Capital Bank's eight outside directors will receive rich payments if the Raleigh bank's deal with a private investor goes through.
Earlier this month, Capital announced that North American Financial Holdings had agreed to pay $2.55 per share, or $181 million, to buy a majority stake in the struggling bank. Capital shareholders are scheduled to vote on the deal Dec. 16.
If completed, the deal will trigger lump-sum payments for Capital's directors worth a total of $2.2 million, the company reported in a Securities and Exchange Commission filing late today. That money is based on a "change in control" clause in the directors' retirement benefits.
Capital chairman O.A. Keller III would receive $891,104. Keller is CEO of Earthtec of NC, an environmental treatment facility in Sanford. He has been a Capital director since the bank started in 1997.