Bank of NC raises $35M
Written on June 16, 2010
BNC Bancorp, the parent company of Bank of North Carolina, has closed on a deal to raise $35 million in new private equity, according to an announcement.
The Thomasville-based BNC said it will use the money raised from the sale of shares to support its expansion in North Carolina and in neighboring states. The bank recently acquired Beach First National Bank in South Carolina and is also expanding into new markets in North Carolina.
The new private placement is anchored by Aquiline Capital Partners, a private equity firm based in New York. Aquiline's investment represents about 9 easy payday loans.9 percent of all BNC common stock, and all of a new class of non-voting preferred shares issued by the company. Other investors purchased common shares representing about 7.4 percent of outstanding stock.
“We welcome and appreciate Aquiline’s confidence in our management team, our franchise and the significant growth opportunities in the southeastern banking market,” said Swope Montgomery, CEO of BNC Bancorp.
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