Crescent State Bank Opens Knightdale Office

Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global MarketSM), has announced the grand opening of the bank’s new Knightdale office located at 7120 Knightdale Blvd. The ribbon cutting ceremony was held Dec. 13 and was attended by bank executives, Knightdale Chamber of Commerce members, as well as dignitaries and elected officials from the Town of Knightdale.

The new office enables the bank to expand its services into the Knightdale market and increase its total number of offices to 12. The Knightdale office is led by city executive Michael Ray and branch operations manager Candita Parker.

Related Links:
www.crescentstatebank.com
www.knightdalechamber.com
www.fdic.gov
www.nccob.org
www.mmimarketing.com

News Facts:
• Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global MarketSM), has announced the grand opening of the bank’s new Knightdale office located at 7120 Knightdale Blvd.
• The ribbon cutting ceremony was held Dec. 13 and was attended by bank executives, Knightdale Chamber of Commerce members, as well as dignitaries and elected officials from the Town of Knightdale.
• Crescent State Bank gained regulatory approval from the North Carolina Commissioner of Banks and the Federal Deposit Insurance Corporation (FDIC) to open its Knightdale office.
• The new office enables the bank to expand its services into the Knightdale market and increase its total number of offices to 12.
• The Knightdale office is led by city executive Michael Ray and branch operations manager Candita Parker.

Quotes:
"We are pleased to announce the grand opening of our Knightdale office," said Carlton. "We look forward to establishing a presence in this new financial market, as well as in the Knightdale community."

About Crescent State Bank:
Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The bank has total assets of $814 million, deposits of $596 million, and net loans of $643 million as of Sept. 30, 2007. The bank operates 12 full-service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Knightdale, Sanford, Southern Pines, Pinehurst, Raleigh and Wilmington, North Carolina. For more information, visit www.crescentstatebank.com.

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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., Sanford, N.C., Southern Pines, N.C., Pinehurst, N.C., Raleigh, N.C., Wilmington, N.C., Knightdale, N.C.

Patty Briguglio
MMI Associates, Inc.
919-233-6600
patty@mmimarketing.com
PR Firms Raleigh, NC

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