Cary Mayor Speaks At Crescent State Bank’s Junior Bank Board Meeting

Cary Mayor Speaks At Crescent State Bank’s
Junior Bank Board Meeting
Mayor Ernie McAlister Addresses Cary Junior Bank Board

CARY, 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 the Cary Mayor, Ernie McAlister will speak at the Cary Junior Bank Board meeting on Monday, Nov. 21 at 3:30 p.m. at Crescent’s Cary office on High House Road. The board is a developmental program for Cary High School students who have interested in pursuing careers in banking, finance and economic development.

“We are honored that Mayor McAlister will be speaking at the Cary Junior Bank Board meeting,” said Carlton. “This is a wonderful opportunity for the board members to gain insight on community involvement and learn the importance of being a community leader.”

About the Cary Junior Bank Board:
Crescent State Bank established the Cary Junior Bank Board as a leadership coaching and development program for students at Cary High School. The board invites speakers to address topics such as banking, finance, economic development and politics. The board also takes field trips, 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 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.

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

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