Piedmont Community Bank Holdings Inc. in Raleigh, N.C., said Monday that it received regulatory approval to buy a majority stake in Crescent Financial Corp. for $75 million.
The $236 million-asset Piedmont agreed to purchase the 66% stake in Crescent for $4 a share. Additionally, the deal allows Piedmont to buy another 6.4 million shares from current investors at $4.75 a share, which would raise its stake to 89%. Crescent's shares closed at $4.08 apiece on Monday.
The transaction, which was announced in February, is expected to close by the end of November. Piedmont chairman Adam Abram will take on the same role at Crescent while Piedmont president and chief executive Scott Custer will serve as Crescent's CEO.
Piedmont was formed in 2009 to acquire community banks in the Carolinas and Virginia. The Crescent deal is its third.
The $916 million-asset Crescent, based in Cary, N.C. is parent company of Crescent State Bank. It has 15 full-service branches throughout North Carolina.