Crescent State Bank Executive Named Steering Committee Chairman For The Occoneechee Council Boy Scouts Of America’s Major Gifts Breakfast

RALEIGH, N.C. – Jonathan Taylor, senior vice president and Raleigh city executive of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global Market SM), was named the 2007 Steering Committee Chairman for the Occoneechee Council of the Boy Scouts of America’s Major Gifts Breakfast. The Major Gifts Breakfast took place on March 20 at Prestonwood Country Club in Cary, and represented one of the primary fundraisers of the organization, which helps to fund camp improvements and endowments. As an active member of the Boy Scouts of America organization, Taylor earned his Eagle Scout recognition, the highest advancement rank in Scouting, in 1988, and he received the 2005 Crosswinds District Friends of Scouting Breakfast Award for his contributions to local Boy Scouts.

Related Links:
http://www.crescentstatebank.com
http://www.ocscouts.org/

News Facts:

· Jonathan Taylor was named the 2007 Steering Committee Chairman for the Occoneechee Council of the Boy Scouts of America’s Major Gifts Breakfast.
· The Major Gifts Breakfast took place on Tuesday, March 20 at Prestonwood Country Club in Cary, and represented one of the primary fundraisers of the organization, which helps to fund camp improvements and endowments.
· Taylor is senior vice president and Raleigh city executive of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global Market SM).

Quotes:
“It was an honor to be selected as this year’s steering committee chairman,” said Taylor. “The Boy Scouts of America is the nation’s foremost youth program of character development and values-based leadership training, and I am proud to be a part of that effort.”

About Jonathan Taylor:
Jonathan Taylor, a native North Carolinian originally from Statesville, has ten years of successful banking experience and received both his BS and MBA from Appalachian State University in Boone, North Carolina. As a City Executive of Crescent State Bank, Taylor directs all commercial and retail bank operations, manages the operations of the organization’s offices, and oversees the activities of the commercial lenders. He is married and presently resides in Cary. Taylor is active in a number of local civic and community organizations, including the Cary Chamber of Commerce and Cary MacGregor Rotary Club. He is a board member for the Banking and Finance Committee at Appalachian State University. As an active member of the Boy Scouts of America organization, Taylor earned his Eagle Scout recognition, the highest advancement rank in Scouting, in 1988 and was recognized for his skills in leadership, service, and outdoor activities.

About Boy Scouts of America:
The Boy Scouts of America organization, incorporated on February 8, 1910, and chartered by Congress in 1916, provides an educational program for boys and young adults to build character, to train in the responsibilities of participating citizenship, and to develop personal fitness. The mission of the Boy Scouts of America is to prepare young people to make ethical and moral choices throughout their lives by instilling in them the values of the Scout Oath and Law. A council is defined as an administrative body chartered to be responsible for Scouting in a designated geographic territory. The national council charters about 400 local councils, including the Occoneechee Council, across the United States. For more information, please visit the website at http://www.ocscouts.org/.

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.

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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.

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, Occoneechee Council, Boy Scouts, Jonathan Taylor

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

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