August 14, 2006

Wilmington, NC—August 14 2006. Cooperative Bankshares (NASDAQ; "COOP") was recognized by Business North Carolina magazine with a ranking of 74th in the list of Top 75 public companies in North Carolina. The ranking was based on market value as of June 30, 2006. Cooperative Bankshares, Inc. is the parent company of Cooperative Bank--the largest bank headquartered in Southeastern North Carolina.

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.