SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 19, 2000
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
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On October 19, 2000, Cooperative Bankshares, Inc. (the "Registrant")
announced a change in its defined benefit pension plan and a related early
retirement program for certain employees, including its senior vice presidents
of administration, finance and mortgage lending. The change will result in a
one-time charge of approximately $750,000 to be taken in the fourth quarter of
fiscal year 2000, and an estimated annual savings of approximately $775,000
beginning in 2001. For further information, reference is made to the
Registrant's press release dated October 19, 2000, which is attached hereto as
Exhibit 99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
The following exhibit is filed herewith.
(a) Exhibits.
99.1 Press Release dated October 19, 2000.
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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.
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By: /s/ Frederick Willetts, III
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Frederick Willetts, III,
President
Date: October 23, 2000
