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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):
March 25, 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 March 25, 1999, the Registrant announced that it was
commencing an open-market stock repurchase program to purchase
up to 152,000 shares of the Registrant's common stock, which
represents approximately 5% of the shares outstanding. For
further information, reference is made to the Registrant's press
release dated March 25, 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: March 25, 1999 By: /s/ Frederick Willetts, III
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Frederick Willetts, III
President
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PRESS RELEASE
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FOR IMMEDIATE RELEASE: MARCH 25, 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 152,000 shares of the corporation's common
stock, which represents approximately 5% of the outstanding
common stock. The program is dependent upon market conditions
and there is no guarantee as to the exact number of shares to be
repurchased by the corporation. The corporation announced its
first repurchase of stock on January 28, 1999. This repurchase
was completed on February 26, 1999.
Frederick Willetts, III, Chairman, stated that the Board of
Directors has authorized the second 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 repurchase 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.
Cooperative Bankshares, Inc., is the parent company of
Cooperative Bank. Originally chartered in 1898, Cooperative
provides a full range of financial services through 17 offices
in eastern North Carolina.
For Additional Information
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Frederick Willetts, III, Chairman
Daniel W. Eller, Senior Vice President
