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December 18, 2013
08:33 EDTBNCNBNC Bancorp, South Street Financial announce definitive merger agreement
BNC Bancorp announced that it has signed an agreement and plan of merger with South Street Financial, the parent company of Home Savings Bank of Albemarle. The agreement provides for the common shareholders of South Street to elect to receive cash in an amount of $8.85 per share or between 0.6000 and 0.6941 shares of BNC common stock for an aggregate deal value for common shareholders of approximately $23.7M based on the closing price of BNC common stock on December 17. 80% of the total consideration received by the South Street common shareholders will be BNC voting common stock and the remainder will be cash. As a result of the transaction, BNC will acquire two branches in Albemarle, North Carolina and one each in Locust and Oakboro, North Carolina as well as $195.5M in loans and $238.1M in deposits. Upon closing, BNC will have approximately $865M in loans and $725M in deposits in the Charlotte MSA. Closing of the merger, which is subject to regulatory approval, customary closing conditions and the approval of South Street shareholders, is expected to occur in 2Q14.
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