Crescent State Bank City Executive Honored For Contributions To Local Boy Scouts

MMI Associates, Inc.
7406-H Chapel Hill Road
Raleigh, NC 27607
(919) 233-6600 • (919) 233-0300 (fax)
patty@mmimarketing.com

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

Crescent State Bank City Executive Honored For Contributions To Local Boy Scouts
Jonathan Taylor Receives Scouting Award

CARY, N.C. – Michael G. Carlton, President of Crescent State Bank, a wholly-owned subsidiary of Crescent Financial Corporation, (NASDAQ National Market: CRFN), has announced that Jonathan Taylor, Senior Vice President and City Executive at Crescent State Bank’s Cary office, has received the 2006 Crosswinds District Friends of Scouting Breakfast Award. Taylor chaired the 2006 Friends of Scouting Major Gifts Breakfast held Tuesday, March 14 at the Prestonwood Country Club in Cary. The Major Gifts Breakfast is one of the primary fundraisers of the Crosswinds District Occoneechee Council of the Boy Scouts of America organization, which helps to fund camp improvements and endowments.

“I am honored to be recognized by an organization that I so highly respect,” said Taylor. “The support this organization offers to young men is extremely valuable to their growth, and I am proud to be a part of that effort.”

About Jonathan Taylor:
Jonathan Taylor, a native North Carolinian originally from Statesville, has ten years of successful banking experience and received both his BS and MBA from Appalachian State University in Boone, North Carolina. As a Regional Executive of Crescent State Bank, Taylor directs all commercial and retail bank operations, manages the operations of the organization’s offices, and oversees the activities of the commercial lenders. He is married and presently resides in Cary. Taylor is active in a number of local civic and community organizations, including the Cary Chamber of Commerce and Cary MacGregor Rotary Club. He is a board member for the Banking and Finance Committee at Appalachian State University. As an active member of the Boy Scouts of America organization, in 1988 Taylor earned his Eagle Scout recognition, the highest advancement rank in Scouting, and was recognized for his skills in leadership, service, and outdoor activities.

About Boy Scouts of America:
The Boy Scouts of America organization, incorporated in 1910, and chartered by Congress in 1916, provides an educational program for boys and young adults to build character, to train in the responsibilities of participating citizenship, and to develop personal fitness. The mission of the Boy Scouts of America is to prepare young people to make ethical and moral choices throughout their lives by instilling in them the values of the Scout Oath and Law. A council is defined as an administrative body chartered to be responsible for Scouting in a designated geographic territory. The national council charters about 400 local councils, including the Occoneechee Council, across the United States. For more information, please visit the web site at http://www.campdurant.com.

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.

Patty Briguglio
MMI Associates, Inc.
919-233-6600
patty@mmimarketing.com

(end)

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.