Kevin Dail Joins Crescent State Bank

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Kevin Dail has joined the organization as a Community Banker at the Preston Corners office at High House Road and Cary Parkway. As a Community Banker, Dail, a Cary native and resident, will focus his activities on business development within the small business community, as well as serving the needs of the banks customer base.

Cary, NC (PRWEB) March 13, 2004 ---Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Kevin Dail has joined the organization as a Community Banker at the Preston Corners office at High House Road and Cary Parkway. As a Community Banker, Dail, a Cary native and resident, will focus his activities on business development within the small business community, as well as serving the needs of the banks customer base. Dail, a graduate of Campbell University in Buies Creek North Carolina has over 5 years of banking experience. He is active in a number of civic and charitable organizations in the community including: Cary Rotary Club, Cary Chamber of Commerce, Chair of the Home Builders Association Golf Committee, Habitat for Humanity, and Salvation Army.

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 Dail.

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. Kevin Dail 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 $274 million and deposits of approximately $219 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:
7150 N. 16th Street, Suite 100
Phoenix, AZ 85020
602/ 430-4421