Crescent State Bank Opens New Operations Center

by MMI

Local Community Bank Expands Operations

Cary, NC – Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq Small Cap CRFN), has announced that the organization has opened a new operations center located at 206 High House Road in Cary. The center will consolidate the firm’s loan administration, accounting and security and compliance into one facility.

“Crescent State Bank is pleased to have this opportunity to expand our operations in the Cary community, ” said Michael G. Carlton, President of Crescent State Bank. “By centralizing our operations we will be able to accommodate our continued growth. The new operations center will permit us to continue to serve our customers with efficiency and effectiveness.”

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 $393 million, deposits of approximately $323 million, and loans of $297million as of June 30, 2005, with nine full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, and Pinehurst, North Carolina.

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Investors can access additional corporate information, product descriptions, and online services through the Bank’s website at http://www.crescentstatebank.com.

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.

Media and Press Contacts:

Patty Briguglio

MMI Associates, Inc.

919-461-3831

Patty@mmimarketing.com

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