Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CAPITAL BANK CORP | form8-k.htm |
Exhibit 99.1
CONTACT:
B. Grant
Yarber
President
and Chief Executive Officer
Phone:
(919) 645-3494
Email:
gyarber@capitalbank-nc.com
FOR
IMMEDIATE RELEASE
Capital Bank Announces Withdrawal of Common Stock
Offering
RALEIGH,
N.C., January 15, 2010 – Capital
Bank Corporation (Nasdaq: CBKN), the parent company of Capital Bank,
today announced that it has withdrawn its registration statement with respect to
the public offering of approximately $55 million in common stock due to
unfavorable market conditions.
“As a
result of the prevailing poor market conditions, the likely pricing for our
previously announced common stock offering did not meet our criteria and was not
at a level that was in the best interests of our shareholders,” noted B.Grant Yarber, President and CEO. “We remain
focused on preserving and building shareholder value and believe that raising
capital in the current environment and the resulting potential dilution to our
current shareholders would conflict with our goals.”
Yarber
added, “While the offering was well-received, poor industry market conditions in
recent weeks have adversely impacted the capital raising environment. We are fortunate to control our own destiny. The
withdrawal of our registration statement does not change the overall
fundamentals of our business, which remain quite strong. Our bank remains
‘well-capitalized’ for regulatory purposes, our growth prospects remain
favorable, and we believe we continue to be well-positioned for continued
profitability and growth. Moving forward, we plan
to continue to focus our efforts on growing our business and taking care of our
customers, as we have always done. We remain focused on enhancing
shareholder value and implementing our strategic corporate
objectives.”
The
Company will continue to monitor market conditions and may recommence the
offering should conditions improve and may explore other capital growth
alternatives.
Capital
Bank Corporation, headquartered in Raleigh, N.C., with approximately $1.7
billion in total assets, offers a broad range of financial services. Capital
Bank operates 32 banking offices in Asheville
(4), Burlington (3), Cary (2), Clayton, Fayetteville (4), Graham, Hickory, Holly
Springs, Mebane, Morrisville, Oxford, Pittsboro, Raleigh (5),
Sanford (3), Siler City, Wake Forest and Zebulon. The Company’s website
is http://www.capitalbank-nc.com.
This
press release does not constitute an offer to sell or a solicitation of an offer
to buy the securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. Information in this press release
contains forward-looking statements. These statements involve risks and
uncertainties that could cause actual results to differ materially, including
without limitation, our actual results for the fourth quarter of 2009, the
management of Capital Bank Corporation’s growth, the risks associated with
Capital Bank’s loan portfolio, competition within the industry, dependence on
key personnel, government regulation and the risks associated with possible or
completed acquisitions. Additional factors that could cause actual results to
differ materially are discussed in Capital Bank Corporation’s filings with the
Securities and Exchange Commission, including without limitation its its Annual
Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports
on Form 8-K. Capital Bank Corporation does not undertake a duty to update any
forward-looking statements in this press release.
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