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CommunityOne in Asheboro, N.C., went from the brink of failure to a model of recovery in a few years. But it took new management, private-equity money, an acquisition and an accounting ace in the hole to get it done.
August 15 -
FNB United in Asheboro, N.C., announced Friday that its planned name change to CommunityOne Bancorp will take effect Monday.
June 28 -
CommunityOne Bancorp in Charlotte, N.C., has been freed from the threat of prosecution for allegedly ignoring a $40 million Ponzi scheme run by a customer.
September 30 -
FNB United in Asheboro, N.C., has finished raising the $310 million of capital it needs to move forward with its plan to acquire another North Carolina bank.
August 2
CommunityOne Bancorp (COB) in Asheboro, N.C., reported its first quarterly profit since 2008.
The $2 billion-asset company earned $4 million in the third quarter, compared to a loss of $4.7 million a year earlier. The company
CommunityOne's net interest income climbed 14% from a year earlier, to $17.4 million, as average loan and securities balances increased. Its net interest margin widened 81 basis points from a year earlier, to 3.76%.
Noninterest income fell 6% from a year earlier, to $4.4 million, as mortgage loan income fell 44%.
Noninterest expenses decreased 27% from a year earlier, to $17.9 million, because of a $98,000 recovery from the company's allowance for other real estate owned and reduced personnel and occupancy expenses tied to
Improved credit quality allowed CommunityOne to recover $350,000 from its loan-loss provision. The company also recovered $700,000 from net loan chargeoffs.
CommunityOne
The company