BNC Bancorp (BNCN) Enters Definitive Merger Agreement with KeySource Financial, Inc.
BNC Bancorp (Nasdaq: BNCN) and KeySource Financial, Inc. today announced the signing of an Agreement and Plan of Merger. This transaction provides an opportunity for BNC and KeySource to utilize their combined market presence to expand and enhance the BNC franchise in the Raleigh-Durham market. KeySource Commercial Bank, a wholly-owned subsidiary of KeySource, with an office serving the attractive Greater Durham and Raleigh markets, reported total assets of $206 million, consisting of loans of $157 million and deposits of $166 million as of September 30, 2011.
The Agreement provides for consideration to be a 100% stock exchange, with the exchange ratio set at one share of BNCN stock for every outstanding share of KeySource. Based on the closing price of BNC's common stock on Nasdaq on December 20th, the acquisition value is approximately $12.2 million. The definitive agreement further provides for KeySource Commercial Bank to merge with Bank of North Carolina, a wholly owned subsidiary of BNC.
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The Agreement provides for consideration to be a 100% stock exchange, with the exchange ratio set at one share of BNCN stock for every outstanding share of KeySource. Based on the closing price of BNC's common stock on Nasdaq on December 20th, the acquisition value is approximately $12.2 million. The definitive agreement further provides for KeySource Commercial Bank to merge with Bank of North Carolina, a wholly owned subsidiary of BNC.
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