According to a press release issued today, BNC Bancorp, the parent holding company of Bank of North Carolina, will pay $10.4 million to acquire Randolph Bank, which has $302 million in assets and six branches in Asheboro, Burlington, Mebane and Randleman, by merger. Randolph shareholders will receive an 80:20 stock/cash payment.
The acquisition will give Bank of North Carolina 31 branches in North Carolina and $3.2 billion in assets.
BNC will buy out Randolph's preferred shareholders, including the US Treasury's TARP shares, with cash. (BNC has recently repurchased its own TARP shares by issuing debt.)
The deal is expected to close by September 30.
BNC continues to grow by acquisition. The deal follows its purchase of Blue Ridge Savings Bank, First Trust Bank, KeySource, Carolina Federal Savings Bank, Beach First National, Regent Bank, and branches of The Bank of Hampton Roads.