Bank Of The Carolinas Corp fka BCAR

[Renee]

BCAR: Merged with Bank of the Ozarks, Inc. (OZRK); Shareholders will receive 0.00313515 shares of OZRK for each 1 share held. Plus cash in lieu of fractional shares.

Finra deleted symbol:

http://otce.finra.org/DLDeletions

[illegal_alias]

LOL. Rosen and a couple of other firms do that all the time. I don't know that they really do anything other than self-promote by sending out such PRs. BCAR was sold above book value so not much to complain about.

BCAR just could not make any money after the Great Recession. I'm not that familiar with that part of NC, but having been to Mocksville and other parts of small town central NC, the local economies in many of those towns are in the pits.

[71tj]

Looks that way. Guess I'll be getting a new looking bank before to long. did you see this?

NEW YORK--(BUSINESS WIRE)--May 08, 2015-- The Rosen Law Firm, a global investor rights law firm, announces that it is investigating the Board of Directors of Bank of the Carolinas Corporation (OTCMKTS:BCAR) for possible breaches of fiduciary duty and other violations of law by failing to adequately shop Bank of the Carolinas to maximize shareholder value before agreeing to be acquired by Bank of the Ozarks, Inc. (NASDAQ: OZRK).

[illegal_alias]

We can stick a fork in BCAR and call it done.

[71tj]

the reverse split will not take place. The merger will over ride RS . they are paying .14 a share for bcar

[71tj]

By this article looks like before Dec 31 2015.

http://www.journalnow.com/business/business_news/local/bank-of-the-carolinas-to-be-sold-to-arkansas-bank/article_4a0c989e-f460-11e4-ab90-371cb23da8e4.html

[illegal_alias]

They just become part of the larger bank. Sometimes it might operate as a subsidiary and keep the name or take the name of the larger bank. Since you bank with them, you might want to drop in and ask the branch manager. My credit union in Florida was merged into another one, so over the course of the year, it assumed the new name, image, etc. Account numbers did not change. It generally doesn't happen overnight, so there will be a transition phase. Let us know if you drop in an talk to them. I went to the 2013 annual meeting and found all of the senior management very approachable.

[71tj]

Hey illegal how will the merger hurt or help a bank like bcar ? Never been in one . I have a very small stake in bcar . I bank with them here in Mocksville. any input would be great . Thanks , Tj

[genlou]

illegal,I have been searching for profitable penny stocks but I have not had any luck.I am waiting to see how things work out with CDOC.If SCRC drop to .05 I may repurchase shares.I made a profit when I sold my 2000 shares of SCRC.

Most of my money is in low price bank stocks. Which I hope will pay off in the future.All my bank stocks are profitable.I have 100 shares of BAOB. I believe that stock is overpriced. I also have shares of RBPAA,FOFN,CIBH,NWPP,ASVR,RVSB,RLSB,FNHM and MBNC.I hope none of my banks will do a reverse stock split.

I am thinking about purchasing LBMH again.I sold my 200 shares for around $3.30 to invest in CIBH. LBMH pps I believe is 2.85.So,I am glad I sold.I hope the drop in price has nothing to do with last quarter earnings.I purchase my first shares when LBMH was trading on the OTCBB for a little over $1.00 a share.I plan to purchase 100 shares this time.

[illegal_alias]

Sitting on a lot of cash looking for something at present.

[genlou]

Great!

[illegal_alias]

I bought in early 2013 and sold most at the highs in 2013 and 2014 when the share count was small. After the private placement and huge share increase I left it alone.

[genlou]

illegal, I hope you do not own shares.I did not purchase BCAR because of the number of shares outstanding.

[illegal_alias]

Good thing you did not buy BCAR at these prices. Now .135 in pre-market due to merger news with Ozark

http://ih.advfn.com/p.php?pid=nmona&article=66739378&symbol=BCAR

[iamgmoney]

I dont own shares of CIBH first I have heard of this company. I have been big on BCAR thinking they are so undervalued just been waiting on the right time to buy then I see on the board where the board approved a 1 for 100 reverse split and I immediately cancelled my order just now.

