Capital Bank Financial

In December 2009, NAFH raised $900 million from such sources as private equity firms Crestview Partners, Oak Hill Advisors and Falfurrias Capital Partners. In March 2010 the OCC granted NAFH a national bank charter, and the search began for banks to acquire.

On June 29, 2010, Naples, Florida–based TIB Financial Corp., parent of TIB Bank and Naples Capital Advisors, announced that NAFH had agreed to invest $175 million in the company. Over the next 18 months, NAFH would have the right to invest $175 million more. The deal was completed in third quarter 2010.{{cite news|url=https://www.nbcnews.com/id/wbna39237266

|title=TIB Financial Corp. Announces Federal Reserve Approval of North American Financial Holdings, Inc. Investment

|work=NBC News|agency=Globe Newswire|date=2010-09-17|access-date=2012-05-03}}{{cite news|url=https://www.nbcnews.com/id/wbna39445214

|title=TIB Financial Corp. Announces Closing of $175 Million Investment From North American Financial Holdings, Inc.

|work=NBC News|agency=Globe Newswire|date=2010-10-01|access-date=2012-05-03}}

As of July 16, 2010, NAFH owned MetroBank of Dade County, Florida; Turnberry Bank of Aventura, Florida; and First National Bank of the South in Spartanburg, South Carolina. These four banks, after approval of the TIB deal, give NAFH $3.1 billion in assets, and 10 branches in the Miami, Florida area and 13 in South Carolina, plus 28 more branches in southwest Florida with the completion of the TIB deal.{{cite news|url=https://finance.yahoo.com/news/North-American-Financial-prnews-745206427.html?x=0 |title=North American Financial Holdings, Inc. Acquires Three Failed Banks from the FDIC |work=PRNewswire |date=2010-07-16 |access-date=2010-07-27 }}{{dead link|date=November 2016 |bot=InternetArchiveBot |fix-attempted=yes }} NAFH did not pay for the three banks it already owns, but instead divided loan losses with the Federal Deposit Insurance Corporation.

Hugh McColl, co-founder of Falfurrias and former Bank of America CEO, predicted NAFH would have $20 billion in assets in five to seven years.{{cite news|url=http://www.charlotteobserver.com/2010/07/23/1578009/new-firm-takes-over-3-banks-in.html |title=New firm takes over 3 banks in a weekend |last=Rothacker |first=Rick |work=The Charlotte Observer |date=2010-07-23 |access-date=2010-07-27 }}{{dead link|date=November 2016 |bot=InternetArchiveBot |fix-attempted=yes }}

As of March 31, 2010, MetroBank had $442.3 million in assets with $391.3 million in deposits. Turnberry Bank had $263.9 million in assets with $196.9 million in deposits. First National had $682.0 million in assets and deposits totalling $610.1 million.

File:Capital Bank Plaza.jpg in Raleigh]]

On December 16, 2010, shareholders of Raleigh, North Carolina–based Capital Bank approved selling a majority interest to NAFH, which would buy newly issued stock rather than stock from existing shareholders. Capital Bank began in 1997 as the Triangle's first new bank in eight years, after raising $26 million, the most for a new bank in the state's history.Joel B. Obermayer, "Capital Bank lives up to name," News & Observer June 24, 1997. By 2005, after expansion and buying other banks, Capital had $915 million in assets,Frank Norton, "Bank plans to move downtown," News & Observer, November 2, 2005. and by 2010, assets had reached $1.7 billion.{{cite news|url=http://www.prnewswire.com/news-releases/capital-bank-announces-financial-results-for-first-quarter-of-2010-92172649.html|title=Capital Bank Announces Financial Results for First Quarter of 2010|work=PRNewsire|date=2010-04-27|access-date=2011-02-09}} The Late-2000s recession hurt Capital, and regulators expected the bank to act. At one time, selling new stock was considered. Finally, Capital chose to accept help from NAFH.David Ranii, "Capital Bank merger outlined," News & Observer, November 6, 2010. The deal originally depended on NAFH being able to get a 50% discount on preferred stock and warrants acquired by the U.S. Treasury during the 2008 financial crisis.{{cite news |url=http://blogs.newsobserver.com/business/capital-bank-shareholders-approve-deal |title=Capital Bank shareholders approve deal |last=Ranii |first=David |work=News & Observer |date=2010-12-16 |access-date=2010-12-16 |url-status=dead |archive-url=https://web.archive.org/web/20101219043432/http://blogs.newsobserver.com/business/capital-bank-shareholders-approve-deal |archive-date=2010-12-19 }} However, in a January 18, 2011 interview, Capital CEO Grant Yarber said the federal government would get all its money back.{{cite news |url=http://www.newsobserver.com/2011/01/19/929129/capital-bank-to-repay-bailout.html#storylink=misearch |title=Capital Bank to repay bailout |last=Ranii |first=David |work=News & Observer |date=2011-01-19 |access-date=2011-01-24 |url-status=dead |archive-url=https://web.archive.org/web/20110123144530/http://www.newsobserver.com/2011/01/19/929129/capital-bank-to-repay-bailout.html#storylink=misearch |archive-date=2011-01-23 }}

