Bill Clement Joins Crescent State Bank

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

Bill Clement Joins Crescent State Bank
Local Commercial Bank Names New Senior Vice President
And Eastern Wake Community Executive

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 Bill Clement has joined the organization as senior vice president and eastern Wake community executive. In this role, Clement will be responsible for developing consumer and commercial banking relationships in the Zebulon, Wendell and Knightdale area. He has a bachelors degree in finance and information systems from Appalachian State University, is a graduate of Louisiana State University’s School of Banking and has 18 years of experience in banking.

“We are pleased to have Bill as a member of our team,” said Carlton. “Bill’s proven leadership and visibility in eastern Wake County will be instrumental to our presence in those communities.”

About Bill Clement:
Bill Clement is Senior Vice President and Eastern Wake Community Executive of Crescent State Bank and has 18 years of experience in developing banking relationships. Prior to joining Crescent State Bank, Bill was Commercial Relationship Manager, where he successfully developed business in Wake, Harnett and Franklin counties. He received his Bachelor of Science and Bachelor of Arts in Finance and Information Systems from Appalachian State University and is a graduate of Louisiana State University’s School of Banking. Bill currently resides in Zebulon where he is active in several local civic organizations including the Wake Forest Rotary Club and serving as treasurer of the Little River Ducks Unlimited. Clement also coaches community soccer and T-ball teams.

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.

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

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