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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):
January 28, 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 January 28, 1999, the Registrant announced that it was
commencing an open-market stock repurchase program to purchase
up to 150,000 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 January 28, 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: January 28, 1999 By: /s/ Frederick Willetts, III
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Frederick Willetts, III
President
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PRESS RELEASE
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COOPERATIVE BANKSHARES, INC.
ANNOUNCES EARNINGS AND STOCK REPURCHASE PROGRAM
FOR IMMEDIATE RELEASE: JANUARY 28, 1999
Wilmington, North Carolina -- Cooperative Bankshares, Inc.,
(NASDAQ: "COOP") reported that net income for the year ended
December 31, 1998, had risen 6.78% over the previous year to
$2,385,235 or $0.74 per share. Income for the year ended
December 31, 1997 was $2,233,738 or $0.70 per share.
Income for the fourth quarter ending December 31, 1998, was
$587,758 or $0.18 per share. For the same quarter ended
December 31, 1997, net income totaled $581,476 or $0.18 per
share.
Total assets at December 31, 1998 were $389.8 million;
stockholders' equity was $31.6 million or $10.38 per share and
represented 8.1% of assets.
Nonperforming loans and foreclosed real estate owned was
1.08% of assets at December 31, 1998 and reduced to 0.27% of
assets as of January 27, 1999.
Also announced today was a stock repurchase program to
acquire up to 150,000 shares of the Corporation's common stock,
which represents approximately 5% of the outstanding common
stock.
It is expected that a reduction in the amount of the
Corporation's outstanding stock will have the effect of
increasing per share earnings. The repurchases generally will
be effected through open market purchases, although the company
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
Linda B. Garland, Vice President
