HIGH POINT, N.C., Oct. 17, 2016 /PRNewswire/ -- BNC Bancorp
(the "Company," NASDAQ: BNCN), the holding company for Bank of
North Carolina, today announced it
has received regulatory approval from the Federal Reserve Board of
the previously announced merger transaction between the Company and
High Point Bank Corporation, the holding company for High Point
Bank & Trust Company, and that all necessary regulatory
approvals for the closing of the transactions have been met. The
Company previously received regulatory approval with respect to the
transaction from the Federal Deposit Insurance Corporation and the
North Carolina Office of the Commissioner of Banks. The Company
expects to close the transaction on November
1, 2016.
ABOUT BNC BANCORP
Headquartered in High Point, North
Carolina, BNC Bancorp is the parent company of Bank of
North Carolina, a commercial bank
with total assets of approximately $6.8
billion. Bank of North
Carolina provides a complete line of banking and financial
services to individuals and businesses through its 71 current
banking offices in North Carolina,
South Carolina and Virginia.
The Bank's 26 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 on The Nasdaq Capital Market under the symbol
"BNCN." The Company's website is www.bncbancorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements represent plans,
estimates, objectives, goals, guidelines, expectations, intentions,
projections and statements of our beliefs concerning future events,
business plans, objectives, expected operating results and the
assumptions upon which those statements are based. Forward-looking
statements include without limitation, any statement that may
predict, forecast, indicate or imply future results, performance or
achievements, and are typically identified with words such as
"may," "could," "should," "will," "would," "believe," "anticipate,"
"estimate," "project," "expect," "intend," "plan," or words or
phases of similar meaning. Forward-looking statements may include,
among other things, statements about the timing of regulatory
approvals relating to acquisitions and divestitures. The
forward-looking statements are based largely on the Company's
expectations and are subject to a number of known and unknown risks
and uncertainties that are subject to change based on factors which
are, in many instances, beyond the Company's control. The Company
undertakes no obligation to publicly update any forward-looking
statement to reflect developments occurring after the statement is
made, except as otherwise required by law. Actual results,
performance or achievements could differ materially from those
contemplated, expressed, or implied by the forward-looking
statements as a result of, among other factors, the risks and
uncertainties described in "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2015 and Quarterly Report on Form
10-Q for the quarter ended March 31,
2016 and June 30, 2016,
respectively. Please refer to the Security and Exchange
Commission's website at www.sec.gov where you can review those
documents.
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SOURCE BNC Bancorp