Crescent Financial Bancshares, Inc. (NASDAQ: CRFN) (“Crescent Financial”), Crescent State Bank, and VantageSouth Bank announced today that they have completed the merger of VantageSouth Bank into Crescent State Bank. The combined bank now operates as VantageSouth Bank.
“We are small enough to be close to our customers, and with fresh capital, we have a greater ability to lend money than other banks our size,” said Scott Custer, CEO of the combined bank. “The merger of Crescent State Bank and VantageSouth Bank is the perfect combination for building relationships and helping meet the lending needs of businesses and individuals in the communities we serve.”
Pursuant to terms of the merger agreement, each outstanding VantageSouth Bank share was converted into Crescent Financial shares at an exchange ratio of 5.3278.
The merger combines VantageSouth’s five locations with Crescent State Bank’s 15 and offers customers a total of 19 ATM locations. Branch banking centers and offices have converted to VantageSouth Bank, and new signs and branch décor will be unveiled today.
- Steve Jones, VantageSouth Bank president, will unveil the new sign at 10 a.m. at the VantageSouth Bank branch at 4711 Six Forks Rd. in Raleigh.
“The merger is good for our clients because they will have a larger network of ATMs and branches,” said Jones. “But at the same time, they will enjoy the friendly service they are accustomed to receiving and have a team of banking experts ready to handle their transactions – no matter how big or small.”
Crescent Financial’s majority owner, Piedmont Community Bank Holdings, Inc., was formed in 2009 by Adam Abram and Scott Custer to build a strong community banking franchise. Custer, along with Jones and Terry S. Earley, chief financial officer of VantageSouth Bank, held executive level positions at RBC Bank before joining Piedmont with the intention of building a new North Carolina community bank. Their years of building RBC Bank and its predecessors connected the three men with some of the best bankers across the state and helped them understand the financial needs of businesses from the piedmont to the coast.