Daniel J. Jacobs Joins Crescent State Bank

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Daniel J. Jacobs has joined the organization as Credit Administrator in the Loan Administration Division located at 1005 High House Road.

Cary, NC (PRWEB) November 21, 2004 -- Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Daniel J. Jacobs has joined the organization as Credit Administrator in the Loan Administration Division located at 1005 High House Road. Jacobs has over 15 years of successful banking experience. He received his undergraduate degree from the North Carolina State University with Bachelors of Arts in Economics and Business Management.

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 Jacobs.

Dan Jacobs brings a range of experience and service to the bank that complements our commitment to building loyal, long term financial relationships with the communities we serve," said Tom Holder, Chief Credit Officer.

About 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 $331 million and deposits of approximately $275 million as of September 30, 2004, with eight full service banking offices in the communities of Cary (2), Apex, Clayton, Holly Springs, Sanford, Southern Pines, and Pinehurst, North Carolina.

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.

Media and Press Contacts:
Patty Briguglio
MMI Associates, Inc.
122 Ravenna Way, Suite 100
Cary, NC 27513
919-461-3831
Patty@mmimarketing.com

###