HIGH POINT, N.C.,
Sept. 25, 2014 /PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN)
(the "Company"), the parent company of Bank of North Carolina (the "Bank"), today announced
that it had set the price for its public offering of $60 million of its 5.5% Fixed to Floating Rate
Subordinated Notes due October 1,
2024 (the "Notes"). The Notes have been offered to the
public at par. Based upon the pricing and demand for the Notes, the
Company elected to increase the aggregate principal amount of the
Notes to $60 million from the
previously disclosed amount of $50
million.
The Company plans to use the proceeds of the offering to fund
the payment of the outstanding principal balance on its
$30.0 million senior unsecured term
loan with Synovus Bank, to fund the payment of accrued and unpaid
interest and prepayment fees due under such loan, and for general
corporate purposes.
Sandler O'Neill + Partners, L.P. ("Sandler O'Neill") is the sole
manager for the Notes offering.
The Notes will be issued and sold pursuant to an effective shelf
registration statement (File No. 333-198370), the base
prospectus included in the registration statement, and a prospectus
supplement relating to the offering of the Notes filed with the
Securities and Exchange Commission (the "SEC"). Before you invest,
you should read the base prospectus in the registration statement,
the prospectus supplement relating to the offering and other
documents the Company has filed with the SEC for more complete
information about the Company and the offering. You may obtain
copies of the preliminary prospectus supplement and accompanying
base prospectus relating to the offering without charge by visiting
the SEC's website at www.sec.gov, or from Sandler O'Neill +
Partners, L.P., 1251 Avenue of the Americas, 6th Floor,
New York, New York 10020, Attn:
Syndicate Operations (1-866-805-4128).
This press release is for informational purposes only and is not
an offer to sell or the solicitation of an offer to sell any
security of the Company, which is made only by means of a
prospectus supplement and related base prospectus, nor will there
be any sale of any security in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
About BNC Bancorp and Bank of North
Carolina: Headquartered in High Point, NC, BNC Bancorp is the parent
company of Bank of North Carolina,
a commercial bank with $3.7 billion
in assets. Bank of North Carolina
provides a complete line of banking and financial services to
individuals and businesses through its 48 banking offices in North
and South Carolina. The Bank's 10
locations in South Carolina
operate as BNC Bank. Bank of North
Carolina is insured by the FDIC and is an equal housing
lender. BNC Bancorp's stock is traded and quoted in the NASDAQ
Capital Market under the symbol "BNCN."
Please visit our website at www.bncbancorp.com.
Forward-Looking Statements: This press release contains
forward-looking statements relating to the financial condition,
results of operations and business of BNC Bancorp and the Bank.
These forward-looking statements involve risks and uncertainties
and are based on the beliefs and assumptions of the management of
BNC Bancorp, and the information available to management at the
time that this press release was prepared. Factors that could cause
actual results to differ materially from those contemplated by such
forward-looking statements include, among others, the following:
(i) the economic recovery may face challenges causing its momentum
to falter or a further recession; (ii) expected cost savings and
other benefits anticipated in connection with our acquisitions may
not be fully realized or realized within the expected time frame;
(iii) our ability to integrate acquisitions and retain existing
customers and attract new ones; and (iv) adverse changes in credit
quality trends. Additional factors affecting BNC Bancorp and the
Bank are discussed in BNC Bancorp's filings with the Securities and
Exchange Commission (the "SEC"), Annual Report on Form 10-K, its
Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
Please refer to the Securities and Exchange Commission's website at
www.sec.gov where you can review those documents. BNC Bancorp does
not undertake a duty to update any forward-looking statements made
in this press release.
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SOURCE BNC Bancorp