The Carlyle Group and Oak Hill Capital Partners have entered into agreements with FNB United to invest $79 million each, with additional investors providing the remaining $152 million in capital. All the investments remain subject to conditions contained in their respective agreements.

Jim Burr, a Cornelius resident and managing director of The Carlyle Group, says a “strong and experienced leadership team is well positioned” to address the new bank’s future challenges,  as both CommunityONE and Bank of Granite have been hurt by a souring economy and bad commercial real estate loans.

Although completion of the merger remains contingent on several conditions, the recapitalization of FNB United and its proposed acquisition of Bank of Granite would combine two century-old institutions into one boasting about $2.8 billion in assets and $2.4 billion in deposits. If the transaction receives a series of regulatory and shareholder approvals, the resulting community banking organization would be 63 offices strong, operating in some of North Carolina’s strongest markets.

“Completion of the capital raise is a significant event for community banking in North Carolina,” said Brian Simpson, who will serve as CEO of the combined institutions. “Two banking companies that have served their communities faithfully for more than 100 years will be revitalized so that the traditions of service to business owners and consumers can continue. ”