Banking

CommunityOne 2Q earnings rise more than 50 percent

Charlotte-based CommunityOne Bancorp reported a more than 50 percent rise in earnings for the second quarter compared with last year, boosted by more revenue from loans and fees.

The company recorded a profit of $3.9 million, or 16 cents per share. This is up from $2.5 million in profit for the same quarter last year, when earnings per share were 10 cents. The company also reported fewer bad loans in the quarter.

Interest income grew 9 percent and non-interest income grew 24 percent, the company noted, with non-performing loans down to 1 percent of total loans.

CommunityOne Bancorp, which is the parent company for CommunityOne Bank, based in Asheboro, is set to be purchased by Charlotte-based Capital Bank Financial in a $350 million deal.

The merger was originally projected to close in March this year but has faced delays due to a change in regulators, according to executives.

“We look forward to completing the merger with Capital Bank Financial once regulatory approval is received,” President and CEO Bob Reid said.

The merger would create a bank with $10 billion in assets, the second-biggest in Charlotte behind the larger Bank of America.

Capital reported last week that its profits for the second quarter rose nearly 34 percent to $17.4 million with earnings of 40 cents per share.

Capital Bank was started by former Bank of America executives in 2009 and has over 150 branches spread across the Carolinas, Virginia, Florida and Tennessee.

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