Crescent Financial Announces Annual Meeting Date

CARY, N.C., Jan. 6, 2012 /PRNewswire/ -- Crescent Financial Bancshares, Inc. (NASDAQ: CRFN) ("Crescent"), the parent company of Crescent State Bank, announced today that it will hold its annual stockholders meeting on May 8, 2012.  The record date for the meeting has been fixed as March 30, 2012.

The annual meeting in May will be a joint meeting for 2011 and 2012, since Crescent did not hold an annual meeting during 2011. 

NASDAQ Listing Rules 5620(a) and 5620(b) generally require NASDAQ listed companies to hold an annual meeting of stockholders no later than one year after the end of the company's fiscal year-end.  As previously disclosed, the company advised NASDAQ in December that it was not in compliance with these rules. On January 4, 2012, Crescent received a notice from NASDAQ acknowledging Crescent's correspondence and issuing a formal determination that the company's lack of an annual meeting was not compliant with NASDAQ rules.  Crescent intends to address this lapse in accordance with the procedures described in the NASDAQ rules and by holding the 2011 and 2012 annual stockholders meeting as described above.

About Crescent Financial Bancshares, Inc.:

Crescent Financial Bancshares, Inc. is a Delaware-chartered bank holding company based in Cary, N.C. and the parent company of Crescent State Bank. Crescent had unaudited total assets of $916.0 million, total deposits of $686.2 million, and gross loans of $616.0 million as of September 30, 2011. The bank operates 15 full-service banking offices in the communities of Cary (2), Apex, Clayton, Garner, Holly Springs, Knightdale, Sanford, Southern Pines, Pinehurst, Raleigh (3) and Wilmington (2), N.C. For more information, visit www.crescentstatebank.com.

Forward-Looking Statements

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, risks associated with the ownership by Piedmont Community Bank Holdings, Inc. ("Piedmont") of a majority of Crescent's voting power, including interests of Piedmont differing from other stockholders or any change in management, strategic direction, business plan, or operations, Crescent's new management's ability to successfully integrate into Crescent's business and execute its business plan, local economic conditions affecting retail and commercial real estate, disruptions in the credit markets, changes in interest rates, adverse developments in the real estate market affecting the value and marketability of collateral securing loans made by the Bank, the failure of assumptions underlying loan loss and other reserves, competition, and Crescent's dependence on key personnel and management. Additional factors that could cause actual results to differ materially are discussed in Crescent's filings with the SEC, including without limitation its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. Crescent does not undertake a duty to update any forward-looking statements in this press release.        

SOURCE Crescent Financial Bancshares, Inc.

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