CommunityOne Bank
CommunityOne Bank was a North Carolina community banking brand that developed from First National Bank of Asheboro and was acquired by Capital Bank Financial in 2016.
Last updated August 25, 2026
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Overview
CommunityOne Bank was a North Carolina-based community banking institution whose roots extended back to the establishment of First National Bank of Asheboro in 1908. It developed through a succession of name changes, acquisitions, and corporate reorganizations into a regional bank serving communities beyond its original Randolph County market. The institution was headquartered in Charlotte, North Carolina, and operated primarily in North Carolina. The bank began operations on January 14, 1908, as First National Bank of Asheboro. In 1976, it adopted the name First National Bank of Randolph County, reflecting its broader county-level identity. A bank holding company, FNB Corporation, was established in 1985. The banking operation later became First National Bank and Trust Company in 1990. Expansion outside the bank's original market began in 2000, when it acquired Richmond Savings Bank of Richmond County, North Carolina. The transaction represented its first move beyond Randolph County. It subsequently expanded its capabilities and geographic reach through the acquisition of Dover Mortgage Company in 2003 and the acquisitions of Rowan Savings Bank in 2004, Alamance Bank in 2005, and First Gaston Bank in 2006. In 2006, the holding company changed its name to FNB United Corp., while the bank changed its operating name to CommunityOne in 2007. A major strategic transaction occurred in 2011, when the bank acquired Bank of Granite. The transaction was accompanied by a $310 million capital raise, including $79 million investments from each of The Carlyle Group and Oak Hill Capital Partners. This recapitalization supported the combined institution as it continued operating as a regional community bank. In 2013, the holding company adopted the name CommunityOne Bancorp, aligning the corporate identity with the CommunityOne banking brand. CommunityOne's business scope centered on community and regional banking rather than a narrowly specialized financial product. Its historical expansion also gave it exposure to mortgage banking and local banking franchises across several North Carolina counties. The available reference material does not provide a detailed product catalog, branch count, executive roster, financial statements, or a current website for the institution. CommunityOne Bank ceased to exist as an independent banking organization after its acquisition by Capital Bank Financial in 2016. The acquisition is the final documented turning point in the supplied reference material and establishes the brand's current status as defunct rather than active. No independent CommunityOne Bank operating business should be inferred from the historical brand record without additional current sources.
History
CommunityOne Bank traced its history to First National Bank of Asheboro, which began operations on January 14, 1908. The bank initially served Asheboro and the surrounding Randolph County market in North Carolina. In 1976, it changed its name to First National Bank of Randolph County, signaling a broader county-oriented identity. The institution created a bank holding company, FNB Corporation, in 1985. In 1990, the bank adopted the name First National Bank and Trust Company. Its expansion beyond Randolph County began in 2000 with the acquisition of Richmond Savings Bank of Richmond County, North Carolina. This was the bank's first move outside its original county market. The organization continued to broaden its capabilities through a series of acquisitions. It purchased Dover Mortgage Company in 2003, adding mortgage-related operations. It acquired Rowan Savings Bank in 2004, Alamance Bank in 2005, and First Gaston Bank in 2006. These transactions extended the institution's presence into additional North Carolina counties and helped transform it from a local bank into a broader regional community-banking organization. In 2006, the holding company changed its name to FNB United Corp. The bank itself adopted the CommunityOne name in 2007. The new brand represented the institution's multi-market community-banking strategy rather than its earlier association with a single town or county. In 2011, the bank acquired Bank of Granite. The transaction was paired with a $310 million capital raise, including $79 million from each of The Carlyle Group and Oak Hill Capital Partners. The capital transaction was a significant part of the combined organization's financial restructuring and expansion. That same year, the company agreed to pay $400,000 in restitution to victims of a Ponzi scheme involving a depositor at the bank. The holding company changed its name to CommunityOne Bancorp in 2013, bringing the corporate name into closer alignment with the operating bank brand. CommunityOne remained a North Carolina-focused community banking organization, with a history spanning deposit banking, lending, mortgage activity, and the integration of acquired local banks. In 2016, Capital Bank Financial acquired CommunityOne Bank. The transaction ended CommunityOne's status as an independent banking institution and explains why the brand is classified as defunct. The supplied references do not establish a continuing standalone CommunityOne Bank operation, a successor brand structure, or a current official website.
- 2016
Acquired by Capital Bank Financial
[1]Capital Bank Financial acquired CommunityOne Bank, ending its independent existence.
- 2013
Holding company renamed CommunityOne Bancorp
[1]FNB United Corp. changed its name to CommunityOne Bancorp.
