Crescent State Bank Announces New Senior Vice President

CARY, N.C. – Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced that William V. Leaming, Jr. has joined the bank as senior vice president and director of operations. In this position, Leaming will focus his activities on the bank’s loan and deposit operations, as well as oversee the administration of office policies and procedures for Crescent State Bank. Additionally, Leaming will implement organization-wide information technology solutions including software and hardware systems.

Prior to joining Crescent State Bank, Leaming gained over 15 years of banking industry experience. He holds Bachelor of Arts degrees in Economics, Business Management, and Accounting from North Carolina State University. Leaming also holds a CPA license and a Master’s degree from the Bank Administration Institute (BAI). A native of Durham, he resides in Apex with his wife and two children.

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

News Facts:

• Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced that William V. Leaming, Jr. has joined the bank as senior vice president and director of operations.
• William V. Leaming, Jr. will focus his activities on the bank’s loan and deposit operations, as well as oversee the administration of office policies and procedures for Crescent State Bank.
• Leaming will also implement organization-wide information technology solutions including software and hardware systems.
• Prior to joining Crescent State Bank, Leaming gained over 15 years of banking industry experience.
• Leaming holds Bachelor of Arts degrees in Economics, Business Management, and Accounting from North Carolina State University. He also holds a CPA license and a Master’s degree from the Bank Administration Institute (BAI).
• A native of Durham, he resides in Apex with his wife and two children.

Quotes:
“Crescent State Bank has established a strong commitment to adding experienced and capable bankers to our organization,” said Carlton. “As a seasoned banker, Leaming is a great addition to our team.”

About Crescent State Bank:
Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The Bank has total assets of approximately $752 million, deposits of approximately $590 million, and loans of $579 million as of March 31, 2007, 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. For more information, visit http://www.crescentstatebank.com.

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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 Corporation, 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., Michael A. Ray, Knightdale, N.C., William V. Leaming, Jr., Bank Administration Institute, BAI, North Carolina University

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

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