Capital Bank in Florida Approves $50M Repurchase Program

Capital Bank Financial (CBF) in Coral Gables, Fla. could repurchase up to $50 million of its common stock.

The $7.3 billion-asset company said late Tuesday that its board had authorized the repurchases, which could take place through open-market or through private transactions.

Last month, Capital reported quarterly earnings that topped Wall Street's expectations despite charges tied to the integration of Southern Community, a North Carolina bank that the company bought in November. Capital Bank was well capitalized at Dec. 31, with a Tier 1 leverage ratio of 11.67% and a total risk-based capital ratio of 18.28%, according to the Federal Deposit Insurance Corporation.

Capital raised about $179 million through an initial public offering in September, selling shares for $18 each. It had hoped to sell those shares for $21 to $23 each.