UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
11-K
(Mark
One)
|
x
|
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
for the fiscal year ended December 31, 2009 or
|
| o | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from __________ to __________ |
Commission
file number: 000-32951
|
|
A.
|
Full
title of the plan and the address of the plan, if different from that of
the issuer named below:
Crescent
State Bank Employees’ 401(k) Plan
|
|
|
B.
|
Name
of issuer of the securities held pursuant to the plan and the address of
its principal executive office: Crescent Financial Corporation,
1005 High House Road, Cary, North Carolina
27513
|
The
following financial statements and reports, which have been prepared pursuant to
the requirements of the Employee Retirement Income Security Act of 1974, are
filed as part of this Annual Report on Form 11-K:
Statements
of net assets available for benefits December 31, 2009 and 2008
Statement
of changes in net assets available for benefits, year ended December 31,
2009
Notes to
financial statements
CRESCENT
STATE BANK EMPLOYEES’ 401(k)
PLAN
TABLE
OF CONTENTS
|
Page
No.
|
|
|
Report
of Independent Registered Public Accounting Firm
|
1
|
|
Financial
Statements
|
|
|
Statements
of Net Assets Available for Benefits
|
2
|
|
Statement
of Changes in Net Assets Available for Benefits
|
3
|
|
Notes
to Financial Statements
|
4
|
|
Supplemental
Schedule
|
|
|
Schedule
H, Line 4i - Schedule of Assets (Held at End of Year)
|
10
|
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Board of Trustees
Crescent
State Bank Employees’ 401(k) Plan
Cary,
North Carolina
We have
audited the accompanying statements of net assets available for benefits of the
Crescent State Bank Employees’ 401(k) Plan (the “Plan”) as of December 31, 2009
and 2008 and the related statement of changes in net assets available for
benefits for the year ended December 31, 2009. These financial
statements are the responsibility of the Plan’s management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. We were
not engaged to perform an audit of the Plan’s internal control over financial
reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Plan’s internal control over financial
reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of Crescent State Bank
Employees’ 401(k) Plan as of December 31, 2009 and 2008, and the changes in its
net assets available for benefits for the year ended December 31, 2009, in
conformity with accounting principles generally accepted in the United States of
America.
Our
audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental Schedule H, Line 4i –
Schedule of Assets (Held At End Of Year) as of December 31, 2009 is presented
for purposes of additional analysis and is not a required part of the basic
financial statements but is supplementary information required by the Department
of Labor’s Rules and Regulations for Reporting and Disclosures under the
Employee Retirement Income Security Act of 1974. This supplemental schedule is
the responsibility of the Plan’s management. The supplemental schedule has been
subjected to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the financial statements taken as a whole.
Greenville,
North Carolina
June 25,
2010
| Page 1 |
 |
CRESCENT
STATE BANK EMPLOYEES’ 401(k) PLAN
Statements
of Net Assets Available for Benefits
December
31, 2009 and 2008
|
2009
|
2008
|
|||||||
|
Assets
|
||||||||
|
Investments,
at fair value:
|
||||||||
|
Investments
|
$ | 3,931,169 | $ | 2,534,183 | ||||
|
Participant
loans
|
150,216 | 75,478 | ||||||
| 4,081,385 | 2,609,661 | |||||||
|
Receivables:
|
||||||||
|
Employer
contributions
|
16,636 | 15,374 | ||||||
|
Participant
contributions
|
25,765 | 20,264 | ||||||
|
Other
receivables
|
- | 1,020 | ||||||
| 42,401 | 36,658 | |||||||
|
Cash
|
263,033 | 144,449 | ||||||
|
Net
assets available for benefits at fair value
|
4,386,819 | 2,790,768 | ||||||
|
Adjustment
from fair value to contract value for fully
|
||||||||
|
benefit-responsive
investment contracts
|
1,761 | 15,847 | ||||||
|
Net
assets available for benefits
|
$ | 4,388,580 | $ | 2,806,615 | ||||
|
The
accompanying notes are an integral part of these financial
statements.
