Subject to certain collars, for a combined deal value for common shareholders of nearly $10.4m, Randolph Bank & Trust common shareholders will get an amount of cash or shares of BNC common stock equal to $10.00 per share.
As per the agreement, Bank of North Carolina, a subsidiary of BNCN, will purchase three branches in Asheboro, North Carolina and one each in Burlington, Mebane and Randleman, North Carolina, as well as $168m in loans and $270m in deposits.
After completion of the acquisition, the acquirer will own nearly $1bn in loans and $1.5bn in deposits in Piedmont-Triad area of central North Carolina.
BNC has bought many financial organizations in North and South Carolina, including Beach First National Bank in Myrtle Beach, SC, Blue Ridge Savings Bank in Asheville, Regent Bank in Greenville, SC, KeySource Commercial Bank in Durham and, most recently, First Trust Bank in Charlotte.
Pending approvals from regulatory authorities and Randolph Bank & Trust’s shareholders, the transaction is likely to conclude during the third quarter of 2013.
Banks Street Partners and Womble Carlyle Sandridge & Rice advised BNC Bancorp and its subsidiary, while Randolph Bank & Trust was advised by Sandler O’Neill + Partners and Wyrick Robbins Yates & Ponton over the transaction.
Bank of North Carolina operates a branch network of 32 offices in North and South Carolina and delivers banking and financial services to individuals and businesses in the region.
