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Bank Of North Carolina Assumes All Deposits And Purchases Certain Assets Of Carolina Federal Savings Bank

Stocks in this article: BNCN

THOMASVILLE, N.C., June 11, 2012 /PRNewswire/ -- Bank of North Carolina ("BNC"), a wholly-owned subsidiary of BNC Bancorp (Nasdaq: BNCN), announced today that it has entered into a Purchase and Assumption Agreement with the Federal Deposit Insurance Corporation ("FDIC") to purchase certain assets and to assume all of the deposits and substantially all other liabilities of Carolina Federal Savings Bank ("Carolina Federal").

(Logo: http://photos.prnewswire.com/prnh/20030917/BNCLOGO )

On Friday, June 8, Carolina Federal was closed by the Office of the Comptroller of the Currency and the FDIC was named as Receiver. All Carolina Federal locations opened today as branches of Bank of North Carolina, doing business in South Carolina as BNC Bank.  All former Carolina Federal depositors will be able to conduct banking business as usual. Carolina Federal customers can continue to access their money by writing checks, using ATMs, debit cards, or the Internet. Checks drawn on Carolina Federal will continue to be accepted. Loan customers should continue to make their payments as usual.

A full integration effort is expected to be completed in the third quarter of 2012.

" Charleston is one of the most dynamic coastal markets in South Carolina and we are excited to extend BNC's footprint into the area," said Rick Callicutt, President of BNC. "This transaction is an important step as we continue to build our presence in South Carolina, and specifically Charleston, which is a vibrant tourist destination seeing meaningful development by major corporations, and has significant opportunities for growth."

Carolina Federal deposit customers will receive a letter providing additional details concerning their accounts and are encouraged to call their local banking office and speak to the same familiar staff, or visit bankofnc.com or call 1-800-262-7175 for additional information.

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