- Capital Bank (NASDAQ:CBF) is buying CommunityOne Bancorp (COB) for about $350M, with COB owners to receive $14.25 per share in cash or 0.43 of a share of Capital Bank Class A common stock. COB closed on Friday at $13.84.
- The price works out to 1.3x tangible book value, and Capital Bank estimates single-digit EPS accretion next year (excluding merger charges), double-digit in 2017, and an estimated book value earn-back period of about 2.3 years.
- A conference call is set for 10 ET.
- Source: Press Release