Vice President Of Crescent State Bank Named To United Way Board

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7406-H Chapel Hill Road
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For Immediate Release Contact: Patty Briguglio (919) 233-6600

Vice President Of Crescent State Bank
Named To United Way Board
Lee Rigsbee To Assist Non-Profit With Fund Allocation

Southern Pines, NC – Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ SmallCap CRFN) has announced that Lee Rigsbee, Vice President and Commercial Loan Officer for the Southern Pines office of Crescent State Bank, has been elected to the Board of Directors for the United Way of Moore County. As a member of the Board of Directors, Rigsbee will help assist in the allocation of each United Way agency for a term of three years.

“I am honored to be elected to the United Way Board of Directors,” said Rigsbee. “United Way is an organization that strengthens communities throughout the country by improving the quality of peoples lives and I am proud to take part in their noble efforts.”

About United Way:
United Way is the nations leader in community solutions by investing and activating the resources to make the greatest possible impact in communities across America. The United Way movement includes approximately 1,400 community-based United Way organizations. Each organization is independent, separately incorporated, and governed by local volunteers. For more information, visit them on the internet at http://www.unitedway.org.

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.