Bank of North Carolina, a wholly-owned subsidiary of BNC Bancorp, has acquired all of the assets and deposits and other liabilities of Blue Ridge Savings Bank.
The State of North Carolina Office of the Commissioner of Banks has named FDIC as receiver.
The FDIC signed a purchase and assumption agreement with Bank of North Carolina to assume all of Blue Ridge’s deposits.
As per the purchase and assumption agreement, Bank of North Carolina purchased approximately $160 m in assets from the FDIC as receiver of Blue Ridge.
Additionally, Bank of North Carolina will assume substantially all of the liabilities of Blue Ridge, including approximately $160 million in customer deposits.
BNC Bancorp and its subsidiary, Bank of North Carolina, were advised in the transaction by Banks Street Partners and Womble Carlyle Sandridge & Rice.
Bank of North Carolina president, Richard Callicutt said with their recently announced agreement to purchase Regent Bank in Greenville, South Carolina, along with this purchase of Blue Ridge, they are excited with their potential to expand their presence in the Upstate region of South Carolina and the western North Carolina markets along I-26 and I-40.