RALEIGH, N.C., Sept. 25 /PRNewswire-FirstCall/ -- Capital Bank Corporation
(Nasdaq: CBKN), headquartered in Raleigh, NC and the parent company of Capital
Bank, today announced that it has entered into a definitive purchase agreement
to acquire the four Fayetteville area offices of Omni National Bank in a cash
transaction. Omni National Bank is the banking subsidiary of Omni Financial
Services, Inc., a bank holding company headquartered in Atlanta, GA.
As a result of this transaction, Capital Bank will assume deposits
currently totaling approximately $105 million and will purchase approximately
$50 million in selected loan balances. In addition, Capital Bank will acquire
the real estate assets and fixed capital equipment associated with the four
branches. Upon completion of the transaction, the Fayetteville branches will
operate as full service Capital Bank branch offices.
Commenting on the transaction, B. Grant Yarber, Capital Bank Corporation
President and Chief Executive Officer, stated, "Our neighbors in Fayetteville
have always been in our expansion plans. Fayetteville and the surrounding area
have much to offer as a leading economic center, and now the future is even
brighter with the Base Realignment and Closure Act (BRAC). Fayetteville is
home to Fort Bragg, the largest global Army installation with an estimated 10%
of the Army's active forces. BRAC is expected to increase the population at
Fort Bragg by approximately 30% through 2012, generating countless small
business and other economic opportunities throughout the region. Prior to this
transaction, we have been servicing a number of Fayetteville relationships
from our nearby offices in Sanford, NC. We look forward to providing the
convenience of local branches to our new customers and are committed to
continuing the great traditions of customer and community service after the
transaction is completed."
Stephen M. Klein, Omni's Chairman and Chief Executive Officer, commented,
"Given the current market environment, the divestiture of our North Carolina
community banking operations is necessary as it strengthens our capital
position. The Fayetteville branches have played an important role in the
history of our company, and I would like to thank all the employees for their
hard work and dedication since 2000. I am confident that both our employees
and customers will be treated well by Capital Bank, an organization with which
we have been exceedingly impressed during the negotiations. This is a positive
result for all parties."
Pending regulatory approval, the transaction is expected to close in
December 2008.
Capital Bank was advised by McColl Partners in this transaction while Omni
was advised by Sandler O'Neill + Partners, L.P.
Capital Bank Corporation, headquartered in Raleigh, N.C., with
approximately $1.6 billion in total assets, offers a broad range of financial
services. Capital Bank operates 27 banking offices in Asheville (4),
Burlington (4), Cary, Graham (2), Hickory, Mebane, Morrisville, Oxford,
Pittsboro, Raleigh (5), Sanford (3), Siler City, Wake Forest and Zebulon. The
company's website is www.capitalbank-nc.com .
Information in this press release contains forward-looking statements.
These statements involve risks and uncertainties that could cause actual
results to differ materially, including without limitation, the effects of
future economic conditions, governmental fiscal and monetary policies,
legislative and regulatory changes, the risks of changes in interest rates,
and the effects of competition. Additional factors that could cause actual
results to differ materially are discussed in Capital Bank Corporation's
filings with the Securities and Exchange Commission, including without
limitation its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q
and its Current Reports on Form 8-K. Capital Bank Corporation does not
undertake a duty to update any forward-looking statements in this press
release.
SOURCE Capital Bank Corporation