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                                                                    EXHIBIT 99.1
                                     PROXY
 
                         COMMUNITY BANK & TRUST COMPANY
 
                        SPECIAL MEETING OF SHAREHOLDERS
 
    The undersigned hereby constitutes and appoints             and
            , or either of them, as proxies, each with full power of
substitution, to vote the number of shares of common stock of Community Bank &
Trust Company, a North Carolina corporation ("CB&T") which the undersigned would
be entitled to vote if personally present at the Special Meeting of CB&T
Shareholders to be held at CB&T's offices at 2 South Main Street, Marion, North
Carolina 28752, on           , 1998, at 10:00 A.M., Local Time, and at any
adjournment or postponement thereof (the "Special Meeting") upon the proposals
described in the Proxy Statement/Prospectus, dated           , 1998, the receipt
of which is acknowledged in the manner specified below.
 
    1. Merger.  To approve, ratify, confirm and adopt the Agreement and Plan of
       Merger, dated as of June 4, 1998 (the "Merger Agreement"), by and between
       Carolina First BancShares, Inc. ("Carolina First") and CB&T pursuant to
       which Carolina First Interim Bank, a North Carolina bank subsidiary of
       Carolina First, will merge (the "Merger") with and into CB&T; and each
       share of the $2.50 par value common stock of CB&T ("CB&T Common Stock")
       issued and outstanding at the effective time of the Merger will be
       exchanged for shares of $2.50 par value Common Stock of Carolina First
       ("Carolina First Common Stock"), and related transactions all as more
       fully described in the accompanying Proxy/Statement Prospectus including
       the Merger Agreement.
 
       [ ]  FOR              [ ]  AGAINST              [ ]  ABSTAIN
 
    2. Stock Repurchase Program Rescission.  To rescind and terminate all
       previously authorized CB&T stock repurchase programs.
 
       [ ]  FOR              [ ]  AGAINST              [ ]  ABSTAIN
 
    3. Other Business.  In the discretion of the proxies on such other matters
       as may properly come before the meeting or any adjournments thereof.

                          AUTHORIZED                      NOT AUTHORIZED
     --------------------            --------------------               
 
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED HEREIN
BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE
VOTED FOR PROPOSALS 1 AND 2 ABOVE.
 
    Please sign this proxy exactly as your name appears below. When shares are
held jointly, any holder may sign. When signing as attorney, executor,
administrator, trustee or guardian, please give full title as such. If a
corporation, please sign in full corporate name by President or other authorized
officer. If a partnership, please sign in partnership name by authorized person.
 
    THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE "FOR" PURPOSES OF 1 AND
2.
 
                                                Dated:                  , 1998
                                                      ------------------
 
                                                --------------------------------
                                                           Signature
 
                                                --------------------------------
                                                Signature if held jointly
 
THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS OF COMMUNITY BANK & TRUST
COMPANY, AND MAY BE REVOKED PRIOR TO ITS EXERCISE.