Bank Executive Receives Rotary International Award

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For Immediate Release Contact: Patty Briguglio (919) 233-6600

Bank Executive Receives Rotary International Award
Bob Myers Of Crescent State Bank Receives Presidential Citation For Holly Springs Chapter

Holly Springs, NC– Bob Myers, City Executive of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has received a Presidential Citation from Rotary International on behalf of the Holly Springs chapter of the Rotary Club. The purpose of this award is to recognize chapters that have increased Rotary Club involvement in service activities, while encouraging Rotarians’ personal involvement serving others and promoting a high standard of Rotary service in the community. Eligible nominees for this award include rotary club chapters in good standing, and are chosen based on service activities within Rotary’s Four Avenues of Service, which include club, vocational, community, and international services.

“I am honored to receive this award for the Holly Springs Chapter,” said Myers. “The Rotary Club is an extremely worthwhile organization, and I am honored to be a small part of this Chapter’s success.”

About the Rotary Club:
Rotary is a worldwide organization of business and professional leaders that provides humanitarian service, encourages high ethical standards in all vocations, and helps build goodwill and peace in the world. Approximately 1.2 million Rotarians belong to more than 31,000 Rotary clubs located in 167 countries.
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 $393 million, deposits of approximately $323 million, and loans of $297million as of June 30, 2005, with nine full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, 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 Bank’s website at http://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 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.