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July 1, 2014
08:39 EDTFNFG, COBCommunityOne Bancorp chair resigns to join First Niagara board
CommunityOne Bancorp (COB) announced that the Chair and lead independent director of its board, Austin A. Adams, has resigned. He has been appointed a director at First Niagara Financial Group (FNFG), and its subsidiary bank, First Niagara Bank, N.A., and banking law prevents Austin from serving on two bank boards at the same time. The board has unanimously elected J. Chandler Martin as chair of the board and lead independent director in place of Adams. Martin is the former Treasurer of Bank of America, N.A., Charlotte, North Carolina, where he was responsible for funding, liquidity and interest rate risk management. Martin has been on the board of CommunityOne since it was recapitalized in October 2011.
News For COB;FNFG From The Last 14 Days
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November 23, 2015
09:08 EDTCOBCapital Bank to hold a conference call
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08:10 EDTCOBCapital Bank, CommunityOne Bancorp announce definitive merger agreement
Capital Bank Financial (CBF) and CommunityOne Bancorp (COB) jointly announced the execution of a definitive merger agreement, pursuant to which Capital Bank will acquire CommunityOne. The combination will strengthen Capital Bank's franchise in North Carolina, particularly in Charlotte, as well as in Greensboro/Winston Salem and the Catawba/Caldwell county area. Under the terms of the agreement, Capital Bank will acquire CommunityOne by merger, with Capital Bank being the surviving corporation. In the merger, CommunityOne shareholders shall have the right to receive, at the election of each holder and subject to proration, $14.25 per share in cash or 0.43 of a share of Capital Bank Class A common stock, with the total consideration to consist of 85% stock and 15% cash. Based on Capital Bank's closing price of $33.59 as of Friday, November 20, the merger consideration is valued at approximately $350M. Capital Bank intends to appoint Bob Reid and Scott B. Kauffman who are current CommunityOne board members to the Capital Bank board of directors upon the completion of the transaction. The transaction price is a multiple of 1.3x CommunityOne's tangible book value as of September 30. Capital Bank estimates single-digit EPS accretion in 2016 excluding merger charges and double digit accretion in 2017 and thereafter, which implies an estimated earn-back period of approximately 2.3 years. The transaction has been unanimously approved by the Board of Directors of each company and is subject to Capital Bank and CommunityOne shareholder and regulatory approvals and other customary closing conditions and is expected to close in Q1.

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