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by Jordan Green

ASHEBORO-BASED FNB ABSORBS BANK OF GRANITE

Asheboro-based FNB United Corp. has announced the acquisition of Bank of Granite Corp., a community bank based in the Catawba River valley. FNB United Corp. operates under the CommunityONE Bank name. The two community banks have struggled recently, but an outside group of investors recapitalized the venture as acquisition talks took place.

Bob Reid, the new president of FNB United, lead efforts to raise $310 million to finance the bank, according to a corporate press release. The Carlyle Group and Oak Hill Capital Partners each invested $79 million in the venture. The company’s headquarters will remain in Asheboro, and central operations will be consolidated there as well. The press release states that the combined bank holds $2.8 billion in assets and operates 63 full-service offices across the state. Company officials expect to receive full regulatory approval for the acquisition by the late spring of 2012, and change over signs at all locations to the CommunityONE name at that time.

STREET FAIR ON STATE EMPHASIZES BUYING LOCAL

A street block in front of Eclectic By Nature on State Street in Greensboro will be closed to cars on Saturday to accommodate early holiday shoppers in a street fair featuring live music that emphasizes local artists and entrepreneurs.

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