Deal Summary
Capital Bank Corporation (Nasdaq: CBKN) (the "Company"), the parent company of Capital Bank, has completed a recapitalization with North American Financial Holdings, Inc. ("NAFH") which invested approximately $181 million in the Company through the purchase of the Company's common stock. The transaction results in NAFH owning approximately 85% of the Company's common stock, and allows Capital Bank to continue to serve its customers' complete banking needs while supporting NAFH's planned expansion throughout the Southeast.
NAFH received all regulatory and shareholder approval necessary to acquire shares of the Company’s common stock at a price of $2.55 per share. In addition, NAFH provided existing shareholders with contingent value rights (“CVRs”) that entitle such shareholders to receive up to $0.75 in cash per CVR at the end of a five-year period based on the credit performance of Capital Bank’s existing loan portfolio.
About Capital Bank Corporation
Capital Bank Corporation, headquartered in Raleigh, N.C., with approximately $1.6 billion in total assets, offers a broad range of financial services. The Company operates 33 banking offices in Asheville (4), Burlington (3), Cary (2), Clayton, Fayetteville (4), Graham, Hickory, Holly Springs, Hope Mills, Mebane, Morrisville, Oxford, Pittsboro, Raleigh (5), Sanford (3), Siler City, Wake Forest and Zebulon.
About North American Financial Holdings, Inc.
North American Financial Holdings, Inc. is a national bank holding company that was incorporated in the state of Delaware in 2009. NAFH has raised approximately $900 million of equity capital, which it intends to invest in undercapitalized banks with the goal of establishing a strongly capitalized, high-performance regional bank. NAFH has previously invested in TIB Financial Corp., MetroBank of Dade Country, Turnberry Bank and First National Bank of the South.
About McColl Partners, LLC
McColl Partners is an independent investment banking firm specializing in the needs of management and owners of middle-market companies. With significant experience working with entrepreneurs, family-owned businesses, private equity groups, public companies, financial institutions, and divisions of large companies, the firm is dedicated to offering strategic advice and assistance to its clients regarding mergers and acquisitions and private capital raising assignments.
For more information about this transaction or our Financial Institutions Group, please contact Charlie Welch or Phil Colaco at 704-333-0525. More information about McColl Partners can be found at www.mccollpartners.com.