The transaction has also been approved by the North Carolina Office of the Commissioner of Banks and the US Federal Deposit Insurance Corporation (FDIC).
BNC Bancorp had entered into an agreement to integrate with Randolph Bank & Trust Company (RDBN), in a bid to boost its footprint in the Piedmont-Triad Area of Central North Carolina.
Subject to certain collars, for a combined deal value for common shareholders of nearly $10.4m, Randolph Bank & Trust common shareholders will get an amount of cash or shares of BNC common stock equal to $10 per share.
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 $168m in loans and $270m in deposits.
After completion of the acquisition, the acquirer will own nearly $1bn in loans and $1.5bn in deposits in Piedmont-Triad area of central North Carolina.
BNC has acquired many financial organizations in North and South Carolina, including Beach First National Bank in Myrtle Beach, SC, Blue Ridge Savings Bank in Asheville, Regent Bank in Greenville, SC, KeySource Commercial Bank in Durham and, most recently, First Trust Bank in Charlotte.
Bank of North Carolina manages a network of 32 branch offices in North and South Carolina and delivers banking and financial services to individuals and businesses in the region.
