Capital Bank Financial Corp. Announces Completion of Acquisition of Southern Community Financial Corporation
October 01 2012 - 4:29PM
Capital Bank Financial Corp. (Nasdaq:CBF) ("Capital Bank
Financial"), formerly known as North American Financial Holdings,
Inc., a North Carolina-based national bank holding company, today
announced the completion of its acquisition of Southern Community
Financial Corporation (Nasdaq:SCMF) ("Southern Community"), through
the merger of Southern Community with a subsidiary of Capital Bank
Financial.
"We are pleased with the successful consummation of the
transaction with Southern Community, and look forward to welcoming
Southern Community's customers to the Capital Bank family," said R.
Eugene Taylor, Chief Executive Officer of Capital Bank.
Capital Bank Financial anticipates a near term combination of
Southern Community Bank and Trust, Southern Community's primary
banking subsidiary, with Capital Bank, N.A., Capital Bank
Financial's primary banking subsidiary.
In connection with the closing of the acquisition, Capital Bank
Financial has acquired all of the securities issued by Southern
Community to the U.S. Department of the Treasury, for an aggregate
purchase price of $46.9 million in cash.
About Capital Bank Financial Corp.
Capital Bank Financial is a national bank holding company that
was incorporated in the State of Delaware in 2009. Capital
Bank Financial has raised approximately $1 billion of equity
capital with the goal of creating a regional banking franchise in
the southeastern region of the United States. Capital Bank
Financial has previously invested in First National Bank of the
South, MetroBank of Dade Country, Turnberry Bank, TIB Financial
Corp., Capital Bank Corporation and Green Bankshares,
Inc. Capital Bank Financial is the parent of Capital Bank,
National Association, a national banking association with
approximately $7.8 billion in total assets and 165 full-service
banking offices throughout southern Florida and the Florida Keys,
North Carolina, South Carolina, Tennessee and
Virginia. Capital Bank Financial is also the parent company of
Naples Capital Advisors, Inc., a registered investment advisor.
CONTACT: Christopher G. Marshall at (704) 554-5901
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