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March 14, 2003

COOPERATIVE BANKSHARES, INC. DECLARES FIRST QUARTER DIVIDEND

             Wilmington, NC—Cooperative Bankshares, Inc. announced that on March 13, 2003, the Board of Directors declared a first quarter dividend of $0.05 per share, payable on the 16^th day of April, 2003, to stockholders of record as of April 1, 2003.

             Cooperative Bankshares, Inc. (NASDAQ: “COOP”) is the parent company of Cooperative Bank.  Chartered in 1898, Cooperative Bank provides a full range of financial services through 17 financial centers in Eastern North Carolina.