BNC Bancorp, the holding company for Bank of North Carolina, has agreed to buy all of the common stock of Southcoast Financial, the holding company for Southcoast Community Bank, for $95.5m.
Under the terms of the all-stock transaction, Southcoast shareholders will get a fixed price of $13.35 for each share of Southcoast common stock, which will be paid in shares of BNC common stock.
Southcoast operates 10 branches in Mt. Pleasant, Charleston, Moncks Corner, Johns Island, Summerville, Goose Creek and North Charleston, South Carolina.
The transaction will add $506m in assets, $383m in loans and $361m in deposits to Bank of North Carolina’s balance sheets.
Upon completion of the transaction, BNC is expected to have approximately $6bn in assets, $4.5bn in loans, and $4.9bn in deposits.
The transaction, slated to close in the first quarter of 2016, has already secured the nod from the boards of directors of both the banks.
BNC president and CEO Rick Callicutt remarked: "This partnership will allow us to expand our presence in one of the fastest growing and most dynamic regions in the Southeast, the Charleston and Mt. Pleasant, South Carolina markets. We are most excited about Wayne Pearson and his team joining BNC.
"Our combined companies will be well positioned for further growth in the Charleston and Mt. Pleasant markets with approximately $800 million in assets and a top-five deposit market share in the Charleston-North Charleston, SC MSA. The similar culture and core values of Southcoast and BNC will allow us to accelerate the integration, deepen existing customer relationships, and focus on expansion in these highly-sought after markets."