James Lipscomb Named To Crescent State Banks Clayton Advisory Board

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has named James Lipscomb as Chair of the banks Clayton Advisory Board.

Clayton, NC (PRWEB) July 4, 2004 -- Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has named James Lipscomb as Chair of the banks Clayton Advisory Board. The Advisory Board acts as a liaison between the bank and the community and advises the organization on how to better serve Clayton. Lipscomb, a realtor at HomeTowne Realty and Auctioneers, will be joined by Jesse Austin, Doby Blackmon, Jennifer Green--Lee, and Tommy Poole.

James 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 Bill Greene, City Executive of the Clayton 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 $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.

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