Crescent State Bank To Open Full Service Branch In Sanford; Local Bank Receives Approval Of Application To Replace Loan Production Office With Full Service Branch.SANFORD, N.C. -- Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. State Bank, the 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: CRFN), has announced that the organization has received approval for its application with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. and the State Banking Commissioner to open a full service office in Sanford. The organization, which currently has a loan production office in the town, will construct a 3700 square foot building in the Spring Lane Galleria Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into , anticipated to be completed in Spring of 2005. While the construction of the permanent facility is being completed, Crescent State Bank will occupy a full service banking office in a modular facility. This modular facility will be located in the same Spring Lane Galleria Shopping Center in which the new office will be constructed. The opening of the full service branch will take place during the third quarter of this year. "Crescent State Bank is pleased to have this opportunity to expand our franchise in Sanford and Lee County. This new full service office will allow us to accept deposits from area residents, provide free courier service to commercial clients, and further serve our valued customers, " said Michael G. Carlton, President of Crescent State Bank. Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The Bank was opened in December 1998 to serve the financial needs of the communities it serves. The bank has total assets of approximately $309 million and deposits of approximately $263 million as of June 30, 2004, with seven full service banking offices in the communities of Cary (2), Apex, Clayton, Holly Springs Holly Springs is the name of some places in the United States of America:
Investors can access additional corporate information, product descriptions, and online services through the Bank's website at www.crescentstatebank.com. 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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