Wilmington, NC—June 29, 2006. Cooperative Bankshares, Inc. (NASDAQ; "COOP") was recognized in the July 2006 US Banker with a ranking of 91st in the list of Top 200 Community Banks in the country. The list is based on a three-year average return on equity.

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, SC.