PrintPrintThe N.C.-based company, which has expanded locally through acquisitions, registered its government-owned preferred shares in advance of a public auction by the U.S. Treasury. The Treasury acquired the shares in 2008 as part of the Troubled Asset Relief Program.
Staff Report
Published Aug. 15, 2012
BNC Bancorp registered its government-owned preferred shares in advance of a possible auction by the U.S. Treasury.
The High Point, N.C.-based holding company of BNC Bank received $31 million in 2008 for selling 31,260 preferred shares to the Treasury as part of the Troubled Asset Relief Program, or TARP.
The Treasury has been divesting its ownership in TARP banks across the country. The Treasury already has auctioned its shares in Greenville-based Southern First Bancshares Inc. and Charleston-based First Financial Holdings Inc., for example.
The banks do not receive any proceeds from the auctions. An auction has not yet been set for BNC Bank stock.
BNC acquired Regent Bank of Greenville in January and Carolina Federal Savings Bank of Charleston in June. Additionally, BNC raised $72.5 million in June and announced another acquisition in North Carolina.
In the last two years, the $2.4 billion institution has also acquired Beach First National Bank in Myrtle Beach, Blue Ridge Savings Bank in Asheville, N.C., KeySource Commercial Bank in Durham, N.C., First Trust Bank of Charlotte, and the Cary and Chapel Hill branches of Hampton Roads Bankshares Inc. in North Carolina.
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