Capital Bank Corporation Announces the Sale of Three Branch Offices RALEIGH, N.C., Feb. 17 /PRNewswire-FirstCall/ -- Capital Bank Corporation (Nasdaq: CBKN), the parent company of Capital Bank, announced today that it has agreed to sell three of Capital Bank's branch offices. The Capital Bank branch located in Warrenton is being acquired by First-Citizens Bank & Trust Company and the branches in Woodland and Seaboard are being acquired by Southern Bank and Trust Company. Capital Bank will sell the related assets and liabilities of the three offices, including loans, deposits and facilities.
Associates working at these locations are expected to be transferred to the acquiring institutions.
"The sale of these branches will allow Capital Bank to better align its branch network with the strategic direction of the Bank. Our branching strategy focuses on expanding into higher-growth markets within and contiguous to our current footprint," stated Grant Yarber, President and Chief Operating Officer for Capital Bank. "This is a strategic decision that will allow us to redeploy our capital and increase the efficiency of the Bank. Our intent is to make the transition as smooth as possible for the customers and employees of these offices," said Bill Burkhardt, Chief Executive Officer.
The transaction is expected to be completed during 2004 and is subject to regulatory approval.
Capital Bank Corporation, headquartered in Raleigh, N.C., with more than $857 million in total assets, offers a broad range of financial services.
Capital Bank operates 18 banking offices in Raleigh (4), Sanford (3), Burlington (3), Asheville (2), Cary (2), Oxford, Hickory, Siler City, and Graham and a mortgage lending office in Greensboro. The company's website is www.capitalbank-nc.com .
Information in this press release contains forward-looking statements.
These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation delays in obtaining or failure to receive required regulatory approvals, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Capital Bank Corporation's filings with the Securities and Exchange Commission, including without limitation its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. Capital Bank Corporation does not undertake a duty to update any forward looking statements in this press release.
SOURCE Capital Bank
