CORAL GABLES, Fla., Oct. 1, 2012 (GLOBE NEWSWIRE) -- 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
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV