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June 19, 2003

COOPERATIVE BANKSHARES, INC. DECLARES SECOND QUARTER DIVIDEND

Wilmington, NC—Cooperative Bankshares, Inc. announced that on June 18, 2003, the Board of Directors declared a second quarter dividend of $0.05 per share, payable on the 16^th day of July, 2003, to stockholders of record as of July 1, 2003.

Cooperative Bankshares, Inc. is the parent company of Cooperative Bank.  Chartered in 1898, Cooperative provides a full range of financial services through 18 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.