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                WILLETTS TO SPEAK AT AMERICA'S COMMUNITY BANKERS
                       COMMUNITY BANK INVESTOR CONFERENCE

For Immediate release:  May 2, 2006

Wilmington, NC--Frederick Willetts, III, Chairman and President of Cooperative
Bankshares, Inc., (the "Company"), (NASDAQ:"COOP") will be a guest speaker at
the America's Community Bankers Community Bank Investor Conference on May 4,
2006 in New York, New York.  Mr. Willetts' presentation will focus on the
Company's performance and strategies.

The presentation slides will be filed with the Securities and Exchange
Commission prior to the start of the conference. The presentation will be
accessible "live" during the conference on the following site:
http://www.corporate-ir.net/ireye/confLobby.zhtml?ticker=COOP&item_id=1306728
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and will also be available on the Company website at: www.coop-bank.com and
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will be archived until May 31, 2006.  Mr. Willetts will present at 9:15 a.m.

Cooperative  Bankshares,  Inc. is the parent company of Cooperative Bank.
Chartered in 1898,  Cooperative  Bank provides a full range of financial
services  through 21 offices in Eastern  North  Carolina.  Cooperative  Bank's
subsidiary,  Lumina  Mortgage,  Inc.,  is  a mortgage  banking firm,
originating  and selling  residential  mortgage loans through three offices in
North Carolina, and offices in North Myrtle Beach, South Carolina, and Virginia
Beach, Virginia.

                           For additional information:
                             Frederick Willetts, III
                                  910-343-0181