|
Page
2
|
CRESCENT
STATE BANK EMPLOYEES’ 401(k) PLAN
Statement
of Changes in Net Assets Available for Benefits
For
the Year Ended December 31, 2009
|
Additions
to net assets attributed to:
|
||||
|
Dividends
and interest
|
$ | 3,519 | ||
|
Contributions:
|
||||
|
Participants
|
594,200 | |||
|
Employer
|
420,280 | |||
|
Total
contributions
|
1,014,480 | |||
|
Net
appreciation in fair value of investments
|
679,262 | |||
|
Total
additions
|
1,697,261 | |||
|
Deductions
from net assets attributed to:
|
||||
|
Benefits
paid to participants
|
99,789 | |||
|
Administrative
expenses
|
15,507 | |||
|
Total
deductions
|
115,296 | |||
|
Net
increase
|
1,581,965 | |||
|
Net
assets available for benefits:
|
||||
|
Beginning
of year
|
2,806,615 | |||
|
End
of year
|
$ | 4,388,580 | ||
|
The
accompanying notes are an integral part of these financial
statements.
|
Page
3
|
CRESCENT
STATE BANK EMPLOYEES’ 401(k) PLAN
Notes
to Financial Statements
December
31, 2009 and 2008
|
1.
|
Description
of Plan
|
The
following brief description of the Crescent State Bank Employees’ 401(k) Plan
(the “Plan”) provides only general information. Participants should refer to the
Plan agreement for a more complete description of the Plan’s
provisions.
General
— The Plan is a defined contribution plan covering eligible employees, as
defined by the Plan, of Crescent State Bank and other wholly-owned subsidiaries
of Crescent Financial Corporation (“the Company”). The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(“ERISA”).
Contributions
— Eligible employees are permitted to make elective deferrals in any amount up
to the maximum percentage allowable not to exceed the limits of Code Sections
401(k), 402(g), 404 and 415. Eligible employees may amend their salary savings
agreements to change the contribution percentage on each payroll period during
the plan year. The employer has adopted the 401(k) safe harbor provision whereby
a non-elective contribution equal to 6% of eligible compensation will be made on
behalf of all eligible participants. This 6% non-elective contribution is 100%
vested. Contributions are subject to certain limitations.
In
addition, the employer may make a discretionary employer profit sharing
contribution which shall be allocated using a Flat Dollar Formula, whereby the
same dollar amount will be allocated to the Individual Account of each
Qualifying Participant.
There
were no rollover contributions in 2009.
Investment
Options — Participants are allowed to direct the investment of their
contributions and to change their investment mix at their
discretion.
Participant
Accounts — Each participant’s account is credited with the participant’s
contribution and allocations of (a) plan earnings and (b) employer
non-elective and any employer discretionary contributions (if eligible).
Allocations are based on participant compensation or account balances, as
defined. The benefit to which a participant is entitled is the benefit that can
be provided from the participant’s vested account.
Vesting
— Participants are immediately vested in their voluntary contributions and safe
harbor contributions plus actual earnings thereon. Vesting in the Company’s
profit sharing contributions and the actual earnings thereon is based on years
of continuous service, and a participant is 100 percent vested after three
years of service.
Payment
of Benefits — After termination of service, a participant may elect to
receive a lump-sum amount equal to the value of the vested balance of his or her
account, or substantially equal installments or annuities over any period not
exceeding the life expectancy of the participant or the life expectancy of the
participant and his or her designated beneficiary.
Forfeitures
— Forfeitures from past profit sharing contributions are used to reduce employer
contributions or to pay fees incurred by the Plan. At
December 31, 2009 and 2008, forfeited non-vested accounts totaled $526 and
$414, respectively. During 2009, forfeitures of $1,060 were used to
pay fees incurred by the Plan.
Page
4
CRESCENT
STATE BANK EMPLOYEES’ 401(k) PLAN
Notes
to Financial Statements
December
31, 2009 and 2008
|
2.
|
Significant
Accounting Policies
|
Basis of
Accounting — The financial statements of the Plan are prepared on the
accrual basis of accounting in conformity with accounting principles generally
accepted in the United State of America.
Investment
contracts held by a defined-contribution plan are required to be reported at
fair value. However, contract value is the relevant measurement attribute
for that portion of the net assets available for benefits of a
defined-contribution plan attributable to fully benefit-responsive investment
contracts because contract value is the amount participants would receive if
they were to initiate permitted transactions under the terms of the Plan.
The Statement of Net Assets Available for Benefits presents the fair value of
the investment contracts as well as the adjustment to the fully
benefit-responsive investment contracts from fair value to contract value.
The Statement of Changes in Net Assets Available for Benefits is prepared on a
contract value basis.
Estimates
— The preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions. Those estimates and assumptions
affect certain reported amounts and disclosures. Accordingly, actual results
could vary from those estimates.
Investment
Valuation and Income Recognition – Investments are reported at fair
value. Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. See Note 4 for discussion of
fair value measurements.
