Crescent Financial Corp. of Cary, N.C., has agreed to acquire Port City Capital Bank of Wilmington, N.C., for $39.26 million.
Processing Content
Michael G. Carlton, the $410 million-asset Crescent's president, said in a press release Thursday that the deal would bring his company for the first time into Wilmington, a market it had been looking to enter.
Shareholders of the $163.5 million-asset Port City would receive 1.9669 shares of Crescent stock and $3.30 cash for each of their shares. The deal is expected to close early in the fourth quarter. The price is approximately 2.97 times book value.
Crescent has nine branches. Port City, which has one, would operate as a separate subsidiary of Crescent with its current name, management, and board.
