Crescent State Bank City Executive Named Chairman Of Holly Springs Chamber Of Commerce Board Of Directors

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

Crescent State Bank City Executive Named Chairman Of Holly Springs Chamber Of Commerce Board Of Directors.
Bob Myers Takes Office In January

RALEIGH, N.C. – Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global Market SM), has announced that Bob Myers, city executive for the bank’s Holly Springs office, has been named chairman of the board of directors for the Holly Springs Chamber of Commerce. Myers will become chairman on January 1, 2007, and will serve for two years.

“We are pleased that Bob has been elected as the new chairman,” Carlton said. “We are sure that he will serve in this position effectively and continue to represent the high standards expected by the board of directors for the chamber.”

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 $471 million, deposits of approximately $370 million, and loans of $360 million as of June 30, 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.

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

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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.