EXHIBIT 99.1



                     COOPERATIVE BANKSHARES, INC. ANNOUNCES
                    COMPLIANCE WITH NASDAQ LISTING STANDARDS
                   AND RECEIPT OF GOING CONCERN QUALIFICATION

         WILMINGTON, North Carolina, May 8, 2009 -- Cooperative Bankshares, Inc.
(NASDAQ: COOP) (the "Company") today announced that that the Company is now in
compliance with the listing standards of the NASDAQ Global Market ("NASDAQ"). As
previously disclosed, on April 17, 2009, the Company received a letter from
NASDAQ indicating that the Company was not in compliance with the filing
requirements for continued listing under NASDAQ Marketplace Rule 5250(c)(1). The
NASDAQ letter, which the Company expected, was issued in accordance with
standard NASDAQ procedures due to the delayed filing of the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2008 (the "Form 8-K")
with the U.S. Securities and Exchange Commission (the "Commission").

         On May 1, 2009 the Company filed its Form 10-K with the Commission. As
a result of the filing of the Form 10-K, the Company received a letter dated May
4, 2009 from NASDAQ stating that the Company is now in compliance with
Marketplace Rule 5250(c)(1).

         In addition, the Company also announced today that the Company's
audited financial statements included in the Form 10-K filed on May 1, 2009
contained a going concern qualification from the Company's independent
registered public accounting firm. This announcement is required by NASDAQ
Marketplace Rule 5250(b)(2), which requires disclosure of receipt of an audit
opinion containing a going concern qualification. This announcement does not
represent any change or amendment to the Company's financial statements or to
its Form 10-K for the fiscal year ended December 31, 2008.

         Chartered in 1898, Cooperative Bank provides a full range of financial
services through twenty three offices in Eastern North Carolina and three
offices in South Carolina. The Bank's subsidiary, Lumina Mortgage, Inc., is a
mortgage banking firm, originating and selling residential mortgage loans
through three 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 Commission, which could cause actual results to differ
materially from the results currently anticipated. Undue reliance should not be
placed on such forward-looking statements.

Contact:  Todd L. Sammons, CFO/ Interim-President/CEO  910-442-4179