John Christenberry Named To Crescent State Banks 2004 Apex Advisory Board

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that John Christenberry has joined the banks Apex Advisory Board. The Advisory Board acts as a liaison between the bank and the community and advises the organization on how to better serve Apex.

Apex, NC (PRWEB) May 29, 2004 --Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that John Christenberry has joined the banks Apex Advisory Board. The Advisory Board acts as a liaison between the bank and the community and advises the organization on how to better serve Apex. Christenberry, an Apex resident, owns Apex Accounting. He will be joined by Chair Randy Walker, Chair-Elect Dr. Kevin Atkins, George McDonald, Andy Clark, Staley Smith, and Charlie Holland.

John brings a wealth of knowledge and experience to our organization. We are honored to have him on our Board and look forward to his help in serving the community," said Bruce Lawson, City Executive of the Apex Branch.

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.

Contact: Patty Briguglio
(919) 461-3831