Koury ups stake in Cape Fear Bank to 8.82% ahead of annual meeting on Aug. 19

By Lisa Kerner

Charlotte, N.C., July 9 - A group of Cape Fear Bank Corp. shareholders led by Maurice J. Koury bought an additional 5,300 shares of the company's stock on June 30 and July 1 priced from $7.50 to $7.95 each, it was reported in a schedule 13D filed with the Securities and Exchange Commission.

Koury and affiliated shareholders beneficially owning 338,898 shares, or 8.82%, of Cape Fear intend to nominate their own slate of nominees for election as directors at the 2008 annual meeting on Aug. 19, it was previously reported.

According to Cape Fear, Koury announced in December that he wanted to buy the company, but the $12-per-share offer was not considered viable by the Cape Fear board.

Koury's nominees for election to the Cape Fear board are:

• Scott Sullivan, manager at Cameron Management LLC;

• Milt Petty, chief financial officer and a vice president of Carolina Hosiery Mills, Inc.;

• Mort Neblett, managing member of Owencroft Financial Partners;

• Haywood Cochrane Jr., vice chairman I-Trax, Inc.;

• James "Chip" Mahan III, chairman and chief executive officer of the proposed Live Oak Banking Co.;

• David Lucht, president, chief operating officer and chief credit officer of the proposed Live Oak Banking Co.; and

• Robert Isser, executive vice president of Sidney Gilbert & Co.

Koury urged Cape Fear shareholders to consider the bank's performance to date, the current environment for banking and the comparative qualifications of the professionals Koury has nominated as an alternative slate to the company's existing directors, it was noted in a prior news release.

Cape Fear is the holding company for Cape Fear Bank based in Wilmington, N.C.

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