In Arizona, BNC has agreed to sell its Scottsdale branch premises, certain Arizona based deposit accounts and loans to Alerus.
According to BNC, after the sale, it will continue to operate its branch in Glendale and a mortgage banking location in Scottsdale.
In Minnesota, Alerus has agreed to purchase certain deposit accounts and loans of BNC’s Minneapolis and Golden Valley offices, although BNC will continue to operate the physical office locations.
BNC National Bank will continue to offer a full range of banking services in the Arizona and Minnesota markets following the sale of the selected deposits and assets.
Its lending operations in both markets will continue to offer business and consumer loans including SBA, commercial real estate, and other loans, said BNC.
BNCCORP president and CEO Gregory Cleveland said that this transaction positions BNC strongly for the future.
"The sale of certain deposits and assets to Alerus will go a long way toward achieving that goal. At the same time, this does not preclude BNC from continuing to offer services in Arizona and Minnesota, and to participate in the opportunities in those markets," Cleveland said.
The purchase is subject to customary regulatory approvals and is expected to be completed in the first quarter of 2011.
