CommunityOne Bancorp (COB) in Asheboro, N.C., reported its second consecutive quarterly profit.

The $2 billion-asset company earned $2.3 million, or 11 cents a share, in the fourth quarter, compared to a loss of $6.3 million a year earlier. In the third quarter, CommunityOne had its first profitable quarter since 2008. Its recovery was driven by a $310 million recapitalization led by private-equity investors and its purchase of Bank of Granite in Granite Falls, N.C.

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