BNC Bancorp expands in Charleston
BNC Bancorp., a High Point-based bank that was the best performing bank stock in the Southeast last year, plans to buy Harbor Bank Group in Charleston, S.C. for $50.6 billion in stock.
The purchase would push the total assets of BNC past $4 billion, the company said in a statement. It operates as Bank of North Carolina in the Tar Heel State and BNC Bank south of the border.
Harbor National opened in February, 2006 after raising $29.3 million, the second highest amount raised in South Carolina at that time, according to the bank. Its assets now total $306 million with about $250 million in deposits.
Harbor National CEO Charlie Rivers will remain with BNC, Callicutt said. Rivers and several other Harbor managers worked together at SouthTrust Bank in Charleston before the Alabama-based bank’s sale to Wachovia Corp.
BNC’s stock increased 58% over the past year through June 5, compared with a 17% gain in the Standard & Poor’s 500 Index. Its biggest holder, with more than 20% ownership, is New York-based Aquiline Capital Partners LLC.The Harbor Bank deal is expected to close late this year.
BNC Bancorp CEO Rick Callicutt describes his bank’s growth strategy in the June issue of Business North Carolina.