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CBF expands operations with Southern Community Financial Corp

CBF is acquiring Southern Community Financial Corp

08 May 2012

Capital Bank Financial Corp's (CBF) intended acquisition of Southern Community Financial Corp should boost the organisation's franchise over the US state of North Carolina.

This is according to chairman and chief executive officer of the firm Gene Taylor, who said the firm sees "significant growth opportunities" in this area.

However, contract negotiations could still be needed, as the representative noted regulatory and shareholder approvals are "still pending".

Currently, integration planning is being carried out, he continued.

Mr Taylor said he has been impressed with the professionalism displayed by Southern Community's personnel, as well as their "commitment to their customers and their communities".

During the first quarter of 2012, CBF's majority-owned subsidiary Capital Bank Corporation revealed the net income received by common shareholders over this period hit $2.7 million (£1.67 million) or $0.03 per share.

Southern Community Financial Corp was established in 1996 and since that time has expanded its operations so it now has 300 people in its workforce.

Posted by Ron Maverick

Source: CBF press release, May 7th

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