Pinnacle Bank completes purchase of BNC Bancorp
Tennessee's fastest growing bank has closed its purchase of the parent company of the Bank of North Carolina.
Two years after acquiring CapitalMark in Chattanooga and Magna Bank in Memphis, Pinnacle Financial Partners, Inc. completed its $2 billion purchase of BNC Bancorp on Friday. The move will bring Pinnacle's urban community banking model into seven new markets in the Carolinas and Virginia.
"We believe the Carolinas, Virginia and Tennessee have some of the strongest commercial banking markets in the country with significant growth opportunities for our combined firm," said M. Terry Turner, Pinnacle's president and chief executive officer.
BNC's President and Chief Executive Officer Rick Callicutt will serve as Pinnacle's chairman of the Carolinas and Virginia and will join Pinnacle's board of directors along with three others from BNC's board. Pinnacle's new markets include Charlotte, Raleigh, Winston-Salem and Greensboro in North Carolina; Greenville-Spartanburg and Charleston in South Carolina; and Roanoke in Virginia. BNC's offices in High Point, NC will operate as the area headquarters.
Walmart buying retailer Bonobos for $310 million
Walmart is buying online men's clothing retailer Bonobos for $310 million in cash, showing that its appetite for hip clothing brands shows no sign of abating as it looks for ways to gain on Amazon.
It's a sign of the aggressive direction Walmart is taking since buying Jet.com last year and keeping that company's founder as head of its online division. Walmart has since bought clothing seller ModCloth, footwear retailer ShoeBuy.com and outdoor gear seller Moosejaw as it focuses on brands appealing to younger shoppers.
Bonobos, which started out selling pants online, caters to male shoppers looking for help putting together a wardrobe.
Supply of homes squeezes would-be buyers
A diminished supply of available homes is swelling prices in large U.S. metro areas from New York to Miami to Los Angeles, squeezing out would-be buyers and pushing up rents as more people are forced to remain tenants.
The trend is pressuring Americans' budgets, with about one-third of households spending more than 30 percent of their gross income on housing as of 2015, according to a report being released Friday by Harvard University's Joint Center for Housing Studies.
Homeownership rates have stagnated in part because high rents have made it difficult for many prospective buyers to amass a down payment for a house.
At the same time, the sparse supply of available properties is benefiting existing homeowners, many of whose home values have recovered from the housing bust a decade ago.