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Crescent State Bank

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James L. Boles, Jr. Joins Crescent State Bank’s Moore County Advisory Board


Local funeral director named to bank’s advisory board.

Raleigh, NC, January 17, 2006 --(PR.com)-- Jamie F. Byrd, Senior Vice President of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq National Market: CRFN), has announced that James L. Boles, Jr., owner of Boles Funeral Home, a crematory with seven area locations, has joined the bank’s Moore County Advisory Board. The Advisory Board acts as a liaison between the bank and the community and advises the organization on how to better serve the community. Boles, is Captain of the Aberdeen Rescue Squad, the Kiwanis Club of the Sandhills and serves on the board of directors for the Sandhills in-line hockey foundation and the Moore County Republican Party.

“I am pleased that Jamie has joined our board,” said Byrd. “As an active member of the community, he will be a valuable asset.”

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 $405 million, deposits of approximately $313 million, and loans of $318 million as of September 30, 2005, with nine full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, and Pinehurst, North Carolina, and a loan production office in Raleigh.

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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.

Media and Press Contacts:
MMI Associates, Inc.
Patty Briguglio
(919) 233-6600 • (919) 233-0300 (fax)
Patty@mmimarketing.com
7406-H Chapel Hill Road
Raleigh, NC 27607

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Contact Information
Crescent State Bank
Patty Briguglio
919-233-6600
Contact

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