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Crescent State Bank

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Crescent State Bank

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Crescent State Bank Launches Switch Kit

Cary, NC, February 05, 2007 --( 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 launched the Crescent State Bank Switch Kit, a package that allows for easier account transitions from outside financial institutions. The Switch Kit includes forms to close out old accounts, switch direct deposits for payrolls, and change automated payments and direct deposits for utilities and loans. These changes apply to checking, savings and money market accounts and can be made at all Crescent State Bank offices.

“We are excited to making the Crescent State Bank Switch Kit available to our potential customers,” said Carlton. “Filling out the forms in the package takes only a little time and saves them the hassle and tedium of having to wait to set up changes when they switch from their financial institution to Crescent State Bank.”

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.

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.

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Crescent State Bank
Patty Briguglio

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