for Bank of North Carolina, has agreed to acquire all of the common stock of High Point Bank (HPTB), the holding company for High Point Bank and Trust Company, in a cash and stock deal worth about $141.3m.
High Point, North Carolina-based HPTB operates with 12 branches in High Point, Jamestown, Kernersville, Greensboro and Winston Salem, North Carolina.
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The bank managed nearly $795m in assets, $513m in loans, and $648m in deposits as of 30 September 2015.
BNC is projected to have about $6.8bn in assets, $5.1bn in loans, and $5.6bn in deposits in its portfolio following completion of the transaction.
As per the agreed terms of the deal, HPTB shareholders will have the right to secure $300.00 for each share of HPTB common stock, payable, at their election, in cash or in shares of BNC common stock.
The deal is scheduled to close in the second quarter of 2016, subject to regulatory and HPTB shareholder approval as well as other customary conditions. The transaction has already received the nod from the boards of directors of both companies.
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By GlobalDataBNC president and CEO Rick Callicutt remarked: "We are pleased to announce the combination of BNC and High Point Bank. The High Point Bank management, Board of Directors, and entire team share our principles and customer-focused approach, and we are pleased to welcome them, their customers and their shareholders to BNC."
"We also look forward to engaging both their insurance and trust businesses as two new lines of business that we can advance across our three-state footprint. This transaction epitomizes our current strategy of growing within our existing markets both organically and through acquisition, thus further leveraging our infrastructure to produce greater performance for our shareholders, and provide greater resources to our customers," Callicutt added.
