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Crescent State Bank

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Crescent State Bank Names City Executive For Expansion Into Raleigh Market

Jonathan Taylor Chosen To Lead Community Bank’s New Offices.

Raleigh, NC, July 09, 2006 --( Michael G. Carlton, president of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global Market SM), has announced that Jonathan Taylor has been selected to lead the bank’s Raleigh offices. As Raleigh city executive of Crescent State Bank, Taylor will be based out of the bank’s loan production office at 4601 Six Forks Road but will also manage the office at 6408 Falls of Neuse Road.

Formerly city executive at Crescent State Bank’s Cary location, Taylor’s new responsibilities include development of the bank’s presence in the Raleigh market, operations of the bank’s Raleigh offices and all future growth. Taylor will oversee staff activities and maintain quality control throughout the Raleigh area.

With ten years of banking experience, Taylor received both his BS and MBA from Appalachian State University and is active in many civic and community organizations. He is a board member for the Banking and Finance Committee at Appalachian State University and is an active member of the Boy Scouts of America.

“As a Crescent State Bank executive, Jonathan has already had a positive impact on our success and growth,” said Carlton. “Even though Cary is our home, we see Raleigh as a great place to grow. Jonathan’s banking expertise, combined with his understanding of our organizations community values, will help our bank succeed in its growth plans.”

About Jonathan Taylor:
Jonathan Taylor, a native North Carolinian originally from Statesville, has ten years of successful banking experience and received both his BS and MBA from Appalachian State University in Boone, North Carolina. As City Executive of Crescent State Bank, Taylor directs all commercial and retail bank operations, manages the operations of the organization’s offices, and oversees the activities of the commercial lenders. He is married and presently resides in Cary. Taylor is active in a number of local civic and community organizations, including the Cary Chamber of Commerce and Cary MacGregor Rotary Club. He is a board member for the Banking and Finance Committee at Appalachian State University. As an active member of the Boy Scouts of America organization, Taylor earned his Eagle Scout recognition, the highest advancement rank in Scouting, in 1988 and was recognized for his skills in leadership, service, and outdoor activities.

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 $445 million, deposits of approximately $350 million, and loans of $351 million as of March 31, 2006, with ten full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Raleigh and Pinehurst, North Carolina.


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.

Patty Briguglio
MMI Associates, Inc.
7406-H Chapel Hill Road
Raleigh, NC 27607
(919) 233-6600 • (919) 233-0300 (fax)
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Crescent State Bank
Patty Briguglio

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