A Tennessee bank is acquiring Bank of North Carolina in an all-stock transaction and will merge Bank of North Carolina into Pinnacle Bank, the companies announced Sunday night.
The merger will give Pinnacle Financial Partners Inc., which owns Pinnacle Bank and is based in Nashville, Tenn., operations in four states, a statement said.
The announcement said Richard D. “Rick” Callicutt II, who is president and CEO of BNC Bancorp, Bank of North Carolina’s owner, will become chairman of a Carolinas and Virginia region within Pinnacle. He also will join the Pinnacle board of directors.
BNC shareholders will receive 0.5235 shares of Pinnacle common stock for every BNC share, the companies said.
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BNC, which purchased Harrington Bank’s Triangle operations in 2013, has 76 banking offices in Virginia, North and South Carolina.