This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BNC Bancorp Closes $35 Million Capital Raise Anchored By Aquiline Capital Partners

BNC Bancorp, the parent company of Bank of North Carolina (“BNC”), (NASDAQ: BNCN), today announced that it has closed on a $35 million private placement anchored by Aquiline Capital Partners LLC (“Aquiline”), a New York based private equity firm investing in financial services. Aquiline purchased shares of BNC Bancorp common stock and preferred stock at $10.00 per share. Other investors, including certain members of the Company’s Board of Directors, also purchased the Company’s common stock at $10.00 per share.

The capital raise will support BNC’s expansion in North Carolina and neighboring states. Aquiline’s investment represents approximately 24.9 percent of BNC’s shareholders equity. The total Aquiline investment in BNC is comprised of approximately 9.9 percent of BNC’s common stock and the entirety of a new class of non-voting preferred shares, which are convertible into approximately 15% of the currently outstanding shares of BNC common stock in certain circumstances. The other investors in the private placement purchased common stock representing approximately 7.4 percent of BNC’s outstanding capital stock following the offering.

“We welcome and appreciate Aquiline’s confidence in our management team, our franchise and the significant growth opportunities in the southeastern banking market,” said W. Swope Montgomery, CEO of BNC. “In addition, we are looking forward to welcoming a banking industry veteran, Mark Graf, to our board as Aquiline’s representative.”

Additional Information

The common and preferred stock was offered and sold in private transactions and has not been registered under the Securities Act of 1933, as amended. BNC has agreed to file a registration statement with the Securities and Exchange Commission to cover resale of the securities described above. Such securities may not be offered or sold absent registration or an applicable exemption from registration. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
BNCN $18.42 0.00%
AAPL $132.54 0.00%
FB $80.54 0.00%
GOOG $540.11 0.00%
TSLA $247.73 0.00%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs