GBTS Gateway Finl Hldgs (MM)

VIRGINIA BEACH, Va., March 3 /PRNewswire-FirstCall/ -- Gateway Financial Holdings, Inc. (NASDAQ:GBTS), the holding company for Gateway Bank & Trust Co., announced the opening this week of two full-service banking offices in Norfolk and Virginia Beach, Virginia. With the addition of these two branches, Gateway's network consists of twenty-one offices, of which eleven are located in Virginia. The Norfolk office, which opened Monday, February 27, is located at 539 W. 21st Street in the historic Ghent District. This is Gateway's first banking office in Norfolk. The new Virginia Beach office, which opened Wednesday, March 1, is Gateway's sixth full-service banking office in Virginia Beach. The office is located at 641 Lynnhaven Parkway. D. Ben Berry, Chairman, President and Chief Executive Officer of Gateway Financial Holdings, commented, "Our goal is to identify high-growth locations in Virginia and North Carolina, and open full-service branches to serve these local communities with our exceptional combination of service and lending expertise. The Ghent and Lynnhaven offices are outstanding examples of the high-quality locations we select, and we look forward to their future contributions to our market growth." About the Company Gateway Financial Holdings, Inc. is the parent company of Gateway Bank & Trust Co., a full-service community bank with a total of twenty-one offices - eleven in Virginia: Virginia Beach (6), Chesapeake (2), Suffolk, Norfolk and Emporia; and ten in North Carolina: Elizabeth City (3), Edenton, Kitty Hawk, Moyock, Nags Head, Plymouth, Roper and Raleigh. The Bank also provides insurance through its Gateway Insurance Services, Inc. subsidiary and brokerage services through its Gateway Investment Services, Inc. subsidiary. As of December 31, 2005, Gateway had assets of $882.4 million. The common stock of the Corporation is traded on the Nasdaq National Market under the symbol GBTS. For further information, visit the Corporation's web site at http://www.gwfh.com/. Forward-Looking Statements Statements contained in this news release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Amounts herein could vary as a result of market and other factors. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Examples of forward-looking statements include, but are not limited to, estimates with respect to the opening date for branch offices, financial condition, expected or anticipated revenue, results of operations and business of the Company that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to, regulatory approvals, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products and services. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise. DATASOURCE: Gateway Financial Holdings, Inc. CONTACT: D. Ben Berry, Chairman, President and CEO, or David Twiddy, Senior Executive Vice President of Gateway Financial Holdings, Inc., +1-757-422-4055 Web site: http://www.gwfh.com/

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