Bank of the Carolinas Announces First Cash Dividend MOCKSVILLE, N.C., Dec. 17 /PRNewswire-FirstCall/ -- Bank of the Carolinas (BULLETIN BOARD: BCAR) , announced today that, at its regular meeting of its Board of Directors held today, the Board declared a cash dividend of $.05 per share of its common stock, payable on January 15, 2004, to shareholders of record on January 2, 2004. This will be the first cash dividend paid by the bank since it opened on December 7, 1998. Robert Marziano, President and CEO of Bank of the Carolinas, stated, "We are proud of the progress the bank has made and are pleased to be able to pay this dividend as a token of the Board's appreciation for the continued support of its shareholders." Bank of the Carolinas is a state-chartered bank, headquartered in Mocksville, NC, with offices in Advance, Asheboro, Carthage, Cleveland, Harrisburg and Landis. The bank's common stock is traded on the OTC Bulletin Board under the symbol BCAR. Market makers include Scott & Stringfellow, Inc., Monroe Securities, and Baid, Patrick and Company. Additional information about Bank of the Carolinas is available on its website at http://www.bankofthecarolinas.com/ . For further information contact: J. A. Bush Chief Financial Officer Bank of the Carolinas 135 Boxwood Village Drive Mocksville, North Carolina 27028 (336) 751-5755 DATASOURCE: Bank of the Carolinas CONTACT: J. A. Bush, Chief Financial Officer of Bank of the Carolinas, +1-336-751-5755 Web site: http://www.bankofthecarolinas.com/

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