On January 28, 2011, NAFH completed its $181 million deal for 85 percent of Capital. NAFH CEO Gene Taylor became CEO of Capital, replacing Yarber, whose new title was market president for North Carolina.{{cite news|url=http://www.newsobserver.com/2011/02/01/959599/capital-bank-reports-loss.html#storylink=misearch |title=Capital Bank reports loss |last=Ranii |first=David |work=News & Observer |date=2011-02-01 |access-date=2011-02-05 |url-status=dead |archive-url=https://web.archive.org/web/20121001163328/http://www.newsobserver.com/2011/02/01/959599/capital-bank-reports-loss.html |archive-date=2012-10-01 }}

All NAFH-owned banks continued to operate separately{{Citation needed|date=May 2011}} but the company announced its intention to re-brand the banks as Capital Bank. Capital had 32 branches before the deal, but after adding the four other NAFH banks, the total was 84. Capital kept its Raleigh headquarters. When the deal was closed, North American's banks had more than $5 billion in assets, placing them among the nations top 125 banks.

Late in April 2011, NAFH applied to the Comptroller of the Currency for a merger of all of the banks into NAFH National Bank, a nationally chartered bank which operates as Capital Bank, National Association. The Capital Bank headquarters then relocated from Raleigh's Capital Bank Plaza, where it moved in 2006, to Miami, Florida. Raleigh would still have such operations as technology and loan processing at what CFO Christopher Marshall described as the "working headquarters". The headquarters change put Capital in the Federal Reserve Bank's Atlanta, Georgia territory, though this made the merger easier because as a Florida-based company, NAFH was already under Atlanta's jurisdiction. A Raleigh headquarters would have put the bank under Richmond, Virginia, which would have required the same changes as a move.{{cite news

|url=http://www.newsobserver.com/2011/04/30/1164975/capital-bank-merger-okd.html

|title=Capital Bank merger approved by regulators

|last=Ranii

|first=David

|work=News & Observer

|date=2011-04-30

|access-date=2011-05-21

|url-status=dead

|archive-url=https://web.archive.org/web/20110505025648/http://www.newsobserver.com/2011/04/30/1164975/capital-bank-merger-okd.html

|archive-date=2011-05-05

}}{{cite news

|url = http://www.bizjournals.com/triangle/print-edition/2011/04/29/capital-bank-headquarters-going-to-miami.html

|title = Capital Bank headquarters going to Miami

|author = Lee Weisbecker

|work = Triangle Business Journal

|date = 29 April 2011

|access-date = 28 April 2012

}}

On May 5, 2011, NAFH announced a $217 million deal for 90 percent of Greeneville, Tennessee–based Green Bankshares Inc., with 65 GreenBank branches and $2.5 billion in assets. GreenBank CEO Steve Rownd would be Tennessee market president.{{cite news|url=http://www.newsobserver.com/2011/05/06/1178677/nc-based-north-american-plans.html |title=N.C.-based North American plans to add a Tennessee bank |last=Rothacker |first=Rick |work=The Charlotte Observer |date=2011-05-06 |access-date=2011-05-06 |url-status=dead |archive-url=https://web.archive.org/web/20121002131539/http://www.newsobserver.com/2011/05/06/1178677/nc-based-north-american-plans.html |archive-date=2012-10-02 }} With the completion of this transaction in the third quarter, NAFH had $7.1 billion in assets (putting the company in the nation's top 100 banks), $5.4 billion in deposits, and 146 branches in five states.{{cite news

|url = http://www.bizjournals.com/southflorida/news/2011/09/08/north-american-financial-buys-green-bank.html

|title = North American Financial gets control of Green Bank

|author = Brian Bandell

|work = South Florida Business Journal

|date = 8 September 2011

|access-date = 28 April 2012

}} NAFH also bought the remainder of TIB and Capital.