[genlou]

iamgmoney, I did not purchase shares of BCAR due to the number of shares outstanding.That reverse stock split will be so huge.Do you own shares of CIBH?

Outstanding Shares 462,028,831 a/o Aug 14, 2014

[iamgmoney]

Any news on when the reverse split will take place. I may sell my position as I only have a few thousand shares. So I would lose all my money

[genlou]

free bee,will you post on bcar.

[illegal_alias]

Maybe $10-$12 post split. Book value is currently $0.10 last I looked.

[ErnieBilco]

No way this is worth $14 a share.

[genlou]

1-to-100 reverse stock split

Bank of the Carolinas Corp. said in a regulatory filing Wednesday that its shareholders approved a 1-to-100 reverse stock split to bolster a share price that has been below $1 for all but four weeks since July 2011

[ALERTS100%to10000%GAIN]

BCAR~~http://stockcharts.com/freecharts/gallery.html?s=bcar

[ALERTS100%to10000%GAIN]

BCAR~~great to buy under .10 cents, Bank of the Carolinas Corporation (OTCQB: BCAR) today reported that the Securities and Exchange Commission declared effective the company's registration statement on Form S-1 relating to the resale of up to 458,132,991 shares of the company's common stock by certain selling stockholders. The company registered these shares to satisfy contractual commitments it made in connection with a private placement on July 16, 2014 of approximately $45.8 million in common stock to certain institutional investors and other accredited investors at a sales price of $0.10 per share.

[ALERTS100%to10000%GAIN]

BCAR on closely watch

[ALERTS100%to10000%GAIN]

BCAR~~NEWS, Bank of the Carolinas Corporation Reports Effectiveness of Resale Registration Statement? ?


MOCKSVILLE, N.C., Dec. 20, 2014 /PRNewswire/ -- Bank of the Carolinas Corporation (OTCQB: BCAR) today reported that the Securities and Exchange Commission declared effective the company's registration statement on Form S-1 relating to the resale of up to 458,132,991 shares of the company's common stock by certain selling stockholders. The company registered these shares to satisfy contractual commitments it made in connection with a private placement on July 16, 2014 of approximately $45.8 million in common stock to certain institutional investors and other accredited investors at a sales price of $0.10 per share.

The resale registration statement, while effective, allows selling stockholders to publicly resell their shares of BCAR common stock, subject to the satisfaction by selling stockholders of the prospectus delivery requirements of the Securities Act of 1933, as amended, in connection with any such resale. The selling shareholders will sell at prevailing market prices or privately negotiated prices. The company will not receive any proceeds from any sales by selling stockholders.

The offering of these securities by selling security holders may only be made by means of a prospectus. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. The registration statement may be accessed through the SEC's website at www.sec.gov. A copy of the prospectus related to the offering may be obtained from Bank of the Carolinas Corporation, 135 Boxwood Village Drive, Mocksville, NC 27028, or by calling [phone].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the company's securities.

Bank of the Carolinas Corporation is the holding company for Bank of the Carolinas, a North Carolina chartered bank headquartered in Mocksville, NC with offices in Advance, Asheboro, Concord, Harrisburg, Landis, Lexington and Winston-Salem. The common stock of the Company is quoted under the symbol "BCAR" on the OTCQB marketplace operated by OTC Markets Group Inc.

For further information contact:


Stephen R. Talbert
President and Chief Executive Officer
Bank of the Carolinas Corporation
[phone]

http://www.prnewswire.com/news-releases/bank-of-the-carolinas-corporation-reports-effectiveness-of-resale-registration-statement-300012845.html

[BigCat]

Bank of the Carolinas Corporation Reports Third Quarter Financial Results

MOCKSVILLE, N.C., Nov. 7, 2014 /PRNewswire/ -- Bank of the Carolinas Corporation (OTCQB: BCAR) today reported financial results for the three- and nine-month periods ended September 30, 2014.

