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East Carolina Bank brand fades into the sunset

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Former East Carolina Bank branches in the eastern half of the state morphed into VantageSouth Bank branches on Monday.

The brand transformation of the 25 branches marked the final step in completing the acquisition by Raleigh-based VantageSouth, a deal that closed April 1. VantageSouth, formerly Crescent State Bank, now has 45 branches in central and eastern North Carolina and about $2 billion in assets.

"This is an exciting day in the history of the bank as we expand our presence in eastern North Carolina," Steve Jones, president of VantageSouth, said in a prepared statement.

Shareholders of East Carolina's corprorate parent, ECB Bancorp, approved the acquisition by a roughly 2-to-1 margin last month. Shareholders will receive 3.55 shares of Crescent Financial, the corporate parent of VantageSouth, for each share of ECB they owned. That deal was valued at $51.6 million when it was unveiled in September.

East Carolina customers "can rest assured that they will continue to work with bankers who they know and trust," VantageSouth CEO Scott Custer said in a statement.

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About the blogger

David Ranii has been a business reporter at The News & Observer since 1993. Over the years he has covered information technology, banking, insurance, the pharmaceutical and biotechnology industries, media businesses and real estate. Contact him at 919-829-4877 or e-mail him.
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