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UPDATE 1-Capital Bank Financial explores sale - Bloomberg
March 15, 2017 / 2:28 PM / 9 months ago

UPDATE 1-Capital Bank Financial explores sale - Bloomberg

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March 15 (Reuters) - Capital Bank Financial Corp is working with advisers to consider selling itself after receiving an unsolicited approach, Bloomberg reported on Wednesday.

Shares of the Charlotte, North Carolina-based parent of Capital Bank rose nearly 10 percent in morning trade and hit a record high of $44.97.

Capital Bank Financial had a market value of about $2.1 billion, according to Thomson Reuters data.

The company has begun reaching out to potential buyers, but talks are at an early stage and no final decisions have been made, Bloomberg reported, citing people familiar with the matter. bloom.bg/2msqwC5

Capital Bank Financial declined to comment when contacted by Reuters.

Capital Bank operates in the southeastern United States and has 196 branches across Florida, North Carolina, South Carolina, Tennessee and Virginia, according to its website.

The regional lender began operations in 2010, when it bought about $1.2 billion in assets and $960 million in deposits of three failed banks from the Federal Deposit Insurance Corporation.

The company had long-term debt and other borrowings of $116.5 million as of Dec. 31. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sai Sachin Ravikumar)

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