Bank of Wilmington Announces Sixth Consecutive Profitable Quarter; Assets Grow by 4 Percent From 4th Quarter 2001.

Business Editors

WILMINGTON, N.C.--(BUSINESS WIRE)--July 18, 2002

Bank of Wilmington (OTC BB: BKWW) announced today that it posted net income of $180,297, or $0.13 per share, for the three months ending June 30, 2002 - the sixth consecutive quarter in which the bank has achieved a profit.

Net income for the second quarter increased $179,005 over the second quarter 2001 net income of $1,292. Net income for the first six months of 2002 was $320,932, up $308,677 over net income of $12,255 for the first six months of 2001.

Total assets grew to $106.2 million at June 30, 2002 - a 4% increase over the December 31, 2001 figure of $101.8 million. Net loans outstanding totaled $88.2 million at quarter end, an increase of $5 million, or 6% when compared to year end 2001. Deposits totaled $95.7 million - a 5% percent increase over year-end deposits.

"As we conclude our sixth consecutive profitable quarter, I am pleased to report that Bank of Wilmington celebrated it's four-year anniversary on June 22nd with continued growth in loans, deposits and earnings and with net income on target with budgeted results and well ahead of the previous year," said Cameron Coburn, President, Chairman and CEO of Bank of Wilmington.

Bank of Wilmington's common stock is traded on the OTC Bulletin Board under the trading symbol BKWW. The bank has two locations: the main office at 1117 Military Cutoff Road and a branch office at 3702 South College Road in the Pine Valley neighborhood. Open Monday - Friday. Lobby: 9 a.m. to 5 p.m. Drive Thru: 8:30 a.m. to 5 p.m.