Crescent State Bank Eastern Wake Community Executive Named to Knightdale Chamber of Commerce Board

Cary, NC, January 10, 2009 --(PR.com)-- Michael G. Carlton, president of Crescent State Bank, a wholly owned subsidiary of Crescent Financial Corporation, (NASDAQ Global MarketSM), has announced that Michael A. Ray, eastern Wake community executive for the bank, has been named to the Knightdale Chamber of Commerce Board of Directors. The Knightdale Chamber of Commerce is a nonprofit organization committed to advancing the general welfare of the business and citizens of Knightdale and surrounding areas.

Ray earned a Bachelor of Science degree in economics from the University of North Carolina at Wilmington in Wilmington, N.C. and has more than 14 years of banking experience. A native of Knightdale, N.C. and a member of the town’s Faith Baptist Church, Ray resides in Wake Forest.

“We are proud that Michael Ray has been named to board of directors for the Knightdale Chamber of Commerce,” said Carlton. “The Crescent State Bank team works hard to become closely involved in the communities that we serve. Jeffrey Eddins, community banker in Knightdale, is currently serving as an ambassador for the Knightdale Chamber so Michael’s involvement is a perfect addition to the organization.”

About Crescent State Bank:
Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The bank has total assets of $955.5 million, deposits of $711.6 million, and net loans of $759.1 million as of Sept. 30, 2008. The bank operates 13 full-service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh, Knightdale and Wilmington (2), 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.

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