FNB United Corp is to buy Bank of Granite Corp , with private equity firms Carlyle Group and Oak Hill Capital Partners investing $155 million in the combined lender. Carlyle and Oak Hill will each take a 24.9 percent stake in the new company, FNB United Corp, which will bring together CommunityOne Bank and Bank of Granite to create a North Carolina lender with around $2.9 billion in assets and 63 bank branches. The investment also depends on the U.S. Treasury exchanging FNB United preferred stock into new shares. FNB United also has to raise a total of $310 million, including the investments by Carlyle and Oak Hill, through a private placement. As part of the deal, Granite shareholders will receive 3.375 FNB United shares for each share held.
Source
