Cary, NC, April 23, 2007 --(PR.com
)-- The Board of Directors of Crescent Financial Corporation (“Crescent”), parent company of Crescent State Bank of Cary, NC and Port City Capital Bank of Wilmington, NC, at its regular meeting on April 18, 2007, declared a 11-for-10 stock split effected as a 10% stock dividend payable on May 22, 2007 to shareholders of record on May 11, 2007. Cash will be paid in lieu of fractional shares.
“This action taken today by the Board of Directors represents the eighth stock dividend paid by Crescent since its inception on December 31, 1998,” said Michael G. Carlton, president and CEO of Crescent State Bank. “For a rapidly growing company, the stock split allows us to provide our stockholders with additional shares while preserving capital to sustain additional expansion. As our organization continues to mature, we will assess our current practice of declaring stock dividends.”
About Crescent Financial Corporation:
Crescent Financial Corporation is the bank holding company for Crescent State Bank in Cary, North Carolina and Port City Capital Bank in Wilmington, North Carolina. The Company has total assets of approximately $752 million, deposits of approximately $590 million, and loans of $579 million as of March 31, 2007, with eleven full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh and Wilmington, North Carolina.
Information in this press release contains "forward-looking statements." 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 Exchange Commission, including but not limited its Annual Report on Form 10-K and its other periodic reports.
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