Bank of the Carolinas Announces Completion of Common Stock Offering and Listing on The Nasdaq SmallCap Market MOCKSVILLE, N.C., Dec. 29 /PRNewswire-FirstCall/ -- Bank of the Carolinas (OTC:BCAR) (BULLETIN BOARD: BCAR) announced that it has completed the sale of 835,811 shares of its common stock at a price of $13.25 per share. The offering was closed today. The Bank received proceeds of approximately $10,410,000 million from its sale of shares after deducting sales commissions. After payment of its offering expenses, the Bank intends to use the proceeds of the offering to provide capital to support its continued growth and for other general corporate purposes The offering was made through McKinnon & Company, Inc., Norfolk, VA, acting as the Bank's sales agent on a best efforts basis. The Bank also announced that its common stock has been approved for listing on The Nasdaq SmallCap Market effective on December 30, 2004. Previously, the stock has been quoted for trading on the OTC Bulletin Board. As of September 30, 2004, the Bank had total assets of approximately $266.7 million, total loans of approximately $208.8 million, total deposits of approximately $219.5 million, and total shareholders' equity of approximately $22.8 million. It operates eight full service banking offices in six central North Carolina counties. This Press Release is not an offer to sell or the solicitation of an offer to buy our common stock, nor will there be any sale of our common stock, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. Our common stock has not and will not be registered under the Securities Act of 1933 in reliance on an applicable exemption from such registration. Offers of our stock are made only by our definitive Offering Circular. The shares of our common stock are not savings accounts or deposits, or obligations of or guaranteed by us, and they are not insured by the Federal Deposit Insurance Corporation or any other person or government agency. CONTACT: Robert E. Marziano Chairman and Chief Executive Officer (336) 751-5755 DATASOURCE: Bank of the Carolinas CONTACT: Robert E. Marziano, Chairman and Chief Executive Officer of Bank of the Carolinas, +1-336-751-5755

Copyright