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.