Purchase
and sales of securities are recorded on a trade-date basis. Interest
income is recorded on an accrual basis. Dividends are recorded on the
ex-dividend date. Net depreciation includes the Plan’s gains and
losses on investments bought and sold as well as held during the
year.
Payment
of Benefits - Benefits are recorded upon distribution.
Administrative
Expenses - The Plan’s administrative expenses are paid by either the Plan
or the Company, as provided by the plan document. Certain administrative
functions are performed by employees of the Company. No such employee receives
compensation from the Plan.
|
3.
|
Investments
|
The
Plan’s investments are held by a bank-administered trust fund. Investments that represent five percent or more of
the Plan’s net assets at December 31 are as follows:
|
2009
|
2008
|
|||||||
|
Investments,
at fair value:
|
||||||||
|
Metlife
GIC Fund
|
$ | 245,468 | $ | * | ||||
|
Oakmark
Equity Income Fund
|
377,580 | 341,852 | ||||||
|
Thornburg
Intl Value Fund
|
319,465 | * | ||||||
|
Wasatch
1st
Source Inc Equity Fund
|
800,197 | * | ||||||
|
Bond
Fund of America
|
* | 164,595 | ||||||
|
Diamond
Hill Large Cap Fund
|
* | 329,982 | ||||||
|
Dodge
& Cox Stock Fund
|
* | 438,600 | ||||||
|
Europacific
Growth Fund
|
* | 272,328 | ||||||
*Amount
represents less than five percent of net assets.
Page
5
CRESCENT
STATE BANK EMPLOYEES’ 401(k) PLAN
Notes
to Financial Statements
December
31, 2009 and 2008
|
3.
|
Investments
(Continued)
|
During
the year ended December 31, 2009, the Plan’s investments (including gains and
losses on investments bought and sold, as well as held during the year)
appreciated (depreciated) in value as follows:
|
2009
|
||||
|
Mutual
funds
|
$ | 725,817 | ||
|
Common
stocks
|
(171,098 | ) | ||
|
Common
collective investment trust
|
124,543 | |||
| $ | 679,262 | |||
|
4.
|
Fair
Value Measurements
|
The
Financial Accounting Standards Board (“FASB”) issued a statement which defines
and establishes a framework for measuring fair value. That framework provides a
fair value hierarchy that prioritizes the inputs to valuation techniques used to
measure fair value. The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (level 1
measurements) and the lowest priority to unobservable inputs (level 3
measurements). The three levels of the fair value hierarchy are described
below:
Level 1 – Inputs to
the valuation methodology are adjusted quoted prices for identical assets or
liabilities in active markets that the Plan has the ability to
access.
Level 2 – Inputs to
the valuation methodology include:
• Quoted prices for similar assets or
liabilities in active markets;
• Quoted prices for identical or similar
assets or liabilities in active markets;
• Inputs other than quoted prices that
are observable for the asset or liability;
• Inputs that are derived principally
from or corroborated by observable market data by correlation or other means.
If the
asset or liability has a specified (contractual) term, the level 2 input
must be observable for substantially the full term of the asset or
liability.
Level 3 – Inputs to
the valuation methodology are unobservable and significant to the fair value
measurement.
The
asset’s or liability’s fair value measurement level within the fair value
hierarchy is based on the lowest level of any input that is significant to the
fair value measurement. Valuation techniques used need to maximize the use of
observable inputs and minimize the use of unobservable inputs.
Following
is a description of the valuation methodologies used for assets measured at fair
value. There have been no changes in the methodologies used at
December 31, 2009 and 2008:
Mutual
Funds: These investments are public investment vehicles valued
using the Net Asset Value (NAV) provided by the administrator of the
fund. The NAV is based on the value of the underlying assets owned by
the fund, minus its liabilities, and then divided by the number of shares
outstanding. The NAV is a quoted price in an active market and
classified within level 1 of the valuation hierarchy.
Common
Stock: These investments are valued at the closing price
reported on the active market on which the individual securities are
traded. These are classified within level 1 of the valuation
hierarchy.
Common Collective Investment
Trust: The common collective investment trust fair value is
classified in level 2 using the asset fair value provided by Metlife, the
administrator of the fund. Net asset value unit price is quoted on a private
market that is not active; however, the unit price is based on underlying
investments which are traded on an active market.
