Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Southern Community Financial Corporation (“Southern Community” or “SCMF”) (NASDAQ: SCMF) to Capital Bank Financial Corp. for shareholders. Under the proposed buyout, Capital Bank will acquire 100% of the stock for $2.875 per share. SCMF shareholders may elect to receive their payment in cash or stock, with total consideration consisting of 40% cash and 60% newly issued shares of CBF, which will be exchanged at a fixed ratio of 0.131 based on a value for CBF of $22 per share, subject to certain adjustments. Additionally, SCMF shareholders will receive non-transferable contingent value rights entitling them to receive up to $1.30 per share in cash five years after the effective date of the transaction based on 75% of the savings to the extent that legacy loan and foreclosed asset losses are less than a prescribed dollar amount.

If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The transaction is expected to close in the second quarter of 2012.

According to shareholder rights attorney Willie Briscoe, “The investigation centers on whether SCMF shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues SCMF stock, and whether SCMF’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal.” Based on the lack of a significant premium to SCMF shareholders, and other factors, the firms are investigating whether the buyout price is fair to SCMF shareholders. Our proposed shareholder lawsuit seeks to obtain additional value for shareholders than what is proposed in the current buyout offer.

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

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