COOPERATIVE BANK COMPLETES ACQUISITION OF LUMINA MORTGAGE


               Wilmington, NC--Cooperative Bank announced today that it has completed the acquisition of Wilmington-based Lumina Mortgage Company.  Lumina Mortgage has offices in Wilmington, North Myrtle Beach, South Carolina and Virginia Beach, Virginia. 

               Frederick Willetts, III, President, stated, “The combined resources of Cooperative Bank and Lumina will allow us to become the premier lender in this market.”

              Linda Skipper will remain President of Lumina Mortgage, which will become a subsidiary of the Bank.

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