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.


Barnhill Building Group has been selected as the Construction Manager @ Risk by the College of the Albemarle and is seeking to pre-qualify construction trade contractors to submit bids for the furnishing labor, materials, equipment, and tools for the new College of The Albemarle – Allied Health Sciences Simulation Lab (COA Health Sciences) located in Elizabeth City, NC. Please note: Only subcontractors who have been prequalified by Barnhill will be able to submit a Bid.

The project consists of the new construction of a 38,000-sf, 2-story expansion to the existing Owens Health Sciences Center and will house classrooms, labs, and a simulation lab. The site is just over just over 4.5 acres and is located on an active campus. This new construction will be a steel structure with a brick and metal panel veneer, curtainwall, and storefront glazing with a PVC roof membrane.

Principal trade and specialty contractors are solicited for the following Bid Packages:

BP0100: General Trades

BP0105: Final Cleaning

BP0390: Turnkey Concrete

BP0400: Turnkey Masonry

BP0500: Structural Steel & Misc. Steel

BP0740: Roofing

BP0750: Metal Panels

BP0790: Caulking / Caulking

BP0800: Turnkey Doors/Frames/Hardware

BP0840: Glass & Glazing

BP0925: Drywall

BP0960: Resilient Flooring

BP0980: Acoustical Ceilings

BP0990: Painting & Wallcovering

BP1005: Toilet Specialties / Accessories / Division 10

BP1010: Signage

BP1098: Demountable Partitions

BP1230: Finish Carpentry and Casework

BP1250: Window Treatment

BP1400: Elevators

BP2100: Fire Protection

BP2200: Plumbing

BP2300: HVAC

BP2600: Turnkey Electrical

BP3100: Turnkey Sitework

BP3290: Landscaping

Packages may be added and/or deleted at the discretion of the Construction Manager. Historically underutilized business firms are encouraged to complete participation submittals.

HUB/MWBE OUTREACH MEETING: Barnhill Building Group will be conducting a HUB/MWBE Informational Session. You are encouraged to attend the following session to learn more about project participation opportunities available to you. These seminars will help to: Learn about project and scope; Inform and train Minority/HUB contractors in preparation for bidding this project; Assist in registration on the State of North Carolina Vendor link; Stimulate opportunities for Networking with other firms. Location and time TBD. Please visit our planroom at for more information.

Interested contractors should submit their completed prequalification submittals, by July 22, 2024, to Meredith Terrell at or hardcopies can be mailed to Barnhill Contracting Company PO Box 31765 Raleigh, NC 27622 (4325 Pleasant Valley Road, NC 27612).


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