Raleigh-based Piedmont Community Bank Holdings is is extending its offer for up to 6,442,105 shares of common stock of Crescent Financial Bancshares for $4.75 per share.
Piedmont has a controlling interest in Community Bank of Rowan and VantageSouth Bank in Burlington.
Crescent is headquartered in Cary.
Piedmont announced Friday that it is extending the offer by seven business days, expiring now at 5 p.m. Dec. 21.
As of 5 p.m. Thursday, stockholders of Crescent had ěvalidly tendered, and not withdrawn, 2,042,989 shares of Crescent common stock, representing approximately 31.7 percent of the number of shares of Crescent common stock sought in the Offer,î according to PR Newswire.