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): September 21, 2000
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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 4. CHANGES IN THE REGISTRANT'S CERTIFYING ACCOUNTANT
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On September 21, 2000, the Board of Directors of the Registrant determined
not to retain PricewaterhouseCoopers LLP, to audit the Registrant's financial
statements for the year ending December 31, 2000. The decision was recommended
by the Audit Committee of the Board of Directors and unanimously approved by the
Board. The firm of KPMG LLP, Raleigh, North Carolina, has been engaged to
perform an audit of the Registrant's financial statements for the fiscal year
ending December 31, 2000 and to provide other accounting services.
PricewaterhouseCoopers LLP 's audit reports on Registrant's financial
statements as of and for the years ended December 31, 1999 and 1998, did not
contain any adverse opinion or disclaimer of opinion and were not qualified or
modified as to uncertainty, audit scope or accounting principles.
During the Registrant's two most recent fiscal years, and for the interim
periods following December 31, 1999, there have been no disagreements with
PricewaterhouseCoopers LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedures, which
disagreements, if not resolved to the satisfaction of PricewaterhouseCoopers
LLP, would have caused PricewaterhouseCoopers LLP to make a reference to the
subject matter of the disagreements in connection with their opinion.
Registrant has provided PricewaterhouseCoopers LLP with a copy of this
disclosure and has requested that PricewaterhouseCoopers LLP furnish it with a
letter addressed to the Securities and Exchange Commission stating whether it
agrees with the foregoing statements. A copy of PricewaterhouseCoopers LLP 's
letter to the Securities and Exchange Commission will be filed by amendment to
this report.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND OTHER EVENTS
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Exhibit 16.1 -- Accountant's Letter (to be filed by amendment)
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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, thereunto duly authorized.
COOPERATIVE BANKSHARES, INC.
Date: September 26, 2000 By: /s/ Frederick Willetts, III
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Frederick Willetts, III
President
