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September 2, 2003

COOPERATIVE BANKSHARES NAMED IN TOP 200 PUBLICLY TRADED COMMUNITY BANKS.

Wilmington, NC – Cooperative Bankshares, Inc. (NASDAQ: “COOP”) was recently recognized in the July 2003 US Banker as one of the Top 200 Publicly Traded Community Banks in the country.  The list was based on a three-year average return on equity.

Cooperative Bankshares, Inc. is the parent company of Cooperative Bank.  Chartered in 1898, Cooperative provides a full range of financial services through 19 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.