June 16, 2010 (FinancialWire) — BNC Bancorp (NASDAQ: BNCN) said that it has closed on a $35 million private placement anchored by Aquiline Capital Partners LLC, a New York based private equity firm investing in financial services.

Under the deal, Aquiline purchased shares of BNC Bancorp common stock and preferred stock at $10 per share. Other investors, including certain members of the company’s board of directors, also purchased BNC’s common stock at $10 per share.

The capital raise will support BNC’s expansion in North Carolina and neighboring states. Aquiline’s investment represents around 24.9 percent of BNC’s shareholders equity. The total Aquiline investment in BNC is comprised of around 9.9 percent of BNC’s common stock and the entirety of a new class of non-voting preferred shares, which are convertible into around 15% of the currently outstanding shares of BNC common stock in certain circumstances.

BNC said that the other investors in the private placement purchased common stock representing around 7.4 percent of BNC’s outstanding capital stock following the offering.

North Carolina-based BNC Bancorp is the parent company of Bank of North Carolina, a commercial bank that provides banking and financial services to individuals and businesses through its full-service banking offices in North and South Carolina.

The bank’s seven South Carolina locations were added through BNC’s recent FDIC-assisted acquisition of Beach First National Bank.

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