Banking on change
BNC Bancorp, the parent company of Bank of North Carolina, on Monday announced that it has signed an agreement and plan of merger with Randolph Bank & Trust Co., a commercial bank with $302 million in assets serving customers in the Piedmont.
The Bank of North Carolina move continues its growth through mergers during the past four years that has virtually doubled its assets and turned the financial institution founded in Thomasville into a multistate bank. BNC Bancorp has $3.2 billion in assets.
The agreement provides for Randolph Bank & Trust common shareholders to receive an amount of cash or shares of BNC common stock equal to $10 per share, subject to certain collars, for an aggregate deal value for common shareholders of approximately $10.4 million.
BNC said it will acquire Randolph Bank & Trust’s three branches in Asheboro and one each in Burlington, Mebane and Randleman, as well as $168 million in loans and $270 million in deposits. The deal, subject to regulatory approval and other conditions, should close in the third quarter of this year.
“Randolph Bank & Trust has a long, rich tradition in the Randolph and Alamance county markets, and as neighbors and competitors over the years, we have admired their brand of banking and their dedication to their communities,” said Rick Callicutt, president of Bank of North Carolina.
“We believe this transaction is in the best interests of all of our key constituents, including our employees, who will have additional opportunities for growth; our customers, who will have access to a wider and stronger array of products; and our shareholders, who will have an opportunity to benefit from being part of a larger, profitable and growing institution,” said Michael Whitehead Jr., president of Randolph Bank & Trust.
In the last several years, BNC has acquired several banks in the Carolinas, including Beach First National Bank in Myrtle Beach, S.C., Blue Ridge Savings Bank in Asheville, Regent Bank in Greenville, S.C., KeySource Commercial Bank in Durham and, most recently, First Trust Bank in Charlotte.
Upon closing the Randolph Bank & Trust merger, BNC will have approximately $1 billion in loans and $1.5 billion in deposits in the Piedmont.