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Crescent State Bank Names Apex City Executive

Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq SmallCap CRFN), has announced that Michael Stellar has joined the organization as the Apex City Executive. In this position, Stellar will direct all commercial and retail bank operations in Apex and will manage the operations of the organizations Apex branch. Stellar, a Holly Springs resident, is involved in a number of civic, charitable, and community activities including the Rotary Club of Cary, the Cary Chapter of the American Cancer Societys Relay For Life, the Cary and Morrisville Chamber of Commerce, and Junior Achievement of Eastern North Carolina.

Crescent State Bank has a track history of placing experienced and capable bankers in the communities we serve who are empowered to make decisions face-to-face with the customer. Michael Stellar brings a wealth of experience and service to our organization and we are excited to continue our commitment to build loyal, long term financial relationships with the community, said Michael G. Carlton, President of Crescent State Bank.

About Crescent State Bank:
Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The Bank was opened in December 1998 to serve the financial needs of the communities it serves. The bank has total assets of approximately $309 million and deposits of approximately $263 million as of June 30, 2004, with seven full service banking offices in the communities of Cary (2), Apex, Clayton, Holly Springs, Southern Pines, and Pinehurst, North Carolina. The bank will shortly open a full service branch in Sanford to replace its loan production office.

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 Corporations 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.