BNC Bancorp (BNCN) Enters Merger Agreement with First Trust Bank
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BNC Bancorp (Nasdaq: BNCN), has signed an Agreement and Plan of Merger with First Trust Bank, a commercial bank with $436 million in assets serving small businesses and professionals in the Charlotte Metro area.
The deal is valued at approximately $35 million, and the Agreement provides for First Trust shareholders to receive 0.98 shares of BNC voting common stock for each share of First Trust common stock, or cash in the amount of $7.25 per share. Total consideration in the merger will consist of 70% BNC stock and 30% cash. As a result of the transaction, BNC will add three new branches in metro Charlotte, as well as $228 million in loans and $374 million in deposits. Upon closing, BNC will have over $650 million in loans and $589 million in deposits in the Charlotte Metro area.
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The deal is valued at approximately $35 million, and the Agreement provides for First Trust shareholders to receive 0.98 shares of BNC voting common stock for each share of First Trust common stock, or cash in the amount of $7.25 per share. Total consideration in the merger will consist of 70% BNC stock and 30% cash. As a result of the transaction, BNC will add three new branches in metro Charlotte, as well as $228 million in loans and $374 million in deposits. Upon closing, BNC will have over $650 million in loans and $589 million in deposits in the Charlotte Metro area.
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