Capital Bank Corp. in Raleigh, N.C., had a loss of $9.7 million in the third quarter.

The dismal results came after the $1.6 billion-asset company said it would sell a majority of its common stock to private-equity-backed North American Financial Holdings Inc. The results were reported Friday.

Capital Bank lost $14.2 million in the second quarter but earned $3 million a year earlier. The huge swing from last year's quarter was largely because of a $3.2 million increase in the loan-loss provision.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.