Lewyn M. Hayes III Joins Crescent State Bank

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Lewyn M. Hayes III has joined the organization as Community Banker at the Holly Springs Branch at 700 Holly Springs Road.

Cary, NC (PRWEB) February 4, 2004 ---Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Lewyn M. Hayes III has joined the organization as Community Banker at the Holly Springs Branch at 700 Holly Springs Road. Hayes, a Raleigh native who has over 6 years of successful retail banking experience will focus his activities on small business and retail business development. Hayes, who has his undergraduate degree from University of North Carolina A & T in Greensboro, lives in Raleigh with his wife Shonna and their three children.

I am excited to be working with the professionals at Crescent State Bank. Banking is about the community and no one offers superior customer service and the friendly, personal attention you expect from a community bank quite like Crescent," said Hayes.

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. Lewyn Hayes brings a range of experience and service to the bank and we are pleased to continue our commitment to building loyal, long term financial relationships with the Cary 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.
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.

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

Patty Briguglio
MMI Associates, Inc.

North Carolina:
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