CONTACT:
B. Grant Yarber
President and Chief Executive Officer            
Phone: (919) 645-3494
Email: gyarber@capitabank-nc.com

Capital Bank Awarded Prestigious Medal of Arts

Commitment to the arts is center stage at Raleigh-based bank

Raleigh, N.C. - July 28, 2008 - Capital Bank is proud to announce that the bank is a recipient of the 24th annual Medal of Arts, the City of Raleigh's highest arts award recognizing those who have made an extraordinary contribution to the arts through service and/or financial support. Capital Bank was the only corporation selected this year by the City of Raleigh Arts Commission and will be honored, along with five individuals, during a black-tie ceremony on October 8 at the A.J. Fletcher Opera Theater in the Progress Energy Center for the Performing Arts.

Capital Bank supports numerous players in the Raleigh arts community including Artsplosure, Artspace, Carolina Ballet, Opera Company of North Carolina and Raleigh Little Theatre. President and CEO B. Grant Yarber currently serves on several boards including the North Carolina Symphony, North Carolina Theatre, Downtown Raleigh Alliance and North Carolina Museum of History and has played an active role in the revitalization of downtown Raleigh. Capital Bank also extends their support to local artists and prominently displays their works in each of their 27 branches.

"Capital Bank has made a tremendous impact on the arts scene in Raleigh and across the state of North Carolina," said Lisa Grele Barrie, managing director of North Carolina Theatre. "When corporations like Capital Bank champion the arts, they help strengthen the cultural vitality of the community and are deserving of our recognition and gratitude."

Capital Bank is the title sponsor of North Carolina Theatre's Capital Awards, an educational outreach program honoring high school musical theatre excellence. In its second year, participation in the Capital Awards increased by over 40 percent from 2007 with over 250 students from twenty high schools in Wake County. Capital Bank also sponsored the North Carolina Symphony's statewide "Blue Skies Red Earth" concert series and provided enough funding to recreate the concert and take it on the road to five communities in western parts of North Carolina. Yarber and Capital Bank led the fundraising efforts for both events and were an integral part to their success.

"Being able to support the arts both in attendance and with resources is truly exciting," said Yarber. "The impact of the arts makes our community a better place to live and Capital Bank sees reinvesting its assets back into the community as just that - an investment. I speak for all our associates and customers when I say I am honored to accept the Medal of Arts award and grateful to the Arts Commission for this distinctive recognition."

The City of Raleigh Arts Commission established the Medal of Arts program in 1984. Past winners of this prestigious honor have included individual artists such as harpist Anita Burroughs-Price, choreographer Robert Weiss, painter Bob Rankin, and poet Sally Buckner, and organizations including North Carolina Theatre, Visual Art Exchange, North Carolina Symphony and Progress Energy.