HIGH POINT, N.C., Nov. 1, 2016 /PRNewswire/ -- BNC Bancorp ("BNC," NASDAQ: BNCN), the holding company for Bank of North Carolina d/b/a BNC Bank (the "Bank"), today announced the successful completion of its merger with High Point Bank Corporation ("HPTB"), the holding company for High Point Bank and Trust Company ("High Point Bank"), thereby expanding BNC's presence in the Piedmont-Triad area of North Carolina.
BNC previously announced its plans to acquire HPTB and High Point Bank on November 16, 2015. High Point Bank operates 12 branches in High Point, Jamestown, Kernersville, Greensboro and Winston Salem, North Carolina. As of September 30, 2016, HPTB had total assets of $807.9 million, total loans of $476.1 million and deposits of $663.8 million. Rick Callicutt, President and CEO of BNC, commented: "We are very pleased to complete the merger with HPTB. The opportunity to expand our franchise in High Point and the Triad will allow us to more fully take advantage of all of the opportunities within our existing markets. Combining our current team with the excellent team from HPTB will further set us apart as the bank for decisive and responsive financial solutions. We look forward to engaging both HPTB's insurance and trust businesses as two new lines of business that we can advance across our three-state footprint and providing greater resources to our customers." Mark L. Williamson, President and Chief Executive Officer of HPTB, commented: "We are very excited about our combination with BNC, especially considering their successful track record and the opportunity to enhance our shareholders' value. Our customers will continue to see the same friendly, local employees they have come to know and trust, and the Triad area will benefit from the increased resources brought to bear by the combined franchise." Troutman Sanders LLP provided legal counsel to BNC, while Banks Street Partners, LLC served as its financial advisor. Robinson, Bradshaw & Hinson, P.A. provided legal counsel to HPTB, while Sandler O'Neill + Partners LP served as its financial advisor.