<Page>1 COOPERATIVE BANKSHARES REPORTS 45% INCREASE IN FIRST QUARTER EARNINGS For Immediate Release: Wilmington, NC April 18, 2007--Cooperative Bankshares, Inc. (NASDAQ: "COOP") (the "Company") reported net income for the quarter ended March 31, 2007 of $2.1 million or $0.32 per diluted share, an increase of 44.7% over the same quarter last year. Net income for the quarter ended March 31, 2006 was $1.5 million or $0.22 per diluted share. The increase in net income from the prior year period was mainly due to an increase in net interest income caused primarily by growth in loans, a reduction to the provision for loan losses and a gain recognized on the sale of a building. Loans increased to $764.6 million at March 31, 2007 representing a 0.4% increase from December 31, 2006 and a 12.0% increase from March 31, 2006. For the three-month period ended March 31, 2007, the bulk of the increase in the loan portfolio occurred in multi-family residential loans, which grew $5.6 million (35.1%), and construction and land development loans, which grew $4.8 million (2.9%). For the twelve-month period ended March 31, 2007, the majority of loan growth occurred in one-to-four family loans, which grew $61.4 million (20.3%), and construction and land development loans, which grew $28.7 million (20.2%). Loan growth was primarily attributable to the markets in which the Company's wholly owned subsidiary, Cooperative Bank (the "Bank"), conducts its business, the Bank's improved branch network and a continued emphasis on increasing overall loan production. The provision for loan losses decreased to $300,000 for the quarter ended March 31, 2007 representing a 48.7% decrease from March 31, 2006. This decrease in the provision for loan losses was primarily the result of slower loan growth in the three-month period ended March 31, 2007 as compared to the three-month period ended March 31, 2006. Also during the quarter ended March 31, 2007, the Company recognized a $275,000 gain on the sale of a branch office that was relocated in Morehead City. Total assets increased to $865.2 million at March 31, 2007, an increase of 0.6% compared to $860.1 million at December 31, 2006 and an increase of 10.5% compared to $782.7 million at March 31, 2006. Asset growth was primarily the result of continued loan growth, which was mostly funded by deposit growth. Deposits at March 31, 2007 increased to $665.1 million from $661.9 million at December 31, 2006 and from $591.9 million at March 31, 2006 primarily as a result of the Bank's improved branch network, increasing brokered deposits and the Bank being located in markets experiencing growth. At March 31, 2007, stockholders' equity was $59.5 million, or $9.14 per share, and represented 6.88% of assets, compared to $57.6 million, or $8.85 per share, representing 6.70% of assets at December 31, 2006 and compared to $52.1 million, or $8.05 per share, representing 6.66% of assets at March 31, 2006. Cooperative Bankshares, Inc. is the parent company of Cooperative Bank. Chartered in 1898, Cooperative Bank provides a full range of financial services through 22 offices in Eastern North Carolina. The Bank's subsidiary, Lumina Mortgage, Inc., is a mortgage banking firm, originating and selling residential mortgage loans through two offices in North Carolina. Statements in this news release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which contain words such as "expects," "intends," "believes" or words of similar import, are subject to numerous risks and uncertainties disclosed from time to time in documents the Company files with the Securities and Exchange Commission (the "SEC"), which could cause actual results to differ materially from the results currently anticipated. Undue reliance should not be placed on such forward-looking statements. The Company has filed a Form 8-K with the SEC containing additional financial information regarding the three-months ended March 31, 2007. Contact: Frederick Willetts, III, President, Todd L. Sammons, CPA, Senior Vice President/ CFO, Linda B. Garland, Vice President/ Secretary, 910-343-0181 <Page>2 COOPERATIVE BANKSHARES, INC. 201 MARKET ST. UNAUDITED SELECTED FINANCIAL DATA WILMINGTON, NC 28401 NASDAQ SYMBOL: COOP (In thousands, except per share data) - ----------------------------------------------------------------------------------------------------------------------- BALANCES AS OF: 03/31/07 12/31/06 09/30/06 06/30/06 03/31/06 ======================================================================================================================= ASSETS $ 865,225 $ 860,090 $ 843,086 $ 827,745 $ 782,702 STOCKHOLDERS' EQUITY 59,539 57,623 55,798 53,283 52,091 DEPOSITS 665,139 661,892 648,467 633,430 591,871 BOOK VALUE (6,517 SHARES as of 3/31/07) 9.14 8.85 8.57 8.19 8.05 NON-PERFORMING ASSETS: ACCRUING LOANS 90 DAYS PAST DUE 1,015 1,124 608 2,278 2,006 NON-ACCRUAL LOANS 219 172 368 18 1,341 FORECLOSED REO 574 653 574 574 10 ---------------------------------------------------------------------------- TOTAL NON-PERFORMING ASSETS $ 1,808 $ 1,949 $ 1,550 $ 2,870 $ 3,357 ============================================================================ ======================================================================================================================= FOR THE QUARTER ENDED: 03/31/07 12/31/06 09/30/06 06/30/06 03/31/06 ======================================================================================================================= NET INTEREST MARGIN 3.50% 3.48% 3.70% 3.72% 3.60% (net interest income/average interest-earning assets) EARNING ASSETS / LIABILITIES 110.1% 110.1% 110.9% 111.2% 110.7% STOCKHOLDERS' EQUITY/ASSETS 6.88% 6.70% 6.62% 6.44% 6.66% ======================================================================================================================= NET INCOME $ 2,103 $ 2,109 $ 2,279 $ 1,799 $ 1,453 ============================================================================ NET INCOME PER DILUTED SHARE $ 0.32 $ 0.32 $ 0.34 $ 0.27 $ 0.22 ============================================================================ DILUTED WEIGHTED AVERAGE NUMBER OF SHARES 6,639 6,645 6,638 6,619 6,593 ============================================================================ ALLOWANCE FOR LOAN LOSSES PROVISION $ 300 $ 350 $ 525 $ 775 $ 585 CHARGE OFFS 14 360 63 789 7 RECOVERIES 13 1 - 1 5 ----------------------------------------------------------------------------- BALANCE $ 8,085 $ 7,786 $ 7,795 $ 7,333 $ 7,346 ============================================================================= Note: The per share information is computed afer giving retroactive effect to the 3-for-2 stock split in the form of a 50% stock dividend declared on May 31, 2006 and paid on June 30, 2006.