Crescent State Bank Executive Receives Rotarian Of The Year Award

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

Crescent State Bank Executive Receives
Rotarian Of The Year Award
Bob Myers Receives Rotarian Of The Year 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) was awarded the Rotarian of the Year by the Holly Springs chapter of the Rotary Club. This award recognizes outstanding service for the international organization. Under Myers’ leadership, the Holly Springs chapter was named as having the fastest growing membership in its district. The chapter was also honored with the presidential citation, which awards chapters of Rotary International that have increased involvement in service activities throughout the past term.

“It is an honor and privilege to serve as President of the Holly Springs Rotary Club, which is dedicated to serving the community in which we live,” said Myers.

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.