Palm Beach, FL 6/26/12 (StreetBeat) -- Capital Bank Financial Corp, a U.S. bank holding company that last year filed plans for a public stock offering, has raised its offer to buy Southern Community Financial Corp (Nasdaq:SCMF) by 8 percent and now plans to pay for the deal wholly in cash.
The new deal at $3.11 per share values Southern Community's equity at about $52 million, according to Thomson Reuters data.
Capital Bank, formerly known as North American Financial Holdings Inc, had earlier offered $2.875 per share to Southern Community shareholders, who had the option to receive their payment in cash or stock.
Capital Bank, founded by former Bank of America Corp (NYSE:BAC) executives Gene Taylor and Chris Marshall, has been buying troubled banks and last June filed plans to raise as much as $300 million in an IPO.
Shares of Winston-Salem, North Carolina-based Southern Community were up 11 percent in trading before the bell on Tuesday. They had closed at $2.67 on Monday on the Nasdaq.
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