BNC continues acquisitions through S.C. bank

Jun. 05, 2014 @ 01:41 PM

BNC Bancorp, the holding company for Bank of North Carolina, on Thursday announced it has entered into an agreement to acquire all of the common stock of Harbor Bank Group Inc., the holding company for Harbor National Bank out of Charleston, S.C.
The announcement continues Bank of North Carolina’s rapid growth during the past five years that has seen the bank more than double its assets during the period. Bank of North Carolina’s corporate headquarters are along Premier Drive in north High Point.
The Harbor Bank deal is a stock transaction valued at approximately $50.6 million, based on the closing price of BNC common stock as of Wednesday.
Harbor National Bank operates four branches in Charleston and Mount Pleasant, S.C.  As of March 31, Harbor reported approximately $306 million in assets, $253 million in loans, $250 million in deposits and $33 million in tangible common equity. 
When the deal is completed, BNC is expected to have approximately $4 billion in assets, $3 billion in loans and $3.4 billion in deposits.
The deal is expected to close in the fourth quarter of this year.
The acquisition of Harbor Bank will boost Bank of North Carolina’s presence in the Lowcountry of South Carolina. The deal will move Bank of North Carolina into the top 10 in deposit market share for the Charleston metropolitan area, said Rick Callicutt, president and chief executive officer.