Top > Business > 2005 > October > 2005-10-31

You Go, Mr. Ray D. Vaughn

Michael G. Carlton, President of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, has named Ray D. Vaughn as Senior Vice President and Chief Operating Officer. With 29 years of banking experience, Vaughn will assist senior management in executing bank strategies, as well as manage commercial, consumer and day-to-day banking operations.

Ray Vaughn has 29 years of banking experience including senior management positions at Bank of America and Wachovia Bank. He graduated from North Carolina State University, and completed the North Carolina School of Banking program, the Senior Management Development Program of Duke University`s Fuqua School of Business and the Young Executives Institute of the University of North Carolina.

Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The Bank opened in December 1998 to cater to the financial needs of the communities it serves. The bank has total assets of approximately $405 million, deposits of approximately $313 million, and loans of $318 million as of September 30, 2005, with nine full service banking offices.