High Point bank to purchase Harrington Bank
Posted December 18, 2013
Chapel Hill, N.C. — BNC Bancorp (NASDAQ: BNCN) of High Point, the parent company of Bank of North Carolina, said Wednesday that it has signed a deal to acquire Community First Financial Group Inc., the parent company of Harrington Bank, for $24.2 million.
Chapel Hill-based Harrington has about $228.5 million in assets and branches in Chapel Hill and Durham.
The deal calls for Community First shareholders to receive either 0.4069 shares of BNC common stock or $5.90 in cash for each share of Community First common stock, but 75 percent of the shares must be redeemed for BNC stock.
“Harrington Bank is a critical addition to our goal of creating a billion-dollar footprint in the Raleigh, Durham and Chapel Hill region of North Carolina," BNC President and Chief Executive Rick Callicutt said in a statement. "This partnership will give our combined team more resources to bring a wider range of products and services to the residents and businesses of Chapel Hill and the surrounding Triangle market.”
Larry Loeser, president and CEO of Community First and Harrington, said in a statement that the deal "will offer our customers the benefit of convenient banking locations throughout the Carolinas. Our customers and the communities we serve will also benefit from the broader range of products and services offered by Bank of North Carolina."
The deal is expected to close between April and June.