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Crescent State Bank

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Crescent State Bank

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Crescent State Bank Named to Top 100 List in Business North Carolina Magazine

Local Community Bank Recognized as a Top Bank in North Carolina

Cary, NC, December 08, 2006 --( Michael Carlton, president of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global Market SM), has announced that the bank has been named as one of the Top 100 ranked businesses in “The Financial 100” listing in Business North Carolina magazine. Crescent State Bank was ranked 41st in the state, rising three spots from last year’s report. The listing ranks financial institutions operating in North Carolina based on revenue earned in 2005.

“We are delighted to be recognized as one of the top 100 businesses in the state,” said Carlton. “North Carolina is our home, and this recognition makes our efforts to be a good corporate citizen worthwhile.”

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 $684 million, deposits of approximately $540 million, and loans of $519 million as of September 30, 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.

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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