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RALEIGH, N.C. and ENGELHARD, N.C., Sept. 25, 2012 (GLOBE NEWSWIRE) -- Crescent Financial Bancshares, Inc. (Nasdaq:CRFN) and ECB Bancorp, Inc. (NYSE Amex:ECBE) jointly announced today the signing of a definitive merger agreement under which Crescent Financial will acquire ECB Bancorp, Inc. for $17.75 per share or approximately $51.6 million.
This is the second merger announcement for Crescent Financial Bancshares (Crescent State Bank) in recent months. In August, Crescent State Bank and VantageSouth Bank announced that they had entered into a definitive merger agreement in which VantageSouth Bank will merge into Crescent State Bank. This transaction is expected to close in the fourth quarter, at which time both banks will operate as VantageSouth Bank.
Founded in 1919, ECB Bancorp, Inc. operates through its banking subsidiary, East Carolina Bank, which has 25 locations and one LPO (loan production office) in eastern North Carolina.
"The East Carolina Bank team has built a strong community bank with a great reputation and excellent market share. We have known and respected East Carolina Bank for quite some time and look forward to continuing their legacy of service to their communities in eastern NC. The cultures of our two organizations are very similar and we believe this partnership is a great opportunity for the customers, employees and shareholders of both companies," said Scott Custer, President and CEO, Crescent Financial Bancshares, Inc. "This merger will allow the combined company to be the leading community bank from Raleigh east."