Crescent Financial Bancshares president and CEO Scott Custer said the integration of both banks will provide access to a larger ATM and branch network of 20 banking centers across central and eastern North Carolina.
As per terms of the transaction, each outstanding VantageSouth Bank share will be converted at the exchange ratio into Crescent Financial shares.
Pending regulatory approval and satisfying customary closing conditions including shareholder approval, the transaction is expected to close by the end of the year.
In an another move, Crescent State Bank and East Carolina Bank inked a definitive merger agreement under which Crescent Financial will acquire ECB Bancorp, for $17.75 per share or nearly $51.6m.
This deal is expected to complete in the first half of 2013.
The combined Crescent State Bank, VantageSouth Bank and East Carolina Bank will be branded as VantageSouth, which will be the largest community bank in eastern North Carolina.
Sandler O’Neill + Partners acted as financial advisor and provided a fairness opinion to Crescent Financial’s special committee of independent directors, while Nelson Mullins Riley & Scarborough served as legal advisor.
