Crescent State Bank Added to Russell 3000® Index

Online, July 1, 2012 (Newswire.com) - Crescent State Bank ("Crescent") announced today that it has been added to the Russell 3000® Index. Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes on June 25, 2012.

The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98 percent of the investable U.S. equity market. The index is completely reconstituted each year to ensure new and growing equities are reflected. The most recent reconstitution will allow Crescent to attract new investors, which will in turn provide more liquidity for shareholders.

"We are very pleased about Crescent's recent addition to the Russell 3000 Index," said Scott Custer, CEO of Crescent State Bank. "We expect that the new addition will allow Crescent to continue to elevate our profile with investors and shareholders and will give us more opportunities to reach a wider audience."

Crescent operates 15 full-service banking offices in the communities of Apex, Cary (two), Clayton, Garner, Holly Springs, Knightdale, Sanford, Southern Pines, Pinehurst, Raleigh (three) and Wilmington (two), NC. Piedmont Community Bank Holdings acquired Crescent Financial Bancshares, Inc. (NASDAQ: CRFN) ("Crescent"), the parent company of Crescent, in December of 2011.

About Crescent State Bank:
Crescent State Bank is a state chartered bank operating fifteen banking offices in Cary (2), Apex, Clayton, Holly Springs, Southern Pines, Pinehurst, Sanford, Garner, Raleigh (3), Wilmington (2) and Knightdale, North Carolina. Crescent Financial Bancshares, Inc. stock can be found on the NASDAQ Global Market trading under the symbol CRFN. Investors can access additional corporate information, product offerings and online services through the bank's website at http://www.crescentstatebank.com.

About Piedmont Community Bank Holdings, Inc.:
Piedmont Community Bank Holdings, Inc. is a bank holding company based in Raleigh, NC. Piedmont was formed in 2009 by local businessmen Adam Abram and Scott Custer to build a strong community banking franchise across the Carolinas and Virginia. Abram serves as Chairman of Piedmont's Board of Directors, Steven Lerner serves as Vice Chair and Custer serves as Piedmont's President and Chief Executive Officer.