Page
6
CESCENT STATE
BANK EMPLOYEES’ 401(k) PLAN
Notes
to Financial Statements
December
31, 2009 and 2008
|
4.
|
Fair
Value Measurements
(Continued)
|
Participant
Loans: Participant loans are classified in level 3 of the fair
value hierarchy as inputs into the valuation methodology are supported by little
or no market activity. The loans have fixed rates, but would have immaterial
impact if adjusted to fair value. The loans are all paying according to agreed
upon terms and signify no collection concerns.
The
methods described above may produce a fair value calculation that may not be
indicative of net realizable value or reflective of future fair values.
Furthermore, while the Plan believes its valuation methods are appropriate and
consistent with other market participants, the use of different methodologies or
assumptions to determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting date.
The
following tables set forth by level, within the fair value hierarchy, the Plan’s
assets at fair value as of December 31, 2009 and 2008:
|
Assets
at Fair Value as of December 31, 2009
|
||||||||||||||||
|
Description
|
Level
1
|
Level
2
|
Level
3
|
Total
|
||||||||||||
|
Mutual
funds
|
$ | 3,531,321 | $ | - | $ | - | $ | 3,531,321 | ||||||||
|
Common
stock
|
156,141 | - | - | 156,141 | ||||||||||||
|
Common
collective investment trust
|
- | 243,707 | - | 243,707 | ||||||||||||
|
Participant
loans
|
- | - | 150,216 | 150,216 | ||||||||||||
|
Total
assets at fair value
|
$ | 3,687,462 | $ | 243,707 | $ | 150,216 | $ | 4,081,385 | ||||||||
|
Assets
at Fair Value as of December 31, 2008
|
||||||||||||||||
|
Description
|
Level
1
|
Level
2
|
Level
3
|
Total
|
||||||||||||
|
Mutual
funds
|
$ | 2,285,399 | $ | - | $ | - | $ | 2,285,399 | ||||||||
|
Common
stock
|
114,805 | - | - | 114,805 | ||||||||||||
|
Common
collective investment trust
|
- | 133,979 | - | 133,979 | ||||||||||||
|
Participant
loans
|
- | - | 75,478 | 75,478 | ||||||||||||
|
Total
assets at fair value
|
$ | 2,400,204 | $ | 133,979 | $ | 75,478 | $ | 2,609,661 | ||||||||
The table below sets forth a summary of
changes in the fair value of the Plan’s level 3 assets for the year ended
December 31, 2009. There were no gains or
losses associated with the participant loans.
|
Participant
|
||||
|
Loans
|
||||
|
Balance,
beginning of year
|
$ | 75,478 | ||
|
Disbursements
and repayments (net)
|
74,738 | |||
|
Balance,
end of year
|
$ | 150,216 | ||
Page
7
CESCENT STATE
BANK EMPLOYEES’ 401(k) PLAN
Notes
to Financial Statements
December
31, 2009 and 2008
|
5.
|
Fully
Benefit Responsive Investment
Contract
|
The Plan
has entered into a fully benefit-responsive investment contract with The MetLife
Insurance Company (“MetLife”). In a Met Managed GIC, the assets
are invested in a MetLife separate account. MetLife will guarantee principal and
accrued interest, based on credited interest rates, for
participant-initiated withdrawals as long as the contract remains active.
Interest is credited to the contract at interest rates that reflect the
performance of the underlying portfolio.
MetLife
will reset the rate by amortizing the difference between the market value
of the portfolio and the guaranteed value over the weighted average duration of
the managed investments. Participants will receive the principal and accrued
earnings credited to their accounts on withdrawal for allowed events. These
events include transfers to other Plan investment options, and payments because
of retirement, termination of employment, disability, death and in-service
withdrawals as permitted by the Plan.
As
described in Note 2, because the guaranteed investment contract is fully
benefit-responsive, contract value is the relevant measurement attribute for
that portion of the net assets available for benefits attributable to the
guaranteed investment contract. Contract value, as reported to the Plan by
MetLife Insurance Company, represents contributions made under the contract,
plus earnings, less participant withdrawals and administrative expenses.
Participants may ordinarily direct the withdrawal or transfer of all or a
portion of their investment at contract value.
There are
no reserves against contract value for credit risk of the contract issuer or
otherwise. The crediting interest rate is based on a formula agreed upon with
the issuer, but it may not be less than zero percent. Such interest rates are
reviewed on a quarterly basis for resetting.
