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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 21, 1999
COOPERATIVE BANKSHARES, INC.
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(Exact name of registrant as specified in its charter)
North Carolina 0-24626 56-1886527
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(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
201 Market Street, Wilmington, North Carolina 28401
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:(910)343-0181
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS
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On October 21, 1999, the Registrant announced that it was
commencing an open-market stock repurchase program to purchase
up to 138,000 shares of the Registrant's common stock, which
represents approximately 5% of the shares of common stock
outstanding. For further information, reference is made to the
Registrant's press release dated October 21, 1999, which is
attached hereto as Exhibit 99, and incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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The following is a list of exhibits filed with this
Current Report on Form 8-K.
Exhibit No. Description
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99 Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, hereunto duly
authorized.
COOPERATIVE BANKSHARES, INC.
Date: October 21, 1999 By: /s/ Frederick Willetts, III
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Frederick Willetts, III
President
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PRESS RELEASE
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OCTOBER 21, 1999
COOPERATIVE BANKSHARES, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Wilmington, North Carolina -- Cooperative Bankshares, Inc.
announced today that it is commencing a stock repurchase program
to acquire up to 138,000 shares of the Corporation's common
stock, which represents approximately 5% of the outstanding
common stock. The program will be dependent upon market
conditions and there is no guarantee as to the exact number of
shares to be repurchased by the Corporation.
Frederick Willetts, III, President of the Corporation,
stated that the Board of Directors has authorized the repurchase
program which is expected to be completed within 6 months. Mr.
Willetts explained that the Board of Directors considers the
Corporation's common stock to be an attractive investment. In
addition, it is expected that a reduction in the amount of the
Corporation's outstanding stock will have the effect of
increasing the Corporation's per share earnings and book value.
According to Mr. Willetts, the repurchases generally will
be effected through open market purchases, although he did not
rule out the possibility of unsolicited negotiated transactions
or other types of repurchases.
