UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) June 120, 2007

BNCCORP, Inc.

(Exact name of registrant as specified in its charter)

Delaware 0-26290 45-0402816

(State of incorporation) (Commission File Number) (IRS Employer Identification No.)

322 East Main, Bismarck, North Dakota 58501

(Address of principal executive offices) (Zip Code)

(701) 250-3040

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 28.01. ~~Completion~~Other ~~of Acquisition or Disposition of Assets.~~Events

~~On June 1~~BNCCORP, ~~2007, BNC Insurance Services,~~ Inc. (“BNC ~~Insurance~~”), anhas ~~insurance services~~previously ~~provider~~announced ~~and~~it ~~indirect wholly-owned subsidiary of BNCCORP, Inc. (the “Company”),~~ completed the sale of substantially all of ~~its~~the assets toof ~~Hub International~~its ~~of California~~insurance ~~Insurance~~brokerage ~~Services, Inc~~subsidiary. ~~(“Hub”)~~BNC ~~pursuant~~anticipates torecording ~~the~~a ~~previously~~pre-tax ~~announced Asset~~gain ~~Purchase and Sale Agreement, dated March 14, 2007, among the Company,~~on ~~BNC Insurance and Hub (~~the ~~“Purchase Agreement”). The purchase price for~~ ~~the~~sale ~~BNC~~of ~~Insurance~~approximately ~~assets was~~ $~~37.25~~6 million, ~~and~~depending ison ~~subject to a customary post-closing adjustment to~~ the ~~extent~~final ~~that~~determination ~~net working capital~~ of ~~BNC Insurance~~costs asincurred ofin ~~the~~connection ~~closing~~with ~~date~~the ~~is determined to be greater or less than $1~~sale.~~00.~~

~~Item~~Since 7completing the asset sale, which allowed the Company to take steps to accelerate its ongoing efforts to improve its net interest income, BNC has moved to reposition its balance sheet.~~01. Regulation~~ The pre-tax charges associated with the FDtransactions ~~Disclosure~~undertaken to date was approximately $3.6 million. Details on the balance sheet repositioning are summarized as follows:

~~On June~~· ~~1, 2007,~~Sold ~~the~~$60 ~~Company~~million ~~issued the press release attached hereto as Exhibit 99.1, announcing the closing~~ of ~~the~~lower ~~transactions~~yielding ~~contemplated~~securities bywith ~~the~~a ~~Purchase Agreement. The~~weighted ~~press~~average ~~release~~book isyield ~~included as Exhibit 99.1 to this Current Report on Form 8-K, incorporated by reference herein, and the description~~ of ~~the~~approximately ~~press release is qualified in its entirety by reference to such Exhibit~~4.10%.

~~The information~~· inUsed ~~this~~proceeds ~~Current~~from ~~Report on Form 8-K under Item 7.01 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of~~ the ~~Securities~~ ~~Exchange~~securities ~~Act~~sales ofand ~~1934~~other ~~(the~~available ~~“Exchange~~funds ~~Act”),~~to orprepay ~~otherwise~~$62.2 ~~subject~~million ~~to the liabilities~~ of ~~that~~Federal ~~section,~~Home ~~nor~~Loan ~~shall~~Bank itborrowings bewith ~~deemed~~a ~~incorporated~~weighted ~~by reference~~average incost ~~any filing under the Securities Act~~ of ~~1933~~approximately ~~or the Exchange Act, except as expressly set for by specific reference in such filing~~6.10%.

~~Item 9~~· Purchased $17.018 million of loans; the purchase of loans was permissible due to the increased lending limits resulting from the sale. ~~Financial Statements~~ ~~and~~There ~~Exhibits~~are approximately $12 million of other loans that are anticipated to be purchased in the foreseeable future.

~~(d) Exhibits~~Together, these transactions are expected to improve BNC’s net interest income and reduce interest rate risk. It is anticipated these transactions will mitigate the loss of income previously generated by the insurance brokerage subsidiary.

99.1 Press release issued by BNCCORP, Inc., dated June 1, 2007.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BNCCORP, INC.
Date: June 4, 2007	By:	/s/ Gregory K. Cleveland
Date: June 20, 2007	By:	/s/ Gregory K. Cleveland
		Gregory K. Cleveland
		President

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