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FOR IMMEDIATE
RELEASE
COOPERATIVE BANKSHARES, INC. DECLARES 3-FOR-2 STOCK SPLIT AND
INCREASES QUARTERLY CASH DIVIDEND BY 50.0%
WILMINGTON, N.C., May 31, 2006—
Cooperative Bankshares, Inc. (NASDAQ: COOP) (the “Company”),
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 June 12, 2006 (the “Record Date”) to
receive one additional share for every two shares of common stock
held on that date. The Company 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 the Company’s transfer agent on or
about June 30, 2006. Currently, Cooperative has approximately
4,314,202 shares of common stock outstanding.
From
June 12, 2006 through June 30, 2006, shares of Cooperative will
trade with due bills, which entitle those who buy the stock during
this time to receive the 50% stock dividend.
The
Board also approved a $0.05 per share dividend payable on July 17,
2006 to stockholders of record on July 3, 2006. This dividend is a
50% increase from the $0.033 per share dividend paid for the prior
quarter ended March 31, 2006, when adjusted to reflect the increased
shares outstanding as a result of the stock split discussed above.
Cooperative Bankshares, Inc. is the parent company of Cooperative
Bank. Chartered in 1898, Cooperative Bank provides a full range of
financial services through 21 offices in Eastern North Carolina.
Cooperative 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.
Contact
Frederick Willetts,
III, President/CEO
Todd L. Sammons, CPA, Senior Vice President/CFO Linda
B. Garland, Vice President/Secretary
910-343-0181
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