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CommunityOne Bancorp in Charlotte, N.C., has combined the roles of president and chief executive in an effort to trim operating expenses.
September 12 -
CommunityOne Bancorp (COB) in Asheboro, N.C., plans to sell stock it issued the Treasury Department as part of the Troubled Asset Relief Program.
May 19 -
CommunityOne Bancorp (COB) in Asheboro, N.C., reported its second consecutive quarterly profit.
February 7
CommunityOne Bancorp in Asheboro, N.C., raised $25 million through a private placement.
The $2 billion-asset company said in a press release Tuesday that it sold common stock to accredited investors for $10.56 a share.
Oak Hill Capital Partners disclosed in a regulatory filing that its funds bought about 842,000 of those shares, paying nearly $9 million. Carlyle Group, in a separate filing, said its funds bought a similar number of shares, paying about the same amount. Those firms were the lead investors in CommunityOne's October 2011 recapitalization.
The private placement's other investors were not disclosed, though Kevin Fitzsimmons, an analyst at Hovde Group, wrote in a note to clients that the capital raise involved existing shareholders from the 2011 recapitalization.
CommunityOne said the capital will allow it to increase its banking activities, including further expansion in the North Carolina cities of Raleigh and Winston-Salem.
"The proceeds from the offering should allow us to continue to invest in our lending platforms in order to support continued robust loan growth into the new year," Bob Reid, the company's president and chief executive, said in the release.
