Crescent State Bank to Form Bank Holding Company

Apr 26, 2001, 01:00 ET from Crescent State Bank

    CARY, N.C., April 26 /PRNewswire/ -- At its Annual Meeting held on
 April 25, 2001 at MacGregor Downs Country Club in Cary, North Carolina,
 shareholders approved the proposal to reorganize Crescent State Bank into a
 bank holding company.  The approval allows Crescent State Bank to effect the
 reorganization at its discretion during the coming twelve-month period.  In
 the reorganization, shareholders will exchange their shares of Crescent State
 Bank Common Stock for shares of the newly formed holding company (to be named
 Crescent Financial Corporation).  Following the reorganization, Crescent State
 Bank will become a wholly owned subsidiary of Crescent Financial Corporation.
     Mike Carlton, President &  CEO stated, "The reorganization into a bank
 holding company is consistent with our objectives that were outlined in our
 strategic plan for the coming years.  This conversion will position our
 company well for future opportunities that will benefit our shareholders."
     Crescent State Bank, (OTC Bulletin Board:   CSCB) a non-member state
 chartered bank operates four banking offices in Cary (2), Apex, and Clayton,
 North Carolina.  The Bank's website is www.crescentstatebank.com.  Crescent
 State Bank stock can be found on the OTC Bulletin Board trading under the
 symbol CSCB.
 
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SOURCE Crescent State Bank
    CARY, N.C., April 26 /PRNewswire/ -- At its Annual Meeting held on
 April 25, 2001 at MacGregor Downs Country Club in Cary, North Carolina,
 shareholders approved the proposal to reorganize Crescent State Bank into a
 bank holding company.  The approval allows Crescent State Bank to effect the
 reorganization at its discretion during the coming twelve-month period.  In
 the reorganization, shareholders will exchange their shares of Crescent State
 Bank Common Stock for shares of the newly formed holding company (to be named
 Crescent Financial Corporation).  Following the reorganization, Crescent State
 Bank will become a wholly owned subsidiary of Crescent Financial Corporation.
     Mike Carlton, President &  CEO stated, "The reorganization into a bank
 holding company is consistent with our objectives that were outlined in our
 strategic plan for the coming years.  This conversion will position our
 company well for future opportunities that will benefit our shareholders."
     Crescent State Bank, (OTC Bulletin Board:   CSCB) a non-member state
 chartered bank operates four banking offices in Cary (2), Apex, and Clayton,
 North Carolina.  The Bank's website is www.crescentstatebank.com.  Crescent
 State Bank stock can be found on the OTC Bulletin Board trading under the
 symbol CSCB.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X29857574
 
 SOURCE  Crescent State Bank