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Loan revenue growth lifts Capital Bank to higher profit

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A modest increase in loan revenue contributed to Capital Bank Financial Corp. reporting Thursday a 20.6 per cent jump in third-quarter net income to $18.5 million (£15.12 million).

Capital gained its local branch network through its 2012 purchase of Southern Community Financial Corp. of Winston-Salem and its 22 Triad branches.

Capital is expected to report another round of record profits over at least the next four quarters once it closes Wednesday on its $350 million (£285.98 million) deal for CommunityOne Bancorp.

Both the Charlotte based banks announced the deal Nov. 23. Capital gains 13 branches in the Triad and Northwest North Carolina.

The deal takes Capital, with $7.79 billion (£6.37 billion) in total assets as of June 30, to the $10 billion (£8.17 billion) threshold which brings heightened regulatory oversight and expenses that have compelled some regional banks to sell. Capital Bank would move from 12th in the N.C. deposits market share to eighth.

Paul

The author Paul