Under the agreed terms, HPTB shareholders will have the right to receive $300 for each share of HPTB common stock.
Based in North Carolina, HPTB is the holding company for High Point Bank and Trust Company with 12 branches in High Point, Jamestown, Kernersville, Greensboro and Winston Salem, North Carolina.
As of 30 September 2015, HPTB had around $795m worth in assets, $513m in loans, and $648m in deposits.
HPTB president and CEO Mark L. Williamson said: "Our combination with BNC, with combined total assets of approximately $6.8 billion, will provide greater capital resources and operational scale that will allow us to grow together with a diverse product mix and allow our team to continue to support the High Point and Triad communities.
‘With BNC’s executive team having deep roots in the High Point community, we know the heritage of High Point Bank is in good hands. In addition, BNC’s track record for creating and growing shareholder value will be a major plus for our shareholder base."
Subject to regulatory approval, HPTB shareholders approval, and other customary conditions, the acquisition is expected to be completed in the second quarter of 2016.
Following the completion of the deal, BNC will have close to $6.8bn in assets, $5.1bn in loans, and $5.6bn in deposits.
BNC Bancorp president and CEO Rick Callicutt said: "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."
