Crescent State Bank Supports Wake County Public Schools

MMI Associates, Inc.
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For Immediate Release Contact: Patty Briguglio (919) 233-6600

Crescent State Bank Supports Wake County Public Schools
Local Bank Sponsors Public Education Event

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 the bank is a sponsor of Ann and Jim Goodnight’s gathering to benefit the Wake Education Partnership on Wednesday, June 7, from 5:30 p.m. to 8:30 p.m. at Prestonwood Country Club. The event will include live music, a silent auction and complimentary cocktails. For more information, visit http://www.WakeEdPartnership.org

“We are pleased to sponsor this special benefit,” said Carlton. “Children are the future and it is vital that we make their education the best that it can be.”

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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