FOR IMMEDIATE RELEASE

October 12, 2005

Great Pee Dee Bancorp,  Inc.,  Announces Cash Dividend,  First Quarter Financial
Results, and Results of Annual Meeting

Cheraw, SC-October 12, 2005-Herbert W. Watts, President and CEO of Great Pee Dee
Bancorp, Inc., (NASDAQ:PEDE) has announced today that the Board of Directors has
declared  a  quarterly  cash  dividend  in the  amount of $.16 per share for the
quarter ending  September 30, 2005. The dividend is payable on November 10, 2005
to stockholders of record as of October 27, 2005.

Net income for the quarter  ending  September 30, 2005 was $346,000  compared to
$310,000  for the same period a year  earlier.  Diluted net income per share was
$.20 for the quarter  ending  September  30, 2005 compared to $.18 per share for
the quarter ending September 30, 2004. Assets increased to $207,108,000 compared
to $162,877,000 a year earlier, an increase of 27%.

At the Great Pee Dee  Bancorp,  Inc.  annual  meeting  held on October 12, 2005,
James C. Crawford,  III, and Herbert W. Watts were elected to serve as Directors
until 2008.  Shareholders  also ratified the appointment of Dixon Hughes PLLC to
serve as independent auditors.

Great Pee Dee Bancorp, Inc., has as its sole subsidiary,  Sentry Bank & Trust of
Cheraw and  Florence,  a $206 million  savings bank which has served the Pee Dee
area since 1935.  The  company's  stock  trades on the NASDAQ  market  under the
symbol "PEDE."

Herbert W. Watts
President and CEO

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                              Great Pee Dee Bancorp
                              Summary of Operations
                      (000's omitted except per share data)

                                       Three months              Three months
                                           ended                    ended
                                    September 30, 2005        September 30, 2004
                                              (unaudited)
          Interest Income                 $2,888                  $2,098

         Interest Expense                  1,307                     813

        Net Interest Income                1,581                   1,285

      Provision for Loan Loss                120                       -

        Net after provision                1,461                   1,285

        Non-interest income                  315                     384

       Non-interest expense                1,213                    1183

         Income before tax                   563                     486

           Income taxes                      217                     176

            Net Income                       346                     310

       Net Income per share
               Basic                        0.20                    0.18
               Dilutive                     0.20                    0.18