CommunityOne Bank

CommunityOne Bank, N.A., a subsidiary of CommunityOne Bancorp. (NASDAQ: COB), is a bank headquartered in Charlotte, North Carolina, with 50 offices in North Carolina and $2 billion in assets as of July 2014.

History

The First National Bank of Asheboro began operations January 14, 1908. In 1976, after adding branches around Randolph County, the bank changed its name to First National Bank of Randolph County.

In 1985, with assets of less than $100 million, the bank formed the holding company FNB Corp. Expansion into other counties starting in 1987 resulted in a name change to First National Bank and Trust Company in 1990.

First National began acquiring other banks: Richmond Savings Bank in 2000, Rowan Savings Bank in 2004, Alamance in 2005 and First Gaston Bank in 2006.

The holding company changed its name to FNB United Corp. in 2006. The bank's name changed to CommunityOne in 2007. Dover Mortgage Company, acquired in 2003, became a subsidiary of CommunityOne in 2007.

In 2010, the United States Department of Justice filed charges relating to a $40 million Ponzi scheme by a depositor. On April 27, 2011, the Justice Department said it agreed to delay prosecution for two years if CommunityOne paid $400,000 in restitution and worked harder to prevent similar incidents. According to a Justice Department news release, CommunityOne "waived indictment and accepted and acknowledged responsibility for its conduct."