In June 2011, NAFH filed with the SEC to raise up to $300 million in an initial public offering. Because the market was not doing well, NAFH postponed the IPO until 2012, after the holding company had changed its name to Capital Bank Financial Corp.{{cite news

|url = http://www.bizjournals.com/charlotte/blog/bank_notes/2012/04/capital-bank-files-new-ipo-documents.html

|title = Capital Bank files new IPO documents, will issue shares

|author = Adam O'Daniel

|work = Charlotte Business Journal

|date = 26 April 2012

|access-date = 28 April 2012

}}

In a news release dated March 27, 2012, Capital Bank Financial Corp. said it agreed to buy Southern Community Financial Corp. of Winston-Salem, North Carolina, whose Southern Community Bank and Trust had $1.5 billion in assets and 22 branches, for $2.88 a share. Southern Community, started in 1996, was Winston-Salem's third-largest bank by deposits. The completion of the deal was expected to give Capital Bank Financial $8.1 billion in assets and 165 branches.{{cite news

|url=http://www.charlotteobserver.com/2012/03/27/3132028/capital-bank-buys-winston-salems.html

|archive-url=https://archive.today/20130118230027/http://www.charlotteobserver.com/2012/03/27/3132028/capital-bank-buys-winston-salems.html

|url-status=dead

|archive-date=18 January 2013

|title=Capital Bank buys Winston-Salem's Southern Community Bank and Trust

|author=Kirsten Valle Pittman

|work=The Charlotte Observer

|date=27 March 2012

|access-date=28 April 2012

}}

On October 26, 2016, Capital Bank completed its acquisition of CommunityOne Bank, with $2.4 billion in assets and 45 branches and based in Charlotte, North Carolina,{{cite news

|url=http://www.bizjournals.com/charlotte/news/2016/10/26/capital-bank-closes-acquisition-of-communityone.html

|title=Capital Bank closes acquisition of CommunityOne

|author = Hilary Burns

|work=Charlotte Business Journal

|date=26 October 2016

|access-date=3 November 2016

}} in a deal worth $350 million.{{cite news

|url = http://www.charlotteobserver.com/news/business/banking/article46001390.html

|title = Charlotte's CommunityOne Bancorp to be acquired by Florida bank

|author = Deon Roberts

|work = The Charlotte Observer

|date = 23 November 2015

|access-date = 3 November 2016

}}

On December 1, 2017, Memphis, Tennessee–based First Horizon National Corporation completed its $2.2 billion purchase of Capital Bank. The Capital Bank name continued to be used outside Tennessee until October 2019.{{cite news

|url = http://www.journalnow.com/business/business_news/local/the-briefcase-mattress-warehouse-coming-to-clemmons-center/article_e3ed897f-8521-5082-831b-f125e895bd39.html

|title = The Briefcase: Mattress Warehouse coming to Clemmons center

|author = Richard Craver

|work = Winston-Salem Journal

|date = 5 December 2017

|access-date = 2 January 2017

}} Former Capital Bank chief Executive Gene Taylor was added to the First Horizon board of directors as vice chair in addition to receiving over $7 million in change-of-control compensation, while Capital Bank CFO Chris Marshall and Capital Bank CRO R. Bruce Singletary received $4.89 million and $3.34 million respectively. Posner received $2.81 million.{{cite news |last1=Craver |first1=Richard |title=Capital Bank shareholders approve $2.2 billion offer from First Horizon |url=https://www.journalnow.com/business/capital-bank-shareholders-approve-billion-offer-from-first-horizon/article_7fa01ff9-214f-5c32-9d66-c5566bb0f867.html |access-date=2 May 2019 |work=Winston-Salem Journal |date=September 12, 2017 |language=en}}

Capital Bank announced in October 2018 that it would lease two floors of the ten-story One Glenwood in Raleigh. The lease included a sign on the building.{{cite news

|url = https://www.bizjournals.com/triangle/news/2018/10/22/capital-bank-picks-10-story-downtown-raleigh-tower.html

|title = Capital Bank picks 10-story downtown Raleigh tower for HQ

|author = Lauren K. Ohnesorge

|work = Triangle Business Journal

|date = 22 October 2018

|access-date = 24 October 2018

}}

On October 25, 2019, Capital Bank and First Tennessee Bank were unified and rebranded as First Horizon Bank.{{cite news |url= https://www.timesfreepress.com/news/business/aroundregion/story/2019/oct/24/new-horizchattanoogas-biggest-bankfirst-tenne/506586/ |title= Chattanooga's biggest bank takes on brand new name Friday: First Tennessee Bank officially becoming First Horizon Bank |last= Flessner |first= Dave |work= Chattanooga Times Free Press |date= October 24, 2019 |access-date= October 26, 2019}}{{cite news |url= http://clevelandbanner.com/stories/first-tennessee-becomes-first-horizon-today,104564#targetText=Beginning%20today%2C%20First%20Tennessee%20will,company%20First%20Horizon%20National%20Corp. |title= First Tennessee becomes First Horizon today |work= Cleveland Daily Banner |date= October 25, 2019 |access-date= October 26, 2019}}

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• [https://www.capitalbank-us.com/ Company website]

Category:American companies established in 2009

Category:Banks established in 2009

Category:Defunct banks of the United States