Southern Community shareholders green-light Capital Bank Financial merge
A merger between Southern Community and Capital Bank Financial is agreed.
Shareholders of Southern Community have given the green light to a merger with Capital Bank Financial.
More than 85 per cent of those who took part in the vote were in favour of the merger with the company, which will go ahead at $3.11 (£1.91) per common share.
Shareholders voted 11,933,544 shares for a quorum of 70.8 per cent of the total shares outstanding, it was announced in a statement from Southern Community.
Southern Community Bank, which was established in 1996, operates 22 branches with assets of approximately $1.5 billion, while the merger between the two organisations gives Capital Bank its first entry into the Triad area.
The confirmation of the merger could be announced by the two firms on October 1st, once all the necessary paperwork has been completed by merger and acquisition consultants.
Southern Community Financial Corporation's headquarters are in Winston-Salem in North Carolina and the enterprise is the holding company of Southern Community Bank and Trust.
Posted by David Gleck
Source: Southern Community press release, September 20th