BNC Bank

Bank of North Carolina
Industry Banking
Fate merged with Pinnacle Financial Partners
Founded 1991
Defunct 2017
Headquarters High Point, North Carolina, USA
Products commercial banking, trust services, financial planning
Services Finance, Investments, and Insurance
Total assets US$ 4.05 billion (2014)
Website www.bncbanking.com/ Edit this on Wikidata

Bank of North Carolina was a bank based in High Point, North Carolina, United States. In 2014 its parent company had $4.05 billion in assets, 38 branches in North Carolina and 13 in South Carolina. Its latest acquisition gave the bank $6.8 billion in assets and 86 branches, 48 in North Carolina, 29 in South Carolina and nine in Virginia.[1]

Pinnacle Financial Partners Inc. of Nashville, Tennessee took over the bank as of June 16, 2017 with all branches changing to Pinnacle on September 25, 2017.[2]

History

The bank opened in Thomasville, North Carolina on December 3, 1991 (as Bank of North Carolina) in a temporary location in a trailer, moving to its permanent home in Fall 1992.[3]

On December 29, 2001, the Bank of North Carolina and Kernersville-based Independence Bank announced their merger. Bank of North Carolina had $211 million in assets and $171 million in deposits, and Independence Bank had assets of $59 million and deposits of $52 million.[4]

On August 1, 2003, the merged bank began trading on NASDAQ. At the time it had added branches in Archdale, Lexington and Oak Ridge.[5]

After fifteen years of operation, the bank had expanded to 14 branches and $1 billion in assets, doubling its size in 30 months. It was the ninth community bank in the Piedmont Triad to reach that milestone. A 15,000-square foot administrative office was planned in High Point. Only one of the Harrisburg branches had opened.[6] The move to High Point happened in 2007.[1]

On September 7, 2012, the bank announced plans to move from its 10,000-square-foot Eastchester Drive headquarters to 22,500 square feet in Premier Center. The company planned to keep a portion of its existing space and move some operations from Thomasville.[7]

During the first quarter of 2014 the bank opened branches in Raleigh, North Carolina and Greenville, South Carolina. This is in addition to buying 11 banks since 2010.[8]

On January 22, 2017, Nashville, Tennessee-based Pinnacle Financial Partners, parent company of Pinnacle Bank, announced it was acquiring the bank. The deal completed June 16, 2017 gives Pinnacle operations in four states.[9][10] Bank changed its name to Pinnacle on September 25, 2017.[2]

Acquisitions

In a $36 million deal announced February 6, 2006, the bank purchased SterlingSouth Bank & Trust of Greensboro, started in 2000, with assets of $148 million, two Greensboro branches and plans for a third. The bank had also opened a branch in High Point and a loan office in Winston-Salem. The deal would give the bank ten branches and about $743 million in assets. In addition, the bank planned one branch in Welcome and two branches in Harrisburg outside Charlotte.[11]

Other acquisitions included Regent Bank in Greenville, South Carolina, and KeySource Commercial Bank in Durham.[12] The bank also bought two branches of The Bank of Hampton Roads in the Triangle.[13]

On April 9, 2010, Myrtle Beach, South Carolina-based Beach First National Bank was the first South Carolina bank to fail in over ten years. It was started in 1996 and had seven branches in the Grand Strand area and in Hilton Head, and $585.1 million in assets and $516 million in deposits. On April 12, 2010, in a deal arranged by the FDIC, Beach First branches reopened as Bank of North Carolina, giving the bank its first operations in South Carolina.[14]

Blue Ridge Savings Bank of Asheville, started in 1978, had 10 branches including one in South Carolina when it was closed October 14, 2011 by the state's commissioner of banks, with "essentially all" its $160.1 million in assets sold to bank, which assumed $158.7 million in deposits. It was the fourth state-chartered bank to fail since 1991.[15] In April 2012, the bank opened a Charlotte branch on Carmel Road. In a $35 million deal announced June 4, 2012, the bank announced the purchase of First Trust Bank of Charlotte, adding three branches and $374 million in deposits for a total of $589 million in Charlotte-area deposits.[12]

On June 8, 2012, the bank took over the failed Carolina Federal Savings Bank of Charleston, South Carolina.[16]

On May 31, 2013, the bank announced a $10.4 million deal to buy Randolph Bank & Trust, an institution with $302 million in assets, three branches in Asheboro, and one branch each in Burlington, Mebane, and Randleman.[13]

On December 18, 2013 the bank announced two deals. The $24.2 million purchase of Community First Financial Group, Inc., parent company of Harrington Bank of Chapel Hill, started in 1999, would add 3 branches and $228.5 million in assets. The $23.7 million purchase of South Street Financial Corp, doing business as Home Savings Bank, would add four locations in Albemarle and Stanly County, and $274.1 million in assets. The Albemarle bank was over 100 years old and would likely consolidate some branches. The deals would give the bank over $3.4 billion in assets and 40 branches.[17] The South street purchase was completed April 1, and the Community First purchase was completed June 2, 2014.[8]

