(RALEIGH) -- Crescent State Bank is poised to take over VantageSouth Bank.  The two banks have entered into a definitive merger agreement.

"We believe the proposed merger of Crescent State Bank and VantageSouth Bank will create operating efficiencies for the combined institution and will provide Crescent with new markets, first-class teammates, an established SBA lending program, and many other exciting opportunities," said Scott Custer, President and CEO of Crescent Financial.

Crescent is based in Cary and operates 15 locations around the Triangle and Sandhills regions of the state. VantageSouth Bank is headquartered in Burlington and operates five branch offices in Burlington, Fayetteville, and Salisbury.

The Crescent Financial board of directors unanimously approved the merger agreement. Piedmont Community Bank Holdings, Inc. owns approximately 100 percent of the outstanding common stock of VantageSouth, and approximately 88 percent of the outstanding common stock of Crescent.  The completion of the merger is subject to usual stockholder regulatory approvals.

The merger is not expected to bring any branch closures.