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
Mike Carper Joins Local Bank As Vice President, Commercial Loan Officer

CARY, N.C. – Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced that Mike Carper has joined the firm as vice president, commercial loan officer for the Sanford office at 870 Spring Lane. In this position, Carper is responsible for business development involving new clients seeking financing for commercial business.

“I am excited that Mike has joined Crescent State Bank,” said Carlton. “His experience and dedication will be a great asset to our organization as we continue to grow in the Sanford area.”

About Mike Carper:
Mike Carper is vice president, commercial loan officer for Crescent State Bank for the Sanford office at 870 Spring Lane. He has over 10 years experience in the financial services industry and six years of experience in the commercial lending industry. Prior to working with Crescent State Bank, Carper dealt with financial services as an investment representative, then transitioned to traditional banking in wealth management and commercial lending. He is a member of the United Way, Chamber of Commerce, and the Rotary Club. Carper received his B.S. in economics from West Virginia University and his M.S. in organizational management from Pfeiffer University. He currently lives in Pittsboro, N.C. with his wife.

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.

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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