Crescent State Bank Announces New Members Of Cary Junior Bank Board

Crescent State Bank Announces New Members Of Cary Junior Bank Board
First Meeting Of 2006-2007 School Year To Be Held On Sept. 19

CARY, N.C. – Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced the new members of the Cary Junior Bank Board. These members, who will hold their first meeting of the 2006-2007 school year on Tuesday, Sept. 19 at 3 p.m. in the board room at Crescent State Bank corporate headquarters at 1005 High House Road in Cary, include:

Opal Carleton
Hilliary Chiang (secretary)
Akansha Kanodia
Tam Le
Merritt Mocock
Audrey Nestianu
Sarah Rosenbaum
Cameron Saunders
Jacqueline “Jackie” Scott (chair)
Chris Servidio
Sara Spillane
Kristin Szafranksi (treasurer)
Steven Thomason
William Thomason
Brian Wu

“We are pleased to welcome all our new bank board members, as well as those who are returning,” said Carlton. “I wish them the best in their endeavors on the board during this school year.”

About the Cary-Junior Bank Board:
Crescent State Bank established the Cary-Junior Bank Board as a leadership coaching and development program for high school students in Cary. The board invites speakers to address the board on topics including banking, finance, economic development and politics, takes field trips, and provides community service and raises funds for scholarships for Cary High School students not on the board. The board meets monthly during the school year and has reached a milestone by going into its fifth year of operations in the fall of 2006.

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

MMI Associates, Inc.
7406-H Chapel Hill Road
Raleigh, NC 27607
(919) 233-6600 • (919) 233-0300 (fax)
patty@mmimarketing.com