HIGH POINT, N.C., June 3, 2016 /PRNewswire/ -- BNC Bancorp
(the "Company,") (NASDAQ: BNCN), the holding company for Bank of
North Carolina, today announced it
has received all the necessary regulatory approvals from the
Federal Reserve Board, the Federal Deposit Insurance Corporation
("FDIC"), the North Carolina
Officer of the Commissioner of Banks and the South Carolina State
Board of Financial Institutions for the previously announced merger
transaction between the Company and Southcoast Financial
Corporation (NASDAQ: SOCB), the holding company for Southcoast
Community Bank. The transaction has also been approved by the
shareholders of Southcoast. The Company expects to close the
transaction on June 17, 2016.
About BNC Bancorp and Bank of North
Carolina
Headquartered in High Point,
NC, BNC Bancorp is the parent company of Bank of
North Carolina, a commercial bank
with total assets of $5.70 billion as
of March 31, 2016. Bank of
North Carolina provides a complete
line of banking and financial services to individuals and
businesses through its 62 current banking offices in Virginia, North and South Carolina. The
Bank's 18 locations in South
Carolina and nine locations in Virginia operate as BNC Bank. Bank of
North Carolina is insured by the
FDIC and is an equal housing lender. BNC Bancorp's stock is
traded and quoted in the NASDAQ Capital Market under the symbol
"BNCN." The Company's website is
www.bncbancorp.com.
Forward Looking Statements
Statements in this news release that are not historical facts
should be considered forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements of this type speak only as of the date
of this news release. By nature, forward-looking statements involve
inherent risk and uncertainties. Various factors, including but not
limited to, economic conditions, credit quality, interest rates,
loan demand and changes in the assumptions used in making the
forward-looking statements could cause actual results to differ
materially from those contemplated by the forward-looking
statements. Additional information on factors that might affect BNC
Bancorp's financial results is included in its Form 10-K filing
with the Securities and Exchange Commission.
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SOURCE BNC Bancorp