Crescent State Bank Hosts Ribbon Cutting Ceremony For New Raleigh Office

MMI Associates, Inc.
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patty@mmimarketing.com

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

Crescent State Bank Hosts Ribbon Cutting Ceremony For New Raleigh Office
Community Bank Celebrates The Opening Of Their First Office In Raleigh

RALEIGH, N.C. - Michael G. Carlton, president of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ National Market: CRFN), has announced that Crescent State Bank will celebrate the opening of their first full-service office in Raleigh at 6408 Falls of the Neuse Road with a ribbon-cutting ceremony on Wednesday, April 19, at 10 a.m. Carlton, along with other bank executives, city council members and elected officials will attend the event.

“I am excited about our new Raleigh office,” said Carlton. “We strongly believe that Crescent State Bank will offer a tremendous community bank experience to its Raleigh customers.”

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 $445 million, deposits of approximately $350 million, and loans of $351 million as of March 31, 2006, with ten full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Raleigh and Pinehurst, North Carolina.

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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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