CommunityOne Bancorp in Charlotte, N.C., is registering shares to make it easier for investors to sell stock over time.
The $2 billion-asset company recently registered more than 12 million shares that had previously been unregistered, including roughly 11.5 million shares held by Carlyle Group and Oak Hill Partners. The shares are tied to previous private placements.
While the filing allows Carlyle and Oak Hill to sell their shares on the open market, it does not necessarily mean that any sales are to be expected. Each firm owns about 23.8% of the company's stock.
CommunityOne also registered about 900,000 shares for other investors, including current and past directors and officers. The prospectus does not require those investors including Chief Executive Bob Reid and his predecessor, Brian Simpson to sell their shares.
Carlyle and Oak Hill were the lead investors in CommunityOne's October 2011 recapitalization.