Crescent State Bank Announces New Employee

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

Crescent State Bank Announces New Employee
Simone Nguyen Joins Local Bank As Credit Administrator

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 Simone Nguyen has joined the organization as Credit Administrator for the Cary Operations Office. Nguyen, who has over 20 years of banking experience, is responsible for supervising loan approvals and loan administrations. She holds a Bachelor in Business Administration and MBA in Finance from Florida Atlantic University and is a volunteer for the United Way.

“We are excited about Simone joining our team at Crescent State Bank,” said Carlton. “Her experience and dedication will be a great asset to our organization as we continue to grow our loan department.”

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.

Media and Press Contacts:
MMI Associates, Inc.
Patty Briguglio
919-233-6600
Patty@mmimarketing.com