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FNBN > SEC Filings for FNBN > Form 8-K on 3-Apr-2013All Recent SEC Filings

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Change in Directors or Principal Officers, Other Events, Financial Statements an

ITEM 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

FNB United Corp. ("FNB United"), the holding company for CommunityOne Bank, N.A.("CommunityOne") and Bank of Granite (together, the "Company"), announced today that R. Reynolds Neely, Jr., a director of FNB United and CommunityOne, is retiring from the FNB United and CommunityOne Boards of Directors, effective immediately prior to the 2013 Annual Meeting of Shareholders, scheduled for June 20, 2013. Mr. Neely has served as a director of FNB United and CommunityOne since 1980, and has been on the Audit Committee and the Enforcement Compliance Committee. Mr. Neely does not serve on the Bank of Granite Board of Directors.

At the time of his retirement on June 20, 2013, Mr. Neely will become a director emeritus and will have the right to attend all Board meetings. The Company believes that Mr. Neely's long-standing service to the Company and his knowledge of the Asheboro community will continue to provide insights to the Board in his emeritus capacity.

The Board is nominating T. Gray McCaskill, CPCU, to stand for election for director at the 2013 Annual Meeting of Shareholders to fill the vacancy created by the retirement of Mr. Neely. Mr. McCaskill is Chief Executive Officer of Senn Dunn Insurance, Greensboro, North Carolina, which specializes in business insurance, employee benefits and personal insurance lines. In that and other executive capacities at Senn Dunn since 1985, he has helped build Senn Dunn into the largest privately owned insurance agency in North Carolina. If elected, Mr. McCaskill will serve on the Board of CommunityOne and on the Audit Committee and the Enforcement Compliance Committee of each Board. Both nominations are subject to regulatory non-objection.

On April 3, 2013, the Company issued a press release announcing the retirement of Mr. Neely and the nomination of Mr. McCaskill. This release is attached as Exhibit 99.1 and is incorporated herein by reference.

ITEM 8.01 Other Events

The Company also announced that the Board of Directors is proposing at the 2013 Annual Meeting of Shareholders to change the name of FNB United Corp. to "CommunityOne Bancorp." This change in name, which will be effected through an amendment to the Company's Articles of Incorporation, will align the name and brand of the Company with that of its primary bank subsidiary, CommunityOne Bank, N.A. The Company believes that the new name "CommunityOne Bancorp" will better reflect the Company's identity and future direction as a state-wide community bank which focuses on customers as its number one priority. If this name change is approved, the stock trading symbol on the NASDAQ stock market also will change to "COB."

ITEM 9.01 Financial Statements and Exhibits
(d) Exhibits. Exhibit No. Description of Exhibit

99.1 Press Release, dated April 3, 2013, announcing retirement of R. Reynolds Neely, Jr. from the Board of Directors of FNB United and CommunityOne Bank, N.A., Asheboro, North Carolina, and Nomination of T. Gray McCaskill, CPCU.

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