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                                  Exhibit 99.1

                                  Press Release




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PRESS RELEASE

FOR RELEASE:  June 5, 1998

         Carolina First BancShares, Inc. and Community Bank & Trust Co.
                    Announce Signing of Definitive Agreement


   
         Carolina First BancShares, Inc., Lincolnton, NC (Carolina First) and
Community Bank & Trust Co., Marion, NC (Community Bank) have signed a definitive
merger agreement, announced by D. Mark Boyd, III, Chairman and CEO of Carolina
First and Harold D. Alexander, Chairman of Community Bank. This completes the
first phase of the merger under the terms of which Community Bank will become
the third community bank within the Carolina First holding company. The
transaction will be a tax-free stock for stock exchange of approximately 0.74
shares of Carolina First common stock for each share of Community Bank common
stock, subject to adjustment as provided in the merger agreement.
    

         As of March 31, 1998, Carolina First, reported total assets of $547
million and had 22 offices in seven counties, while Community Bank reported
total assets of $101 million and had seven offices in five counties.

         In a statement following the signing of the agreement, Mr. Boyd said
"We are pleased with the opportunity this merger provides to expand our presence
in several new markets. We look forward to working with the staff of Community
Bank to make this merger a success for everyone, especially the shareholders of
both companies."