Linda Lee Named To Mortgage Bankers Association Of The Carolinas, Inc. Scholarship And Recognition Committee

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Linda Lee, Vice President and Mortgage Banking Manager, has been named to the Mortgage Bankers Association of the Carolinas, Inc.

Cary, NC (PRWEB) August 7, 2004 -- Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Linda Lee, Vice President and Mortgage Banking Manager, has been named to the Mortgage Bankers Association of the Carolinas, Inc. (MBAC) Scholarship and Recognition Committee, coordinating and promoting the MBAC Scholarship among member firms and all colleges and universities in North and South Carolina. In this position Lee will serve for one year, evaluating candidates for the scholarship and selecting recipients, as well as promoting and evaluating nominations for the Mortgage Banker and Associate/Affiliate award given each year.

The Mortgage Bankers Association of the Carolinas, Inc. (MBAC) offers services such as legislative representation, education and training, networking, and informational resources to those participating in the mortgage lending industry within North and South Carolina. Members include residential and commercial mortgage bankers, mortgage brokers, wholesale lenders, savings & loan associations, commercial banks, credit unions, government agencies, non-profit organizations, and companies that provide affiliated services to mortgage bankers.

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.

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