Crescent State Bank Resumes Search For New Headquarters
Released on: September 15, 2008, 6:45 am
Press Release Author: MMI Associates, Inc.
Industry: Financial
Press Release Summary: ZR Waverly Place, LLC And Local Community Bank Mutually Agree To Terminate Lease For Proposed Headquarters At Waverly Place
Press Release Body: CARY, N.C. – Michael G. Carlton, president of Crescent State Bank (www.crescentstatebank.com), a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced that the bank has come to a mutual agreement with ZR Waverly Place, LLC, to terminate a lease commitment for the bank’s proposed new headquarters in Waverly Place located at the corner of Tryon Road and Kildaire Farm Road in Cary. The lease was executed in November of 2007 when the developer presented a site plan and project timeline. Both parties agree that the original timeline can not be met and a mutual decision has been reached that Crescent State Bank will not relocate their corporate office headquarters to Waverly Place. The bank has resumed its search for a new headquarters.
Under the lease between Crescent State Bank and ZR Waverly Place, LLC, the bank had agreed to occupy a minimum of 40,000 square feet upon moving into the new office in November 2009 with an agreement to expand to 60,000 square feet within five years. The proposed headquarters was located in a six-story office building to which the bank would have naming rights.
Crescent State Bank will continue to operate its headquarters from the Preston corners building located on High House Road in Cary, which it has occupied since 2000. The bank operates 13 full-service banking offices in the communities of Cary, Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh, Knightdale and Wilmington, North Carolina.
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News Facts: • Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced that the bank has come to a mutual agreement with ZR Waverly Place, LLC, to terminate a lease commitment for the bank’s proposed new headquarters in Waverly Place located at the corner of Tryon Road and Kildaire Farm Road in Cary. • The lease was executed in November of 2007 when the developer presented a site plan and project timeline. • Both parties agree that the original timeline can not be met and a mutual decision has been reached that Crescent State Bank will not relocate their corporate office headquarters to Waverly Place. • The bank has resumed its search for a new headquarters. • Under the lease between Crescent State Bank and ZR Waverly Place, LLC, the bank had agreed to occupy a minimum of 40,000 square feet upon moving into the new office in November 2009 with an agreement to expand to 60,000 square feet within five years. • The proposed headquarters was located in a six-story office building to which the bank would have naming rights. • Crescent State Bank will continue to operate its headquarters from the Preston corners building located on High House Road in Cary, which it has occupied since 2000. • The bank operates 13 full-service banking offices in the communities of Cary, Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh, Knightdale and Wilmington, North Carolina.
Quotes: “While we regret this delay in combining our administrative, operations, credit and accounting units, the bank is well positioned in existing facilities until a new location can be found,” said Carlton. “That search is currently underway.”
About Crescent State Bank: Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The bank has total assets of $920.6 million, deposits of $653.7 million, and net loans of $734.0 million as of June 30, 2008. The bank operates 13 full-service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh, Knightdale and Wilmington (2), North Carolina. For more information, visit www.crescentstatebank.com.
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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 and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and its other periodic reports.
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