Crescent State Bank Announces Groundbreaking Ceremony

Crescent State Bank Announces Groundbreaking Ceremony
Community Bank Breaks Ground For New Garner Office

GARNER, 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 hold a groundbreaking ceremony for its new Garner office Thursday, Nov. 9 at 3 p.m. at 905 Vandora Springs Road. Crescent State Bank employees in Garner will relocate to this larger office from the current facility in Garner at 574 Village Court when it is completed . Those interested in attending can RSVP Julie Clark at 919-662-7330 or e-mail jclark@crescentstatebank.com.

“We are pleased that the Garner community has embraced Crescent’s unique style of banking, “said Carlton, “This office will give us more room and better capability to serve our steadily growing customer base.”

About Crescent Financial Corporation:
Crescent Financial Corporation is the bank holding company for Crescent State Bank in Cary, North Carolina and Port City Capital Bank in Wilmington, North Carolina. The Company has total assets of approximately $684 million, deposits of approximately $540 million, and loans of $519 million as of September 30, 2006, with eleven full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh and Wilmington, 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


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