D. Wayne Peterson Joins Crescent State Bank’s Moore County Advisory Board

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

D. Wayne Peterson Joins Crescent State Bank’s Moore County Advisory Board
Local Retiree Named To Bank’s Advisory Board

SOUTHERN PINES, N.C.– James F. Byrd, Senior Vice President of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq National Market: CRFN), has announced that D. Wayne Peterson, a Pinehurst retiree, has joined the bank’s Moore County Advisory Board. The Advisory Board acts as a liaison between the bank and the community and advises the organization on how to better serve the community. Peterson served on the University of North Carolina Board of Governors for eight years and on the FirstHealth of the Carolinas Board of Directors for six years. He is currently the vice president of Carolina Horse Park. Peterson has served as a board member of the East Carolina Foundation and as the vice president and chairman of the North Carolina Symphony.

“Wayne has had a distinguished professional career,” said Byrd. “We are honored to have him serve on our Advisory Board.”

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 $411 million, deposits of approximately $322 million, and loans of $324 million as of December 31, 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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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

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Patty Briguglio
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