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BNC Bancorp prices common stock offering

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BNC Bancorp prices common stock offering

BNCBancorp priced an underwritten offering of 2,500,000 shares of its commonstock at $22 per share, according to a July 21 news release.

The High Point, N.C.-based company has granted theunderwriters a 30-day option to purchase up to an additional 375,000 shares.The offering is expected to result in gross proceeds of $55.0 million and netproceeds of approximately $51.8 million, after underwriting discounts andestimated offering expenses.

BNC Bancorp intends to use the net proceeds for generalcorporate purposes, including the contribution of capital to its subsidiaryBank of NorthCarolina to maintain or increase regulatory capital levels, orsupport growth in its lending and deposit-gathering activities. The company mayalso use the funds for financing expansion of its branch system and acquiringother financial institutions, or branches thereof, or businesses involved inactivities that could complement its banking business and provide additionalsources of noninterest income.

The offering is expected to complete on or about July 26.

Stephens Inc. is the sole book-running manager for the offering.Keefe Bruyette & Woods and Sandler O'Neill & Partners LP are co-leadmanagers and FIG Partners LLC is serving as co-manager.