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BNC Bancorp completed Southcoast Financial merger

Staff writer |
BNC Bancorp completed its merger with Southcoast Financial Corporation, the parent holding company for Southcoast Community Bank, expanding BNC's presence in the Charleston and Mt. Pleasant, South Carolina markets.

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BNC previously announced its plans to acquire Southcoast and Southcoast Bank on August 14, 2015. Southcoast Bank operates 10 branches in Mt. Pleasant, Charleston, Moncks Corner, Johns Island, Summerville, Goose Creek and North Charleston, South Carolina.

As of March 31, 2016, Southcoast had total assets of $479 million, total loans of $377 million and deposits of $338 million.

Rick Callicutt, President and CEO of BNC, commented: "We are very pleased to complete the merger with Southcoast. The opportunity to expand our franchise deeper in Charleston and Mt. Pleasant, and enter several growing industrial centers such as North Charleston, Summerfield and Moncks Corner will allow us to more fully take advantage of all of the opportunities in this dynamic region of South Carolina.

"Combining our current team with the excellent team from Southcoast will further set us apart as the Bank for decisive and responsive financial solutions. We look forward to further growing our presence in the Charleston, Mt. Pleasant and the surrounding markets in the future."

Wayne Pearson, President and CEO of Southcoast, commented: "We are very excited about our combination with BNC, especially considering their successful track record and the opportunity to enhance our shareholders' value.

"Our customers will continue to see the same friendly, local employees they have come to know and trust, and our Charleston, Mt. Pleasant and surrounding communities will benefit from the increased resources brought to bear by the combined franchise."

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