Crescent State Bank Announces Garner Junior Bank Board

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

Crescent State Bank Announces Garner Junior Bank Board
Seven Garner Magnet High School Students Named To Junior Bank Board

GARNER, N.C. – Julie Clark, Assistant Vice President of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq National: CRFN), has announced that seven Garner Magnet High School students have been appointed to the Garner Junior Bank Board. The members are Joseph Mitchell, chairman; Fabian Rodriguez, vice chairman; Elana Prince, secretary; Nathan Adams, treasurer; Quentin Owens; Tim Miller; and Anthony Stewart. The board educates teens at Garner Magnet High School about the fundamentals of banking and technology. The students will participate in community service projects, hear from monthly speakers and award scholarships to two classmates. Because of its commitment to improving the lives of America’s youth, Crescent State Bank was named a Bank of Promise by America’s Promise, a national not-for-profit organization.

“These students are committed to integrity and learning,” said Clark. “We are proud to provide them with an opportunity to become stronger community leaders.”

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