Wilmington, NC—Cooperative Bankshares, Inc. (NASDAQ: “COOP”) reported net income for the quarter ended March 31, 2002, of $1,288,502 or $0.45 per diluted share, a 124.3% increase over the same quarter last year.  Excluding a one-time gain of $285,728 (after tax) from the sale of real estate, net income was $1,002,774.  Net income for the quarter ended March 31, 2001, was $574,352 or $0.20 per diluted share.

 Total assets at March 31, 2002, were $462.8 million; stockholders’ equity was $34.1 million or $12.04 per share and represented 7.38% of assets. 

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