CertusBank, a national bank based in South Carolina, has entered into a definitive agreement with BNC Bancorp (BNC), the parent company for Bank of North Carolina, to sell its banking operation.
Under the agreement, Certus will sell about $284m in customer deposits, approximately $210m in loans, and seven of its branch offices along with its South Carolina banking operation.
The deal will add to the 12 offices that Bank of North Carolina has in South Carolina with the branches located in the Greenville, Spartanburg, Easley, Greer and Mauldin communities.
BNC will pay a premium of 2.75% with respect to the assumed deposits with transaction being expected to be immediately accretive to the bank’s fully diluted earnings per share, excluding deal costs.
BNC president and CEO Rick Callicutt said: "I’d like to personally welcome Certus’ customers and employees to the BNC family. South Carolina is a very important part of our Company and we look forward to ‘Delivering More’ to each and every one of our new customers.
"With this addition, BNC further expands our concentration in the highest growth markets in the Carolinas: Greenville, Charleston, Charlotte, and the Triangle and Piedmont Regions of North Carolina."