Simpson Thacher Represents The Carlyle Group and Oak Hill Capital Partners in Their Separate Investments in FNB United Corp.
10.26.11
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The Firm represented The Carlyle Group and Oak Hill Capital Partners in their separate investments in the common stock of FNB United Corp. (“FNB”), which consummated a $310 million recapitalization and completed the acquisition of Bank of Granite Corporation (“Granite”) on October 21, 2011.
FNB is the bank holding company for CommunityONE Bank, National Association (“CommunityONE Bank”), a full-service bank serving individuals and businesses in North Carolina. Granite is the bank holding company for Bank of Granite, a full-service bank also serving individuals and businesses in North Carolina.
The combination of FNB and Granite has resulted in a North Carolina community banking organization with approximately $2.8 billion in assets, $2.4 billion in deposits and 63 full-service banking offices. The merger agreement provided that Bank of Granite shareholders will receive 3.375 shares of FNB’s common stock in exchange for each share of Granite stock they own immediately prior to completion of the merger.
The Simpson Thacher team for the Carlyle transaction was led by Maripat Alpuche and the Oak Hill team was led by Elizabeth Cooper. The other team members included Amie Siebert and Shih-Chi Pan (M&A); Gary Rice, Stacie McGinn and Mark Chorazak (Bank Regulatory); David Schneider (Executive Compensation and Employee Benefits);and Jon Goldstein (Tax).