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Bank of North Carolina, FDIC terminate loss-share agreements

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Bank of North Carolina, FDIC terminate loss-share agreements

High Point, N.C.-based Bank of North Carolina and the FDIC agreed on May 2 toterminate all existing loss-share agreements related to the bank's acquisitionof two failed banks in 2010 and 2011.

The FDIC made a net payment of $2.1 million to theBNC Bancorp unit toterminate the agreements, which covered $38.3 million of loans and $1.8 millionof real estate owned. After the elimination of the FDIC indemnification assetand payment of settlement charges, BNC Bancorp expects to realize a one-timepretax net gain of about $70,000.

DD&F Consulting Group served as advisers for the earlytermination, according to a news release.