BKWW Bank OF Wilmington

Bank of Wilmington Announces Completion of Common Stock Offering WILMINGTON, N.C., Nov. 29 /PRNewswire-FirstCall/ -- Bank of Wilmington (NASDAQ:BKWW) announced that it has completed the sale of 558,419 shares of its common stock at a price of $10.75 per share. The offering was closed today. The Bank received net proceeds of approximately $5.5 million from its sale of shares after deducting sales commissions and expenses. The Bank intends to use the proceeds of the offering primarily as additional capital to support its continued growth, including growth expected to result from two new banking offices that are proposed to be established during 2005 and 2006. The offering was made through McKinnon & Company, Inc., Norfolk, VA, acting as the Bank's sales agent on a best efforts basis. As of September 30, 2004, the Bank had total assets of approximately $180.1 million, total loans of approximately $140.9 million, total deposits of approximately $157.0 million and total shareholders' equity of $17.5 million. It currently operates three full-service banking offices in Wilmington and Hampstead, North Carolina. 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. Disclosures About Forward Looking Statements Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts, may be forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in our Annual Report on Form 10-KSB and in other documents filed by us with the Federal Deposit Insurance Corporation from time to time. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential" or "continue," or similar terms or the negative of these terms, or other statements concerning opinions or judgments of our management about future events. Factors that could influence the accuracy of such forward-looking statements include, but are not limited to, the financial success or changing strategies of our customers, actions of government regulators, the level of market interest rates, the competitive nature of the financial services industry and our ability to compete effectively against other financial institutions in our banking market, the level of market interest rates, general economic conditions, and other developments or changes in our business that we do not expect. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We have no obligation to update these forward-looking statements. 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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