Two banks that are majority-owned by Piedmont Community Bank Holdings in Raleigh, N.C., have agreed to merge.

The $257 million-asset VantageSouth Bank will be merged into the $826 million-asset Crescent State Bank. Piedmont owns 100% of VantageSouth's outstanding common stock and roughly 88% of the common stock for Crescent's parent company, Crescent Financial Bancshares (CRFN).

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