For the three-month period ended September 30, 2014, the Company reported net income available to common shareholders of $10.7 million as compared to a net loss of $5,000 for the third quarter of 2013. For the nine-month period ended September 30, 2014, the Company reported net income available to common shareholders of $10.0 million or $0.075 per common share, compared to a net loss of $1.4 million or $0.36 per common share for the nine-month period ended September 30, 2013. The increase in net income was primarily due to the $10.2 million gain on redemption of preferred stock in the third quarter of 2014.

The provision for loan losses recognized a recovery of $535,000 in the third quarter of 2014 compared to a recovery of $920,000 in the third quarter a year ago. For the nine-month period ended September 30, 2014, the provision for loan losses recognized a recovery of $760,000 compared to a recovery of $2.1 million for the same nine-month period of 2013. The Company recovered $26,000 of costs related to foreclosed real estate for the third quarter of 2014 as compared to $144,000 of expense in the third quarter of 2013. For the nine-month period ended September 30, 2014, costs related to foreclosed real estate were $1,000 as compared to $676,000 for the same nine-month period of 2013. Through September 30, 2014, credit-related costs totaled a recovery of $706,000 as compared to the previous year's recovery of $1.6 million through September 30, 2013.

The Company continues its progress in reducing the level of nonperforming assets. As of September 30, 2014, the Company's nonperforming assets decreased to $4.5 million and amounted to 1.15% of total assets as compared to $8.7 million, or 2.04% of total assets as of September 30, 2013. The allowance for loan losses was 1.84% of total loans as of September 30, 2014 compared to 2.23% of total loans as of September 30, 2013. Net loan recoveries amounted to $565,000 for the third quarter of 2014, as compared to net loan recoveries of $737,000 in the third quarter of 2013.

The Company's net interest margin was 3.20% in the third quarter of 2014, which is an increase of 46 basis points from 2.74% in the third quarter of 2013. Excluding $4.4 million of debt prepayment penalties, noninterest expense for nine-months ended September 30 decreased 5.99% in 2014 versus 2013 and for the three-month period decreased 6.06% in the third quarter of 2014 versus 2013. Cost savings of $901,000 for the first nine months of 2014 have been recognized in salary and benefits and costs related to foreclosed real estate.

Total assets at September 30, 2014 amounted to $396.3 million, a decrease of 6.9% when compared to $425.6 million as of September 30, 2013. Loans totaled $281.7 million at September 30, 2014, an increase of 1.1% from a year earlier, and deposits decreased 4.8% over the prior year to $348.2 million. The Company's deposit mix has improved compared to a year earlier by decreasing non-core brokered and institutional deposits by $21.2 million.

The Company's banking subsidiary had a Tier 1 leverage capital ratio and Tier 1 capital to risk-weighted assets ratio of 10.77% and 14.45% respectively, while its total capital to risk-weighted assets ratio was 15.70% as of September 30, 2014.

The Company completed a private placement of $45.8 million on July 16, 2014. In connection with the private placement, the Company repurchased all 13,179 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued under the Capital Purchase Program from the U.S. Treasury. The Company also repurchased all of its floating rate trust preferred securities issued through its subsidiary, Bank of the Carolinas Trust I, from the holders of those securities. The Company also repurchased a subordinated note from the holder of the note.

The Company injected $34.8 million from the proceeds of the private placement into the Company's banking subsidiary, Bank of the Carolinas. In efforts to restructure the bank's balance sheet and address interest rate risk issues, two term repurchase agreements were prepaid with penalties totaling $4.4 million. To fund these prepayments, the bank sold investment securities, which resulted in a loss on sale of securities of $1.3 million. As of September 30, 2014, the Company and its subsidiaries had no outstanding third-party debt obligations.

