FNB United gets OK to merge banks

FNB United Corp. said Tuesday it has gotten approval to merge its two banks: CommunityOne and Bank of Granite.

The two banks came together in 2011 in a $310 million joint recapitalization that shored up the two teetering institutions. But they had operated largely separate as executives worked to combine the charters.

The Office of the Comptroller of the Currency has now given the OK to fold Bank of Granite into CommunityOne. The old Granite Falls bank's last day will be June 7. The branches will reopen as CommunityOne on June 10.

That means the CommunityOne name is headed to Charlotte. Bank of Granite has two Charlotte locations, uptown and in SouthPark.

FNB United is also looking for approval to change its corporate name to CommunityOne Bancorp. Shareholders will vote on the proposal at its annual meeting in June.