SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 20, 2002
CRESCENT FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its charter)
North Carolina 000-32951 56-2259050
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(State or other jurisdiction (Commission File No.) (IRS Employer Identification
of incorporation) number)
1005 High House Road, Cary, North Carolina 27513
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(Address of principal executive offices)
Registrant's telephone number, including area code (919) 460-7770
Not Applicable
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(Former address of principal executive offices)
Item 5. Other Events.
On August 20, 2002, the Registrant completed its sale of 690,000 shares of its
common stock at a price of $9.25 per share. Of such shares, 145,000 were sold to
existing shareholders in a rights offering and 545,000 were sold in a best
efforts public offering managed by McKinnon & Company, Inc. Net proceeds from
the offering amounted to approximately $6 million. The Registrant also announced
that effective August 21, 2002, it expects its common stock to begin trading on
the Nasdaq Small Cap Market under its same trading symbol "CRFN". Registrant
intends to utilize the net proceeds for further expansion of its bank
subsidiary, Crescent State Bank, in its market area and announced the intent to
file an application to open a full service branch facility in Holly Springs,
Wake County, North Carolina. With the opening of this branch by year end 2002,
Crescent State Bank will operate five banking locations serving four communities
in Wake and Johnston Counties, North Carolina.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CRESCENT FINANCIAL CORPORATION
By: /s/ Michael G. Carlton
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Michael G. Carlton
President and Chief Executive Officer
Dated: August 20, 2002
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EXHIBIT INDEX
Exhibit
Number Description of Exhibit
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99.1 Press Release
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