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Crescent Financial Corporation (Nasdaq: CRFN) $4.17, Up $2.00. Announced Wednesday after market close along with Piedmont Community Bank Holdings, Inc., that they have entered into a definitive agreement pursuant to which Piedmont will invest $75 million in Crescent and therefore acquire a majority interest in the company.
Michael G. Carlton, president and chief executive officer of Crescent State Bank, commented that, "this transaction is an exciting step forward for Crescent's customers, shareholders and employees."
Adam Abram, chairman of Piedmont, will be named chairman of Crescent Financial, and Scott Custer, president and chief executive officer of Piedmont, will become chief executive officer of Crescent Financial, upon closing of the transaction. Carlton will continue to serve in his role as president of Crescent Financial and president and chief executive officer of Crescent State Bank.
What They Do: Crescent Financial Corporation is the parent company of Crescent State Bank. Crescent has total assets of $973.0 million, deposits of $724.4 million, and gross loans of $676.8 million as of December 31, 2010.
TOR Minerals International (Nasdaq: TORM) $13.19, Up $2.19. Announced Wednesday after market close its financial results for the fourth quarter and year ended December 31, 2010. For the fourth quarter ended December 31, 2010, the Company reported net income available to common shareholders of $1,006,000, or $0.35 per diluted share, on net sales of $8,689,000. This compares with a net income available to common shareholders of $143,000, or $0.08 per share, on net sales of $6,395,000 for the quarter ended December 31, 2009.
Net sales for the year ended December 31, 2010, were $31,016,000 compared to $24,193,000 during the year ended December 31, 2009. The net income available to common shareholders was $2,318,000, or $0.83 per diluted share, for the year ended December 31, 2010 compared to a net loss of $196,000, or ($0.10) per diluted share, for year ended December 31, 2009.
What They Do: TOR Minerals International is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications with manufacturing and regional offices located in the United States, Netherlands and Malaysia.
Chart Industries (Nasdaq: GTLS) $42.93, UP $4.99. Today announced that its wholly-owned subsidiary, Chart Energy & Chemicals, Inc. ("Chart E&C"), has been awarded a contract to provide the process design and proprietary equipment for a world scale Nitrogen Rejection facility with integrated Natural Gas Liquids (NGL) recovery to be constructed in the State of Qatar. The contract amount for the process design and supply of the cold boxes, brazed aluminium heat exchangers and associated equipment exceeds $90 million.
"This significant award signals the return of large project work to Chart E&C and is an excellent opportunity for us to demonstrate our worldwide expertise and capabilities in cryogenic gas processing," said Sam Thomas, Chairman, CEO and President of Chart Industries.
What They Do: Chart is a leading global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases.
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