Charlotte-based Capital Bank Financial said Wednesday that it has closed its acquisition of another Charlotte-based bank, CommunityOne Bancorp.
The $350 million cash-and-stock deal announced in November boosts the size of Capital Bank, already the second-bigggest bank headquartered in Charlotte behind the much bigger Bank of America. The combined institution now has around $10 billion in assets.
The deal, which received regulatory approvals earlier this month, puts together two banks led by executives with deep ties to Charlotte’s financial giants. Capital is led by CEO Gene Taylor and chief financial officer Chris Marshall, both former Bank of America executives, while CommunityOne has been run by alumni of both Wachovia and Bank of America.
CommunityOne CEO Bob Reid, a Wachovia veteran, and top executives Angus McBryde, Dave Nielsen, Neil Machovec and Greg Murphy are leaving with the merger. Reid, however, is joining the Capital Bank board.
The deal expands Capital Bank’s Charlotte presence to about 16 area branches. Marshall told the Observer this month said it’s possible there could be job cuts in Charlotte as part of the acquisition, but that the bank expects to grow in the city over time.