Staff Report
Published June 5, 2012

BNC Bancorp of North Carolina announced Monday that it raised $72.5 million and bought a Charlotte bank in a stock deal valued at $35 million.

Previous coverage BNC Bank parent reports higher income BNC completes acquisition of Regent Bank of South Carolina

The growing institution, which is the parent company of Bank of North Carolina and operates in South Carolina as BNC Bank, entered the Upstate market this year when buying Regent Bank of Greenville.

"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 South Carolina,” said Rick Callicutt, president of Bank of North Carolina.

On Monday, BNC Bancorp said it entered into an agreement to acquire First Trust Bank, a commercial bank in Charlotte with three branches and $436 million in assets. That acquisition is expected to close in the fourth quarter.

In the last two years, the $3.2 billion institution has also acquired Beach First National Bank in Myrtle Beach, Blue Ridge Savings Bank in Asheville, N.C., KeySource Commercial Bank in Durham, N.C., and, the Cary and Chapel Hill branches of Hampton Roads Bankshares Inc. in North Carolina.