Nov. 23, 2015, 9:03 AM
- Capital Bank (NASDAQ:CBF) is buying CommunityOne Bancorp (NASDAQ: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.
Capital Bank Financial Corp. operates as a bank holding company for Capital Bank. Its objective is to create a regional banking franchise in the southeastern region of the U. S. through organic growth and acquisitions of other banks, including failed, underperforming and undercapitalized banks.... More
Industry: Regional - Southeast Banks
Country: United States
Other News & PR