(THOMASVILLE) -- Bank of North Carolina has entered into an agreement with the Federal Deposit Insurance Corporation to assume all of the deposits and substantially all other liabilities of Carolina Federal Savings Bank.  Bank of North Carolina will also purchase some of the assets of Carolina Federal.

Under the Purchase and Assumption Agreement, Bank of North Carolina purchased approximately $31 million in performing loans and assumed approximately $52 million in local deposits from the FDIC as Receiver of Carolina Federal. Carolina Federal was closed by the Office of the Comptroller of the Currency last Friday.

"Charleston is one of the most dynamic coastal markets in South Carolina and we are excited to extend BNC's footprint into the area," said Rick Callicutt, President of BNC. "This transaction is an important step as we continue to build our presence in South Carolina, and specifically Charleston, which is a vibrant tourist destination seeing meaningful development by major corporations, and has significant opportunities for growth."

All Carolina Federal locations opened Monday as branches of Bank of North Carolina,

BNC has also received binding commitments for a $72.5 million capital raise and has signed an Agreement and Plan of Merger with First Trust Bank.  In the last two years, BNC has engaged in a number of additional strategic acquisitions across North and South Carolina, including Beach First National Bank in Myrtle Beach, SC, Blue Ridge Savings Bank in Asheville, Regent Bank in Greensville, SC, KeySource Commercial Bank in Durham and, most recently, the Cary and Chapel Hill branches of Hampton Roads Bankshares, Inc., which is expected to close in the third quarter of 2012.