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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

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<P STYLE="font: normal 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report: October 1, 2012</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Southern Community Financial Corporation</P>

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    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; text-align: center">North Carolina</TD>
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; text-align: center">000-33227</TD>
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; text-align: center">56-2270620</TD>
    </TR>
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    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">(State of incorporation)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">(I.R.S. Employer</TD>
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    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">Identification No.)</TD>
    </TR>
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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">4605 Country Club Road, Winston-Salem, North Carolina</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">27104</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Issuer's telephone number: (336) 768-8500</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<BR>
&nbsp;</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)</TD>
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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">This document contains 3 pages, excluding
exhibits.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.01 &#9;Completion of Acquisition or Disposition of
Assets.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 1, 2012,
pursuant to the terms and conditions of the Agreement and Plan of Merger, dated March 26, 2012 and amended as of June 25, 2012
and September 25, 2012 (the &ldquo;Merger Agreement&rdquo;) by and among Capital Bank Financial Corp., a Delaware corporation (formerly
known as North American Financial Holdings, Inc.) (&ldquo;CBF&rdquo;), Winston 23 Corporation, a North Carolina corporation and
wholly owned subsidiary of CBF (&ldquo;Merger Sub&rdquo;), and Southern Community Financial Corporation, a North Carolina Corporation
(the &ldquo;Company&rdquo;), Merger Sub merged with and into the Company, with the Company continuing as the surviving corporation
and a wholly owned subsidiary of CBF (the &ldquo;Merger&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information set
forth in items 3.03 and 5.01 of this Current Report on Form 8-K is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 3.01&#9;Notice of Delisting or
Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 1, 2012,
in connection with the completion of the Merger, the Company notified the NASDAQ Stock Market (the &ldquo;NASD&rdquo;) of its intent
to remove the Company&rsquo;s common stock, no par value (the &ldquo;Company Common Stock&rdquo;) from listing on the NASD and
requested that the NASD file with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) an application on Form 25
to delist and deregister the Company Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended. On October
1, 2012, the NASD filed the Form 25 with the SEC. The Company intends to subsequently file with the SEC a Form 15 with respect
to the Company Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 3.03&#9;Material Modification to
Rights of Security Holders. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At the effective time
of the Merger and as a result of the Merger, each outstanding share of Company Common Stock (other than certain shares owned by
the Company, CBF or Merger Sub) was converted into the right to receive $3.11 in cash, without interest, and one non-tranferable
contingent value right, payable to the holder of each share. Each outstanding option to purchase shares of Company Common Stock
vested immediately prior to the merger and was paid an amount in cash equal to the difference between the exercise price of the
option and $3.11. Each share of restricted Company Common Stock vested immediately prior to the merger, and all restrictions thereon
immediately lapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the rights of holders of Company Common Stock under the Merger Agreement does not purport to be complete and is qualified in
its entirety by reference to the Merger Agreement, which is attached as Exhibits 2.1 and 2.2 hereto and incorporated herein by
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.01&#9;Changes in Control of Registrant.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A change in control
of the Company occurred on October 1, 2012, upon the effective time of the Merger, at which time Merger Sub merged with and into
the Company. As a result, the Company became a wholly-owned subsidiary of CBF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate consideration
paid by CBF in connection with the merger was approximately $99 million (including $46.9 paid to the U.S. Department of the Treasury
in respect of the acquisition of the securities issued by the Company as part of the Troubled Asset Relief Program), which consideration
CBF funded through cash on hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.02&#9;Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the directors
of the Company immediately prior to the effective time of the Merger ceased to be the directors of the Company at the effective
time of the Merger and were replaced by Christopher G. Marshall, the director of Merger Sub immediately prior to the effective
time of the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.03&#9;Amendments to Articles
of Incorporation or Bylaws; Change in Fiscal Year.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 1, 2012,
in connection with the consummation of the Merger, the Company&rsquo;s bylaws were amended and restated in their entirety to read
as set forth on Exhibit 3.1 hereto (the &ldquo;Amended and Restated Bylaws&rdquo;). The description of the Amended and Restated
Bylaws is qualified in its entirety by reference to Exhibit 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01 &#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 10%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exhibit<BR>
No.</B>&nbsp;</P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 88%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Description</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">2.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0">Agreement and Plan of Merger by and among Southern Community Financial Corporation, Capital Bank Financial Corp., and Winston 23 Corporation, dated as of March 26, 2012 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Southern Community Financial Corporation filed on March 28, 2012).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">2.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0">Amendment No. 1 to the Agreement and Plan of Merger by and among Southern Community Financial Corporation, Capital Bank Financial Corp., and Winston 23 Corporation, dated as of June 25, 2012 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Southern Community Financial Corporation filed on June 26, 2012).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center">3.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0">Amended and Restated Bylaws of&nbsp; Southern Community Financial Corporation</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signatures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, Southern Community Financial Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><B></B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-weight: bold; padding-top: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; font-weight: bold; padding-top: 0">Southern Community Financial Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-weight: bold; padding-top: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; font-weight: bold; padding-top: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-weight: bold; padding-top: 0; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-weight: bold; padding-top: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-weight: bold; padding-top: 0; width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">Date:&nbsp; October 4, 2012</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-style: italic; text-align: justify; padding-top: 0">By:</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0; border-bottom: Black 1pt solid">/s/ James Hastings</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-style: italic; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-style: italic; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-style: italic; text-align: justify; padding-top: 0">Name: James Hastings</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-top: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-style: italic; text-align: justify; padding-top: 0">Title: Interim President and Chief Executive Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in"><B></B></P>

