Crescent State Bank Sponsors 56th Annual Stoneybrook Steeplechase

Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced that the bank will serve as sponsor for the 56th Annual Stoneybrook Steeplechase event scheduled for Saturday, April 7 at the Carolina Horse Park at Five Points in Southern Pines, N.C. The event, which features the annual Stoneybrook Steeplechase horse race, will include a carriage parade, hat and tailgate contests, pony races and an antique car show. Gates open at 9:30 a.m. and tickets are $15 per person before April 5 or $20 per person on the day of the race. Children 12 and under are free of admission.

A fixture in Moore County, North Carolina for nearly 50 years, the Stoneybrook Steeplechase was reestablished at the Carolina Horse Park in 2001. Last year’s event was attended by over 15,000 people. For more information on the Stoneybrook Steeplechase, visit the Carolina Horse Park Web site at http://www.carolinahorsepark.com.

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

News Facts:

· Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), will serve as a sponsor for the 56th Annual Stoneybrook Steeplechase event scheduled for Saturday, April 7 at the Carolina Horse Park at Five Points in Southern Pines, N.C.
· The event, which features the annual Stoneybrook Steeplechase horse race, will include a carriage parade, hat and tailgate contests, pony races and an antique car show.
· Gates open at 9:30 a.m. and tickets are $15 per person before April 5 or $20 per person on the day of the race. Children 12 and under are free of admission.
· For more information on Stoneybrook Steeplechase, visit the Carolina Horse Park Web site at http://www.carolinahorsepark.com.

Quotes:
"We are pleased to sponsor the 56th Annual Stoneybrook Steeplechase," said Carlton. "Our bank has remained involved with this community event for a number of years now. The partnership between Crescent State Bank and the Stoneybrook Steeplechase is a wonderful example of two parties working together for the overall success of a growing community."

About Crescent Financial Corporation:
Crescent Financial Corporation is the bank holding company for Crescent State Bank in Cary, North Carolina and Port City Capital Bank in Wilmington, North Carolina. The Company has total assets of approximately $698 million, deposits of approximately $542 million, and loans of $543 million as of December 31, 2006, 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.

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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, 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., Port City Capital Bank, Carolina Horse Park at Five Points, Stoneybrook Steeplechase, James Byrd, Customer Appreciation

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

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