UWHARRIE CAPITAL CORP
                                  NEWS RELEASE


TO:       The Anson Record
          David Deese
          (For Publication Wed. 8-4-99)

FROM:     Tamara M. Singletary
          Uwharrie Capital Corp (704) 982-4415

DATE:     Tuesday, August 3, 1999

RE:       Uwharrie Capital Corp and Anson Bancorp, Inc. Form Partnership

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     Albemarle, NC - Uwharrie Capital Corp, bank holding company of Bank of
Stanly, and Anson Bancorp, Inc., parent company of Anson Savings Bank, Inc., of
Wadesboro, NC, jointly announced today that they have signed a definitive
agreement providing for Anson Savings Bank to become a wholly-owned subsidiary
of Uwharrie Capital Corp.  This announcement was made by Cindy Beane, Chairwoman
of Uwharrie Capital Corp and Preston Burns, Chairman of Anson Bancorp, Inc.

     Roger Dick, President and Chief Executive Officer of Uwharrie Capital Corp
commented, "Partnering with Anson Savings Banks allows us to expand within the
nine-county Uwharrie Lakes Region, consistent with our vision.  After completing
a $4.7 million common stock offering March 31, 1999, our Board of Directors
feels this is an opportunity to enhance the economic well-being of our region by
reinvesting capital into our communities to help start new businesses, build new
homes and provide new jobs.  This partnership with our neighbors in Anson County
in a continuation of our company's mission to help build a sustainable, economic
future for the Uwharrie Lakes Region."

     "This 110-year old institution, founded by the people of Anson County in
1889, has been built upon strong community values, pride and service to its
citizens.  We believe our missions and our values are compatible.  Building our
company with partners like Anson Savings Bank only strengthens our commitment to
our mission while creating value for our shareholders," added Cindy Beane,
Uwharrie Capital Corp Chairwoman.

     Anson Bancorp Chairman Preston Burns commented, "Our joining with Uwharrie
Capital Corp allows us to offer both competitive banking services and investment
services which will help our community. Continuing hometown, professional
service to our friends in Anson County was most important in our decision to
enter into this transaction.  We believe this transaction is in the best
interest of our community, our customers and our shareholders."

     Anson Bancorp and Anson Savings Bank, on a consolidated basis, have total
assets of approximately $25 million, loans of approximately $12.1 million,
deposits of approximately $15.2 million and $9.5 million in shareholders' equity
at June 30, 1999, and operate one office in Wadesboro, NC.

     Under the terms of the agreement, Uwharrie Capital Corp will acquire all of
the 585,124 issued and outstanding shares of the common stock of Anson Bancorp,
Inc. for cash at a price of $17.30 per share.  The transaction is expected to be
completed by year-end 1999 subject to approval by Anson Bancorp's shareholders
and Federal and State Banking regulators.

     Uwharrie Capital Corp is a $168 million bank holding company headquartered
in Albemarle, NC. It operates Bank of Stanly, with five offices in Stanly
County, and Strategic Alliance, its investment management company.  It also owns
50% of a technology and data processing services company, Corporate Data
Services, Inc., which provides services to Bank of Stanly and other community
banks.