Published June 5, 2014
BNC Bancorp, the holding company for Bank of North Carolina, announced today it has entered into an agreement to acquire all of the common stock of Charleston-based Harbor Bank Group Inc. for $50.6 million.
Harbor Bank Group is the holding company for Harbor National Bank. The boards of both companies have approved the agreement.
The agreement is subject to regulatory approval and approval of Harbor Bank shareholders. It is expected to close in the fourth quarter.
As of March 31, Harbor reported approximately $306 million in assets, $253 million in loans, $250 million in deposits and $33 million in tangible common equity.
Upon completion of the transaction, BNC is expected to have approximately $4 billion in assets, $3 billion in loans and $3.4 billion in deposits.
“This will greatly increase our presence in the Charleston MSA, moving us into the top 10 in deposit market share,” BNC President and CEO Rick Callicutt said in a statement. “We are most excited about Charlie Rivers and his team joining BNC to create a formidable community bank in a very important growth market in South Carolina.”
Harbor’s shareholders will receive 0.950 shares of the company’s common stock for each share of Harbor common stock, resulting in the issuance of approximately 2.97 million shares.
“Our combination with BNC, with combined total assets of more than $4 billion, will provide greater capital resources and operational scale that will allow us to grow with the robust Charleston economy and capture additional market share,” Rivers, president of Harbor Bank Group, said in a statement.
Harbor National Bank operates four branches in Charleston and Mount Pleasant and provides mortgage banking services in Greenville, Hilton Head Island and Charleston. BNC Bancorp’s stock is traded and quoted in the Nasdaq Capital Market under the symbol “BNCN.”