On November 17, 2014 the bank announced its first acquisition in Virginia, Valley Financial Corporation of Roanoke, started in 1995. The $101.3 million deal, the bank's largest yet, would add nine branches in Roanoke and Salem, $857 million in assets (21 percent of the bank's assets before the deal), and $682 million in deposits.[18] The deal was completed July 1, 2015.[19]

On December 1, 2014 the bank announced the completion of a $50.6 million stock deal to buy Harbor Bank Group Inc. of Charleston, South Carolina, started in 2006. The acquisition would add $325 million in assets, $267 million in deposits and four branches, three in Charleston and one in Mount Pleasant, South Carolina, along with mortgage offices in Mount Pleasant, Greenville, South Carolina and Hilton Head Island.[18] Bank would have the ninth-largest share of the Charleston market.[8]

On August 14, 2015, the bank said it was buying Southcoast Financial Corp. of Mount Pleasant, South Carolina in a $95.5 million deal which would add $506 million in assets, putting the bank over $6 billion when the deal was completed, and giving the bank the number 5 ranking in the Charleston area.[20]

On October 19, 2015, the bank completed its purchase of 7 CertusBank branches with $284 million in deposits, giving the bank 19 branches in South Carolina.[21]

On November 1, 2016, the bank completed its largest deal ever, the $141.3 million purchase of High Point Bank & Trust, started in 1905, with $795 million in assets. Three branches were to close and move their operations to nearby locations.[1][22]

See also

  • Companies portal

References

  1. 1 2 3 Craver, Richard (November 16, 2015). "Bank expands in Triad with $141.3M deal for High Point Bank & Trust". Winston-Salem Journal. Retrieved November 16, 2015.
  2. 1 2 Rothacker, Rick (September 25, 2017). "A new bank name arrives in Charlotte Monday". The Charlotte Observer. Retrieved October 5, 2017.
  3. ↑ "History". Retrieved 2012-07-20.
  4. ↑ Tony Mecia, Sarah Lunday and Rick Rothacker, "Daily Briefing: Citigroup, Coca-Cola Help Send Dow Above 10,000," The Charlotte Observer, December 20, 2001.
  5. ↑ "Banking Company Meets NASDAQ Listing Requirements," Greensboro News & Record, August 2, 2003.
  6. ↑ Richard Craver, "[Bank] Reaches $1 Billion in Total Assets," Winston-Salem Journal, May 17, 2007.
  7. ↑ Richard Craver, "[Bank] to move its offices in High Point," Winston-Salem Journal, September 8, 2012, Section A, p. 13.
  8. 1 2 3 Craver, Richard (June 5, 2014). "Bank buying Charleston bank group". Winston-Salem Journal.
  9. ↑ Gallagher, Ron (January 23, 2017). "Bank of North Carolina acquired by Tenn.-based Pinnacle Bank". News & Observer. Retrieved January 23, 2017.
  10. ↑ Craver, Richard (June 16, 2017). "Nashville bank completes $1.9 billion purchase of bank". Winston-Salem Journal. Retrieved June 29, 2017.
  11. ↑ Richard Craver, "Banks Make Stock Deal: Bank Says It Is Planning to Buy SterlingSouth Bank," Winston-Salem Journal, February 7, 2006.
  12. 1 2 Andrew Dunn, "[Bank] to acquire First Trust in $35 million deal," The Charlotte Observer, June 5, 2012.
  13. 1 2 Richard Craver, "[Bank] buying Randolph Bank," Winston-Salem Journal, June 1, 2013.
  14. ↑ Adva Saldinger, "Beach First bank seized by FDIC," The Sun News, April 10, 2010.
  15. ↑ "Blue Ridge Savings Bank, Asheville, NC, Closed By Regulators". The Dispatch. October 16, 2011. Retrieved June 8, 2017.
  16. ↑ Janelle Frost, "Waccamaw Bank fails, taken over by Virginia-based bank," The Sun News, June 8, 2012.
  17. ↑ Craver, Richard (December 18, 2013). "Bank buying banks in Albemarle, Chapel Hill". Winston-Salem Journal.
  18. 1 2 Craver, Richard (December 2, 2014). "Bank completes acquisition of Harbor". Winston-Salem Journal. p. A11.
  19. ↑ Craver, Richard (July 1, 2015). "Bank moves into Virginia with branches in Roanoke and Salem". Winston-Salem Journal.
  20. ↑ Craver, Richard (August 14, 2015). "Bank buying South Carolina bank". Winston-Salem Journal. Retrieved September 2, 2015.
  21. ↑ Craver, Richard (October 19, 2015). "Bank completes CertusBank branch purchases". Winston-Salem Journal.
  22. ↑ Craver, Richard (November 2, 2016). "High Point Bank is no more; Winston-Salem, Kernersville branches to close". Winston-Salem Journal. Retrieved November 2, 2016.
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