HIGH POINT, N.C.
June 4, 2012
/PRNewswire/ -- BNC Bancorp (NASDAQ: BNCN), the parent company of Bank of
("BNC" or "the Bank"), today announced that it has signed an Agreement and Plan of Merger ("Agreement") with First Trust Bank (OTC: NCFT) ("First Trust"), a commercial bank with
in assets serving small businesses and professionals in the
The deal is valued at approximately
, and the Agreement provides for First Trust shareholders to receive 0.98 shares of BNC voting common stock for each share of First Trust common stock, or cash in the amount of
per share. Total consideration in the merger will consist of 70% BNC stock and 30% cash. As a result of the transaction, BNC will add three new branches in metro
, as well as
in loans and
in deposits. Upon closing, BNC will have over
in loans and
in deposits in the
James T. Bolt Jr.
, President and CEO of First Trust, will join BNC's Board of Directors and serve as an Executive Vice President of the Bank upon closing of the merger.
BNC also announced today the execution of a capital raise with total purchase agreements of
With the transactions announced today, BNC extends its track record as an active consolidator in the commercial banking industry – a strategy that has supported its growth from a small community bank into a pro forma
asset institution with a trusted brand, an experienced management team and a talented staff. In the last two years, BNC has announced a number of strategic acquisitions across North and
, including Beach First National Bank in
Myrtle Beach, SC
, Blue Ridge Savings Bank in
, Regent Bank in Greensville, SC, KeySource Commercial Bank in
and, most recently, the Cary and Chapel Hill branches of Hampton Roads Bankshares, Inc., which is expected to close in the third quarter of 2012.
"Jim and his team at First Trust share our principles and customer-focused approach, and we are pleased to welcome them, their customers and their shareholders to BNC," said
, President and CEO of BNC Bancorp. "The two transactions announced today epitomize BNC's growth strategy of building with top quality bankers both organically and through acquisition, and with this capital and the addition of First Trust, we will be able to further leverage our infrastructure to better support our growing customer and shareholder base."
, President and CEO of First Trust, said, "We have known the senior management team at Bank of
for many years and have been impressed by the way they have grown their bank into one of the largest and most profitable institutions in the Carolinas. We believe this transaction is in the best interests of all of our key stakeholders and will enable us to provide more opportunities to our employees, better service and product offerings to our customers and community, and stronger returns for our shareholders."
Commenting on today's announcement of the execution of securities purchase agreements for a
, President of Bank of
, said, "This capital raise represents a significant step in our strategic plan and will provide the capital we need to continue our expansion in the key growth markets of North and
. We appreciate our investors' confidence in BNC's ability to create long-term shareholder value as we enhance our customer offerings and gain market share."
Closing of the First Trust merger, which is subject to regulatory approval, customary closing conditions and the approval of First Trust's shareholders, is expected to occur in the fourth quarter of 2012.