Tuesday, April 23, 2024

BNC Bancorp spikes 12% as anti-regulation vote propels banks

Aided by a likely rollback in regulations, bank stocks were the best performers included in the Capital Investment Cos./Nottingham Index of public companies for the week ended June 9 among companies with shares trading for at least $10. House Republicans passed a bill to strip portions of the Dodd-Frank Act, helping spur the best weekly gain in 2017 for the S&P Bank exchange-traded fund.

BNC Bancorp (BNCN) $36.20 — 11.7% — High Point-based bank is being acquired for $1.9 billion by Tennessee-based Pinnacle Financial, creating a $20 billion (assets) bank that may be increasingly attractive for a takeover in its own right. BNC has gained 52% in the last year.

First Bancorp (FBNC)  $30.91 — 7.4% — Southern Pines-based bank is buying Asheville Savings Bank, continuing its push into larger N.C. markets. Shares have gained 61% in the last year.

First Citizens (FCNCA) $365.51 — 7.3% — Large regional bank owned by Raleigh’s Holding family has gained 45% in the last year. Record price earlier this year was $384.

Biggest decliners

Cato CATO $17.65 — (-9.1%) — Shares of Charlotte-based apparel retailer keep plummeting after double-digit declines in same-store sales. Shares have dropped 54% in the last year. Company has no debt and more than 1,300 stores.

Qorvo (QRVO) $75.27— (-4.7%) — Greensboro-based semiconductor company cools off after gaining more than 15% in the previous month. It is up 39% in the last year.

Reynolds American (RAI) $65.31 — (-3.7%) – British American Tobacco Co. is buying the 58% of Winston-Salem-based Reynolds that it doesn’t own. Reynolds has gained 28% in the last year.

David Mildenberg
David Mildenberg
David Mildenberg is editor of Business North Carolina. Reach him at

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