President and CEO, Stephen R. Talbert, said, "We are pleased to release our third quarter earnings. We are proud of the continued success we have in reducing our levels of nonperforming assets. The successful $45.8 million private placement completed on July 16, 2014 raised our capital ratios above all the regulatory requirements. We are extremely proud of this accomplishment. We continue to believe that the Company is positioned for future success."

[illegal_alias]

Still not sure they know anything. According to the latest call report BCAR's bank lost over $5 million last qtr. Take a look into MBNC - that's a bank on the way back to a healthy recovery.

[illegal_alias]

I'm not sure what they know. But I do know that BCAR lost $484K for the recent quarter ended Jun 30, 2014. That is just for the bank and the costs of the holding company has not been figured in to that loss.
https://cdr.ffiec.gov/public/ManageFacsimiles.aspx

[71tj]

Somebody knows something. up to a $1.00

[illegal_alias]

I think EI is right about BCAR eventually settling back into the teens. Two items to think about after the price decline - a reverse split and a buyout by a larger bank. With these new investors and their roles as independent board members, as investors they will want to see a return on their investment. Their basis is 10 cents. Selling the bank for 20 cents a share, they make money.

[illegal_alias]

Exactly. The current share price defies logic. Still scratching my head on this one. Before this placement BCAR had a negative book value of -$2.87/share with 3.9 million o/s. Some quick math and I'm coming up with a BV of about $0.075/share.

[56Chevy]

....it's the illusion of a dime vs a dollar. Las Vegas learned something about people's willingness to spend money. People in general are willing to put 10 dimes in a slot machine and pull the handle but wouldn't dream of putting a dollar bill in one right beside it. Why? It "cost" too much. Las Vegas' answer? install more dime and penny machines asap.

Maybe this phenomenon comes under the definition of market sentiment??

[Enterprising Investor]

Grossly overvalued.

BCAR could decline to a range of $.13 to $.15.

[56Chevy]

Yes. Major League dilution.

Raising $45.8MM in dimes is alot of dimes...four hundred and fifty eight million of them to be exact or 458,000,000.

The bank has successfully raised a considerable amount of capital at a critical time in it's history...it was do or die crunch time...and that's great we all wanted BCAR to survive and now they've done something to insure it...but what I don't understand as I look at the market today and see retail investors willing to pay 5 dimes for a bank that now has a book value of 1 dime.

By comparison Citi bank (ticker: C) has a BV of $66.76. Would that same retail investor be willing to pay $333.80 to get one share of something worth $66.76? Oh H*ll No!...but that's exactly what he or she has done here. ':~O

Marker:
Bank Of The Carolina (BCAR)
$0.50 up 0.01 (2.04%)
Volume: 17,211

[illegal_alias]

BCAR News - http://investing.einnews.com/article/214187413/SbCYlHVlgOnAx03Q

That will result in some dilution...

[illegal_alias]

Shareholder approve expansion of authorized shares to 580 million & poison pill strategy
http://www.journalnow.com/business/business_news/local/bank-of-the-carolinas-to-increase-outstanding-shares/article_44447ab6-e792-11e3-b5b8-0017a43b2370.html

[56Chevy]

Amended Annual Report (10-k/a)

Date : 05/16/2014 @ 3:16PM
Source : Edgar (US Regulatory)
Stock : Bank Of The Carolinas Corp. (QB) (BCAR)
Quote : $0.45 -0.01 (-2.17%) @ 5:00PM

[....]

EXPLANATORY NOTE

The purpose of this Amendment No. 1 to Bank of the Carolinas Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “Form 10-K”), as filed with the Securities and Exchange Commission on March 26, 2014, is to furnish amended consolidated financial statements and its footnotes as appropriate. This Amendment No. 1 to the Form 10-K continues to speak as of the original filing date of the Form 10-K and does not reflect events that may have occurred subsequent to the original filing date.

At December 31, 2013, the Company had a total deferred tax asset of $17.7 million. There was an established valuation allowance of $14.7 million at December 31, 2013. The balance of the deferred tax asset of $3.0 million related directly to the unrealized losses in investment securities.

