Greg Hatem Joins Crescent State Bank’s Raleigh Advisory Board

Jonathan Taylor, senior vice president and Raleigh city executive of Crescent State Bank, the wholly owned subsidiary of Crescent Financial Corporation (NASDAQ Global Market SM), has announced that Greg Hatem, managing partner and founding member of Empire Properties, has joined the bank’s Raleigh 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.

A North Carolina native and recognized community leader, Hatem is a member of the Preservation North Carolina Board of Advisors, co-chair of the Southeast Raleigh Assembly, Board member for the Downtown Raleigh Alliance, Steering Committee member for North Carolina in the World, and founding member of the North Carolina China Center. Hatem has contributed to the Livable Streets Partnership, Fayetteville Street Visioning Team and Downtown West Gateway Task Force.

Related Links:
http://www.crescentstatebank.com
http://www.empire1792.com

News Facts:

· Greg Hatem, managing partner and founding member of Empire Properties, has joined Crescent State Bank’s Raleigh Advisory Board.
· The Crescent State Bank Advisory Board acts as a liaison between the bank and the community and advises the organization on how to better serve the community.
· Greg Hatem currently serves as a member of the Preservation North Carolina Board of Advisors, co-chair of the Southeast Raleigh Assembly, Board member for the Downtown Raleigh Alliance, Steering Committee member for North Carolina in the World, and founding member of the North Carolina China Center. Hatem has contributed to the Livable Streets Partnership, Fayetteville Street Visioning Team and Downtown West Gateway Task Force.

Quotes:
"Greg Hatem has continued to play a vital role within a number of community organizations, each contributing to the overall improvement and progress of the Triangle," said Taylor. "We are honored to welcome him to our Bank’s Raleigh Advisory Board and consider his involvement a great asset to our organization."

About Greg Hatem:
Greg Hatem is the inspirational vision behind Empire Properties. His more than 20 years in real estate development, finance and international business culminated in the founding of the company in order to preserve and enhance the character of downtown Raleigh. Hatem is a recognized leader in the efforts to renew downtown through adaptive reuse of existing buildings and new construction in historic neighborhoods, as well as extending positive development into other urban areas. Empire Properties’ impressive track record, under his leadership, includes 41 rehabilitation projects that consist of more than 550,000 square feet of office and retail space. A recognized community leader, he is also a frequent guest speaker at the University of North Carolina Kenan-Flagler School of Business, the University of North Carolina Department of City and Regional Planning and the North Carolina State University Chemical Engineering and History departments. Hatem received a bachelor’s degree in Chemical Engineering from North Carolina State University and holds a diploma in Chinese studies from Beijing Politics College.

About Crescent Financial Corporation:
Crescent Financial Corporation is the bank holding company for Crescent State Bank in Cary, North Carolina and Port City Capital Bank in Wilmington, North Carolina. The Company has total assets of approximately $698 million, deposits of approximately $542 million, and loans of $543 million as of December 31, 2006, with eleven full service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Sanford, Southern Pines, Pinehurst, Raleigh and Wilmington, North Carolina.


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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.

Keywords:
Crescent State Bank, Crescent Financial, Global NASDAQ, Mike Carlton, Ray Vaughn, Cary N.C., Garner, N.C., Apex, N.C., Clayton, N.C., Holly Springs, N.C., Stanford, N.C., Southern Pines, N.C., Pinehurst, N.C., Raleigh, N.C., Wilmington, N.C. Port City Capital Bank, Greg Hatem, Empire Properties

Patty Briguglio
MMI Associates, Inc.
919-233-6600
patty@mmimarketing.com

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