Crescent State Bank Resumes Search For New Headquarters

Posted on September 15, 2008
Filed Under Banking, Cary |

Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, has announced that the bank has come to a mutual agreement with ZR Waverly Place, LLC, to terminate a lease commitment for the bank’s proposed new headquarters in Waverly Place located at the corner of Tryon Road and Kildaire Farm Road in Cary. The lease was executed in November of 2007 when the developer presented a site plan and project timeline. Both parties agree that the original timeline can not be met and a mutual decision has been reached that Crescent State Bank will not relocate their corporate office headquarters to Waverly Place. The bank has resumed its search for a new headquarters.

Under the lease between Crescent State Bank and ZR Waverly Place, LLC, the bank had agreed to occupy a minimum of 40,000 square feet upon moving into the new office in November 2009 with an agreement to expand to 60,000 square feet within five years. The proposed headquarters was located in a six-story office building to which the bank would have naming rights.

Crescent State Bank will continue to operate its headquarters from the Preston corners building located on High House Road in Cary, which it has occupied since 2000. The bank operates 13 full-service banking offices in the communities of Cary, Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh, Knightdale and Wilmington, North Carolina.