Crescent Financial Bancshares (CRFN) in Cary, N.C., has refiled a preliminary proxy for its pending takeover of a smaller bank that omits details about how regulators encouraged the deal.

The Federal Reserve Bank of Richmond, the Federal Deposit Insurance Corp. and the North Carolina Office of the Commissioner of Banks repeatedly "encouraged" and "advised" Piedmont Community Bank Holdings to merge Crescent and VantageSouth Bank in Burlington, N.C., according to a Prer14A that Crescent filed with the Securities and Exchange Commission on Nov. 2. Piedmont has controlling interests in Crescent and VantageSouth.

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