Edgar Filing: LAMB JOSEPH T JR

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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3235-0287

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

LAMB JOSEPH T JR

2. Issuer Name and Ticker or Trading Symbol
Crescent Financial Bancshares, Inc. [CRFN]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

3600 GLENWOOD AVENUE, SUITE 300

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2013

(Street)

RALEIGH, NC 27612

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/01/2013		A		184,362 ⁽¹⁾	A	⁽²⁾	184,362	D
Common Stock	04/01/2013		A		2,485 ⁽³⁾	A	⁽²⁾	2,485 ⁽⁹⁾	I	As Custodian for Grandchild
Common Stock	04/01/2013		A		11,360 ⁽⁴⁾	A	⁽²⁾	11,360 ⁽¹⁰⁾	I	By Lake Drive Corporation
Common Stock	04/01/2013		A		11,005 ⁽⁵⁾	A	⁽²⁾	11,005 ⁽¹¹⁾	I	By Lamb Family LLC
Common Stock	04/01/2013		A		7,810 ⁽⁶⁾	A	⁽²⁾	7,810 ⁽¹⁰⁾	I	By Paula Ann Corporation
Common Stock	04/01/2013		A		135,137 ⁽⁷⁾	A	⁽²⁾	135,137	I	By spouse
Common Stock	04/01/2013		A		12,513 ⁽⁸⁾	A	⁽²⁾	12,513 ⁽¹⁰⁾	I	By Zee R. Rochelle Inc.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
LAMB JOSEPH T JR 3600 GLENWOOD AVENUE SUITE 300 RALEIGH, NC 27612	X

Signatures

/s/ Joseph T. Lamb, Jr.		04/03/2013
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Represents shares of common stock of Crescent Financial Bancshares, Inc. (the "Issuer") received in exchange for 51,933 shares of common stock of ECB Bancorp, Inc. ("ECB") pursuant to the merger of ECB with and into the Issuer (the "Merger").
(2)	The exchange ratio in the Merger was 3.55 shares of Issuer common stock for each share of ECB common stock, with fractional shares paid in cash. On the effective date of the Merger, the most recent closing price of the Issuer's common stock was $3.94 per share and the most recent closing price of ECB's common stock was $14.43 per share.
(3)	Represents shares of common stock of the Issuer received in exchange for 700 shares of common stock of ECB pursuant to the Merger.
(4)	Represents shares of common stock of the Issuer received in exchange for 3,200 shares of common stock of ECB pursuant to the Merger.
(5)	Represents shares of common stock of the Issuer received in exchange for 3,100 shares of common stock of ECB pursuant to the Merger.
(6)	Represents shares of common stock of the Issuer received in exchange for 2,200 shares of common stock of ECB pursuant to the Merger.
(7)	Represents shares of common stock of the Issuer received in exchange for 38,067 shares of common stock of ECB pursuant to the Merger.
(8)	Represents shares of common stock of the Issuer received in exchange for 3,525 shares of common stock of ECB pursuant to the Merger.
(9)	The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934 or for any other purpose.
(10)	The reporting person is a director, officer and/or principal shareholder of the companies that own these shares, but he disclaims beneficial ownership of the listed shares except to the extent of his pecuniary interest therein.
(11)	Except to the extent of the reporting person's interest in the entity that holds these shares, the reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

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