Pinnacle Financial Partners, the holding company and parent of Pinnacle Bank, and BNC Bancorp, the holding company and parent of Bank of North Carolina, signed a merger agreement. BNC will merge with and into Pinnacle in an all-stock transaction.

The merger will create a four-state footprint concentrated in 12 of the largest urban markets in the Southeast, adding significant presence in Charlotte, NC; Raleigh, NC; Greensboro, NC; Winston-Salem, NC; Greenville-Spartanburg, SC and Charleston, SC to Pinnacle’s Tennessee franchise. On a pro forma basis, Pinnacle is expected to be a top 50 public U.S. banking franchise by assets, with $20 billion in assets, $14 billion in loans and $15 billion in deposits.

Pinnacle will operate the Carolinas and Virginia region out of BNC’s existing corporate headquarters in High Point, NC.

Richard D. “Rick” Callicutt II, BNC’s president and CEO, will be named chairman of the Carolinas and Virginia region once the acquisition is consummated and will join Pinnacle’s board along with three other BNC directors. David B. Spencer, BNC’s senior executive vice president and CFO, will be named EVP.

“BNC represents the single best platform to expand our presence in urban, high-growth metropolitan markets,” Pinnacle President and CEO M. Terry Turner said. “This merger is consistent with Pinnacle’s strategy to become the dominant bank in southeastern commercial banking. BNC’s success can be attributed to its experienced financial services professionals and the culture they have created. I have admired Rick’s leadership and the significant growth he and the entire BNC team have achieved. I am very excited that we will be on the same team.”