Susan Watkins Joins Crescent State Bank In Pinehurst

Released on = August 31, 2005, 6:41 am

Press Release Author = mmi associates

Industry = Small Business

Press Release Summary = Michael G. Carlton, President of Crescent State Bank, the
wholly owned subsidiary of Crescent Financial Corporation, (Nasdaq SmallCap CRFN)
has announced that Susan Watkins has joined the organization as Community Banker and
Assistant Vice President at the Pinehurst office.

Press Release Body = MMI Associates, Inc.
7406-H Chapel Hill Road
Raleigh, NC 27607
(919) 233-6600 • (919) 233-0300 (fax)
patty@mmimarketing.com

For Immediate Release
Contact: Patty Briguglio (919) 233-6600

Susan Watkins Joins Crescent State Bank In Pinehurst
Laurinburg Native Joins Crescent State Bank As Community Banker

Pinehurst, NC– In this position, Watkins will develop business for the organization by managing banking relationships, including commercial and consumer lending, as well as deposit relationships. A Laurinburg native, she obtained her Bachelor of Science degree in Communication from Wingate University and has over 10 years of successful experience in the banking industry.

“I am delighted to join the team at Crescent State Bank family and to be associated with such a fine organization. Crescent offers superior customer service to give our customers the advantages of a large bank with the friendly, personal attention you have come to expect from a community bank, and I am proud to be a part of that effort,” said Watkins.

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 $393 million, deposits of approximately $323 million, and loans of $297million as of June 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. (end) Investors can access additional corporate information, product descriptions, and online services through the Bank’s website at http://www.crescentstatebank.com.

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.

Web Site = http://

Contact Details = MMI Associates, Inc.
7406-H Chapel Hill Road
Raleigh, NC 27607
(919) 233-6600 • (919) 233-0300 (fax)
patty@mmimarketing.com