COOPERATIVE
BANKSHARES, INC. NEWS
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P.O. Box 600 www.coop-bank.com
201 Market Street Fax 910-251-1652
Wilmington, NC 28402-0600 800-672-0443 o 910-343-0181
PRESS RELEASE
For immediate release: October 19, 2000
COOPERATIVE BANKSHARES, INC. ANNOUNCES RESTRUCTURING.
Cooperative Bancshares, Inc. (NASDAQ: "COOP") announces a change in
its defined benefit pension plan which will substantially reduce
required contributions going forward. As a result of this, the company
is offering a special early retirement benefit to certain employees
meeting the eligibility requirements. Included in this group are the
Bank's Senior Vice-Presidents of Administration, Finance, and Mortgage
Lending. These vacancies will be filled internally.
This will result in a one-time charge of approximately $750,000, which
will be taken in the fourth quarter of 2000. The reduction in pension
costs and employee expense will achieve annual savings of
approximately $775,000 beginning in 2001.
Cooperative Bankshares, Inc. is the parent company of Cooperative
Bank. Originally chartered in 1898, Cooperative provides a full range
of financial services through 16 offices in Eastern North Carolina.
For Additional Information
Frederick Willetts, III, Chairman
O.C. Burrell, Jr., Executive Vice President
Linda B. Garland, Vice President
Full-Service Community Banking Since 1898
