Scott Custer will serve as the CEO of the combined bank and the merger transaction involves integration of VantageSouth’s five locations with Crescent State Bank’s 15.
The new bank will also offer its customers with an expanded ATM network at a total of 19 locations.
The merger will provide fresh capital to meet the lending needs of businesses and individuals in the region, according to Custer.
In September this year, Crescent State Bank signed an agreement with East Carolina Bank to acquire ECB Bancorp, for nearly $51.6m and is expected to complete during the first half of 2013.
After the acquisition, integrated Crescent State Bank, VantageSouth Bank and East Carolina Bank will also trade under the VantageSouth brand.
Crescent Financial was represented by Bryan Cave, while Sandler O’Neill + Partners, acted as the financial advisor to its special committee of independent directors.
