Shareholders of ECB Bancorp (ECBE) have approved the Engelhard, N.C., company's sale to Crescent Financial (CRFN).

The shareholders gave their approval at a special meeting on Wednesday, Dwight Utz, ECB's president and chief executive, announced on his LinkedIn account. The $51.6 million sale, representing a 77% premium to ECB's tangible book value, was announced in September.

Neither company immediately responded to American Banker's requests for comment.

The merger of the North Carolina companies will create a lender with nearly $2 billion in assets. ECB is the parent of $900 million-asset East Carolina Bank, and Crescent is the parent of VantageSouth, in Cary, with $1 billion in assets.

Utz told American Banker in September that he decided to sell ECB after a plan to raise $80 million from a consortium of private equity companies fell through.

In December, Crescent merged its Crescent State Bank with VantageSouth. Before the merger, Crescent and VantageSouth were majority-owned by Piedmont Community Bank Holdings, which is backed by a pair of New York private equity firms.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.