Crescent State Bank Announces Holly Springs Grand Opening

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq SmallCap CRFN), has announced that the Holly Springs branch will host a ribbon cutting ceremony on February 13th at 3:00 p.m., in honor of the completion of their new permanent facility located at 700 Holly Springs Road in Holly Springs.

Holly Springs, NC (PRWEB) February 12, 2004 ---Crescent State Bank hosts ribbon cutting ceremony for new Holly Springs office. Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq SmallCap CRFN), has announced that the Holly Springs branch will host a ribbon cutting ceremony on February 13th at 3:00 p.m., in honor of the completion of their new permanent facility located at 700 Holly Springs Road in Holly Springs. The ceremony will include remarks from Mayor and Chair of Holly Springs Advisory Board, Richard Dick" Sears. Pat Summerall, representing CNNs Headline Network News, will cover the event. Also expected to be present are Mike Carlton, President of Crescent State Bank, members of the Crescent State Bank Board of Directors, Advisory Boards, and the other bank officers from each town.

Holly Springs is the fastest growing small town in America and we are honored to be a part of that growth. Our philosophy is to offer superior customer service and state-of-the-art technology to give our valued customers the conveniences of a large bank with the friendly, personal attention you expect from a community bank," said Bob Myers, City Executive of Holly Springs.

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 $274 million and deposits of approximately $219 million, with seven full service banking offices in the communities of Cary, 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.

Patty Briguglio
MMI Associates, Inc.

North Carolina:
122 Ravenna Way, Suite 100
Cary, NC 27513
919/ 461-3831
(919) 462-8289 (fax)
patty@mmimarketing.com

Arizona:
7150 N. 16th Street, Suite 100
Phoenix, AZ 85020
602/ 430-4421
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