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April 24, 2003

COOPERATIVE BANKSHARES REPORTS

FIRST QUARTER EARNINGS INCREASE

For Immediate Release: April 24, 2003

Wilmington, NC—Cooperative Bankshares, Inc. (NASDAQ: “COOP”) reported net income for the quarter ended March 31, 2003, of $1,387,650 or $0.48 per diluted share, a 7.7% increase over the same quarter last year.  Net income for the quarter ended March 31, 2002, was $1,288,502 or $0.45 per diluted share, which included a $285,728 after tax gain on sale of real estate.  Without the gain on sale of real estate, net income for the quarter ended March 31, 2002, would have been $1,002,744, which would have resulted in a 38.4% increase in income for the three months ended March 31, 2003, as compared to the same period last year.

Total assets at March 31, 2003, were $512.6 million; stockholders’ equity was $39.8 million or $13.98 per share and represented 7.77% of assets.

Cooperative Bankshares, Inc. 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.  The Bank’s subsidiary, Lumina Mortgage, Inc., is a mortgage banking firm, originating and selling residential mortgage loans through offices in Wilmington, North Carolina; North Myrtle Beach, South Carolina; and Virginia Beach, Virginia.

For Additional Information:

SEC Form 8-K has been filed which contains additional information.

Contacts:

Frederick Willetts, III, President

Todd L. Sammons, CPA, Senior Vice President/ CFO

Linda B. Garland, Vice President/ Secretary