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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.
October 24
Piedmont Community Bank Holdings Inc. in Raleigh, N.C., wants to up its ownership stake in Crescent Financial Corp. of Cary, N.C., and is giving Crescent shareholders more time to mull its offer.
Piedmont was created in 2009 to invest in banks in the Carolinas and Virginia. It already owns 66% of Crescent's shares and said last month that it wants to increase its stake to 89% by buying another 6.4 million shares from existing stockholders, at $4.75 each. The shares were trading at $4.59 Monday afternoon.
As of Thursday, Crescent stockholders had tendered more than 2 million of their shares. Piedmont already extended the deadline for its offer once and said in a news release Friday that it is extending it a second time “in light of the holiday season and in order to provide Crescent stockholders more time to evaluate additional information, which will be mailed to Crescent stockholders at the beginning of next week.”
The offer will now expire on Dec. 21.
Crescent has $915 million of assets and 15 branches in five North Carolina counties.