As a result of a recent regulatory examination, the Company conducted an evaluation as to whether the $3.0 million deferred tax asset should also be fully reserved. The Company consulted with an accounting expert, who is familiar with the Company and its deferred tax asset, and concluded that the deferred tax asset should have been fully reserved at year end 2013. The Company’s external auditor concurred after reviewing the documentation.

Consequently, the Company is restating its financial statements for December 31, 2013 to reflect a full reserve of its deferred tax asset. The net effect is the Company’s total stockholders’ equity at year end was $3.0 million less than previously reported. In addition, the Company’s income statement now reflects income tax expense of $942,000 as of December 31, 2013. The income tax expense was related to the deferred tax liability on unrealized gains in investment securities. The changes in the market value throughout 2013 reduced these unrealized gains to unrealized losses and the deferred tax liability is adjusted appropriately through income tax expense.

The amount of the deferred tax asset that is available to offset future taxes has not changed and the Company’s ability to utilize the deferred tax asset has not changed. The restatement reduces pro forma book value and book value per share. Should the Company be able to demonstrate sustained profitability in the future, we expect to be able to recognize some or all of the deferred tax asset.

The Company and Bank’s leverage ratios were not adversely impacted as the deferred tax asset was disallowed for Tier 1 capital purposes.

To reflect the changes, the Company has restated the Form 10-K for 2013 and the Bank has also restated its December 2013 Consolidated Report of Condition and Income filed with the federal banking regulators.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=62241909

Marker:
Bank Of The Carolina (BCAR)
$0.45 down -0.01 (-2.17%)
Volume: 4,109

[illegal_alias]

Share increase to 580 million sought by BCAR

http://www.sec.gov/Archives/edgar/data/1365997/000119312514133036/d705926dpre14a.htm

http://www.journalnow.com/business/business_news/local/bank-of-carolinas-seeks-to-quadruple-number-of-shares/article_cc05d2ca-beab-11e3-8190-0017a43b2370.html Obviously the reporter here flunked math. That increase in a/s is closer to 4000% - 3866.6666% to be a little more precise.

[56Chevy]

Book value per common share as of 12/31/2013: $ - (2.64)

http://ih.advfn.com/p.php?pid=nmona&article=60881396

*damn :(

[norweger1979]

MOCKSVILLE, N.C., Jan. 31, 2014 /PRNewswire/ -- Bank of the Carolinas Corporation (OTCQB: BCAR) today reported financial results for the three- and twelve-month periods ended December 31, 2013.

For the three-month period ended December 31, 2013, the Company reported a net loss available to common shareholders of $764,000 as compared to net income of $147,000 for the third quarter of 2013 and net income of $551,000 for the fourth quarter of 2012. Net loss per diluted common share was $0.20 for the fourth quarter of 2013 compared with net income per share of $0.04 for the third quarter of 2013 and net income per share of $0.14 for the fourth quarter of 2012.

For the year ended December 31, 2013, the Company reported a net loss available to common shareholders of $1.4 million or $0.36 per common share, compared to a net loss of $5.5 million or $1.42 per common share for the year ended December 31, 2012.

The provision for loan losses recognized an expense of $39,000 in the fourth quarter of 2013 compared to a recovery of $637,000 in the fourth quarter a year ago. For the year ended December 31, 2013, the provision for loan losses recognized a recovery of $1.2 million compared to an expense of $2.4 million for the year ended December 31, 2012. Costs related to foreclosed real estate were $134,000 for the fourth quarter of 2013 as compared to $2,000 in the fourth quarter of 2012. For the year ended December 31, 2013, costs related to foreclosed real estate were $810,000 as compared to $2.4 million for the year ended December 31, 2012. Through December 31, 2013, credit-related costs totaled a recovery of $1.3 million, or a 127.2% decrease over the previous year's costs of $5.0 million through December 31, 2012.

