BNC Bancorp, the parent company of Bank of North Carolina, has closed on a USD35m private placement anchored by Aquiline Capital Partners, a New York based private equity firm investing in financial services.
Aquiline purchased shares of BNC Bancorp common stock and preferred stock at USD10.00 per share.
Other investors, including certain members of the company’s board of directors, also purchased the company’s common stock at USD10.00 per share.
The capital raise will support BNC’s expansion in North Carolina and neighbouring states.
Aquiline’s investment represents approximately 24.9 per cent of BNC’s shareholders equity. The total Aquiline investment in BNC is comprised of approximately 9.9 per cent of BNC’s common stock and the entirety of a new class of non-voting preferred shares, which are convertible into approximately 15 per cent of the currently outstanding shares of BNC common stock in certain circumstances.
The other investors in the private placement purchased common stock representing approximately 7.4 per cent of BNC’s outstanding capital stock following the offering.
"We welcome and appreciate Aquiline’s confidence in our management team, our franchise and the significant growth opportunities in the southeastern banking market," says W. Swope Montgomery, chief executive of BNC. "In addition, we are looking forward to welcoming a banking industry veteran, Mark Graf, to our board as Aquiline’s representative."
