BNC Bancorp Completes Merger with Southcoast Financial Corporation
Troutman Sanders was mentioned in a June 6 M&A Navigator article about BNC Bancorp receiving all the necessary regulatory approvals from the Federal Reserve Board, the Federal Deposit Insurance Corp., the North Carolina Officer of the Commissioner of Banks and the South Carolina State Board of Financial Institutions for its acquisition of Southcoast Financial Corp.
In August of 2015, the two companies entered into a definitive agreement under which BNC would acquire all of the common stock of Southcoast for approximately $95.5 million. Southcoast, headquartered in Mt. Pleasant, South Carolina, operates 10 branches in Mt. Pleasant, Charleston, Moncks Corner, Johns Island, Summerville, Goose Creek and North Charleston, South Carolina, through its Southcoast Community Bank subsidiary.
The acquisition was completed June 17 and was mentioned in several articles that day – citybizlist, Triad Business Journal and Yahoo Finance.
Atlanta partner James Stevens and Atlanta associate Brendan Thomas handled various aspects of this transaction for BNC.