BKWW Bank OF Wilmington

Bank of Wilmington Announces Pricing of Common Stock Offering and Listing On The Nasdaq Smallcap Market WILMINGTON, N.C., Oct. 31 /PRNewswire-FirstCall/ -- Bank of Wilmington announced that on October 30, 2003, it priced a public offering of up to 805,000 shares of its common stock at $9.75 per share. The offering is expected to close on or about November 5, 2003. The Bank expects to receive net proceeds of approximately $7.2 million from its sale of shares after deducting sales commissions and expenses. The Bank intends to use the proceeds of the offering to provide capital to support its continued growth, to expand its loan and investment portfolios, and for other general corporate purposes. The offering is being made through McKinnon & Company, Inc., Norfolk, VA, acting as the Bank's sales agent on a best efforts basis. The Bank also announced that, effective on October 31, 2003, its common stock had become listed on The Nasdaq SmallCap Market. Previously, the stock was quoted for trading on the OTC Bulletin Board. As of September 30, 2003, the Bank had total assets of approximately $115.3 million, total loans of approximately $94.4 million, total deposits of approximately $105.8 million and total shareholders' equity of $9.2 million. It operates two full service banking offices in Wilmington. This press release is not an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, 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 any such state or jurisdiction. Any offer, solicitation or sale will be made only by means of the offering circular. DATASOURCE: Bank of Wilmington CONTACT: Cameron Coburn of Bank of Wilmington, +1-910-509-2000, or Web site: http://www.bankofwilmington.com/

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