Crescent State Bank Sponsors Luncheon On Global Competitiveness With Former Gov. Jim Hunt As Speaker

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

Crescent State Bank Sponsors Luncheon On Global Competitiveness
With Former Gov. Jim Hunt As Speaker
Former Governor To Speak At NAIOP Chapter Meeting Sept. 21

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 the bank will sponsor a luncheon on global competitiveness with former Gov. Jim Hunt as speaker Thursday, Sept. 21 at Brier Creek Country Club, 10404 Lumley Road in Raleigh. The luncheon, hosted by the Research Triangle chapter of the National Association of Industrial & Office Properties (NAIOP), starts at noon and the program begins at 12:25 p.m. Registration deadline is Sept. 15 and costs $25 for members and $40 for non-members; to register or for more information, call Sally Chapman at 919-291-8602 or e-mail trianglenaiop@nc.rr.com.

“We are honored that Gov. Hunt will speak at the Triangle NAIOP meeting,” said Carlton. “His vast experience and knowledge will give many insights about the state’s role in the global economy to those who attend.”

About Gov. Jim Hunt:
As governor for four terms, Jim Hunt led North Carolina through two decades during which the state transitioned from an economy of primarily traditional industries towards one that includes knowledge-driven industries such as biotechnology, pharmaceuticals and information technology. He is a member in the law firm of Womble Carlyle Sandridge & Rice, PLLC and serves as chairman of the James B. Hunt, Jr. Institute for Educational Leadership and Policy in Chapel Hill, the Institute for Emerging Issues at N.C. State University and the National Center for Public Policy and Higher Education in San Jose, Calif.

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

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