Pinnacle Financial Partners acquired BNC Bancorp for approximately $1.9 billion, a transaction completed in June 2017, structured as all stock (0.5235 Pinnacle shares per BNC share).
BNC Bancorp operates in Regional banking — Carolinas and Virginia expansion, is based in High Point, North Carolina (Carolinas and Virginia). BNC Bancorp, the High Point, North Carolina parent of Bank of North Carolina, was Pinnacle's largest and most transformative acquisition. The all-stock deal (~27.7 million Pinnacle shares valued at about $1.9 billion, roughly $35.70 per BNC share) created a four-state Southeastern franchise concentrated in 12 of the region's largest urban markets and produced a pro forma bank with about $20 billion in assets — a top-50 U.S. banking franchise. Pinnacle ran the new Carolinas and Virginia region out of BNC's High Point headquarters.
The single best platform to extend Pinnacle's urban, high-growth commercial-banking model into the Carolinas and Virginia and become a dominant Southeastern franchise.
Concentrated presence in 12 of the largest Southeastern urban markets, ~10% expected 2018 EPS accretion, and accretion to tangible book value. Targeted ~10% accretion to 2018 EPS with cost savings fully phased in; TBV accretive. Bank of North Carolina merged into Pinnacle Bank; Rick Callicutt named chairman of the Carolinas and Virginia region and joined Pinnacle's board
BNC represents the single best platform to expand our presence in urban, high-growth metropolitan markets. 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.M. Terry Turner, President and CEO, Pinnacle Financial Partners
Bringing two of the Southeast's best community banks together is a great thing for the region. By joining firms, Pinnacle and BNC can leverage each other's competitive strengths and offer clients a broader array of superior banking services.Richard D. 'Rick' Callicutt II, President and CEO, BNC Bancorp
Advisory firms were not disclosed for this transaction.