WINSTON-SALEM, N.C.,
Sept. 20, 2012 /PRNewswire/
-- At a special meeting of the shareholders of Southern
Community Financial Corporation (NASDAQ: SCMF) (NASDAQ: SCMFO), on
Wednesday, September 19, 2012, the
agreement to merge with Capital Bank Financial Corp. ("Capital
Bank") in an all cash transaction valued at $3.11 per common share was approved.
(Logo: http://photos.prnewswire.com/prnh/20110721/CL38548LOGO
)
Of total votes cast, 85.64% voted in favor to approve the merger
transaction with Capital Bank. Of total shares outstanding of
16,854,775 as of the record date for the Special Meeting,
shareholders voted 11,933,544 shares for a quorum of 70.8% of the
total shares outstanding.
Southern Community Bank, begun in 1996, operates 22 branches
with assets of approximately $1.5
billion. Completion of the transaction will give Capital
Bank its first entry into the Triad area and increase the number of
its branch offices to 165 throughout the Southeast. Capital Bank
has tentatively scheduled the consummation of the merger effective
October 1, 2012.
About Southern Community Financial Corporation
Southern Community Financial Corporation is headquartered
in Winston-Salem, North Carolina
and is the holding company of Southern Community Bank and Trust, a
community bank with twenty-two banking offices throughout
North Carolina.
Southern Community Financial Corporation's common stock and
trust preferred securities are listed on the NASDAQ Global Select
Market under the trading symbols SCMF and SCMFO,
respectively. Additional information about Southern Community
is available on our website at www.smallenoughtocare.com or by
email at investor.relations@smallenoughtocare.com.
SOURCE Southern Community Financial Corporation