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Jennifer Green-Lee Named To Crescent State Bank’s Clayton Advisory Board

Clayton, NC September 19, 2004 -- Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN) has announced that Jennifer Green-Lee has joined the bank’s Clayton Advisory Board. The Advisory Board acts as a liaison between the bank and the community and advises the organization on how to better serve Clayton. Green-Lee, a Managing Partner at Beaver and Green, PA, will be joined by Chair James Lipscomb, Jesse Austin, Tommy Poole, and Doby Blackmon.

“Jennifer brings a wealth of knowledge and experience to our organization. We are honored to have her on our Board and look forward to his help in serving the community,” said Bill Greene, City Executive of the Clayton Branch.

Crescent State Bank is a wholly owned subsidiary of Crescent Financial Corporation. The Bank was opened in December 1998 to serve the financial needs of the communities it serves. The bank has total assets of approximately $309 million and deposits of approximately $263 million as of June 30, 2004, with seven full service banking offices in the communities of Cary (2), Apex, Clayton, Holly Springs, Southern Pines, and Pinehurst, North Carolina. The bank will shortly open a full service branch in Sanford to replace its loan production office.

Investors can access additional corporate information, product descriptions, and online services through the Bank’s website at

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 Contact:
Patty Briguglio
MMI Associates, Inc.

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