Shareholders of Capital Bank Corp. have approved the sale of a majority stake in the Raleigh, N.C., company to North American Financial Holdings Inc.
At a special meeting Thursday, nearly 94% of the 6.9 million shares voted were cast in support of the $181 million deal with NAFH, a private investment group with offices in Miami Lakes, Fla., and Charlotte, N.C.
Shareholders also authorized Capital Bank to issue an additional 250 million shares, up from 50 million shares, in common stock as part of the deal that was announced Nov. 3.
The purchase of the $1.6 billion-asset company also requires approval from regulatory agencies and the Treasury Department. NAFH has said it is planning to repurchase Capital Bank preferred shares from the Treasury's Troubled Asset Relief Program.