Crescent State Bank Names New Compliance Specialist

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Wendy Foley has joined the organization as a Compliance Specialist in the Branch Administration Department.

Cary, NC (PRWEB) February 22, 2004---Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Wendy Foley has joined the organization as a Compliance Specialist in the Branch Administration Department. Foley, a resident of Holly Springs, attended the Community College of Rhode Island and graduated from both the American Bankers Association Compliance and Graduate Compliance Schools. She has over 30 years of experience in banking and banking-related fields, mostly serving as a Branch Manager with Edward Jones Investments. In this new position, Foley will assist in overseeing the deposit procedures at Crescent State Bank, ensuring that all deposit procedures adhere to State and Federal regulatory requirements.

Wendy brings a wealth of successful experience and service to our organization and her strong background in banking and finance will help to strengthen the efforts of this department," said Debbie Carter, Compliance and Security Manager at Crescent State Bank.

Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The Bank was opened in December 1998 to serve the financial needs of the communities it serves. The bank has total assets of approximately $269 million and deposits of approximately $222 million, with seven full service banking offices in the communities of Cary (2), Apex, Clayton, Holly Springs, Southern Pines, and Pinehurst, North, Carolina. The bank also has a loan production office in Sanford, NC.

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Investors can access additional corporate information, product descriptions, and online services through the Banks website at www.crescentstatebank.com.

Information in this press release contains "forward-looking statements." These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, and the effects of competition. Additional factors that could cause actual results to differ materially are discussed in Crescent Financial Corporations recent filings with the Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K and its other periodic reports.

Contact: Patty Briguglio

MMI Associates, Inc.

122 Ravenna Way, Suite 100

Cary, NC 27513

(919) 461-3831 • (919) 462-8289 (fax)

patty@mmimarketing.com