Capital Bank Financial has agreed to acquire CommunityOne Bancorp in a cash and stock deal worth about $350m.

CommunityOne, a $2.4bn community bank, currently operates with 45 branches across central, southern and western North Carolina, as well as loan production offices in Raleigh and Winston-Salem, North Carolina and Charleston, South Carolina.

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As per the agreed deal terms, Capital Bank will purchase CommunityOne by merger, where Capital Bank will be the surviving entity.

CommunityOne shareholders can opt to secure $14.25 per share in cash or 0.43 of a share of Capital Bank Class A common stock, with the total consideration comprising 85% stock and 15% cash.

The deal has already received the go-ahead from the board of directors of both companies.

Scheduled to close in the first quarter of 2016, the deal is now subject to shareholder and regulatory approvals and other customary closing conditions.

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Following completion of the transaction, Capital Bank plans to recruit existing CommunityOne board members Bob Reid and Scott Kauffman to the Capital Bank board of directors.

Capital Bank chairman and CEO Gene Taylor said: "This combination creates a high-powered Carolinas franchise while meeting the financial expectations of our shareholders.

"CommunityOne brings us skilled employees, a complementary branch network, and high-quality loan and deposit relationships, and the transaction improves Capital Bank’s returns. We applaud the excellent work of CommunityOne’s leadership in turning around one of the Carolina’s oldest franchises, and we welcome CommunityOne employees to the Capital Bank team."