The
guaranteed investment contract does not permit Metlife to terminate the
agreement prior to the scheduled maturity date.
|
2009
|
||||
|
Average
yields:
|
||||
|
Based
on actual earnings
|
13.86 | % | ||
|
Based
on interest rate credited to participants
|
4.14 | % | ||
|
6.
|
Exempt
Party-In-Interest
Transactions
|
Certain
Plan investments are shares of mutual funds managed by Charles Schwab Trust
Company. Charles Schwab Trust Company is the trustee as defined by the Plan and,
therefore, these transactions qualify as exempt party-in-interest transactions.
Fees paid by the Plan for investment management services were $12,465 for the
year ended December 31, 2009.
|
7.
|
Related
Party Transactions
|
The Plan
gives participants the option of purchasing shares of stock of Crescent State
Bank’s parent company, Crescent Financial Corporation. Participant investments
in Crescent Financial Corporation stock are limited to 25% of a participant’s
total investment allocation. Plan assets included approximately 49,101 shares
valued at $156,141 as of December 31, 2009.
Page
8
CESCENT STATE
BANK EMPLOYEES’ 401(k) PLAN
Notes
to Financial Statements
December
31, 2009 and 2008
|
8.
|
Plan
Termination
|
Although
it has not expressed any intent to do so, the Company has the right under the
Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA. Participants are always 100% vested in safe
harbor employer contributions. In the event of Plan termination, participants
would become 100% vested in the discretionary contributions.
|
9.
|
Tax
Status
|
The Plan
obtained its latest determination letter dated March 31, 2008, in which the
Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue Code
(“IRC”). The Plan has been amended since receiving the determination letter.
However, the Plan administrator believes that the Plan is designed and is
currently being operated in compliance with the applicable requirements of the
Internal Revenue Code.
|
10.
|
Risks
and Uncertainties
|
The Plan
invests in various investment securities. Investment securities are exposed to
various risks such as interest rate, market, and credit risk. Due to the level
of risk associated with certain investment securities, it is at least reasonably
possible that changes in the values of investment securities will occur in the
near term and that such changes could materially affect participants’ account
balances and the amounts reported in the Statement of Net Assets Available for
Benefits.
Page
9
SUPPLEMENTAL
SCHEDULE
Schedule
H, Line 4i - Schedule of Assets (Held at End of Year)
December
31, 2009
EIN:
56-2097132
Plan
Number 001
|
(b)
Identity of Issue, Borrower, Lessor or
|
(c)
Description of Investment Including
Maturity
Date, Rate of Interest, Collateral,
|
(d)
Cost
|
(e)
Current
|
|||||||
|
(a)
|
Similar
Party
|
Par
or Maturity Value
|
**
|
Value
|
||||||
|
*
|
PARTICIPANT
LOANS
|
PARTICIPANT
LOANS
|
$ |
150,216
|
||||||
|
*
|
CRESCENT
FINANCIAL CORP
|
COMMON
STOCK
|
156,141
|
|||||||
|
|
ABSOLUTE
STRATEGIES FUND
|
MUTUAL
FUNDS
|
9,500
|
|||||||
|
|
ARTISAN
INTERNATIONAL FUND
|
MUTUAL
FUNDS
|
3,620
|
|||||||
|
|
BLACKROCK
GLOBAL ALLOC FUND
|
MUTUAL
FUNDS
|
35,252
|
|||||||
|
