Deal sells common stock at 97.04% premium to Piedmont Community Bank
By Devika Patel
Knoxville, Tenn., Feb. 25 - Crescent Financial Corp. negotiated a private placement of stock on Feb. 23, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal mulls selling $75 million of common shares to Piedmont Community Bank Holdings, Inc.
The company will sell 18.75 million shares at $4.00 apiece. The price per share reflects a 97.04% premium to the Feb. 22 closing share price of $2.03.
Based in Cary, N.C., Crescent is the holding company for Crescent State Bank.
| Issuer: | Crescent Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $75 million
|
| Shares: | 18.75 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Investor: | Piedmont Community Bank Holdings, Inc.
|
| Pricing date: | Feb. 23
|
| Stock symbol: | Nasdaq: CRFN
|
| Stock price: | $2.17 at close Feb. 23
|
| Market capitalization: | $39.47 million
|
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