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
Membership Development And Extension Award

Holly Springs, NC– Bob Myers, Holly Springs City Executive of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has received the Rotary International Membership Development and Extension Award for the Holly Springs chapter of Rotary Club. This award recognizes three fundamental aspects of membership: membership growth in existing clubs, retention of current club members, and organization of new clubs. It is a district level award in which clubs compete within their own district, which equalizes competition due to the fact that clubs within a district share the same economic and social conditions impacting membership. Myers is the President of the Holly Springs Rotary Club.

“I am delighted 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 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.