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CommunityOne Bancorp (COB) in Asheboro, N.C., reported its first quarterly profit since 2008.
October 31 -
CommunityOne Bancorp in Charlotte, N.C., has been freed from the threat of prosecution for allegedly ignoring a $40 million Ponzi scheme run by a customer.
September 30 -
Shareholders will vote on a proposal to rename it CommunityOne Bancorp at their annual meeting on June 20, FNB United said Wednesday. Its board has already approved the change.
April 3 -
FNB United in Asheboro, N.C., has finished raising the $310 million of capital it needs to move forward with its plan to acquire another North Carolina bank.
August 2 -
CommunityOne in Asheboro, N.C., went from the brink of failure to a model of recovery in a few years. But it took new management, private-equity money, an acquisition and an accounting ace in the hole to get it done.
August 15
CommunityOne Bancorp (COB) in Asheboro, N.C., reported its second consecutive quarterly profit.
The $2 billion-asset company earned $2.3 million, or 11 cents a share, in the fourth quarter, compared to a loss of $6.3 million a year earlier. In the third quarter, CommunityOne
CommunityOne's net interest income rose 11%, to $16.4 million, largely because of lower interest expenses. Loans held for investment grew at an annualized rate of 6% because of more loan demand, better credit quality and a residential mortgage loan pool purchase of $23 million. CommunityOne's net interest margin expanded 56 basis points from a year earlier, to 3.52%.
The company's noninterest income fell 41%, to $7 million, largely because of lower mortgage revenue.
CommunityOne's noninterest expense fell 32%, to $17.6 million. The company benefited from lower professional fees and costs from other real estate owned. It was also buoyed by the absence of merger-related expense in the fourth quarter, compared to $884,000 in merger costs a year earlier.
Better credit quality allowed CommunityOne to cut its loan-loss provision by 44%, to $1.8 million.
