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BNC Bancorp and Community First Financial Group announce definitive merger agreement

Wednesday, 18 Dec 2013 08:32am EST 

BNC Bancorp:Says has signed an agreement and plan of merger with Community First Financial Group, Inc., the parent company of Harrington Bank, FSB.Says shareholders of Community First may elect to receive 0.4069 shares of BNC, or $5.90 in cash, for each share of community first common stock owned by them, subject to allocation and pro rata procedures to ensure 75% of Community First common shares (or 2,926,655 shares) receive BNC common stock.Says shares of preferred stock of Community First will be redeemed for $850,000 in the aggregate.Says based on the closing price of BNC common stock on Dec 17 the aggregate deal value for common shareholders of Community First is about $24.2 mln.Says as a result, BNC will acquire three branches in Chapel Hill, North Carolina, as well as about $179.0 mln in loans and $198.8 mln in deposits.Says upon closing, BNC will have approximately $520 mln in loans and $385 mln in deposits in the Raleigh-Durham-Chapel Hill area of North Carolina. 

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