Sept 12 – Bank of North Carolina to Buy BNC Bank with Branches on Hilton Head

Written by Lou Phelps Monday, 12 September 2011 09:10

SBJ Staff Report

Sept 12, 2011 – The Bank of North Carolina, led by CEO Swope Montgomery, has announced plans to buy Regent Bank of Greenville, SC, which has two branches on Hilton Head, and six branches at Myrtle Beach.

Bank of North Carolina is owned by BNC Bancorp (NASDAQ symbol "BNCN"), and is headquartered in High Point, NC. The acquisition will give Bank of North Carolina a presence in the three fastest growing metro areas in North and South Carolina – Charlotte, Greenville and Raleigh, as well as along the South Carolina coast, according to the company. The Hilton Head branches are located at The Village at Wexford and Pineland Station.

Regent Bank, a thrift institution, reported $51.8 million in assets of June 30, 2011 of which $10 million was cash and investments. The bank reported a loss of $128,000 from operations for the 2^nd Qtr. 2011, and has more than $31 million in construction loans outstanding, according to

the bank’s 6/30/2011 FDIC Call Report.