Pinnacle Financial Partners Inc. announced Sunday that it will acquire BNC Bancorp, the holding company and parent of Bank of North Carolina, for $1.9 billion, to expand its business in North Carolina and South Carolina.

The merger will combine the banks located in four states with locations in Charlotte, Raleigh, Greensboro, Winston-Salem, Greenville-Spartanburg and Charleston in addition to Pinnacle’s Tennessee locations.

The new company is expected to have $20 billion in assets, $14 billion in loans and $15 billion in deposits resulting in a top 50 public U.S. banking franchise.

BNC’s President and CEO Rickard Callicutt will be named chairman of the Carolinas and Virginia and will be added to the board with three BNC directors.

“BNC represents the single-best platform to expand our presence in urban, high-growth metropolitan markets,” Pinnacle PCEO M. Terry Turner said in a statement. “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.”

BNC shareholders will receive 0.5235 shares of Pinnacle common stock per one BNC share.

The merger was unanimously approved by both company’s board of directors and should complete in the third quarter of 2017.

Pinnacle stock closed Friday at $63.30, up 1.12 percent from the previous day’s close. BNC stock closed Friday at $33.20, up 2.31 percent from Thursday.