Pinnacle Financial Partners, Inc., the holding company and parent of Pinnacle Bank, and BNC Bancorp, the holding company and parent of Bank of North Carolina, today jointly announced the signing of a definitive agreement pursuant to which BNC will merge with and into Pinnacle in an all-stock transaction. Upon completion of the merger, Pinnacle will merge Bank of North Carolina with and into Pinnacle Bank.
The merger will create a four state footprint concentrated in 12 of the largest urban markets in the Southeast, adding significant presence in Charlotte, Raleigh, Greensboro, Winston-Salem, Greenville-Spartanburg, and Charleston to Pinnacle’s Tennessee franchise. On a pro forma basis, Pinnacle is expected to be a top 50 public U.S. banking franchise by assets, with $20 billion in assets, $14 billion in loans and $15 billion in deposits. Pinnacle will operate the Carolinas and Virginia region out of BNC’s existing corporate headquarters in High Point, North Carolina.
Richard D. “Rick” Callicutt II, BNC’s President and Chief Executive Officer, will be named Chairman of the Carolinas and Virginia region once the acquisition is consummated and will join Pinnacle’s board along with three other BNC directors. David B. Spencer, BNC’s Senior Executive Vice President and Chief Financial Officer, will be named Executive Vice President supporting Mr. Callicutt in growing the firm’s presence in the Carolinas and Virginia and working in the combined company’s treasury and corporate finance areas.
“BNC represents the single best platform to expand our presence in urban, high-growth metropolitan markets,” Pinnacle President and CEO M. Terry Turner said. “This merger is consistent with Pinnacle’s strategy to become the dominant bank in southeastern commercial banking. BNC’s success can be attributed to its experienced financial services professionals and the culture they have created. I have admired Rick’s leadership and the significant growth he and the entire BNC team have achieved. I am very excited that we will be on the same team.”
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