Crescent State Bank Announces Residential Mortgage Division Expansion

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq SmallCap CRFN), has announced that the Residential Mortgage Division is expanding by placing Mortgage Account Executives in each of the Banks Cary, Holly Springs, Southern Pines, and Pinehurst locations.

Cary, NC (PRWEB) May 16, 2004 --- Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq SmallCap CRFN), has announced that the Residential Mortgage Division is expanding by placing Mortgage Account Executives in each of the Banks Cary, Holly Springs, Southern Pines, and Pinehurst locations. The Division offers loan services including fixed rates with terms ranging from 10 to 30 years, adjustable rates, first time home buyers program with up to 100% financing, and balloons.

Crescent State Bank is pleased to offer these enhanced services to the community," said Linda Lee, Vice President and Mortgage Banking Manager. Our Mortgage Account Executives in every branch will help our organization to better serve each community individually, based on their needs. We plan to add Account Executives in Apex, Clayton, and Sanford in the near future."

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 $323 million and deposits of approximately $276 million as of March 31, 2004, 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.

MMI Associates, Inc.
122 Ravenna Way, Suite 100
Cary, NC 27513
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