Bank of the Carolinas Announces Common Stock Offering MOCKSVILLE, N.C., Nov. 30 /PRNewswire-FirstCall/ -- Bank of the Carolinas (OTC:BCAR) (BULLETIN BOARD: BCAR) , a North Carolina state-chartered bank headquartered in Mocksville, North Carolina, announced today that it has commenced a public offering of up to 400,000 shares of its common stock. The Bank anticipates that the public offering will be priced on or about December 16, 2004, and will close on or about December 22, 2004. McKinnon & Company, Inc., Norfolk, VA, will be the sales agent for the public offering on a best efforts basis. Bank of the Carolinas has reserved the right to sell up to an additional 60,000 shares in the public offering. After payment of sales commissions and offering expenses, the Bank intends to use the net proceeds of the offering to provide capital to support its continued growth and for other general corporate purposes. The Bank also announced that it has filed an application to have its common stock qualified for listing on The Nasdaq SmallCap Market. Subject to approval of the application, the Bank intends to have that listing effective immediately after the closing of the stock offering. The Bank's common stock currently is quoted for trading on the OTC Bulletin Board. As of September 30, 2004, the Bank had total assets of approximately $266.7 million, total loans of approximately $208.8 million, total deposits of approximately $219.5 million, and total shareholders' equity of approximately $22.8 million. It operates eight full service banking offices in six central North Carolina counties. To receive a copy of the Bank's preliminary offering circular, contact McKinnon & Company, Inc., 555 Main Street, Suite 1212, Norfolk, Virginia 23510, (757) 623-4636. 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. We may not sell shares of our common stock until we complete and deliver a definitive Offering Circular, and 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. CONTACT: Robert E. Marziano Chairman and Chief Executive Officer (336) 751-5755 DATASOURCE: Bank of the Carolinas CONTACT: Robert E. Marziano, Chairman and Chief Executive Officer of Bank of the Carolinas, +1-336-751-5755

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