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Bank Of North Carolina Announces The Completion Of Acquisition Of Regent Bank, South Carolina

Stocks in this article: BNCN

THOMASVILLE, N.C., Jan. 3, 2012 /PRNewswire/ -- Bank of North Carolina ("BNC"), a wholly-owned subsidiary of BNC Bancorp (Nasdaq: BNCN), announced the completion of the acquisition of Regent Bank, South Carolina ("Regent Bank-SC"), a federal savings association in South Carolina and a wholly-owned subsidiary of Regent Bancorp, Inc., a Florida corporation.  The acquisition was completed and effective on December 31, 2011.

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"This is our first location in the Greenville market and we are extremely pleased with the acquisition of a terrific organization such as Regent-SC.   Our directors and staff welcome the customers and associates to the BNC family," said Swope Montgomery, Chief Executive Officer of Bank of North Carolina.

Richard D. Callicutt II, President and Chief Operating Officer of Bank of North Carolina, commented:  "We want to assure our newest customers that they will have the best financial products and services at their disposal and we will work diligently to make their banking experience pleasant and rewarding."

BNC expects the transaction to be immediately accretive to net income and earnings per share, excluding estimated one-time and merger-related costs.  Bank of North Carolina operates its South Carolina operations as BNC Bank.

The closing of the Regent transaction marks the second acquisition closed by BNC in the fourth quarter of 2011, the other being Blue Ridge Savings Bank, Inc. in Asheville, North Carolina, in a FDIC assisted-transaction on October 14, 2011.  Blue Ridge had $168.5 million in total assets at acquisition.  On December 21, 2011, BNC announced the signing of a definitive agreement to acquire KeySource Financial, Inc. in Durham, North Carolina, a one-bank holding company with $206 million in total assets. 

About BNC Bancorp and Bank of North Carolina

BNC Bancorp is the parent company of BNC, an approximately $2.4 billion-asset commercial bank.  BNC provides banking and financial services to individuals and businesses through its 31 full-service banking offices in North and South Carolina.  BNC is insured by the FDIC and is an equal housing lender.  BNC Bancorp's stock is quoted in the NASDAQ Capital Market under the symbol "BNCN."

The press release contains forward-looking statements relating to the financial condition and business of BNCN and its subsidiary, Bank of North Carolina.  These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of BNCN, 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 acquisition:  (i) general economic or business conditions in the Greenville, South Carolina market area; (ii) greater than expected costs or difficulties related to the integration of Regent Bank-SC; (iii) unexpected deposit attrition, customer loss or revenue loss following the Regent Bank-SC acquisition, and (iv) the failure to retain or hire key personnel.  Additional factors affecting BNCN and Bank of North Carolina are discussed in BNCN's filings with the Securities and Exchange Commission (the "SEC"), Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.  You may review BNCN's SEC filings at  BNCN does not undertake a duty to update any forward-looking statements made in this press release.

SOURCE Bank of North Carolina

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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