(RALEIGH) -- Capital Bank Corporation reported a fourth quarter net loss of $34.1 million, or a losst of $2.59 per share. This compared to a net loss of $7.8 million, or a loss of $0.68 per share, in the fourth quarter of 2009. The Raleigh-based bank recorded full year 2010 net loss of $63.8 million.

"The Company's quarterly results continued to be impacted by elevated credit losses, as well as by an increase in the valuation allowance on our deferred tax assets," said Gene Taylor, Capital Bank's Chairman and CEO. "Many of our borrowers remain under stress, but we continue to work aggressively to resolve our problem loans and have experienced measurable success with many of these efforts.

On January 28, 2011, North American Financial Holdings, Inc. completed its investment of approximately $181 million in the Company through the purchase of 71 million shares of the Company's common stock at $2.55 per share.  This results in NAFH owning approximately 85% of the Capital Banks's outstanding common stock.