Crescent Financial Corp. in Raleigh, N.C., said late Wednesday that it is selling a majority stake to a bank holding company in return for a $75 million investment.
Piedmont Community Bank Holdings Inc. is to buy a 66% stake in Crescent at $4 a share, or almost double the stock's closing price Wednesday. It is the third North Carolina takeover for Piedmont since its creation in 2009.
Crescent's board is to be restructured to have eight members from Piedmont, including Adam Abram, the buyer's chairman. Abram is to be Crescent's chairman, and Scott Custer, Piedmont's president and CEO, is to be the Raleigh company's CEO.
Michael Carlton will remain president of the $973 million-asset company, and four Crescent directors are to be retained.
The agreement lets Piedmont buy another 6.4 million shares from current investors at $4.75 a share, giving it an 89% stake. The deal is expected to close in the second quarter.