Acquisition by Capital Bank Financial Corp.

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Acquisition by Capital Bank Financial Corp.

Acquisition by Capital Bank Financial Corp.

On November 22, 2015, we entered into an Agreement and Plan of Merger (“Merger Agreement”) with Capital Bank Financial Corp., a Delaware corporation (“Capital”), under which, upon the terms and subject to the conditions set forth in the Merger Agreement, COB will merge with and into Capital (the “Merger”), with Capital as the surviving corporation in the Merger. Immediately following the Merger, the Bank will merge with and into Capital’s wholly owned bank subsidiary, with Capital’s bank subsidiary surviving the bank merger. The Merger is subject to, among other things, regulatory and shareholder approval and other customary closing conditions and is currently expected to close in the second quarter of 2016.

Under the terms of the Merger Agreement, CommunityOne shareholders shall have the right to receive, at the election of each holder and subject to proration, $14.25 per share in cash or 0.43 of a share of Capital Class A common stock, with the total consideration to consist of 85% stock and 15% cash. Based on Capital’s closing price of $33.59 as of Friday, November 20, 2015, the merger consideration is valued at approximately $350 million.