HIGH POINT, N.C., Nov. 1, 2016 /PRNewswire/ -- BNC Bancorp ("BNC,"
NASDAQ: BNCN), the holding company for Bank of North Carolina d/b/a BNC Bank (the "Bank"),
today announced the successful completion of its merger with High
Point Bank Corporation ("HPTB"), the holding company for High Point
Bank and Trust Company ("High Point Bank"), thereby expanding BNC's
presence in the Piedmont-Triad area of North Carolina.
BNC previously announced its plans to acquire HPTB and High
Point Bank on November 16, 2015. High
Point Bank operates 12 branches in High
Point, Jamestown,
Kernersville, Greensboro and Winston Salem, North Carolina. As of
September 30, 2016, HPTB had total
assets of $807.9 million, total loans
of $476.1 million and deposits of
$663.8 million.
Rick Callicutt, President and CEO
of BNC, commented: "We are very pleased to complete the merger with
HPTB. The opportunity to expand our franchise in High Point and the Triad will allow us to more
fully take advantage of all of the opportunities within our
existing markets. Combining our current team with the excellent
team from HPTB will further set us apart as the bank for decisive
and responsive financial solutions. We look forward to engaging
both HPTB's insurance and trust businesses as two new lines of
business that we can advance across our three-state footprint and
providing greater resources to our customers."
Mark L. Williamson, President and
Chief Executive Officer of HPTB, commented: "We are very excited
about our combination with BNC, especially considering their
successful track record and the opportunity to enhance our
shareholders' value. Our customers will continue to see the same
friendly, local employees they have come to know and trust, and the
Triad area will benefit from the increased resources brought to
bear by the combined franchise."
Troutman Sanders LLP provided legal counsel to BNC, while Banks
Street Partners, LLC served as its financial advisor. Robinson,
Bradshaw & Hinson, P.A. provided legal counsel to HPTB, while
Sandler O'Neill + Partners LP served as its financial advisor.
ABOUT BNC BANCORP
Headquartered in High Point,
NC, BNC Bancorp is the parent company of Bank of
North Carolina d/b/a BNC Bank, a
commercial bank with total assets of $7.5
billion following the acquisition of High Point Bank and
Trust Company as of November 1, 2016.
BNC Bank provides a complete line of banking and financial services
to individuals and businesses through its 83 current banking
offices in North Carolina,
South Carolina and Virginia. BNC Bank 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." The
Company's website is www.bncbancorp.com.
FORWARD-LOOKING STATEMENTS
The press release contains forward-looking statements relating
to the financial condition and business of BNC Bancorp and its
subsidiary, Bank of North Carolina
d/b/a BNC 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 that may diminish the expected benefits
of the merger: (i) general economic or business conditions in
North Carolina; (ii) greater than
expected costs or difficulties related to the integration of High
Point Bank; (iii) unexpected deposit attrition, customer loss or
revenue loss following the merger with HPTB, and (iv) the failure
to retain or hire key personnel. Additional factors affecting BNC
Bancorp and Bank of North Carolina
d/b/a BNC Bank are discussed in BNC Bancorp's filings with the
Securities and Exchange Commission (the "SEC"), including its most
recent Annual Report on Form 10-K, its Quarterly Reports on Form
10-Q and its Current Reports on Form 8-K. You may review BNC's SEC
filings at www.sec.gov. 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