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Kimberly R Morgan Completes Leadership Cary Program

May 4, 2005 -- Kimberly R. Morgan, Community Banker and Assistant Vice President of the Kildaire Office of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (Nasdaq SmallCap CRFN), has completed the Leadership Cary Program provided by the Cary Chamber of Commerce. Leadership Cary is a nine-week program designed to identify potential community leaders and to provide them with the information and encouragement required to cultivate action and involvement in the community.



"Leadership Cary is a wonderful program committed to enhancing the community," said Morgan. "I am pleased to have participated in and completed this program. I look forward to fulfilling the Chamber's mission, which is to provide leadership to support and facilitate a thriving business environment and to be a positive influence on the community."



About Cary Chamber of Commerce:

The Cary Chamber of Commerce serves as the unified business voice of the Cary area. It provides leadership to support and facilitate a thriving business environment. The Chamber believes that such an environment is characterized by the strength and growth of resident businesses, by the quality and stability of their workforces and by the attractiveness of the market to businesses whose presence would be a positive influence on the community. For more information, please call 919-467-1016 or visit the website at www.carychamber.com.



About Crescent State Bank:

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 $331 million and deposits of approximately $274 million as of December 31, 2004, with nine full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, and Pinehurst, North Carolina.



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



Media and Press Contacts:

Patty Briguglio

MMI Associates, Inc.

919-233-6600

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