Crescent Financial acquires East Carolina Bank

By on September 26, 2012

Crescent Financial Bancshares of Raleigh, has entered an agreement to acquire ECB Bancorp of Engelhard for $17.75 per share, or about $51.6 million, Crescent announced Tuesday.

If the merger agreement is approved, East Carolina Bank will become VantageSouth Bank.

ECB Bancorp operated branches under its East Carolina Bank subsidiary. The bank has operated since 1919 and was one of the last headquartered in northeastern North Carolina and remaining as an independent operation.

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 an agreement in which VantageSouth Bank will merge into Crescent State Bank. The transaction is expected to close in the fourth quarter, at which time both banks will operate as VantageSouth Bank.

“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,” Scott Custer, president and CEO of Crescent Financial Bancshares, said in s statement. “This merger will allow the combined company to be the leading community bank from Raleigh east.”

When the transaction is completed,the combined company will have about $2 billion in total assets, $1.7 billion in total deposits, $1.2 billion in total loans, and a network of 45 branches in North Carolina.

“We are pleased and excited to join such a dynamic and financially strong banking company. Together we will create value for our respective shareholders and enable our employees to do what they do best — deliver exceptional service to our customers and contribute to the success of the communities where they live and work. The shared commitment our companies have to our shareholders, customers, employees and communities naturally aligns our two companies to create a more vibrant organization,” said A. Dwight Utz, president and CEO of ECB Bancorp.

The merger agreement has been approved by the board of directors of each company. The transaction is expected to close in the first quarter of 2013 and is subject regulatory approvals and approval by shareholders. At closing, ECB Bancorp will be merged into Crescent Financial, and East Carolina Bank will subsequently operate as VantageSouth Bank.

Under the terms of the agreement, shareholders of ECB Bancorp, Inc. will receive 3.55 shares of CRFN for each share of ECBE common stock. The stock issuance is valued at approximately $51.6 million in the aggregate, based on 2,904,841 shares of ECBE common stock outstanding at $5 per CRFN share.




County Dare, North Carolina
Dare County Tourism Board

NOTICE IS HEREBY GIVEN that the Visitors Bureau will hold a public meeting to review the plans for an Outer Banks Event Center. The meeting will take place on Monday, June 6, 2022 from 9:30 a.m. to 11:00 a.m. at the Keeper’s Galley building at Haven on the Banks, 115 Dove Street, Nags Head North Carolina 27959.

Still in the conceptual phase, the Event Center is intended to provide suitable and flexible space for year-round events, concerts, sports, meetings, smaller tradeshows, galas and any number of other uses. Learn more about the benefits for visitors and residents and how the Event Center is planned to complement the new Soundside boardwalk that is being designed.

Staff will be on hand to answer any questions. For additional information, please visit our Event Center FAQ page.


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