Piedmont buys controlling interest in Crescent State Bank

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Submitted: Fri, 02/25/2011 - 9:06pm
Updated: Fri, 02/25/2011 - 9:26pm By:

By JP Finlay
Greater Wilmington Business Journal

Yesterday, Piedmont Community Bank agreed to purchase a majority interest in Crescent State Bank – reports the Greater Wilmington Business Journal. Piedmont paid $75 million to obtain a 66 percent stock share in the bank with the option to purchase more bank stock and increase ownership.

The deal will not change operations at the bank according to Crescent President and CEO Michael Carlton.

“The additional capital will allow us to serve our customers better,” Carlton said.

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