Parkway Bank Completes Stock Offering; Anticipates Quotation on the OTC Bulletin Board LENOIR, N.C., July 30 /PRNewswire-FirstCall/ -- Parkway Bank, Lenoir, North Carolina, announced today that it has successfully completed the sale of 489,708 shares of its common stock. The number of shares sold includes 175,000 shares sold to existing shareholders in a rights offering which was oversubscribed and 314,708 shares sold in a best efforts public offering managed by McKinnon & Company, Inc. Estimated net proceeds from the offering will amount to approximately $5.5 million. Gary T. Clawson, President and Chief Executive Officer, stated: "We are pleased with the results of our secondary offering. The support of existing shareholders as evidenced by their oversubscription in that portion of the offering and the broad interest in Parkway Bank displayed in the public offering are encouraging for us. The additional capital acquired through this offering should allow Parkway Bank to meet its growth objectives over the next three years." Immediately following completion of the stock sale, Parkway Bank expects its shares to begin quotation on the OTC Bulletin Board on August 2, 2004 under the trading symbol "PKWY." Mr. Clawson commented: "With the increased number of shares outstanding and anticipated heightened activity in our stock, we are excited to be accepted for quotation on the OTC Bulletin Board." This press release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our operations. When we use any of the words "believes", "expects", "anticipates", "hopeful", "confident", "should" or similar expressions, we are making forward-looking statements. Many possible events or factors could affect the future financial results and performance of the Bank. This could cause results or performance to differ materially from those expressed in our forward-looking statements. DATASOURCE: Parkway Bank CONTACT: Gary T. Clawson, President and CEO of Parkway Bank, +1-828-758-1414 Web site: http://www.parkwaybanknc.com/

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