CHAPEL HILL – Chapel Hill-based Community First Financial Corp., parent of Harrington Bank, is being bought out by BNC Bancorp in a $22.5 million deal.
Larry Loeser, President and CEO of Harrington Bank, spoke to WCHL’s Ran Northam following the announcement Wednesday morning.
“Harrington Bank will become part of a much larger organization. BNC Bancorp is over 15 times our size, with well-over 15 times our resources. That is really what is driving this merger,” Loeser said.
BNC Bancorp is also acquiring Albemarle-based South Street Financial Corp., parent of Home Savings Bank, for $23 million.
Based out of High Point, BNC Bancorp is the parent of company of Bank of North Carolina.
“It will be a good thing for everyone involved. It will be a good thing for our customers because the organization will be much larger and have greater resources and more products,” Loeser said. “For instance, the Bank of North Carolina offers some services that we do not in trust services, brokerage and insurance.”
The deals are expected to close in the second quarter of 2014. BNC will inherit seven additional branches as part of the transactions.
As far as Loeser’s role with the company when the merger is finalized, he offered this:
“I am hoping that there will be a role in the combined organization that will be attractive both from my point of view and theirs. That will be one of many questions to be answered over the course of 2014.”
Harrington Bank has about $228 million in assets in Chapel Hill, with three branches.