US-based Capital Bank Corporation, the parent company of Capital Bank, has entered into a definitive purchase agreement to acquire the four Fayetteville area offices of Omni National Bank, the banking subsidiary of Omni Financial Services, in a cash transaction.
As a result of this transaction, Capital Bank will assume deposits currently totaling approximately $105 million and will purchase approximately $50 million in selected loan balances.
In addition, Capital Bank will acquire the real estate assets and fixed capital equipment associated with the four branches. Upon completion of the transaction, the Fayetteville branches will operate as full service Capital Bank branch offices. Pending regulatory approval, the proposed transaction is expected to close in December 2008.
Stephen Klein, chairman and CEO of Omni, said: Given the current market environment, the divestiture of our North Carolina community banking operations is necessary as it strengthens our capital position.