- 2011
Bank of Granite acquisition and capital raise
[1]CommunityOne acquired Bank of Granite and raised $310 million in capital, including investments from The Carlyle Group and Oak Hill Capital Partners.
- 2007
Bank rebranded as CommunityOne
[1]The bank changed its operating name to CommunityOne.
- 2006
FNB United Corp. name adopted
[1]The holding company changed its name from FNB Corporation to FNB United Corp.
- 2006
Acquisition of First Gaston Bank
[1]The bank acquired First Gaston Bank of Gaston County, North Carolina.
- 2005
Acquisition of Alamance Bank
[1]The institution acquired Alamance Bank of Alamance County, North Carolina.
- 2004
Acquisition of Rowan Savings Bank
[1]CommunityOne's predecessor acquired Rowan Savings Bank of Rowan County, North Carolina.
- 2003
Acquisition of Dover Mortgage Company
[1]The company acquired Dover Mortgage Company, expanding its mortgage-related business.
- 2000
Acquisition of Richmond Savings Bank
[1]The bank acquired Richmond Savings Bank of Richmond County, its first expansion beyond Randolph County.
Products and positioning
A locally oriented North Carolina community and regional bank that expanded through acquisitions and served markets beyond its original Randolph County base.
Banking
Community banking services
CommunityOne's core business was community and regional banking in North Carolina. Its historical banking operations developed through local-bank acquisitions and were oriented toward serving households, businesses, and communities in the markets where it operated. The supplied sources do not provide a detailed account-level product list.
Mortgage banking · 2003
Mortgage-related services
The institution expanded into mortgage-related activity through its 2003 acquisition of Dover Mortgage Company. The available reference does not specify the exact mortgage products, channels, or terms offered under the CommunityOne name.
Controversies
2011
Restitution connected to a depositor's Ponzi scheme
CommunityOne agreed to pay $400,000 in restitution to victims of a Ponzi scheme carried out by a depositor at the bank. The supplied reference does not provide further details about the scheme, any regulatory findings, or individual liability.
Brand decisions
2016
Acquisition by Capital Bank FinancialM&ABackground
CommunityOne was operating as a North Carolina regional community-banking organization.
Action taken
Capital Bank Financial acquired CommunityOne Bank.
Aftermath
CommunityOne ceased to operate as an independent bank and is classified as a defunct brand.
2013
Holding company renamed CommunityOne BancorpStrategyBackground
The operating bank had used the CommunityOne name since 2007.
Action taken
FNB United Corp. changed its corporate name to CommunityOne Bancorp.
Aftermath
The holding company's identity became aligned with the CommunityOne banking brand.
2011
Acquisition of Bank of GraniteM&ABackground
CommunityOne pursued further regional scale while strengthening its capital base.
Action taken
The bank acquired Bank of Granite and completed a $310 million capital raise, including $79 million from each of The Carlyle Group and Oak Hill Capital Partners.
Aftermath
The transaction combined another banking franchise with a substantial recapitalization of the organization.
Capital raised. $310 million (2011)
2007
Adoption of the CommunityOne banking brandStrategyBackground
Following several acquisitions, the bank needed an identity that represented a broader multi-market community-banking organization.
Action taken
The bank changed its operating name to CommunityOne.
Aftermath
The CommunityOne name became the principal banking identity and was later adopted by the holding company in modified form.
2006
Acquisition of First Gaston BankM&ABackground
The institution was consolidating a wider North Carolina community-bank network.
Action taken
It acquired First Gaston Bank of Gaston County.
Aftermath
The acquisition further expanded the bank's geographic reach before the CommunityOne rebrand.
2005
Acquisition of Alamance BankM&ABackground
The bank continued its acquisition-led regional expansion.
Action taken
It acquired Alamance Bank of Alamance County.
Aftermath
The acquisition added another North Carolina local banking franchise.
2004
Acquisition of Rowan Savings BankM&ABackground
The institution continued expanding its North Carolina community-banking footprint.
Action taken
It acquired Rowan Savings Bank of Rowan County.
Aftermath
The transaction extended the predecessor bank's presence into another North Carolina county.
2003
Acquisition of Dover Mortgage CompanyM&ABackground
The bank was broadening its business beyond traditional local banking.
Action taken
It acquired Dover Mortgage Company.
Aftermath
The acquisition added mortgage-related operations to the institution's business scope.
2000
Acquisition of Richmond Savings BankM&ABackground
The predecessor institution sought to expand beyond its original Randolph County market.
Action taken
It acquired Richmond Savings Bank of Richmond County, North Carolina.
Aftermath
The transaction marked the bank's first documented expansion outside Randolph County.
Sources1 sources
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