Pinnacle Bank, Bank of North Carolina to merge
Pinnacle Bank and the Bank of North Carolina will soon merge, according to an announcement made Sunday.
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Officials said that Pinnacle Financial Partners, Inc., the parent company of Pinnacle Bank and BNC Bancorp, the parent company of the Bank of North Carolina, jointly announced the signing of a definitive merger agreement on Sunday.
When the merger is complete, Bank of North Carolina will become Pinnacle Bank.
Officials said the merger will add a significant presence in Charlotte, Raleigh, Greensboro, Winston-Salem and Greenville.
The company will continue to operate the Carolinas and Virginia region out of BNC’s existing corporate headquarters in High Point.
The merger is expected to close in the third quarter of 2017.
“BNC represents the single best platform to expand our presence in urban, high-growth metropolitan markets,” said Pinnacle President and CEO M. Terry Turner.
“Both we and Pinnacle have been committed to the idea that the Southeast deserves an impactful financial services firm with significant scale that operates with the culture of a community bank with local decision making led by banking professionals that are experienced and established in each market,” BNC President and CEO Richard D. Callicutt II said.
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