NEWS RELEASE

                                                                      EXHIBIT 99

              CAROLINA NATIONAL CORPORATION ANNOUNCES ASSET GROWTH

Columbia,  SC (May 3, 2004) - Carolina  National  Corporation,  the bank holding
company of Carolina  National Bank and Trust Company,  announced  today that its
total  assets had reached $73 million at March 31,  2004,  a 17%  increase  from
December 31, 2003 total assets of $62 million.  Roger B. Whaley,  president  and
chief executive officer, said that the growth had been financed by a $15 million
or 30% increase in deposits  from  December 31, 2003 to March 31, 2004. At March
31, 2004,  Carolina  National Bank had $20.6 million of savings and money market
deposits,  $29.5 million of certificates of deposits (of which $5.7 million were
brokered deposits) and $15.1 million of demand deposits including a $1.1 million
deposit from the holding company.

         "We are especially  pleased at the growth in our loan  portfolio,"  Mr.
Whaley said.  "In the first quarter we grew our loan  portfolio by $5 million to
$59 million at March 31, 2004. We had 832 loans at March 31, 2004,  63% of which
were commercial  loans and 37% which were consumer loans.  Approximately  69% of
the loans had variable rates, and only 31% had fixed rates."

         Mr.  Whaley  also  announced  that  the  bank  will  soon  open  a loan
production office in The Shops of St. Andrews Shopping Center (St. Andrews Road)
in Irmo, South Carolina and plans to open its new drive through and ATM facility
at the corner of Lady and Washington Streets on May 5, 2004.

Contact: Roger B. Whaley
                  President
                  (803) 779-0411