BNC Bancorp Signs Definitive Agreement to Acquire Mt. Pleasant-Based Southcoast Financial Corporation
Troutman Sanders was mentioned in multiple August news stories, such as American Banker and abc 4, about BNC Bancorp (BNC), the holding company for Bank of North Carolina, and Southcoast Financial Corporation (Southcoast), the holding company for Southcoast Community Bank, entering into a definitive agreement pursuant to which BNC will acquire all of the common stock of Southcoast in a stock transaction valued at approximately $95.5 million. Under the terms of the agreement, Southcoast shareholders will receive $13.35 for each share of Southcoast common stock. The transaction is subject to regulatory approval and is expected to close within the first quarter of 2016.
Troutman Sanders partner James Stevens and associate Brendan Thomas provided legal counsel to BNC Bancorp.