Crescent State Bank Names Bill Greene Clayton City Exec

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Bill Greene has joined the organization as the Clayton City Executive. Greene, a Clayton native who has over 15 years of successful banking experience will focus his activities on the banks loan operations and deposit growth, while overseeing the customer service of the Clayton branch and its five employees. Greene, who has his undergraduate BA degree from University of North Carolina in Chapel Hill, is active in a number of local civic and community organizations, including: the Chamber of Commerce and Christ Community United Church, as well as previously serving a six year term as an United Way board member and the Civitan Club.

Cary, NC and Clayton, NC -- Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Bill Greene has joined the organization as the Clayton City Executive. Greene, a Clayton native who has over 15 years of successful banking experience will focus his activities on the banks loan operations and deposit growth, while overseeing the customer service of the Clayton branch and its five employees. Greene, who has his undergraduate BA degree from University of North Carolina in Chapel Hill, is active in a number of local civic and community organizations, including: the Chamber of Commerce and Christ Community United Church, as well as previously serving a six year term as an United Way board member and the Civitan Club.

I am excited to be joining the professionals at Crescent State Bank. I would like to take this opportunity to invite all of my friends in this growing community to stop by and learn how Crescent can offer superior customer service and state-of-the-art technology to give you the convenience of a large bank with the friendly, personal attention you expect from a community bank," said Greene.

Crescent State Bank has a reputation for placing experienced and capable bankers in the communities we serve who are empowered to make decisions face-to-face with the customer. Bill Greene brings a wealth of experience and service to the bank and we are excited to continue our pledge to build loyal, long term financial relationships with the Clayton community," said Michael G. Carlton, President of 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.

Patty Briguglio
MMI Associates, Inc.

North Carolina:
122 Ravenna Way, Suite 100
Cary, NC 27513
919/ 461-3831

Arizona:
3838 N. Central Avenue, Suite 100
Phoenix, AZ 85012
602/ 287-0572
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MMI Associates, Inc.
122 Ravenna Way, Suite 100
Cary, NC 27513
(919) 461-3831 • (919) 462-8289 (fax)
patty@mmimarketing.com

Contact: Patty Briguglio (919) 461-3831