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Bank of North Carolina Signs Purchase and Assumption Agreement With Hampton Roads Bankshares


Bank of North Carolina, a subsidiary of BNC Bancorp (NASDAQ: BNCN) has entered into a purchase and assumption agreement with Hampton Roads Bankshares, Inc. (NASDAQ: HMPR) the holding company for The Bank of Hampton Roads and Shore Bank.

Under the terms of the Purchase Agreement, Bank of North Carolina will purchase all deposits associated with the Gateway Bank & Trust Company branches located at 4725 SW Cary Parkway in Cary, NC and 504 Meadowmont Village Circle in Chapel Hill, NC. Bank of North Carolina will also acquire the land, building and furniture, fixtures and equipment associated with the Preston Corners Branch and will assume BHR's lease for the Chapel Hill Branch. Bank of North Carolina intends to continue to operate these branches.

Posted-In: News M&A


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