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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT PURSUANT TO SECTION 13 OR
15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of Report (Date of earliest event reported):
February 24<I>,</I> 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CRESCENT FINANCIAL BANCSHARES, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Exact name of registrant as specified in
its charter)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; font-size: 10pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt; font-weight: bold; text-align: center">000-32951</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt; font-weight: bold; text-align: center">45-2915089</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">(State or other jurisdiction of<BR> incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">(Commission<BR> File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: center">(IRS Employer<BR> Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">1005 High House Road</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cary, North Carolina 27513</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Address of principal executive offices)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;(919) 460-7770</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Registrant&rsquo;s telephone number, including
area code)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Former name or former address, if changed
since last report)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT>&nbsp;&nbsp;&nbsp;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT>&nbsp;&nbsp;&nbsp;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT>&nbsp;&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT>&nbsp;&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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<TR STYLE="vertical-align: top">
    <TD><B>Item 5.02.</B></TD>
    <TD><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">On February 24, 2012,
the Board of Directors of each of Crescent Financial Bancshares, Inc. (the &ldquo;Company&rdquo;) and its subsidiary, Crescent
State Bank (the &ldquo;Bank&rdquo;), elected Terry Earley as Executive Vice President and Chief Financial Officer of their respective
entities. Mr. Earley&rsquo;s election as the Executive Vice President and Chief Financial Officer of the Company was effective
immediately, and his election to the same positions at the Bank will be effective upon the effectiveness of the resignation of
Bruce Elder, the current Chief Financial Officer of the Bank, on March 9, 2012. Mr. Elder&rsquo;s resignation was previously reported
on a Current Report on Form 8-K filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Mr. Earley, age 53, became
employed by the Company on January 1, 2012 to advise on financial matters. Mr. Earley also serves as the Chief Financial Officer
of Piedmont Community Bank Holdings, Inc. (&ldquo;Piedmont&rdquo;), a multi-bank holding company and the owner of approximately
88% of the Company&rsquo;s outstanding shares of common stock. Prior to joining Piedmont in December 2011, Mr. Earley served as
President and Chief Executive Officer of Rocky Mountain Bank and Rocky Mountain Capital, located in Jackson, Wyoming, which he
joined in 2010. Prior to that, Mr. Earley was the Chief Financial Officer of Bancorp of the Southeast, LLC, located in Ponte Vedra,
Florida, which position he held since 2009. Before that, Mr. Earley served as Chief Financial Officer and Chief Operating Officer
of RBC Bank, located in Raleigh, North Carolina, which he joined in 1992.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-right: 0; margin-left: 0">Mr. Earley receives an
annual salary from the Company of $250,000, 25% of which is reimbursed by Piedmont for his continuing service as Piedmont&rsquo;s
Chief Financial Officer. Mr. Earley is also eligible to receive a cash-based bonus with a target amount of 100% of his annual salary.
Piedmont will reimburse the Company for 25% or more of the cash bonus actually awarded to Mr. Earley. Mr. Earley participates in
the Company&rsquo;s benefit plans and is eligible to receive grants of periodic equity awards under the Company&rsquo;s 2006 Omnibus
Stock Ownership and Long Term Incentive Plan, as may be awarded by the Compensation Committee of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">Date: March 1, 2012</TD>
    <TD COLSPAN="2" STYLE="line-height: 115%">CRESCENT FINANCIAL BANCSHARES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 5%; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 43%; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 115%">/s/ Scott Custer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">Name:&nbsp; Scott Custer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">Title:&nbsp;&nbsp;&nbsp; President and Chief Executive Officer</TD></TR>
</TABLE>
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[{"type": "8-K", "sequence": "1", "filename": "v304475_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 12859}]
{"company-data": {"conformed-name": "Crescent Financial Bancshares, Inc.", "cik": "0001143921", "assigned-sic": "6022", "irs-number": "452915089", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-32951", "film-number": "12657951"}, "business-address": {"street1": "1005 HIGH HOUSE ROAD", "city": "CARY", "state": "NC", "zip": "27513", "phone": "9194607770"}, "mail-address": {"street1": "P O BOX 5809", "city": "CARY", "state": "NC", "zip": "275125809"}, "former-company": {"former-conformed-name": "CRESCENT FINANCIAL CORP", "date-changed": "20010627"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR
15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
February 24
,
2012
CRESCENT FINANCIAL BANCSHARES, INC.
(Exact name of registrant as specified in
its charter)
Delaware
000-32951
45-2915089
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(IRS Employer
Identification No.)
1005 High House Road
Cary, North Carolina 27513
(Address of principal executive offices)
(919) 460-7770
(Registrant's telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers
On February 24, 2012,
the Board of Directors of each of Crescent Financial Bancshares, Inc. (the "Company") and its subsidiary, Crescent
State Bank (the "Bank"), elected Terry Earley as Executive Vice President and Chief Financial Officer of their respective
entities. Mr. Earley's election as the Executive Vice President and Chief Financial Officer of the Company was effective
immediately, and his election to the same positions at the Bank will be effective upon the effectiveness of the resignation of
Bruce Elder, the current Chief Financial Officer of the Bank, on March 9, 2012. Mr. Elder's resignation was previously reported
on a Current Report on Form 8-K filed with the Securities and Exchange Commission.
Mr. Earley, age 53, became
employed by the Company on January 1, 2012 to advise on financial matters. Mr. Earley also serves as the Chief Financial Officer
of Piedmont Community Bank Holdings, Inc. ("Piedmont"), a multi-bank holding company and the owner of approximately
88% of the Company's outstanding shares of common stock. Prior to joining Piedmont in December 2011, Mr. Earley served as
President and Chief Executive Officer of Rocky Mountain Bank and Rocky Mountain Capital, located in Jackson, Wyoming, which he
joined in 2010. Prior to that, Mr. Earley was the Chief Financial Officer of Bancorp of the Southeast, LLC, located in Ponte Vedra,
Florida, which position he held since 2009. Before that, Mr. Earley served as Chief Financial Officer and Chief Operating Officer
of RBC Bank, located in Raleigh, North Carolina, which he joined in 1992.
Mr. Earley receives an
annual salary from the Company of $250,000, 25% of which is reimbursed by Piedmont for his continuing service as Piedmont's
Chief Financial Officer. Mr. Earley is also eligible to receive a cash-based bonus with a target amount of 100% of his annual salary.
Piedmont will reimburse the Company for 25% or more of the cash bonus actually awarded to Mr. Earley. Mr. Earley participates in
the Company's benefit plans and is eligible to receive grants of periodic equity awards under the Company's 2006 Omnibus
Stock Ownership and Long Term Incentive Plan, as may be awarded by the Compensation Committee of the Board of Directors.
Signatures
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 1, 2012
CRESCENT FINANCIAL BANCSHARES, INC.
By:
/s/ Scott Custer
Name:  Scott Custer
Title:    President and Chief Executive Officer