Crescent to pay accrued, current dividends on trust preferreds in July

By Susanna Moon

Chicago, April 30 - Crescent Financial Bancshares, Inc. said it will pay accrued deferred interest of $371,000 on its trust preferred securities, plus current interest, on the next scheduled quarterly payment date of July 7.

The company deferred interest payments on its trust preferreds beginning with the payment due April 7, but continued to accrue interest expense in its consolidated financial statements.

Crescent received approval from its primary regulator on April 12 to resume payment of preferred dividends on securities issued to the U.S. Treasury in connection with the TARP Capital Purchase Program and interest payments due on its subordinated debentures, which were funded through the issuance of trust preferred securities, according to the company's earnings release for the first quarter.

The company will pay all deferred preferred dividends of $1.6 million plus current dividends on the next quarterly payment date of May 15.

The company said it deferred dividend payments on its TARP preferreds beginning with the payment due Feb. 15.

The parent company of Crescent State Bank is based in Raleigh, N.C.

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