Reuters: Regulatory News: UPDATE 1-Capital Bank raises bid for Southern Community

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UPDATE 1-Capital Bank raises bid for Southern Community Jun 26th 2012, 13:18 Tue Jun 26, 2012 9:18am EDT * Capital Bank raises offer for Southern Community to $3.11/share * Previous bid was $2.875/share in cash and stock * Capital Bank to now pay for deal wholly in cash * Southern Community shares rise 11 pct in premarket trade June 26 (Reuters) - Capital Bank Financial Corp, a U.S. bank holding company that last year filed plans for a public stock offering, has raised its offer to buy Southern Community Financial Corp by 8 percent and now plans to pay for the deal wholly in cash. The new deal at $3.11 per share values Southern Community's equity at about $52 million, according to Thomson Reuters data. Capital Bank, formerly known as North American Financial Holdings Inc, had earlier offered $2.875 per share to Southern Community shareholders, who had the option to receive their payment in cash or stock. Capital Bank, founded by former Bank of America Corp executives Gene Taylor and Chris Marshall, has been buying troubled banks and last June filed plans to raise as much as $300 million in an IPO. Shares of Winston-Salem, North Carolina-based Southern Community were up 11 percent in trading before the bell on Tuesday. They had closed at $2.67 on Monday on the Nasdaq. Link this Share this Digg this Email Reprints

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