FOR IMMEDIATE RELEASE:
August 2, 2004
Crescent State Bank To Open Full Service Branch in Sanford
Sanford, NC - Crescnet State Bank, the wholly owned subisdiary of Crescent Financial Corporation (Nasdaq Small Cap CRFN), has announced that the organization has received approval for its application with the Federal Deposit Insurance Corporation and the State Banking Commissioner to open a full service office in Sanford. The organization, which currently has a loan production office in the town, will construct a 3700 square foot building in the Spring Lane Galleria Shopping Center, anticipated to be completed in Spring of 2005.
While the construction of the permanent facility is being completed, Crescent State Bank will occupy a full service banking office in a modular facility. This modular facility will be located in the same Spring Lane Galleria Shopping Center in which the new office will be constructed. The opening of the full service branch will take place during the third quarter of this year.
"Crescent State Bank is pleased to have this opportunity to expand our franchise in Sanford and Lee County. This new full service office will allow us to accept deposits from area residents, provide free courier service to commercial clients, and further serve our valued customers," said Michael G. Carlton, President of 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 $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 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 limitaiton, 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 Securites and Exchange Commission, including, but not limited to, its Anual Report on Form 10-K and its other periodic reports.
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