BNC Bancorp to redeem all $31.26 million of its series A preferreds

By Tali David

Minneapolis, April 26 - BNC Bancorp plans to redeem all 31,260 shares of its series A fixed-rate cumulative perpetual preferred stock, according to a press release.

The preferreds were issued under the Troubled Asset Relief Program capital purchase program.

The stock will be redeemed at $1,000 per share plus accrued dividends on April 29.

The redemption will be funded with cash on hand and the proceeds of a $30 million term loan from Synovus Bank.

Thomasville, N.C.-based BNC Bancorp serves as the holding company for Bank of North Carolina, a full-service commercial bank concentrating its marketing and banking efforts in Davidson, Randolph, Rowan, Forsyth, Guilford and Cabarrus counties.

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