Crescent State Bank Executive Joins In The Ringing Of The Closing BellSM At The New York Stock Exchange

Michael G. Carlton, President of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq SmallCap CRFN), joined in ringing The Closing BellSM at the New York Stock Exchange (NYSE) on Friday, December 3rd.

Raleigh, NC (PRWEB) December 19, 2004 -- Michael G. Carlton, President of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq SmallCap CRFN), joined in ringing The Closing BellSM at the New York Stock Exchange (NYSE) on Friday, December 3rd. Carlton was one of a delegation of bankers from across North Carolina that visited New York in early December. The trip included presentations from North Carolina State Treasurer Richard Moore and other securities industry experts, as well as a tour of the NYSE, arranged by Treasurer Moore, where some of the bankers had the opportunity to gather on the podium for the ringing of the bell signaling the close of trading at the Exchange.

I am honored to have participated in one our nations time-honored events," said Carlton. The New York Stock Exchange traces its origins back more than 200 years and is the world's foremost securities marketplace. It is a symbol of our country's financial freedom and power."

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.
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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.
919-461-3831
Patty@mmimarketing.com

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