|
COHEN
& STEERS REALTY SHARES
|
MUTUAL
FUNDS
|
54,880
|
|||||||
|
|
COLUMBIA
ACORN FUND
|
MUTUAL
FUNDS
|
40,525
|
|||||||
|
|
FAIRHOLME
FUND
|
MUTUAL
FUNDS
|
105,167
|
|||||||
|
|
FIDELITY
SPARTAN INTL INDEX
|
MUTUAL
FUNDS
|
20,747
|
|||||||
|
|
FIRST
EAGLE FUND OF AMERICA
|
MUTUAL
FUNDS
|
137,333
|
|||||||
|
|
HARBOR
INTL FUND INVEST CLASS
|
MUTUAL
FUNDS
|
66,613
|
|||||||
|
|
IVA
INTL FUND CL I
|
MUTUAL
FUNDS
|
55,551
|
|||||||
|
|
JP
MORGAN SMARTRETIREMENT 2010A
|
MUTUAL
FUNDS
|
8,723
|
|||||||
|
|
JP
MORGAN SMARTRETIREMENT 2015A
|
MUTUAL
FUNDS
|
24,920
|
|||||||
|
|
JP
MORGAN SMARTRETIREMENT 2020A
|
MUTUAL
FUNDS
|
22,411
|
|||||||
|
|
JP
MORGAN SMARTRETIREMENT 2025A
|
MUTUAL
FUNDS
|
64,223
|
|||||||
|
|
JP
MORGAN SMARTRETIREMENT 2030A
|
MUTUAL
FUNDS
|
27,325
|
|||||||
|
|
JP
MORGAN SMARTRETIREMENT 2035A
|
MUTUAL
FUNDS
|
14,729
|
|||||||
|
|
JP
MORGAN SMARTRETIREMENT 2040A
|
MUTUAL
FUNDS
|
31,626
|
|||||||
|
|
JP
MORGAN SMARTRETIREMENT 2045A
|
MUTUAL
FUNDS
|
38,135
|
|||||||
Page
10
|
(b)
Identity of Issue, Borrower, Lessor or
|
(c)
Description of Investment Including
Maturity
Date, Rate of Interest, Collateral,
|
(d)
Cost
|
(e)
Current
|
|||||||
|
(a)
|
Similar
Party
|
Par
or Maturity Value
|
**
|
Value
|
||||||
|
|
JP
MORGAN SMARTRETIREMENT 2050A
|
MUTUAL
FUNDS
|
3,764
|
|||||||
|
|
LOOMIS
SAYLES BOND FUND
|
MUTUAL
FUNDS
|
102,095
|
|||||||
|
|
MARISCO
21ST
CENTURY FUND
|
MUTUAL
FUNDS
|
182,931
|
|||||||
|
|
OAKMARK
EQUITY INCOME FUND
|
MUTUAL
FUNDS
|
377,580
|
|||||||
|
|
OPPENHEIMER
DEVELOPMENT MARKTS
|
MUTUAL
FUNDS
|
118,396
|
|||||||
|
|
PERKINS
MID CAP VALUE FUND CL T
|
MUTUAL
FUNDS
|
32,547
|
|||||||
|
|
PIMCO
LOW DURATION ADMIN SHS
|
MUTUAL
FUNDS
|
41,084
|
|||||||
|
|
PIMCO
TOTAL RETURN FUND CL D
|
MUTUAL
FUNDS
|
216,457
|
|||||||
|
|
ROYCE
SPECIAL EQUITY FD INV CL
|
MUTUAL
FUNDS
|
81,770
|
|||||||
|
|
ROYCE
VALUE FUND INV CL
|
MUTUAL
FUNDS
|
216,946
|
|||||||
|
|
ROYCE
VALUE PLUS FUND
|
MUTUAL
FUNDS
|
41,579
|
|||||||
|
*
|
SCHWAB
S&P 500 INDEX FUND
|
MUTUAL
FUNDS
|
68,031
|
|||||||
|
|
SENTINEL
GOVERNMENT SECURITIES A
|
MUTUAL
FUNDS
|
16,804
|
|||||||
|
|
T
ROWE PRICE NEW ERA FUND
|
MUTUAL
FUNDS
|
53,765
|
|||||||
|
|
THORNBURG
INTL VALUE INSTL CLASS
|
MUTUAL
FUNDS
|
319,465
|
|||||||
|
|
VANGUARD
INFLATION PROTECTED SEC FD
|
MUTUAL
FUNDS
|
76,126
|
|||||||
|
|
VANGUARD
TOTAL BOND MARKET IND FD
|
MUTUAL
FUNDS
|
11,464
|
|||||||
|
|
VANGUARD
TOTAL STOCK MARKET IND FD
|
MUTUAL
FUNDS
|
9,040
|
|||||||
|
|
WASATCH
1ST
SOURCE INCOME EQUITIES
|
MUTUAL
FUNDS
|
800,197
|
|||||||
|
|
METLIFE
GIC 25053
|
COLLECTIVE
INVESTMENT TRUST
|
245,468
|
|||||||
|
|
TOTAL
|
$ |
4,083,146
|
|||||||
|
|
||||||||||
|
*
|
Party-in-interest
|
|||||||||
|
**
|
Cost
information omitted for participant directed
investments.
|
|||||||||
Page
11
Exhibit
Index
|
23.1
|
Consent
of Independent Registered Public Accounting
Firm
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Plan
Administrator has duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
CRESCENT STATE
BANK
Employees’ 401 (k)
Plan
(Name
of Plan)
|
|||
|
Date: June
29, 2010
|
By:
|
/s/ Bruce W. Elder | |
| Bruce
W. Elder
Senior
Vice President
Crescent
State Bank
|
|||
Page
12