As of December 31, 2013, the Company's nonperforming assets were $6.0 million and amounted to 1.41% of total assets as compared to $8.7 million or 2.03% of total assets as of September 30, 2013 and compared to $12.7 million, or 2.91% of total assets as of December 31, 2012. The allowance for loan losses was 2.16% of total loans as of December 31, 2013. Net loan recoveries amounted to $2.0 million for the year ended December 31, 2013 as compared to net loan chargeoffs of $3.6 million for the year ended December 31, 2012.

The Company's net interest margin was 2.75% in the fourth quarter of 2013, which is a decrease of 1 basis point from 2.76% in the fourth quarter of 2012. Net interest margin stayed consistent year over year at 2.72%. Noninterest expenses, excluding the costs related to foreclosed real estate, decreased 11.0% for the year 2013 versus 2012. Cost savings of $1.2 million for 2013 have been recognized in salary and benefits, occupancy and equipment, and consultant and legal fees.

Total assets at December 31, 2013 amounted to $426.7 million, a decrease of 2.3% when compared to $436.8 million as of December 31, 2012. Loans totaled $278.5 million at December 31, 2013, an increase of $8.1 million or 3.0% from a year earlier. Deposits decreased 1.8% over the prior year to $366.2 million. The Company's deposit mix has improved by reducing $15.1 million in non-core brokered deposits since December 31, 2012.

The Company's banking subsidiary had a Tier 1 leverage capital ratio and Tier 1 capital to risk-weighted assets ratio of 3.08% and 4.21% respectively, while its total capital to risk-weighted assets ratio was 5.47% as of December 31, 2013.

President and CEO, Stephen R. Talbert, said, "We are proud of the progress we made in 2013 and look forward to continued improvement in 2014. Our staff continues to work hard to make Bank of the Carolinas better each day."

Bank of the Carolinas Corporation is the holding company for Bank of the Carolinas, a North Carolina chartered bank headquartered in Mocksville, NC with offices in Advance, Asheboro, Concord, Harrisburg, Landis, Lexington and Winston-Salem. The common stock of the Company is quoted under the symbol "BCAR" on the OTCQB marketplace operated by OTC Markets Group Inc.

For further information contact:

Stephen R. Talbert
President and Chief Executive Officer
Bank of the Carolinas Corporation
[phone]

[illegal_alias]

That's good for the bank. She has been the unofficial CFO for over a year. I met her at the shareholders meeting last summer. I asked why the bank didn't have one and it was explained that any appointment like this would need the blessing of the regulators per their consent order. In other conversations with bank staff they mentioned that they work closely and well with the regulators. This is a positive development.

[norweger1979]

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 14, 2014, the boards of directors of Bank of the Carolinas Corporation (the “Company”) and its wholly owned subsidiary, Bank of the Carolinas (the “Bank”), elected Megan W. Patton as senior vice president and chief financial officer of the Company and the Bank. Per the bylaws of the Company and the Bank, Ms. Patton will hold these positions until her resignation, retirement, removal, death, or disqualification, or until the election and qualification of her successor. Ms. Patton, age 32, has been employed by the Bank since June 2008 and has served as an internal auditor, controller, and vice president.

[illegal_alias]

BCAR among best performing Triad Banks in 2013 http://www.bizjournals.com/triad/blog/2013/12/triad-banks-among-best-stock.html
Happy New Year All!!

[illegal_alias]

If I recall some of my earlier posts, I was thinking this would be around $0.50 - 0.75 by year's end with 2014 the year in which it starts to take off being a 1 1/2 to 2 1/2 year play. I'm fine.

[SaltyMutt]

The pps is not anywhere close to where I thought it would be but that is OK. I think BCAR is still going to be a "shiner" for all with patience.

[illegal_alias]

PPS big improvement over a year ago!

[SaltyMutt]

I'm still here too.

[illegal_alias]

Still here....

[illegal_alias]

Renegade Holdings BK update:
http://www.journalnow.com/business/article_6f0eb29a-4178-11e3-b6b0-0019bb30f31a.html

[Huggy Bear]

Thanks for the info IA.