This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bank Of North Carolina Signs Purchase And Assumption Agreement With Hampton Roads Bankshares

Stocks in this article: BNCN HMPR

THOMASVILLE, N.C., April 30, 2012 /PRNewswire/ -- Bank of North Carolina, a subsidiary of BNC Bancorp (NASDAQ:BNCN) has entered into a purchase and assumption agreement ("Purchase Agreement") with Hampton Roads Bankshares, Inc. (NASDAQ: HMPR) the holding company for The Bank of Hampton Roads ("BHR") and Shore Bank.

(Logo: )

Under the terms of the Purchase Agreement, Bank of North Carolina will purchase all deposits associated with the Gateway Bank & Trust Company branches located at 4725 SW Cary Parkway in Cary, NC ("Preston Corners Branch") and 504 Meadowmont Village Circle in Chapel Hill, NC (" Chapel Hill Branch").  Bank of North Carolina will also acquire the land, building and furniture, fixtures and equipment associated with the Preston Corners Branch and will assume BHR's lease for the Chapel Hill Branch.  Bank of North Carolina intends to continue to operate these branches.

Commenting on the transaction, Richard D. Callicutt II, President of Bank of North Carolina, said:  "We are excited about the opportunity to deepen our growth in the Triangle.  The announced acquisition of Key Source Bank in Durham expected to close in second quarter of this year, along with the existing Raleigh team and recently hired Cary team will provide tremendous branding and growth dynamics for Bank of North Carolina.  Our goal of having a billion dollar presence in the Triangle will accelerate with this acquisition, and we are excited about offering our diverse product and service opportunities in both of these communities."

About Bank of North Carolina Bank of North Carolina, a wholly-owned subsidiary of BNC Bancorp, is a North Carolina based financial institution with $2.4 billion in assets, which provides banking and financial services to individuals and businesses through its 31 full-service banking offices in North and South Carolina.  More information about Bank of North Carolina can be found at .

Bank of North Carolina was advised in the transaction by the Bank's Internal Counsel. The Bank of Hampton Roads was advised by Sandler O'Neill & Partners, L.P. 

Caution About Forward-Looking Statements This press release contains forward-looking statements relating to the financial condition and business of BNC 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 BNC, and the information available to management at the time that this press release was prepared.  Factors that could cause actual events or results to differ significantly from those described in the forward-looking statements include, but are not limited to those described in the cautionary language included under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and other filings made with the SEC.

SOURCE Bank of North Carolina

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs