The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Southern Community Financial Corporation ("Southern Community") (NASDAQ: SCMF) and other violations of state law by the board of directors of Southern Community relating to the proposed acquisition of the company by Capital Bank Financial Corp. ("Capital Bank"). The firm's investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.

On March 27, 2012, Capital Bank announced that it had entered into a definitive agreement providing for Capital Bank to acquire Southern Community. Under the terms of the merger agreement, Southern Community shareholders will receive $2.875 per share for each share of Southern Community common stock held. According to Capital Bank's press release, 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. The transaction is expected to close in the second quarter of 2012.

If you currently own shares of Southern Community and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.

Brower Piven, A Professional Corporation
Stevenson, Maryland
Charles J. Piven, 410-415-6616
hoffman@browerpiven.com