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January 19, 2005
BOARD DECLARES 3-FOR-2 STOCK
SPLIT
WILMINGTON, N.C., January 19, 2005— Cooperative
Bankshares, Inc. (NASDAQ: COOP), announced today that its Board of
Directors declared a 3-for-2 stock split of its outstanding common
stock, payable in the form of a 50% stock dividend. The stock split
entitles each shareholder of record at the close of business on
February 8, 2005 (Record Date) to receive one additional share for
every two shares of common stock held on that date. Cooperative will
pay cash in lieu of issuing fractional shares based on the closing
price on the record date, as adjusted for the split. The additional
shares resulting from the split will be distributed by Cooperative’s
transfer agent on or about February 24, 2005. Currently, Cooperative
has approximately 2,860,764 shares of common stock outstanding.
From February 8, 2005 through February 24, 2005, shares of
Cooperative will trade with due bills, which entitle those who buy
the stock during this time to receive the 50% stock dividend.
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