Crescent State Bank Announces Plans For Knightdale Office

KNIGHTDALE, N.C. – Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global MarketSM), has announced that the bank has received regulatory approval to open an office at 7120 Knightdale Blvd. in Knightdale. The approval, granted by the North Carolina Commissioner of Banks and the Federal Deposit Insurance Corporation (FDIC), will enable the bank to expand its services into the Knightdale market and increase its total number of offices to 12. The new office is scheduled to open in December and will be led by city executive Michael Ray and branch operations manager Candita Parker.

Related Links:
www.crescentstatebank.com
www.fdic.gov
www.nccob.org
www.mmimarketing.com

News Facts:
• Michael G. Carlton, president of Crescent State Bank a wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global MarketSM), has announced that the bank has received regulatory approval to open an office at 7120 Knightdale Blvd. in Knightdale.
• The approval, granted by the North Carolina Commissioner of Banks and the Federal Deposit Insurance Corporation (FDIC), will enable the bank to expand its services into the Knightdale market and increase its total number of offices to 12.
• The new office is scheduled to open in December and will be led by city executive Michael Ray and branch operations manager Candita Parker.

Quotes:
“We are proud to announce the regulatory approval to open a new Crescent State Bank office in Knightdale, North Carolina,” said Carlton. “The expansion into the Knightdale community represents a clear indication of growth for both Crescent State Bank and the town of Knightdale.”

About Crescent State Bank:
Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The bank has total assets of $814 million, deposits of $596 million, and net loans of $643 million as of September 30, 2007. The bank operates 11 full-service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh and Wilmington, North Carolina. For more information, visit www.crescentstatebank.com.

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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.

Keywords:
Crescent State Bank, Crescent Financial, Global NASDAQ, Michael G. Carlton, Ray Vaughn, Bank Expansion, Knightdale, N.C., Community Bank, Michael Ray, Candita Parker, Regulatory Approvals, North Carolina Bank Loans, North Carolina Commissioner of Banks, Federal Deposit Insurance Corporation, FDIC

Patty Briguglio
MMI Associates, Inc.
919-233-6600
patty@mmimarketing.com
PR Firms Raleigh, NC

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