The parent company of Bank of North Carolina will acquire a small Charlotte commercial bank after raising more than $70 million in capital, the bank said in two announcements Monday.
High Point-based BNC Bancorp will acquire First Trust Bank in a $35 million cash and stock deal, the bank said, giving BNC three more Charlotte branches, $228 million more in loans and $374 million more in deposits.
Combined, the bank will have $650 million in loans and $589 million in deposits in the Charlotte area, the bank said.
Pending regulatory approval, the deal is scheduled to close in the fourth quarter.
For each share they own, First Trust shareholders will receive 0.98 shares in BNC or $7.25. First Trust most recently traded around $5.90.
The total deal will involve 70 percent stock and 30 percent cash.
BNC also announced Monday that it is raising $72.5 million from New York-based Aquiline Capital Partners LLC in a deal equal to about $7 per share. The deal is expected to close Friday.
The same firm invested $35 million in the bank in 2010.
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, bank president Rick Callicutt said in a statement.
Last month, Bank of North Carolina bought several branches in the Triangle area. It also held a grand opening for a new branch on Carmel Road in Charlotte in April.
Over the past two years, BNC has bought Beach First National Bank in Myrtle Beach, Blue Ridge Savings Bank in Asheville, Regent Bank in Greenville, S.C., and KeySource Commercial Bank in Durham.