Crescent State Bank Purchases New Raleigh Branch Office; Community Bank Expands In Greater Raleigh Area.CARY, N.C. -- Michael Carlton, President of Crescent State Bank, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Crescent Financial Corporation, (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CRFN), has announced that the bank has purchased a building at 4608 Falls of Neuse Road Falls of Neuse Road is an open and public street for the passage of vehicles and peoples in Raleigh, North Carolina. It begins where "Old Wake Forest Road" turns off to the right (northbound) at Capital Bank (and a Food Lion shopping center). in Raleigh. Subject to obtaining regulatory approval, Crescent State Bank plans to use this building as its first full-service office in Raleigh, which will open in 2006. This new office, along with the existing loan production office on Six Forks Road, further expands the community bank's presence across the Triangle. "I am pleased to announce the expansion of Crescent State Bank to Raleigh," said Carlton. "Raleigh is a competitive, growth-oriented market with great opportunities for a community bank. We look forward to serving Raleigh and the surrounding area as we continue to add experienced bankers to our already strong lending team." About Crescent State Bank: Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The Bank opened in December 1998 to cater to the financial needs of the communities it serves. The bank has total assets of approximately $405 million, deposits of approximately $313 million, and loans of $318 million as of September 30, 2005, with nine full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs Holly Springs is the name of some places in the United States of America:
Information in this press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Crescent Financial Corporation's recent filings with the Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its other periodic reports. |
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