VantageSouth Bank merges with Crescent State Bank VantageSouth Bank recently completed a merger deal with Crescent State bank, which will allow VantageSouth Bank shareholders the ability to receive shares of Crescent Financial Bancshares stock in exchange.

The merger was signed and made definite by a special committee of independent members of the board of directors of Crescent Financial.

"We believe the proposed merger of Crescent State Bank and VantageSouth Bank will create operating efficiencies for the combined institution and will provide Crescent with new markets, first-class teammates, an established SBA lending program, and many other exciting opportunities," said Scott Custer, president and CEO of Crescent Financial.

VantageSouth Bank share will be converted at the exchange ratio into the company's shares, being reported to start at 4.8204 if Crescent Financial's volume weighted average price is at or above $5.25.

Customers Bancorp and CMS Bancorp also recently announced plans to merge, which might result in cost savings for the newly formed company. Bancorp is attempting to expand its presence in the New York market. The total transaction value of the deal is estimated to be $20.8 million.
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