Cooperative Bank for Savings Files Application to Convert to State Chartered Commercial Bank.Business Editors WILMINGTON, N.C.--(BUSINESS WIRE)--Nov. 20, 2002 Cooperative Bankshares, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : COOP) announced today that its banking subsidiary Cooperative Bank for Savings, Inc., SSB had filed an application with the North Carolina Commissioner of Banks to convert its state savings bank charter to a state commercial bank charter. Cooperative Bankshares President and Chief Executive Officer, Frederick Willetts, III, stated, "We do not expect that the charter change will result in significant changes to our existing business but will better reflect the way the Bank's business has evolved. In recent years, our business strategy and portfolio composition have become more `bank-like' with an increasing emphasis on commercial lending." The conversion application requires the approval of the Commissioner of Banks of the State of North Carolina. Upon completion of the conversion, the Bank will be known simply as Cooperative Bank. Cooperative Bankshares, Inc. is the parent company of Cooperative Bank. Chartered in 1898, Cooperative provides a full range of financial services through 17 financial centers in Eastern North Carolina Eastern North Carolina or (often abbreviated as ENC) is the region of North Carolina which includes the eastern third of North Carolina. It includes the Outer and Inner banks, thus it is often known geographically as the state's coastal region. . The Bank's subsidiary, Lumina Mortgage, Inc. is a mortgage banking firm, originating and selling residential mortgage loans through offices in Wilmington, North Carolina For other places with the same name, see Wilmington (disambiguation). Wilmington is a city in New Hanover County, North Carolina, United States. The population was estimated at 100,000 as of 2006;[1] , North Myrtle Beach, South Carolina North Myrtle Beach is a city in Horry County, South Carolina, United States. It was created in 1968 from four existing municipalities north of Myrtle Beach, and serves as one of the primary tourist towns along the Grand Strand. and Virginia Beach, Virginia Virginia Beach is an independent city located in the South Hampton Roads area in the Commonwealth of Virginia, on the shores of the Chesapeake Bay and the Atlantic Ocean. It is the most populous city in Virginia and the 41st largest city in the United States, with an estimated . |
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