Linda Mizell Joins Crescent State Bank

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Linda Mizell has joined the organization as Customer Service Representative at the Pinehurst branch located at 211 Central Park Avenue in Pinehurst.

Pinehurst, NC (PRWEB) August 21, 2004 -- Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Linda Mizell has joined the organization as Customer Service Representative at the Pinehurst branch located at 211 Central Park Avenue in Pinehurst. Mizell, a Burlington native, has over 20 years of successful customer service experience.

I am excited to be working with the professionals at Crescent State Bank. Banking is about the community and no one offers superior customer service and the friendly, personal attention you expect from a community bank quite like Crescent," said Mizell.

Crescent State Bank has a reputation for placing experienced and capable bankers in the communities we serve who are empowered to make decisions face-to-face with the customer. Linda brings a range of experience and service to the bank and we are pleased to continue our commitment to building loyal, long term financial relationships with the Pinehurst community," 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.

Contact: Patty Briguglio (919) 461-3831

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.