Capital Bank Corp., Raleigh, N.C., hired Grant Thornton to audit 2004 financial statements for the bank's $6.2 million 401(k) plan as well as the bank's financial statements, according to an 8-K filing with the SEC. Grant Thornton replaces PricewaterhouseCoopers. The bank's audit committee had hired Grant Thornton to replace PricewaterhouseCoopers as auditor of the bank's financial statements, and Richard W. Edwards, CFO, said it "made little or no sense" to have different auditors for the bank's financial statements and for the 401(k) plan. The filing said "there have been no disagreements with (PricewaterhouseCoopers) on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure."
The plan offers nine investment options plus a company stock option. EMJAY is record keeper, and CapTrust Financial Advisors assists with investment decisions.