Mike Carlton, the president and CEO of Cary-based Crescent State Bank, is leaving the bank he helped launch in 1998 after it is acquired by Piedmont Community Bank Holdings of Raleigh.
Carlton will remain with the bank for 90 days after the acquisition occurs to assist with the transition, the bank wrote in a regulatory filing.
Piedmont received the go-ahead from regulators last month to acquire a controlling stake in Crescent's corporate parent, Crescent Financial Corp. The $75 million deal is expected to close soon.
Scott Custer, the former CEO of Raleigh-based RBC Bank, will become CEO of Crescent Financial when the deal is completed.
Adam Abram, Piedmont's chairman, will be chairman of Crescent Financial.