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UPDATE 1-CapitalSouth Bancorp says exploring possible sale

Wed Dec 10, 2008 9:30pm EST

NEW YORK, Dec 10 (Reuters) - CapitalSouth Bancorp CAPB.O said on Wednesday it hired investment bank Sterne, Agee & Leach, Inc to explore a possible sale.

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CapitalSouth, in a statement, said no decisions had been made, but it was looking into selling assets or a potential merger.

It also said an offering of up to 7.5 million shares of common stock at a price of $2 per share had drawn subscriptions for 1.87 million shares. Substantially all of these shares were subscribed by its directors and senior management, it said.

Shares of CapitalSouth fell 3.35 percent to close at 75 cents on the Nasdaq. (Reporting by Paul Thomasch; Editing by Gary Hill)

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