Exhibit 99

                              For Immediate Release
                                  July 27, 2006
                              Contact: Roger Whaley
                                  803-779-0411



Carolina National  Corporation  Reports an Increase in Net Income of 40% for the
Second Quarter of 2006.

Columbia, S.C. July 27, 2006---Carolina National Corporation (NASDAQ: CNCP), the
bank  holding  company  for  Carolina  National  Bank and Trust  Company,  today
reported an increase of 40% in net income for the second  quarter ended June 30,
2006 as compared to the first quarter ended March 31, 2006,  and a 337% increase
as compared to the second quarter of 2005.

Net income for the quarter  ended June 30, 2006  increased  to $578,000 or $0.22
per diluted  share as compared  to  $411,000 or $0.16 per diluted  share  earned
during the first  quarter  ended March 31, 2006,  and as compared to $110,796 or
$0.07 per diluted share for the second quarter of 2005.

Net income for the six months ended June 30, 2006,  was  $989,000,  or $0.37 per
diluted share  compared  $153,000,  or $0.10 per diluted share  recorded for the
same period last year.

Total assets ended the quarter at $182.1 million. During the first six months of
2006 total assets increased $17.3 million or 10.5%.

Total loans  increased $26.0 million,  or 18.8%,  during the first six months of
2006. Total deposits ended the second quarter of 2006 at $150.3 million compared
to $ 135.7 million as of December 31, 2005; an increase of 10.8%.

Roger Whaley,  President and CEO, said, "The continued growth of loans, deposits
and the expansion of our customer base, are the primary factors  contributing to
the increased  earnings for the second  quarter and first six months of 2006. We
continue to be excited about our prospects for future growth and  appreciate the
support of our customers and shareholders."