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FNB United Corp.'s private-equity led buyout of a rival bank cleared another key hurdle after FNB's shareholders approved the acquisition of Bank of Granite Corp.
October 19 -
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 (COB) in Charlotte, N.C., has been freed from the threat of prosecution for allegedly ignoring a $40 million Ponzi scheme run by a customer.
A U.S. District Court in North Carolina dismissed a case alleging that CommunityOne's banking unit permitted the scheme to be operated through accounts at the bank, CommunityOne announced Monday. A
The $2 billion-asset CommunityOne entered the deferred-prosecution agreement in October 2011 as part of a
CommunityOne also paid $400,000 in restitution to victims of the alleged Ponzi scheme, the Department of Justice said in 2011. The operator of the alleged Ponzi scheme, Keith Franklin Simmons, deposited more than $35 million in his investors' funds an account held at CommunityOne over more than two years, prosecutors claimed. In 2010, a jury convicted Simmons of securities fraud, wire fraud and money laundering.
The private-equity firms Carlyle Group and Oak Hill Capital partners led CommunityOne's $310 million recapitalization in 2011, allowing it to purchase the struggling bank of Granite. The deferred-prosecution agreement was a condition of the two banks' merger.
CommunityOne said last month that it
