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.