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Capital Bank parent files for $300 million IPO

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The investment firm that bought Raleigh-based Capital Bank this year has filed plans for an initial public offering of stock, Charlotte Observer staff writer Rick Rothacker reports.

North American Financial Holdings is seeking to raise as much as $300 million by selling shares on Wall Street.

Its filing with the Securities and Exchange Commission, as is typical, does not yet say how many shares the company will issue, what the initial price will be and what ticker symbol the company will trade under.

NAFH is a bank holding company led by former Bank of America executives Gene Taylor and Chris Marshall that raised $900 million from investors in 2009 to buy troubled banks. Since last summer, the executives have bought five banks in the Carolinas and Florida and have a deal pending to acquire a Tennessee-based bank.

NAFH plans to consolidate its banking subsidiaries under the name Capital Bank.

Read the full Charlotte Observer story here.

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About the blogger

Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or e-mail him.