Reuters: Deals: Capital Bank Financial to buy Southern Community

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Capital Bank Financial to buy Southern Community Mar 27th 2012, 14:32 Tue Mar 27, 2012 10:32am EDT (Reuters) - Capital Bank Financial Corp, a U.S. bank holding company that last year filed plans for a public stock offering, has agreed to buy Southern Community Financial Corp (SCMF.O) in what would be its seventh acquisition since 2010. Capital, formerly known as North American Financial Holdings Inc, said it agreed to buy the Winston-Salem, North Carolina-based bank for $2.875 per share. Southern Community's shares, which closed Monday at $1.96, climbed 40 percent in morning trading to $2.75. The acquisition of Southern Community's 22 branches and $1.5 billion in assets would give Capital $8.1 billion in assets and 165 branches in North Carolina, South Carolina, Tennessee, Virginia, and Florida. Capital said the transaction is expected to close in the second quarter of 2012, subject to regulatory approvals and the registration of its common stock. Capital Bank Financial, founded by former Bank of America Corp (BAC.N) executives Gene Taylor and Chris Marshall, raised $900 million in 2009 to buy troubled banks. In June, the company filed plans to raise as much as $300 million in an initial public offering of stock. A spokesman for Capital declined to comment on the company's IPO plans.

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