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103 Fed. Res. Bull. 1 (2017)

handle is hein.journals/fedred103 and id is 1 raw text is: Legal Developments: Fourth Quarter, 2016 Orders Issued Under Bank Holding Company Act Orders Issued Under Section 3 of the Bank Holding Company Act BNC Bancorp High Point, North Carolina Order Approving the Merger of Bank Holding Companies FRB Order No. 2016 12 (October 14, 2016) BNC Bancorp (BNC), High Point, North Carolina, a bank holding company, has requested the Board's approval under section 3 of the Bank Holding Company Act of 1956, as amended (BHC Act),1 to merge with High Point Bank Corporation (HPBC), and thereby indirectly acquire High Point Bank and Trust Company (High Point Bank), both of High Point, North Carolina. Following the proposed acquisition, High Point Bank would be merged into BNC's sole subsidiary state-chartered bank, Bank of North Carolina (BNC Bank), Thomasville, North Carolina.' Notice of the proposal, affording interested persons an opportunity to submit comments, has been published (81 Federal Register 44610 (July 8, 2016)).3 The time for submitting comments has expired, and the Board has considered the proposal and all comments received in light of the factors set forth in section 3 of the BHC Act. BNC, with consolidated assets of approximately $6.5 billion, is the 176th largest insured depository organization in the United States,4 controlling approximately $5.4 billion in consolidated deposits, which represent less than 1 percent of the total amount of deposits of insured depository institutions in the United States.5 BNC controls BNC Bank, which operates in North Carolina, South Carolina, and Virginia. BNC Bank is the 10th largest insured depository institution in North Carolina, controlling approximately $3.0 billion in deposits, which represent less than 1 percent of the total deposits of insured depository institutions in that state. HPBC, with consolidated assets of approximately $779.6 million, is the 951st largest insured depository organization in the United States, controlling approximately $634.0 million in consolidated deposits, which represent less than 1 percent of nationwide 12 U.S.C. § 1842. 2 The merger of High Point Bank into BNC Bank is subject to the approval of the Federal Deposit Insurance Corpora- tion (FDIC) pursuant to section 18(c) of the Federal Deposit Insurance Act (Bank Merger Act). 12 U.S.C. §1828(c). The FDIC approved the bank merger on September 30, 2016. 3 12 CFR 262.3(b). 4 National asset data, market share, and ranking data are as June 30, 2016, unless otherwise noted. State asset data, market share, and ranking data are as of June 30, 2015, unless otherwise noted. In this context, insured depository institutions include commercial banks, savings associations, and savings banks.

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