Crescent State Bank Announces Sanford Grand Opening

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

Crescent State Bank Announces Sanford Grand Opening
Crescent State Bank Hosts Ribbon Cutting Ceremony

Sanford, NC – Michael G. Carlton, President of Crescent State Bank, a wholly-owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN), has announced that the bank will hold a ribbon cutting ceremony at their 870 Spring Lane branch on October 4 at 10:00 a.m. in celebration of the grand opening of their new facility.

“Sanford is a vibrant and growing community and we are pleased to grow with them,” said Carlton. “This new office of Crescent State Bank will be an asset to the community providing expanded services, state-of-the-art technology and superior customer service.”

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, and a loan production office in Raleigh.

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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.

Media and Press Contacts:
MMI Associates, Inc.
Patty Briguglio
919-233-6600
Patty@mmimarketing.com