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{"company-data": {"conformed-name": "SOUTHERN COMMUNITY FINANCIAL CORP", "cik": "0001159427", "assigned-sic": "6022", "irs-number": "562270620", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-33227", "film-number": "121129898"}, "business-address": {"street1": "4605 COUNTRY CLUB RD", "city": "WINSTON-SALEM", "state": "NC", "zip": "27104", "phone": "3367688500"}, "mail-address": {"street1": "4605 COUNTRY CLUB ROAD", "city": "WINSTON-SALEM", "state": "NC", "zip": "27103"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report: October 1, 2012
Southern Community Financial Corporation
North Carolina
000-33227
56-2270620
(State of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
4605 Country Club Road, Winston-Salem, North Carolina
27104
(Address of principal executive offices)
(Zip Code)
Issuer's telephone number: (336) 768-8500
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
This document contains 3 pages, excluding
exhibits.
Item 2.01 	Completion of Acquisition or Disposition of
Assets.
On October 1, 2012,
pursuant to the terms and conditions of the Agreement and Plan of Merger, dated March 26, 2012 and amended as of June 25, 2012
and September 25, 2012 (the "Merger Agreement") by and among Capital Bank Financial Corp., a Delaware corporation (formerly
known as North American Financial Holdings, Inc.) ("CBF"), Winston 23 Corporation, a North Carolina corporation and
wholly owned subsidiary of CBF ("Merger Sub"), and Southern Community Financial Corporation, a North Carolina Corporation
(the "Company"), Merger Sub merged with and into the Company, with the Company continuing as the surviving corporation
and a wholly owned subsidiary of CBF (the "Merger").
The information set
forth in items 3.03 and 5.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 3.01	Notice of Delisting or
Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On October 1, 2012,
in connection with the completion of the Merger, the Company notified the NASDAQ Stock Market (the "NASD") of its intent
to remove the Company's common stock, no par value (the "Company Common Stock") from listing on the NASD and
requested that the NASD file with the U.S. Securities and Exchange Commission (the "SEC") an application on Form 25
to delist and deregister the Company Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended. On October
1, 2012, the NASD filed the Form 25 with the SEC. The Company intends to subsequently file with the SEC a Form 15 with respect
to the Company Common Stock.
Item 3.03	Material Modification to
Rights of Security Holders.
At the effective time
of the Merger and as a result of the Merger, each outstanding share of Company Common Stock (other than certain shares owned by
the Company, CBF or Merger Sub) was converted into the right to receive $3.11 in cash, without interest, and one non-tranferable
contingent value right, payable to the holder of each share. Each outstanding option to purchase shares of Company Common Stock
vested immediately prior to the merger and was paid an amount in cash equal to the difference between the exercise price of the
option and $3.11. Each share of restricted Company Common Stock vested immediately prior to the merger, and all restrictions thereon
immediately lapsed.
The foregoing description
of the rights of holders of Company Common Stock under the Merger Agreement does not purport to be complete and is qualified in
its entirety by reference to the Merger Agreement, which is attached as Exhibits 2.1 and 2.2 hereto and incorporated herein by
reference.
Item 5.01	Changes in Control of Registrant.
A change in control
of the Company occurred on October 1, 2012, upon the effective time of the Merger, at which time Merger Sub merged with and into
the Company. As a result, the Company became a wholly-owned subsidiary of CBF.
The aggregate consideration
paid by CBF in connection with the merger was approximately $99 million (including $46.9 paid to the U.S. Department of the Treasury
in respect of the acquisition of the securities issued by the Company as part of the Troubled Asset Relief Program), which consideration
CBF funded through cash on hand.
Item 5.02	Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
All of the directors
of the Company immediately prior to the effective time of the Merger ceased to be the directors of the Company at the effective
time of the Merger and were replaced by Christopher G. Marshall, the director of Merger Sub immediately prior to the effective
time of the Merger.
Item 5.03	Amendments to Articles
of Incorporation or Bylaws; Change in Fiscal Year.
On October 1, 2012,
in connection with the consummation of the Merger, the Company's bylaws were amended and restated in their entirety to read
as set forth on Exhibit 3.1 hereto (the "Amended and Restated Bylaws"). The description of the Amended and Restated
Bylaws is qualified in its entirety by reference to Exhibit 3.1.
Item 9.01 	Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No.
Description
2.1
Agreement and Plan of Merger by and among Southern Community Financial Corporation, Capital Bank Financial Corp., and Winston 23 Corporation, dated as of March 26, 2012 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Southern Community Financial Corporation filed on March 28, 2012).
2.2
Amendment No. 1 to the Agreement and Plan of Merger by and among Southern Community Financial Corporation, Capital Bank Financial Corp., and Winston 23 Corporation, dated as of June 25, 2012 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Southern Community Financial Corporation filed on June 26, 2012).
3.1
Amended and Restated Bylaws of  Southern Community Financial Corporation
Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, Southern Community Financial Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Southern Community Financial Corporation
Date:  October 4, 2012
By:
/s/ James Hastings
Name: James Hastings
Title: Interim President and Chief Executive Officer