I'm in Raleigh NC (zone 7b) and I have one that seems immune to harsh winter weather. I do nothing to protect and it is out in the open. It's been in the ground for probably 4 years now.

transplanted,
I'm not in North Carolina at all. I'm in Aiken, zone 8.
We suffer winter die back of mabey some of the leaves, but
that is it.
I'm down by Augusta, and it does get cold here.
I bought 2 banana shrubs last fall, and they are ok as of today.
But Feb. isn't here yet.
The nursery where I bought one of them, Nursery Carolina in North Augusta said some branches died when we had our ice storm last year. They grow them there, and have big shrubs.
I would try it, just plant in a sheltered spot so they don't get the cold wind in the winter.

I've been growing Michelia (figo var.) skinneriana for about 15 years here in Durham (zone 7a). It's supposed to be a little bit hardier than M. figo. Mine is planted up against the east side of the house and has become much larger than anticipated, 12-15' in height. I get some leaf burn in single digit temps, otherwise it's been a very tough shrub. No damage at all with the 11 degrees we had earlier this winter. Last summer it got cut back severely due to house maintenance and I was a little worried how it would respond, but it's bounced back beautifully.The fragrance is outstanding and it sometimes opens a few blooms in the fall as well.Mine also came from Nurseries Caroliniana in Augusta.

According to the Nurseries Caroliniana website, the plant I got from them is probably a hardier clone of M. figo and not true skinneriana.

Thanks to all the responses. I read that the Skinneriana variety is hardier than just M figo. John, do you know if your plant is any specific variety?
Also, the leaves on the one I just bought lean more towards yellow-green than dark green. Is this their normal color or does this plant need a serious shot of nitrogen this Spring?

I dug around in mine and found the tag but it only says M. figo (Banana Shrub).