Crescent State Bank Purchases New Raleigh Branch Office

by MMI

CARY, N.C. –

Michael Carlton, President of Crescent State Bank

,

a wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq National Market: CRFN)


,

 

has announced that the bank has purchased a building at 4608 Falls of Neuse Road in Raleigh. Subject to obtaining regulatory approval, Crescent State Bank plans to use this building as its first full-service office in Raleigh, which will open in 2006. This new office, along with the existing loan production office on Six Forks Road, further expands the community bank’s presence across the Triangle.

“I am pleased to announce the expansion of Crescent State Bank to Raleigh,” said Carlton. “Raleigh is a competitive, growth-oriented market with great opportunities for a community bank. We look forward to serving Raleigh and the surrounding area as we continue to add experienced bankers to our already strong lending team.”

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 $405 million, deposits of approximately $313 million, and loans of $318 million as of September 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, and a loan production office in Raleigh.

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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.

Media and Press Contacts:
Patty Briguglio
MMI Associates, Inc.

919-233-6600
Patty@mmimarketing.com


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