Crescent State Bank Names Cary City Executive

by MMI

CARY, N.C. – Michael G. Carlton, president of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ National Market: CRFN), has announced that Frank Shell has been selected to serve as Cary city executive. As senior vice president and Cary city executive of Crescent State Bank, Shell will be responsible for all aspects of the bank in the Cary market. With 23 years of banking experience, Shell received his bachelor’s degree from the University of North Carolina at Chapel Hill and his MBA from Wake Forest University.

“As a Crescent State Bank executive, Frank will have a positive impact on our success and growth,” said Carlton. “Frank’s banking expertise, combined with his understanding of our organization’s community values, will help our bank succeed.”

About Crescent State Bank:
Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The Bank opened in December 1998 to cater to the financial needs of the communities it serves. The bank has total assets of approximately $445 million, deposits of approximately $350 million, and loans of $351 million as of March 31, 2006, with ten full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Raleigh and Pinehurst, 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.

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Public Relations for the N.C. Department of Transportation (NCDOT) U.S. 1/64

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