Senior Vice President Of Crescent State Bank Speaks At Camp Challenge

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

Senior Vice President Of Crescent State Bank Speaks At Camp Challenge
Rob Webb Provides Financial Education To Area Youth

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 Rod Webb, senior vice president of Crescent State Bank’s Commercial Banking group, will speak at Camp Challenge, located in Stokes County at the Sertoma 4-H Educational Center. Lack of financial education is a growing problem facing youth in the United States today and at the camp, kids learn the difference between wants and needs, checking and savings accounts, and how to budget. More than 600 kids attend each year.

“We are pleased that Rod will speak at Camp Challenge this year,” said Carlton. “We are proud to be part of such a wonderful and promising organization and are confident that Rod’s message will influence all those involved.”

About Rod Webb:
Rod Webb is the Senior Vice President of Crescent State Bank’s Commercial Banking group where he manages the banking relationships of a portfolio of commercial clients primarily located in the Greater Raleigh area. Prior to joining Crescent State Bank in 2005, Rod was Vice President and Client Manager for Bank of America’s Middle Market Banking Group in the Triangle and eastern North Carolina. Rod is involved in the following community boards and committees: Chair of the Nominations Committee for the Wake Forest University Alumni Council, Wake Education Partnership, the North Carolina Bankers’ Association Leadership Initiative, Edenton Street United Methodist Church’s Staff-Parish Relations and Stewardship Committees. He graduated from the Wake Forest University School of Business and Accountancy in Winston-Salem, NC, with a bachelor of science in business.

About Camp Challenge:
Camp Challenge is for high-achieving, low-resource, middle-school students from across North Carolina and is located at the Sertoma 4-H Educational Center in Stokes County. The fun-filled experience brings campers together for self-discovery, learning, and other exciting activities. Camp Challenge is providing leaders of tomorrow with marketable skills through effective education. Campers explore classes in financial literacy, creative writing, public speaking, entrepreneurship, and conflict resolution, as well as business and banking concepts. Campers also enjoy horseback riding, swimming, hiking, and most importantly, meeting new people. It is open to boys and girls entering the sixth, seventh, or eighth grades. The cost for sponsoring a camper is $350. For more information, contact Sam Atkins with the North Carolina Bankers Association at 800-662-7044 or by e-mail at sam@ncbankers.org.

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.