COOPERATIVE BANK TO OPEN LELAND OFFICE

Wilmington, NC, May 10, 2006--- Frederick Willetts, III, President of Cooperative Bank announced that the bank has received regulatory approval to establish a branch at 1115 New Pointe Boulevard, Leland, NC.  The office will be located in the Shoppes at Westgate, located across from Magnolia Greens and Waterford communities.  The new Wal-Mart Super Store is scheduled to be in the same center.  Construction is scheduled to begin in the Fall with opening scheduled for Spring 2007. 

Chartered in 1898, Cooperative provides a full range of financial services through 21 offices in Eastern North Carolina.  The Bank’s subsidiary, Lumina Mortgage, Inc., is a mortgage banking firm, originating and selling residential mortgage loans through three offices in North Carolina, and an office in North Myrtle Beach, South Carolina.