CommunityOne Bancorp in Charlotte, N.C., has scheduled its annual meeting as it waits for regulators to sign off on its sale to Capital Bank Financial in Coral Gables, Fla.
The $7.6 billion-asset Capital Bank agreed in November to buy the $2.3 billion-asset CommunityOne for $350 million. Since the transaction was expected to close in the first quarter of this year, CommunityOne did not hold its regular annual meeting in May, Beth DeSimone, CommunityOne's general counsel, said.
Nasdaq rules require public companies to meet annually. So CommunityOne is planning to convene a meeting on Dec. 15. The meeting will be cancelled if the deal closes before that date, DeSimone said.
Astoria Financial in Lake Success, N.Y., recently said it would hold an annual meeting in December because regulatory delays have held up its pending sale to New York Community Bancorp in Westbury. The deal, announced last October, is expected to close in the fourth quarter.