BNC Bancorp Completes Merger With Harbor Bank Group, Inc.

CHARLESTON, SC – BNC Bancorp (NASDAQ: BNCN), the parent company of Bank of North Carolina (“BNC” or “the Bank”), announced the successful completion of its merger with Harbor Bank Group, Inc. (“Harbor”), the parent company of Harbor National Bank (“Harbor Bank”), thereby expanding BNC’s presence in Charleston, South Carolina Metropolitan Area.

BNC previously announced its plans to acquire Harbor and Harbor Bank on June 5, 2014. As of September 30, 2014, Harbor Bank had total assets of $325 million, total loans of $281 million and deposits of $267 million. The former branches of Harbor Bank will be operated as branches of BNC under the name of Harbor Bank until system conversions are completed in February, 2015.

Rick Callicutt, President and CEO of BNC, commented:  “We are very pleased to complete this merger with Harbor National in a timely manner.  The opportunity to expand our franchise in a growing dynamic market is second only to the excellent team that will be joining the BNC family.  We look forward to growing our presence in the greater Charleston market in the future.”

Charlie Rivers, President and CEO of Harbor, commented: “We are very excited about our combination with BNC, considering their successful track record and the opportunity to enhance our shareholders’ value.  Our customers will continue to see the same friendly, local employees they have come to know and trust, and ourCharleston community will benefit from the increased resources brought to bear by the combined franchise.”

The Agreement provides for the common shareholders of Harbor to receive 0.95 shares of BNC Bancorp common stock in exchange for each share of Harbor common stock.  As a result of the transaction, BNC acquired four branches in the Charleston, SC metropolitan area.

Womble Carlyle Sandridge & Rice, LLP provided BNC Bancorp and its subsidiary, Bank of North Carolina with legal counsel for this transaction.  Harbor was advised in this transaction by Banks Street Partners, LLC, as financial advisor, and Bryan Cave, LLP, as legal advisor.

About BNC Bancorp and Bank of North Carolina

BNC Bancorp is the parent company of Bank of North Carolina, an approximately $4.1 billion-asset commercial bank.  Bank of North Carolina provides banking and financial services to individuals and businesses through its 52 banking offices in North and South Carolina.  Bank of North Carolina is insured by the FDIC and is an equal housing lender. BNC Bancorp’s stock is quoted in the NASDAQ Capital Market under the symbol “BNCN.”