THOMASVILLE, N.C., April 9 /PRNewswire-FirstCall/ -- Bank of North Carolina, a wholly-owned subsidiary of BNC Bancorp (Nasdaq: BNCN), announced today that it has entered into a Purchase and Assumption Agreement with loss share arrangements with the Federal Deposit Insurance Corporation ("FDIC") to purchase substantially all of the assets and to assume substantially all of the deposits and other liabilities of Beach First National Bank headquartered in Myrtle Beach, S.C. ("Beach First").
Bank of North Carolina will conduct business in the State of South Carolina as BNC Bank.
On Friday, April 9, 2010, Beach First was closed by the Office of the Comptroller of the Currency, and the FDIC was named as Receiver. All Beach First locations will reopen as branches of Bank of North Carolina, doing business as BNC Bank, at normal banking hours on April 12, 2010, and former Beach First depositors will be able to conduct banking business as usual. Beach First customers can continue to access their money by writing checks, using ATMs, debit cards, or the Internet. Checks drawn on Beach First will continue to be accepted. Loan customers should continue to make their payments as usual."We are pleased to welcome Beach First's customers to BNC Bank," commented BNC Bancorp President and CEO W. Swope Montgomery, Jr. "Beach First's excellent customer base was a significant attraction to our company in considering this transaction. We want to ensure our newest customers that their deposits are safe and accessible, that they will have the best financial products and services at their disposal, and that we will work diligently to make their banking experience pleasant and rewarding." Montgomery added, "We feel that strong banking makes for strong communities, and our capital strength and the quality and experience of our management means our newest customers should be confident that BNC Bank wants their business and wants to grow alongside them."