Port City Capital Bank Honored By Business North Carolina Magazine

WILMINGTON, N.C. – Keith Betts, president of Port City Capital Bank, the wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global Market SM), has announced that the bank has been named one of the state’s most efficient banks for 2006 by Business North Carolina magazine. Port City Capital Bank was ranked third in the state. The listing ranks financial institutions operating in North Carolina by dividing operating expenses by operating revenue.

Related Links:
http://www.portcitycapitalbank.com
http://www.businessnc.com

News Facts:

· Keith Betts, president of Port City Capital Bank, the wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global Market SM), has announced that the bank has been named one of the state’s most efficient banks for 2006 by Business North Carolina magazine.
· Port City Capital Bank was ranked third most efficient bank in North Carolina.
· The listing ranks financial institutions operating in North Carolina by dividing operating expenses by operating revenue.

Quotes:
“We are delighted to be recognized as one of the most efficient banks in the state,” said Betts. “This recognition makes our efforts worthwhile.”

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 $698 million, deposits of approximately $542 million, and loans of $543 million as of December 31, 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.

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.

Keywords:
Crescent State Bank, Crescent Financial, Global NASDAQ, Mike Carlton, Ray Vaughn, Cary, N.C., Garner, N.C., Apex, N.C., Clayton, N.C., Holly Springs, N.C., Stanford, N.C., Southern Pines, N.C., Pinehurst, N.C., Raleigh, N.C., Wilmington, N.C., Port City Capital Bank, Stock Study Group, Central North Carolina Chapter, CNCC, National Association of Investment Clubs, NAIC, Stock Study Group, Herbert Young Community Center

Patty Briguglio
MMI Associates, Inc.
919-233-6600
patty@mmimarketing.com

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