Crescent State Bank Enters Raleigh Market

Michael G. Carlton, president of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, has announced that Crescent State Bank will enter the Raleigh market with its first full-service office at 6408 Falls of Neuse Road.

RALEIGH, NC (PRWEB) April 16, 2006 -- – Michael G. Carlton, president of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, has announced that Crescent State Bank will enter the Raleigh market with its first full-service office at 6408 Falls of Neuse Road. Jonathan Taylor, a current Crescent State Bank executive, will head up the new office as City Executive. A ribbon cutting celebration to mark the opening will be held on Wednesday, April 19.

“Crescent State Bank is pleased to expand to the Raleigh market,” said Carlton. “Bringing a community bank with personalized service to Raleigh is the next logical step as we strive to grow the business and serve our customers.”

About Crescent State Bank:
Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The Bank opened in December 1998 to cater to the financial needs of the communities it serves. The bank has total assets of approximately $411 million, deposits of approximately $322 million, and loans of $324 million as of December 31, 2005, with ten full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Raleigh, and Pinehurst, North Carolina.

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 Corporation’s 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.

Patty Briguglio
MMI Associates, Inc.
7406-H Chapel Hill Road
Raleigh, NC 27607
(919) 233-6600 • (919) 233-0300 (fax)

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