Crescent State Bank Names Cary City Exec: Jonathan Taylor Joins Crescent State Bank As Cary City Executive

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Jonathan Taylor has joined the organization as the Cary City Executive. Taylor, a native North Carolinian originally from Statesville, has 8 years of successful banking experience and received both his BS and MBA from Appalachian State University in Boone, North Carolina. In his new role, Taylor will direct all commercial and retail bank operations in Cary, manage the operations of the organizations 2 Cary branches, and oversee the activities of the commercial lenders.

Cary, NC (PRWEB) December 21, 2003 ---Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Jonathan Taylor has joined the organization as the Cary City Executive. Taylor, a native North Carolinian originally from Statesville, has 8 years of successful banking experience and received both his BS and MBA from Appalachian State University in Boone, North Carolina. In his new role, Taylor will direct all commercial and retail bank operations in Cary, manage the operations of the organizations 2 Cary branches, and oversee the activities of the commercial lenders. He is married and presently residing in North Raleigh. Taylor is active in a number of local civic and community organizations, including: the Cary Chamber of Commerce, Citizens Finance Committee for the Wake Board of Education, and a board member for the Banking and Finance Committee at Appalachian State University.

I am excited to join the professionals at Crescent State Bank in Cary and look forward to demonstrating to the citizens of this community how Crescent can offer superior customer service and state-of-the-art technology to give them the convenience of a large bank with the friendly, personal attention you expect from a community bank," said Taylor.

Crescent State Bank has a track history of placing experienced and capable bankers in the communities we serve who are empowered to make decisions face-to-face with the customer. Jonathan Taylor brings a wealth of experience and service to our organization and we are excited to continue our commitment to build loyal, long term financial relationships with the 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.

MMI Associates, Inc.
122 Ravenna Way, Suite 100
Cary, NC 27513
(919) 461-3831 • (919) 462-8289 (fax)
patty@mmimarketing.com

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

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