Nashville, Tennessee-based Pinnacle Financial Partners has secured regulatory approvals to acquire BNC Bancorp for $1.9bn.
To merge BNC, Pinnacle has received approvals from the the Federal Reserve Bank of Atlanta, the Tennessee Department of Financial Institutions (TDFI) and the North Carolina Office of the Commissioner of Banks (NCCOB).
Subject to approval by Pinnacle’s and BNC’s shareholders, the merger is expected to become effective in the second quarter of 2017 or early in the third quarter of 2017.
Pinnacle’s president and CEO Terry Turner said: “BNC has so much to contribute, and with both teams fully integrated into one company, we believe our combined efforts will make us one of the premier financial services firms in the Southeast.”
Following the completion of the transaction, Pinnacle will cover a four-state footprint with presence in 12 of the largest urban markets in the southeast region in the US.
The combined entity will have over $20bn in assets, more than $14bn in loans and over $15bn in deposits.
Pinnacle will run operations in the Carolinas and Virginia regions from BNC’s existing corporate headquarters in High Point, North Carolina.
BNC Bancorp is the parent company of Bank of North Carolina, a commercial bank with total assets of $7.4bn as of December 31, 2016. The lender operates 76 banking offices in Virginia, North and South Carolina.
In November 2015, BNC Bancorp agreed to acquire High Point Bank Corporation (HPTB) in a cash and stock deal that is valued at around $141.3m.
While Keefe, Bruyette & Woods served as financial advisor to Pinnacle in the transaction, and Bass, Berry & Sims served as its legal advisor.
Image: The combined entity will have over $20bn in assets. Photo: courtesy of stockimages/Freedigitalphotos.net.