City Executive Of Crescent State Bank Completes American Bankers Association Stonier Graduate School

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that James F. Byrd, City Executive of the Pinehurst and Southern Pines offices, has completed the American Bankers Association Stonier Graduate School of Banking at Georgetown University in Washington, D.C., the only national graduate school for bank executives. Byrd, a Fayetteville native, is one of the more than 15,000 bankers worldwide to complete the intensive three-year program designed to develop successful leadership, managerial, and analytical skills in bank executives.

Southern Pines, NC (PRWEB) August 1, 2004 -- Jim Byrd Receives American Bankers Graduate Degree From Georgetown University. Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that James F. Byrd, City Executive of the Pinehurst and Southern Pines offices, has completed the American Bankers Association Stonier Graduate School of Banking at Georgetown University in Washington, D.C., the only national graduate school for bank executives. Byrd, a Fayetteville native, is one of the more than 15,000 bankers worldwide to complete the intensive three-year program designed to develop successful leadership, managerial, and analytical skills in bank executives.

Jim is a key member of Crescent State Bank and his training at Stonier will help us better identify the challenges and opportunities of serving the Sandhills communities," 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 $309 million and deposits of approximately $263 million as of June 30, 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 will shortly open a full service branch in Sanford to replace its loan production office.

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

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